K'i'iSBJfa WffiS'iiW wmwmm ipfi- -. v " r.'ir SMV v ""ji- fit ?'"'. f .v St n ' kVUJNJLNU PUBLIC LhjDUmmLbADtiLL'ULA, MESJDAY, AUGUS'l'' If, ltteU I; ? i v TTTv ftJ'The Wise Use tV " I of Money V"t Yp 11,000 Invnstod In koo& Becurt tles wilt buy na much Income, without any Increase In risk, Bh $1,600 would n short tlmo ago. The man who la making money Is neglecting real op portunltles If ha docs not eavo and Invest Intelligently a sub stantial portion of his earn ings. i Wo offer our services In the tclectlon of suitable Invest ments, and Invito particular attention to the socurltlcs de scribed In Circular No. E-82. which will bo sent on request handler & Company Franklin Bank Bldg. Philadelpha New York Now Haven Benton Baltimore BEARS UNCOVERED IRE WEAK SPOTS Midday Slump Wiped Out Open ing Advances, Then Market Flattened Out Pitt., Gin., Chi. &St.L.5$ailwayGo. Fifty-year General Mortgage 5 Gold Bonds Duo 1970 Payment of Principal and Interest Guaranteed by the PENNSYLVANIA RAILROAD CO A long-term railroad mortgage, bond, guaranteed by the Pennsylvania Hall road Co., and covering a largo part of Important mileage of tho Pennsylvania System. v Tree of Pennsylvania State Tax Price to Yield Over 6.60 , Particulars on request. Carstairs & Go. Promptness .Accuracy, SeeurMi 1419 Walnut Street Philadelphia Members Philadelphia nml New York Stock Exchanged I 71 Broadway, N. Y. NEW YORK STOCK EXCHANGE TRANSACTIONS , GOODYEAR . GOODRICH FIRESTONE Common and Preferred Stocks Bought and Sold ft Our Ohio Securities De- jf . partment specializes in I 'these stocks which are i listed on the Cleveland B Stock Exchange, of which 3p we are members. OTIS & CO. fL t CLEVELAND ' Boston Detroit Cincinnati 'fif Columbus Toledo Akron 1 ; Youngstown Colorado Springs L Denver 8 ' . New York, Aur. 17. Today's stock market followed nbout the same pro gram ns was carried out In the immedi ate preceding sessions. There was a Rtrong opening with n smart rally. This was followed by n midday sinking spell after which the market flattened out which, in turn, was succeeded by lan guid fluctuations In the afternoon. Considering the conflicting nature of the ndviccs eocerning the Polish situs tio the vaillatlng character of the mar ket was not surprising. The laking of sustaining power as Indicated in the conspicuous inability to maintain the opening improvement was discouraging to those nlcdecd on the constructive ; side, nnd correspondingly encouraging to the reactionai party wno ore sun alert to take advantage of every signs of weakness. As in the preceding sessions, how ever, the trading was almost wholly professional. What llttte interest there was manifested virtually originated and was confined within the four walls of the stock exchange. Commission house business remained at a low ebb. which was to be expected in view of the con tinued cautious tenor of most advices scot out by the leading houses. Despite the confusing news from Po land, which told of tho occupancy of Warsaw by the Russians nnd the de nial of the same from Polish quarters, the market made a fulrly good show of strength at tho opening. This came in for more notice becnuse of the pos sibilities of another money flurry, ns a result of the heavy government with drawals today. Pronounced firmness was shown by the Independent steels nnd high-grade oil shares; some of the shinning Issues nnd the chemical, tex tile and motors stocks at advances from large fractions to over a point. Ameri can Ship and Commerce was especially strong on a fuller appreciation of the wide-reaching deal made with the Hamburg-American interests. This early rally was generally main tained or extended during the first hour, save for further weakness of tho low-priced motors and kindred issues. Heaviness was shown by tho Virginia Chemical, Cocoa -Cola and Chilo Cop per, while some one must have called a retreat in the bullish demonstration of Standard Oil of New Jersey, as that btock reacted 19 points, dropping 10 points on tho way down on a single transaction. Offsetting this was the 0-point rise in JJclaware, kacKawanna ana w est ern suggesting further accumulation. Rending nt the same time gained a point and junior rails, including Balti more and Ohio, New Haven, Missouri Pacific and Texas and Pacific, were fractionally higher. An irregular tendency developed at the higher levels and tho general trend turned downward when the bears be camo more active toward midday, rc Bulmng their recent attacks upon ship pings, oils and motor specialties. Ex treme declines of 12 to almost 0 points were made by Atlantic Gulf nnd West Indies, American International, Mexi can Petroleum, Pan-American Petro leum, Crucible Steel, Mosch Mngnetp, Htromberg Curburetor and Kclsey Wheel indicating continued discrimination ns to loan collateral by the banks. Instead of influencing a genernl belling move ment, the market developed extreme dullness on the declines nnd by early afternoon was nearly at n standstill, TRACTION SHARES SLIGHTLY LOWER Refinancing Plan of National Properties Co. Declared Op erative by Committee Sales 200 MO 100 zoo 1100 . 100 100 300 R00 100 2000 400 100 300 1100 700 100 400 too 3400 400 7)00 100 (400 500 100 100 100 200 000 400 100 .500 2100 200 200 ' 100 (!00 200 500 00 '100 7200 300 23200 3400 100 flOO 5300 COO 11400 200 100 200 200 100 100 700 400 200 000 200 800 400 100 400 1000 100 300 : 100 1700 200 300 200 100 100 100 100 2200 1200 100 GOO 200 200 100 1000 400 200 100 2701) 100 300 300 500 400 200 00 BOO 100 100 400 . 100 10 a 200 1800 400 400 700 9200 3800 300 300 Dlv. In I 1 FRITTERED AWAY ESTATES are often times frittered away because of unfaithful or incompetent individual management. This is im possible with a well organ ized and well managed Trust Co. such as ours. Real Estate Trust Go. Broad and Chestnut Sts. Tennessee Power Co. First Mortgage 5, 1962 Portland Rwy., Lt. & Pow. Co. 1st & Ref. Ss Duo 1942 BANKERS 321 Chestnut St., Philadelphia Ucmbtrt New York and Philadtlvhta Btock Exchanoo Armour & Co. 7s, 1930 Lehigh Coal & Nuv. Ji2s, 1951 Phila. Electric 6s, 1922 S. S. White Dental .Mfg. 8s, 1930 Union Tank Cnr 7s, 1930 Amcr. Light & Tract, com. B0ENNING, GARRISON & CO. tJTOCU EXCHANGE 1IU1LDINO Direct Private Telephone to New Yert Member Phila. btock Kxcbaoc Naturally tho overnight sensational developments in tho transit situation, with tlu resignation of1 'lunmnN K. Mitten, president of tlic Philadelphia Rapid Transit Co. from tho I'nion , Traction bnaid wus the all-absorbing i topic of discussion in local market circles. . Tho effect markctwiso did not nmount I to much. Moderate telling of Rapid i Transit caused n decline of i point, to I 14. Union Traction declined ft, to 24fll, and Philadelphia Traction was unchanged at C0V&. I It was pointed out on tho street that Mr. Mitten's plan was generally known in banking circles over a year ago. While tho publication of the details give considorabln food for thought, and undoubtedly indicated the drawing of tho lines a little tighfer In regard to the rentals, yet there was nothing particu larly new in the matter thnn already known. As in tho preceding sessions, the movement of the general list was mixed, which, however, still carried no signifi- , eance other thnn emphasizing the nnr- rowncss of the current market and the lack of interest. Electric Storage Bat- 1 tery. after receding SI to 11." , rnllied , to 110, Philadelphia Electric shaded to '21 Mi, while United (las Improvement i was Vj higher nt 41 Pennsylvania Railroad was again taken in small amounts in tho neighborhood of 41. Le high Navigation surrendered 1(i point at CTVi and Lehigh Valley was .?l lower nt 44. The announcement of the bondhold ers' protective committee of the Na tional Properties Co. 4-0 per cent bonds in declaring the refinancing plan oper ative had been generally expected. It Is understood more than two-thirds of tho bonds nsscntcd, and the outstanding holders will be given until September 1 to uccept tho plan. Philadelphia Stocks V. I Morris Brothers Co. Kstubllshed 1803 Bonds for Investment Municipal and Corporation 1421 Chestnut Street Bf. A GENERAL ALL - AROUND NATIONAL BANK MAN is do alrous of making a change) ca pable of efficiently discharging most any position of responsi bility, etc. C 708, LEDGER OFFICE MAO MEEKIN & .WILLIAMSON Investment Securities Av 4l MM9 AND RANSOM-"TS. w.u. v-"-T Hlzh 282 EleoHtor.lKI 1220 Lake Sup 11 8 Leh Nav. 07 Yj .15 Leh Vol.. 44 lOtMidvale. 40 SS Pa R R 41 IWi Phila Co cum jif. 30 V4 0TiPliiliiKleo21 405 Phila RT 14Vi 100 PhllaTrac G0 200 Tono Bel. 1 !)5 70 Un Trae. 2." .10 HO, I... 41 lOfllS Steel 80 10 York Rwy pref ... 20 T.ow llfi 11 r7i 41 40 40 ,101'j 21'$ 14 floy, i 21Vi 40J 80'i 1 SO Net I m. thge nr.i... i-. ii R7Va Vj 41 1 40 40.. 21 il- 14 GOV. it 1.. 24 Vi- 41 60 ft II kh . . Adams Express 3i 0 Advanco Itumoly pf.. 89J4 0 AJnx Rubber SJ . . Alaska Junca O M . . . lYi 1 Allls-Chalmers 3014 7 Allls-Chalmera pf .... 714 8 Am Agrlo Chcm 70 10 Am Roach Magneto . . M Am Beet Sugar 70 4 Am D shoo Ply new.. 50 12 Am Car A Fdy 13814 .. Am Can 33 7 Am Can pf 87 W .. Am Cotton Oil 3H 80 Am Drug Syn 10 o Am Express 131 .. Am Hldo & Leather.. 13K 7 Am Hldo & Leather pt 71 4 Am Ico 3JH 0 Am Internet Corp . . . 72ft 3 Am Linseed C7 6 Am Locomotive 04Ji 7 Am Loeomotlvo pf ...100 . . Am Ship & Com n 4 Am Smolt & Rof .... 854 7 Am Smelt & nef pf.. 8S 8 Am Steel Foundries. . 35K 7 Am Steel Fdys pf . . . . 85 7 Am Sugnr lief 114ft 10 Am Sumatra Tob .... 83 8 Am Tel & Tol 00 20 Am Tobacco 115 20 Am Tobacco B 108U 7 Am Woolen 77ft . . Am Writing Paper pf . 45ft .. Am Zinc Lead & Smlt lift 6 Am Zlno Lead & Smpf 45 4 Anaconda Copper .... 51ft 4 Asso Dry Goods 38ft fl Atch Top & Santa Fe 81 5 Atch Top & S F pf.. 75 7 Atlantlo Coast Lino . . 85 10 Atl Gulf & W I S S . .130ft . . Auto Sales Corp i 3.50 Baldwin Locomotive. .105H .. Bait & Ohio 35 4 Bait & Ohio pf 40 8 Barrett 135 .. Bethlehem Motors ... 12ft 8 Bethlehem Steel 70ft 5 Bethlehem Steel B ... 74 7 Bethlehem Steel 7.. 04 ft . . Booth Fisheries 7 7 Buff & Susq pt ctfs . . 45 . . Butto Copper & Zinc. . 7ft .. Caddo Central O & H 13 .. California Petroleum. 25 10 Canadian Paclflo ....110 8 Central Lcathor 53?4 4 Cerro de Pasco Copper 37? 10 Chandler Motors 84 ft 4 Chesapeake & Ohio .. 50 .. CM Mil & St P 33ft .. Chi Mil &St Ppf 4BJ$ 8 Chicago Northwestern 09 ft 8 Chi Pneumatlo Tool ..80ft .. Chi R I & Pao 33JS 0 Chi It I & Pao 6 pf 62 1.B0 Chlno Copper 25 H . . Clov Cin Chi & St L . . 50ft 4 Coca-Cola 35ft . . Col & Southern 25 1 Col Graphophono .... 22 7 Consolidated Cigar .. 08 . 2 Con Interstato Cal M 10ft 3 Consolidated Textiles. 30 4 Corn Products Ref .. 87 2.50 Cosdcn & Co 3134 8 Crucible Steel 136 . . Cuban Cano Sugar ... 33 .. Dftvlson Chemical Co. 33 10 Del Lack & Western. .20ft 12 Electric Storage Bat.. 112 8 Famous Players L ... 70ft 8 Famoug Players pt .. 81 3 FIsk Rubber 27 .. Frceport Texas 23 . . Gaston Wms & Wig, . U 2 Gen Am Tank Car . . 00 1 Central Motors 21 0 Goodrich B F 52ft 7 Great Northern pf . . . 70ft 4 Gt Nor Ore ctfs 3tft 60 Green Cananea Cop . . 24 . . Guantnnamo Sugar Co 20ft . . Gulf State stoel 50 4 Haskell & Barker Car 08ft 1 Hupp Motor Car 11 7 Illinois Contrnl bl 00 Indlahoma Ref 034 4 Inspiration Con Cop. . l.'fj . ., Inturpat Agrlcul ..... 17ft .. Inter Con Corp pf ... Oft .. Internat Motortruck.. 4,tft Int Mcr Marino 23ft 0 Int Mer Marino pf . . International Nickel. . . International Paper . . . Invlnciblo Oil Corp. . . Island Oil . . Iron Products . Jowel Tea 75 10ft 77 35 0 41ft 8ft 2:30 Net Low (NYtm) Chi 34 ft 34ft 1ft 5ft 48ft 1W 30 70ft 70 81ft 70 50 131ft 33 87 ft 24 ft 034 129ft 13 73ft 37ft 08ft 00 03 100 20 Mft 88 35 ft 85ft llft 80 05ft 115 107 70 45 lift 45 50 28 80ft 75 85 128 ' 102ft 3tft 40 134 1154 70 70 3 04 7 45 7ft 13 25 118 52 37 ft 82 55 ft 33 00 ft 80 ft 33 ft 62 25 ft 50 ft 34 25 21ft 7Ji 10ft 30 87 34 133 ft 37ft 33 245 112 70 81 20ft 22 0 60 21 62 ft 73 30ft 24 20 ft 50 07 13 M 0 45 ft 17 ft Oft 43 ft 21 73 10 74 32 ft 6 lft 8ft Sft- 48ft ft 114- ft 30 - 70ft- 70 - ft 81ft- 4 70- 1ft 60 - 3ft 131ft- 2ft 33 - ft 87ft .. 25ft .. OH- ft I2ft- Yt 13- ?i 73ft- 1ft 37ft .. 08ft- 9 00ft- 1 03 - 1ft 100 - ft 2lft 1 54- V 88 - ft 35ft4- ft 85ft ft 114 ft- ft 80ft- 3 08ft- ft 115 7 107 4- 1 70 - ft 45 - 11J5- ft 45 ft 60- ft 28 - ft 80ft- 75 - ft 85 128- 7 4-f- ft 102ft- 2ft 34 ft 40 ft 134 UK- 1 70 - ft 70- 2ft 04ft4- 1 7 45 - 3ft 7ft- ft 13 - ft 25 - ?J 118- ft 53 - 37ft- ft 82-1 50 ft 33ft 4- ft 40- 60ft ft 80ft ft 33ft- ft 02 - ft 25- ft 60ft- 34 - 1 25 22 68 134 10ft ft 30 ft 87 31- 133ft- 1 38 331 240ft Oft 112 - 3 70-1 81-1 20ft- 22 ft 0 - ft 60 21 ft 52ft- ft 70JJ 3 30ft- 1 24 2ft ft 50 ft 08ft- 13- ft 8 ft 6 ft 45ft- 17 ft ft 0ft 43ft- 1ft 21- 3ft 73 1ft 10 - 74 - 3 32ft- 2 5- ft 41ft .. 8ft .. 23- ft &- ft y 14 ft ft a ft 1 14 V, H H 1 78- 3 Dlr. 9:80 Nt Saltf la t Hlsh Voir (NYtm) Chi. 200 .. KMnnv Wheel 6214 80 80 - O 600 2 Kennecott Cornier .... 23ft 23 800 1.20 Kevstona T & R 17 10ft 10ft 200 .. IJikn Erin A West ... 11 11 11 - 14 3500 2 Loowe Co 20 20 22- 200 ..Loft Corp 12 12 124- 100 o Mackay Co 60ft 60ft 0ft- ft 200 4 Mackay Co pf 60 .00 60 ft loo ,. Manhattan Beach .... zft zM Y 400 .. Mafcwell Motor 10ft 10ft 10ft 200 . . Maxwell Motor 1st pf 20 ' 20 20 10009 10 Mexican Petroleum ..157ft 151 151- 3000 l.eo Middle States Corp .. 13 12 12- 2300 4 Mldvalo Steel & Ord.. 39ft 39ft 39ft- 5100 7 Minn St P & St S M 73 72 73 100 .. Mo Kansas & Texas. . 0 Oft 6- 200 .. Missouri Paclfio 25 23 23- 1000 .. Missouri PaclHapf ... 42 42ft 42ft- 100 ,. Montgomery Ward ..20 2 29 flfln .. Knt Anllln. A Chptn.. 7l 7144 7141 1 100 7 National Biscuit 100ft 106ft 100ft 100 ,. National Con & Cablo 0 6 6 300 a New Vork Central ... 71 70ft 70ft- 0000 .. New York NH&H .. 33 32ft 32ft- 100 8 North American 50 50 80 - 500 7 Northern Pacllto 73 73ft 73ft- 300 40 Okla Prod & Ref .... 3ft 3ft 3ft 300 ..OtlsSteol 22ft 82ft 22ft 100 8 Owens Bottlln Mach. 46ft 46ft 48ft- 300 4 raclno Devcl Corp ... 33ft 33 32- 18500 6 Pan-Amor Petrol .... 83 78 1300 o Pan-Amer B 77ft 74 1800 a Pennsylvania R R ... 40ft 40 100 .. Peoples Gas Chicago. . 28ft 28ft 100 . . Peoria & Eaatorn .... 10 10 2500 .. Pero Marquette 23ft 22 200 .. Phillips Pet 35ft 35 4800 .. Plereo-Arrow Motor .. 38 38ft 400 ..PlercoOll 12ft 12 000 8 Pitts Coal 59 5834 300 .. Pittsburgh 4 WVa .. 25ft 25ft 200 l Pond Creek Coal .... 16 15ft 200 8 Pressed Steel Car , , , , 05ft 05 100 7 Pressed Steel Car pf . . 08 98 100 4 Pub Serv Corp of N J 55 55 200 8 Pullman Ill 110ft 900 8 Punta Alegro Sugar.. 75 74ft 200 4 Pure Oil Co 38ft 38ft 200 8 Railway Steel Spring. 93 92 100 7 Rwy Steel Spring pf. .100 100 100 l Ray Con Copper 14 14 0400 4 Reading 88 663 100 2 Reading 2d pf 43 43 400 . . Remington Typewriter 60 50 2000 .. Rcplo Steel 72 08ft 5400 6 Ropubllo Iron &. Steel 81 79ft 100 4 Republic Motors . ... . 38ft 38ft 7t00 5.20 Royal Dutch NY.,.. 81 78 100 .. St Louis San Fran ... 24 24ft 100 . . St Louts San Fran pf 32 33 2800 .. st Louis Southwest .. 21 20 ft 1200 .. st Louts Southwest pf 31ft 30ft 100 l St Joseph Lead 15 15 100 .. Saxon Motor 6ft eft 3700 .. Sinclair Oil 20 20ft 4700 .74 Shell Transport 50 ft 48ft 100 0 Sloss-Sheff 63ft 63ft 100 20 South Porto Rico Sug.134 134 2000 o Southern Paclflo 01 00ft 4200 .. Southern Rail 27ft 20ft 00 20 Standard Oil of N J.. 065 041 200 7 Stand Oil of N J pf . .105ft 105ft 500 4 Stewart Warner Sp . . 32 31ft 2100 4 Stromborg Carb 09ft 65 8700 7 Studebakcr 63 59 34 9000 3 Texas Co 45ft 44 1000 .. Texas & Paclflo 81J4 33ft 2000 .60 Texas & Pac C & O .. 30ft 38 400 o Tobacco Products ... 00ft 60 800 .. Transcontinental OIL. 10ft 10ft 100 2.80 Twin City R T 32 32 300 8 Union Bag & Paper . . 83 83 500 .. Union Oil 27 27 1700 10 Union Paoir.c 117ft 115ft 300 4 Union Paclflo pf 04ft 64ft 200 4 United Alloy Stcol ... 30ft 39 300 13 United Fruit 189 187 100 .. United Rwy Invest ..7ft 7ft 100 . . Unl Rwy Invest pf . . 15ft 15ft 3200 3 Unltod Retail Stores.. C4ft 62ft 1000 BUS Food Products .. 88 57ft 1100 8 U S Ind Alcohol 82 8034 600 ..US Realty & Imp .. 40ft 49 300 8 U S Rubber 85 82 200 8 U S Rubber 1st pf ..101 101ft 30400 BUS Steel 87ft 86 100 7 U S Steel pf 106 100 800 a Utah Copper 60 5934 3700 6 Vanadium Corp 6734 64 7S0O 4 Va-Carolina Chem ... 64 04 300 .. Wabash 7Ji 7ft 200 . . Wabash pf A 24 24 700 .. Western Maryland ... Oft Oft 100 .. West Maryland 2d pf. 12ft 12ft 800 .. Western Paclfio (J.... 20 25 300 4 Westlnghouse E & M 47 40 100 .. Wheeling & L E .... 10ft 10ft 400 4 Whlto Motor 40ft 45ft 5700 l Willys-Overland 10ft 10 500 8 Wilson & Co 53ft 52ft 200 6 Worthlngton Pump ..00 59 3ft "y lft 14 1 ft 14 A "l 14 14 y vs 114 14 1 lft 2ft 74 - 40- 28ft -35J4 -58-25 ft 18ft 05 -08 -55 110ft 74ft - 100 -50 -68ft-70ft-38 ft 79 24ft 33 20 ft 31ft 15 0ft 134 -00ft-20- C43 -20 105 ft- ft 31ft 65 -5034-44ft-33ft-39 00 -10 ft 33 83 27 115ft 64ft 30ft- 187 -7ft 15 ft-02ft-57 ft-80-40 82ft- 101ft-80ft- 10034 50- 64 ft 64 - 7ft 24 0ft-12ft-25 - 47 10ft .. 45ft- ft 18 - ft 82ft- 50 - ft ft 3ft 2ft ft lft 14 14 14 3 54 1 114 1A 1 V A ft 2 ft 14 " cu RADE SHOWS I STRENGTH IN SPOTS List Presents Ragged Appoar anco Oils Hold Fairly Steady Now York, Aug. 17. The Broad Street Curb market presented a some what ragged appearance in today's trading, nlthough some issues were firm and in fairly good demand. General . Asphalt was strong for a time, advancing to C3, followed, by a reaction to 61. Thcra was continued pressure against Sweets Co., which was in supply at and . United Retail Candy showed a steady tono without change in its trading position. Shortly after noon the report from Washington that President Wilson had called a Cabinet meeting to consider the Polish situation induced selling by traders, nnd many of the leading stocks joined in a moderate decline. This sell ing wns most pronounced in some of the oils, but was not effective in causing any material liquidation. North American Paper showed a firm tone during the greater part of the day, a large volume of business being trans acted nt 4 to 5. SImms was steady, Belling at 10 to 10V4- ixdustriai.8 Amor Candy ou B W Bliss rt ;;. 60 General Anpbalt 63 Ooodcar Tire (ex dlv) ....110 Herculee Paper soil Mfra Llibt 61 North Amer Paper u Perfection Tire 1A Bneeta Co ,. u U a IIIh Speed Tool SOW U 8 Btenm 2'4 United Hetall Candy 12 Wrlgley 72 Wrlsley rta 4i 1:30 Commodity Markets 20 20 tNet chanc made by comparison with last Alo on now ior mock isicnaime, ItOXDH Low 71 87 00 1:30 p m. 71 87 d.laa In JlOOO . Hlgl y. Am Gas & Elec Cs... 71 1 City -Is 1MI 87 1 Elec & Peo Tr ds ... M 2 Leh Val K 00 1 Pennu It It tomp ctfs.l02ft 102 102.. .1 Phila Elec Jj 1st .... 80 m 80 Net chro. 52 00 COTTON MARKET New York, Aug. 17. The cotton market opened steady. 7 points lower to 19 points higher. Tho stability was duo to a firmer spot basis, unfavorable weather in the belt and firmness of securities. Buying by the trade was in evidence and there also wns .speculative -hort covering. Cables from Liverpool were not favor able, but private advices reported offcr iiiKs of spot small. There were reports of light to mod erate rains over much of the central and eastern cotton btates, and thero was heavy precipitation in parts of western Texas. Privato crop advices continued of a generally bullish tenor. During tho first fifteen minutes the market ruled steady, all months making moderate gains as compared with the initial level. Tho South and some Wall street concerns sold. Test Today's rlos optm October MUl to 60 December SS 07 in 30 January SS OS l'7.l7 March 27. R' 27 2 May 27 BO 27 60 fN. T. time) 11-30 1.0U am. p m. 80.01 SO 75 20 00 28 7.1 21.30 .IS 03 28 10 27.U3 GRAIN MARKET Chicago, Aug. 17. Wheat was ir regular in the early trading today. Dealings were mixed. Buying was based on reports of n good export busi ness in all position over night. The bcais contended that It will reauire a constant demand from exporters to ab sorb the increasing pressure of offer ings of the new crop. The visible supply of wheat in the United States in 'JO.tlo.'l.OOO bushels, an increase of 1,178,000 for the week. December opened nt ?2.aOVj to 2.M, ngainst .?2..10Vs at the cloc yesterday. March started 1c lower at $2.U7, nnd Inter recovered the loss. Receipts were 300 cars. Corn wns nlao irregular. Commission houses bought at the outset, while local operators remained benrish and sold on nil hard spots. Bullish influences included n decrease of 822,000 bushels in the visible sup ply in the TJulted States for tho week to -1,705,000 bushels and reports of damage to tho crops in Kansas by dry weather. September opened at S1.40 to $1.45lA, and Inter sold at yesterday's last prirc of $l.-l.ri. December opened nt $l.i!.'l to $1.23, ngnlnst $1.23 nt the close yesterday. May wab quoted nt $1.10 to $1.20 at the outset, against $1.10 at the end yesterday. Receipts were 87 Oats were easier owing to increased receipts nnd hedging prebsure against nfrWs of tho new oron from tho country. The visible supply In the United States wus 1,400,000 UusliclH. September opened at 08c to C8V4c, and later bold ut yesterday's last prico of G9c. December opened at GSVic to OSVic, nnd later sold at n net gnln of J,c at 08c. May started Ac lower at 70ic, nnd later sold at 70c. Re ceipts wero 43 cars. Iveadlna- futurea ranged xn followa Corn (new delivery) 10:80 Teat. Open lllah Low a. m. close Sent .. 1.40 1 HH 1 4.1H 1 47W 1.4Mt Dec. .... l!23fc 1.24 1.23H 1.21H 123 Oat Pee. .... 082 CPU 08 00ft, 08 tt liird-. . - . y Oct7 ...10.03 10.15 10.05 tl0,18 "Zr4j .---, voi. ,,y . .. .v. .-,.-, FOREIGN EXCHANGE Nenv York, Aug. 17. Tho foreign ex chango market was again Quiet at the opening, with London and Paris slight ly lower. Demand was off , francs 3, and marks up 2 points. Lira was un changed. Quotations were1 Demand sterling 3.63 ?i, cablos 3.04ft J frano cables 7.30, checks 7.29; llro cables 4 02, checks 4.91 ; guilder cables 33 1-16, checks 32 16-16: pesetas cables 15.16, checks 15.10; Stockholm cables 20.70, checks 20 65 ; ChrlBttanla cables 16.26, checkB 15.20; Copenhagen cables 16.20, checkB 15.15; Belgian cables 12.82, checks 12.84; marks 2.1G; Swiss cables 5 98, checks 6. TESTEnDAY'S FINAL, QUOTATIONS Sterling I'rancs Lint Gulldera Demand 61 7.47 4,03 83.12 Cat. lee B 0V4 7.40 4.05 83.25 TODAY'S OPENINO QUOTATIONS Sterling Francs Lire Guilders Demand ....8M. 7.20 4.01 82.00 Cables 3 OiV, 7.30 4.02 83.0B MONEY-LENDING RATES Ni:w YOnK Money on call, both classes of collateral, opened today nt 7 per cent for lending nnd renewing. Tho money market was unchanged with the exception of a. somewhnt firmer tone, influenced by tho Immediate position of the banks Time funds failed to Bhow the slightest alteration, with bids nt 1 to 0H per cent and busi ness prnctlcallv nt a standstill, except for a few renewals. Close nttentlon Is being paid to the prospects for any Importations of gold A modorate Increase In tho supply of prlmo Now Vork member bank accep tances Is reported, but tho sharp Inquiry cnuseu these bills to be quickly absorbed. Itatea nro unchamrr-d Thero Is a con tinued fair offering of prlmo out-of-town bills Mercantile discounts rule nt 8 per cent, minimum, with business nlmost entirely confined to the country banks. rinr,ADT:r.rin. Calr 6 per cent; time, 6 pur cent; commercial paper, three to six months, 6 per cent. (Note These aro merely nominal quo tations, as the legal rato of Interest In tho state of Pennsylvania Is fixed at 0 por cent. Plus premium and commis sion tlmo money for thirty to ninety days is lonnlng at 8 to 8V4 per cent, whilci commercial paper from threo to six months Is being offered at 8 to 8H per cent.) LONDON Money Is quoted at 6 per cent. Dlsciunt rates, short bills 0', per cent; three months' bills, 6 per cent. BANK CLEARINGS Hank clearlnirs today compared with cor respundlnc day last two vnurs. lOL'o lniu mis J'hlla. ISO no 1.0(11 jn7.ns7.HS2 J08.7H0.tl73 N. Y ,,.701310.824 734.020,018 B0H.070.n3ll lioston . 09.232.73.' 01.073 73S 01. 001. 715 GOVERNMENT BONDS Financial Briefs Tho aerago prlco of twenty nctlvo In dustrial stocks declined 0.60 per cent yestorday to 85.07, whllo twenty rail roads decllnod 0.05 por cent to 73.88. Tho People's member of tho tern. unnic nas necomo a Federal Reserve Sys The People's Bank has been admitted a member of tho Federal Reserve Bank of Philadelphia, It has a capital of $200,000, surplus $26,000 and totnl re sources $3,775,503. The government will withdraw $8, 000,000 from tho member banks In tho Now Torlc district today. Net earnings of Procter & C-amblo and constituent companies for tho year end ed Juno 30, nfter taxes and charges, showed a decline of moro than S3.. 000,000 from tho previous year, accord ing to a financial statement Issued yes terday. Gross business for the year was $188,800, 6CS, which compares with $193,. ?2?'o000Jn 1919' nnd $170,920,519 In ..o. .in earnings woro 4. 191, 607. nea'nst $7,325,000 in 1919, $9,719,801 In 1918, and $7,056,494 In isi7. Directors of the Pittsburgh Stock Hx cnango have listed $5,044,250 additional common stock of the Arkansas Natural ana Co, making $13,630,760 common, of V, piJr! now llstC(1 ThB company has retired Its preferred stock nnd will re deem $643,000 of bonds on November 1 Oil production now Is 3700 barrels dally against 11,244 barrels In April. Fortv ono wells are blng drilled. Gross for six montns, ended Juno 30, was $6,153,. "'"'' ourpius ror common Btock f In l4,,n,Balnat '2.123.413 gross and $99,886 ntt In the year 1919. .hJ1',? P.,ll!':ll'n Steel Corporation in the first half nf i"n rY,oiri,oi-...i '. earnings at an nnnual rato of between $26 and $30 a wharo on the common stock, according to estimates printed in the financial district yesterday. In 1919 the company earned $19 90 a share and thS.J,rc.edln,f yar $21.03 a Bhare. ..T"e -w ork Subtreasury lobt $41- 000 to the banks yeBterday. making a cash net loss slnco Friday of $1,341,000. CHICAGO BUTTER AND EGGS rr?.hmi?' . " UTTr.n higher. KQGS IIi(rhor Receipt!, 17.fi.11 rase. 1 Irtitfl. 4RMi (it 47V f.r.l n.ir. fts.o 4ii7 iiur t W0V1; --:r:"';' 'Jiz"" .JAfjw ..r, ... '-an, tasra UU"iUUCU, laijt liira'.rielral n-t mt KI110. ts.wt ..-'. viivu Mima, 1173 VtOtJt EOlETENPENT OILS Allied Oil 21 Arkansas Natural One... OS Iloone Oil 24 lioston Wyomln 1H Carlb Syndicate 12H Cities Service 13 ctfs 33 U Cushlnr Pete K Dominion Oil 0U EameraJda, Oil w Federal Oil 2H Qlenrock Oil 2. Intl Petrol 31 Kuy "County Oaa 1; Lince Creek f, Jlaracalbo Oil 10 Mcrrltt Oil 1314 Midwest Hef 140 National Oil N J oi North Amor Oil 2'4 ?J E"1 25 Okla Nat Oaa ov Producer & Iteflnera ovt Red Bock Oil H Hoy do France n?. Salt Creek Prod SOU SImms Petrol 1014 Skelly Oil 0 Kuperlor Oil 10 Tropical Oil 10 Vj Un Texas Oil : Victoria Oil (new) 1 White Oil 17K Mixixa Alaska-Dr Columbia .... 4 Atlanta) iu '"K.-Lcdso W llooth 1 Doston nnd Mont ,,..... 04 Caled Mining; is Calumet & Jerome i Canada Copper A Candelarla M U Cons Vlrainla 2 Cortez Silver 62 C'reson Gold nj Divide Extension 25 Eureka Croesus i Eureka Holly m Golden Oato Exp a. Gold Cons 0 ' Goldfleld Florence 12 Gold rJowona 1 Gold Zone 21 Great Uend 1 Emma Sllter 5 Hecla Mining tm Jumbo Extension 4 Knox Dlvldo 0 McNamara A Marsh Mln in .Mother Ixido B0 Mother Lode (new) 6 North Star 4 Ophlr Sllvor "4 Prime Con ft Hex Cons R Rochester Mines 8 Rope Group f, !-an Toy 4 H Silver Lead A Succesi Mln 4 Simon Silver Lend 1 Tonopah nelmont 1A Tonopah Cash Boy 7 Tonopah Dlvrde If, Tonopah Extension 1 A Ton-Jim II 11 Toncpah Midway 7 Tonopah Mln 1A; Tonopah Mlzpah O Tonopah Montana 7 Tonop-ih Rescue Eula.... 10 U H Cont fl United Eastern 2ft Vlctorj n West End C 1 U White Cap 8 Whlto Cap! Ext 1 Wllbert 4 Yerrlngton 2 noxns Allied Packing Os 07 Amor Tel 0s of '22 03?i Armour 7s 00H Antdo-Amcr 7Hs 08U CCU and St L 0s BO'S Sinclair 7V4n 87i Texas Co 7s OBH Union Tank 7s Q(t French Victory 5s of '31. 84 Hamburg 4V4s 20M LONDON STOCK MARKET Low p.m. 54 5H 48 4S 51 M 62 110 110 2614 V0U 51 51 1 6 lt 30 U 30 U ltt 3(i 12 12 72 72 4H 4H 20 21 OS OH 2H 2H lift 11 83 38 H ou og 2S -1 2,i 24 34 34 IK li 1K 1S 13H 13$ 148 140 o4 OH 2l 2H 16 2.1 eu 30 ok U .3 . 30 30 10 10U tH H 18'4 1ST4 17 174 T4 '4 : 03 68 Is 18 U U 2 2 60 62 T4 1 2 24 A H 1A 1A 94 "4 II 0 12 12 i 1 lu 10 1 1 0 fi J 2H ti 8 f A 12 13 60 BO 6i 6K 4 4 H 5A oA 8 8 ,A 4 4A 1 1 1 lft 7 7 IK 14 ii il 7 7 iA lft n n 7 7 IN 18 II II 8 8 1 1 4 4 o n 07 07 03 H 034 onM, noi 084 08i 5 N5 B74 874 08 H 08 14 onu oo; 04 04 204 20V4 luc, ranama coupon 2s, 1038.... Panama registered 2a, 1030 Manama couiton 2a, 103H. ranama registered 2a. 1038 Tild 1004 :? too, too loon l'anama coupon 8s. 1001 77 Panama registered 3s, 1001... 77 Philippine 4s. 1034 78 Philippine 4s 1081! 78 Philippine 4s. 1S38 78 IT H Govt coupon 2a, 1030 ...100i II S Govt registered 2s, Ki80..100i U S Govt coupon , 1023 .103 TT H Govt registered 4s 1025 106 Dlot of Columbia 3-A3s, 1024 . 03 Ask 101J4 101U 1014 loin fco 80 83 85 81 103 103 100 100 Treasury Purchases More Silver Washington. Aug. 17, The troasury has purchased 22E.000 ounces of silver at $1 per ounce, deliverable at Phila delphia, The total to dato under, Ibe DIVIDENDS DECLARED Texas Co . riuurterly of 3 per cent, payable September 80 to stock of record September Crucible steel Co.. quarterly of Hi p,r cent on pronrred. paytble September 30 to stork of recorl September 15. National Anlllna nml fhn,tn.f ....., ,.. of Hi per cent on preferred, pajable Octo ber 1 to stock of record September IS. Buffalo and Sunminhsnna ltnllpn.... r. quarterly of 1 per cent on common and voting trust certificates, payable Septum hir HO as registered September 15 American Telophono and Toiearanh rv quarterly of 2, payuble October 15 to stoLiJ oi record oeptember uo. Prices Irregular on Paris Bourse Purls, Aug. 17. Prices wero Irregular on the llourse today. Three per cent rentes wero quoted nt 65f 20c; exchange on Iondon, 60f ; 6 per cent loan, 87f 50c The dollar was quoted at 13f 71c Rain Saves Mexican Cotton Crop Mexlto City. Aug. n-IJecent rains In tllA T.n-imn filet,.!,. .' J kn...l .. "7 I ton crop. El Universal "-wla informed in Trade Listless and Price Changes Narrow Foreign Loans Flabby London, Aug. 17. Premier Lloyd Oeorgo's overnight speech In the Houso of Commons, a moro optimistic feeling over the final result of tho Polish de velopments, and Improved news with re gard to the labor situation helped tho undertono of tho stock exchange markets today. Trading, however, remained listless, nnd changes In prices were narrow. Tho attendance was light because of the weather. Tho oil group again showed the moBt activity Sentiment as to these Bhares was cheerful. Shell Transport and Trod ing was G',i and Mexican Eagle 1C54. Ollt-cdged Investment securities wero fitpady, nnd also held well. The shares of Argentine roads woro hard. Foreign loans wero naouy anu neglected. Kanirs wer- dull, although tho price of bar gold udanctd Raw Sugar Market Quiet New York, Aug. 17. The market for raw sugars continues quiet and nbout unchanged on the lnn!n nf 12 cents, cost nnd freight, for Cubas, equal 10 ij ut ceniH, uuiy ,miu. xnere wero no sales reported on Monday. Importa tions wero somewhat larger than for many days past., approximately 140,000 bags arriving from various quarters yes terday beinir as follows- 12.197 biurs Ouatemalas and 1600 tons Philippines to th American uo, ; bb.tuo bags Cubas and 16,000 bngs Porto HIcos to tho Na tional Co. ; 42.076 bags Cubas and 6000 bags Porto nlcoa and 4000 bags Peru vian molasses to tho Warner Co. J 6460 bags Cuban and 10,000 bags Porto Rtcos to Arbuckle Bros., nnd 12,737 bags Peru a nnd 2800 bags Cubas to the Federal Co. The local refined market remains un changed, both as to conditions and prices. Reserve Banks' Discount Rates Official rediscount rates at tho twelve Federal Iteservo Danks are an follows: NEEDED- the constructive co-operation of Credit Men The Credit Men of the country can render a vital national service right now by driving home to their customers their own sales men and the chief executives of their own business, the wisdom of handling coolly and constructively the daily credit and collection problem. Demonstrate that the only safe course it a confident one. Spread this gotpel: "Buy wisely, pay promptly, sell prudently, collect promptly." Lay before your own firm tho facts about Credit Insuranceythat strong: protective, constructhre service which will absolutely safeguard your resources against any unexpected and abnormal credit losses. Investigate the American's Unlimited Policies. Credit Insurance is a tremendous aid to any credit de partment It is the Credit Man's Best Friend. Let us show you why. No obligation manufacturers and wholesalers write or phone today. , AMERICANxCREDIT- INDEMNITY, CO. of NEW YORK E. M. TREAT, msiom, HIUU STANDARD UNLIMITSO POUCIC W. J. MOJRPHY, M.nager, J. F. McFADDEN, General Agent, Mutaal Life of N. Y. Bldg. Phone Filbert SS03. Philadelphia, Pa. WHEN COMMODITY PRICES FALL FAILURES INCREASE THAT has been the law of business ever since records have been kept. We'll gladly show you R. G. Dun &. Co's. diagram to prove it. Commodity prices are already on the down grade and Dun's reports show an average of about 50 more failures than last year. When there is fire all around you it is high time to insure. And business condi tions right nowmake your debtor accounts much more unsafe than a year ago. Injure these accounts with a "LONDON" Credit Insurance Policy. Then your worries are over. You're always boiitive you'll get the amount due you within forty-five days. That's better than after regrets, ana a hope the collection agency can perform miracles. Ask us before any debtor falls. Asking won obligate you. OURStIPEn SERVICE, AT "YOUR" SERVICE l Established EiAteenSixrrane: Losses Paid In ArnerksnCurrrncy LONDON GUARANTEE ANL ACCIDENT COMPANY. lTDa R. A. IRVING, General Agent Phone Lombttd 4016 ft PHILADELPHIA. PA. 820 U Fsyette BUfc National Properties Co. 4-6 Bondholders At a meeting held on Monday, August 16, 1920, the amended plan for the sale and acquisition of the Common Stock of the American Railways Company was declared operative. The plan having been declared operative, the time for the deposit of bonds without penalty has been extended to the first day of September, 1 920, after which date, in accordance with the Deposit Agreement, bonds will only be accepted on such terms as may be imposed by the Committee. L. J. CLARK. Bfcrttary, BIT Chestnut S trout. Philadelphia, Term. EVAN RANDOLPH. ChtlrmM JOHN ORIBDEI AJVTHUn V. MORTON. WILLIAM A. LAW. CLAUDE A. SDJPLEn. CoramlttM. rniCIIARD. BAUL. BAYARD & EVANS CounseL BW BH Trsas ctfs Tlnstnn New York 6 l'hll.rt.lnhli. . .Til CltTfland fiH Itlcnmond Atlanta fWdfl CM rit ixjuls fl't 05V4 Minneapolis . , nva Kansas City Dallas ... . Ban Frnnclsco I.lb. rnm'l Tllva Ilonds Parer Accept f 7 n H k ,,, n ... til ...JO ..tl rAto rati) born by certlflcates pledged as col. Intaral with minimum nf II per cent In tho paea of Phlladelohla. Atlanta anA lf.n.A. city, and CVi par cent in the case of San fl fl BV4 0 tlM'oount rato corresponds with Interest United States Certificates of Indebtedness Wo recommend the above obligations of the United States Government as a most desirable investment for funds re8"?" for future payment of taxes, interest, dividends and other shortly maturing obligations. Wo can offer limited amounts of tho following maturities! coupon at r-RifKs rati: slvtcrity to yikm 4Vz Sept. 15, 1920 5 4347o Dec. 15, 1920 5V2 4 March 15, 1921 B 6 Aug. 16, 1921 6 fo Graham, Parsons & Co. 435Ch,etaut. Street Philadelphia Philadelphia Will Help , ..The prosperity of tho nation depends upon tho ability of tho railroads to transport manufactured and food products of every kind. Philadelphia's manufacturers know the crowded condition of tho railroads and the terminals, together with tho shortago In locomotives and cars. As a Philadelphia Industry, wo will strain ovory effort to rush to completion every locomotive and help overcome tho present serious condition. The Baldwin.Locomotive Work ill J t" Philadelphia ., J. IlCHU AIT US IT :?i5ils-!?i!JsMfe:fc' f VM 4BXUVaH VUB AWMf i2igJ7: Trjzryxryzr'' r tll,V4w, .-Plttman net Ja 10,488,184 on
Significant historical Pennsylvania newspapers