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'
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