;&i re JM . i. ir ilN EVENING PUBLIC LEDGER- PHILADELPHIA, TUESDAY, AUGUST, 17, 1920 -4 v The Silvers An interesting market situation' This week's issue 01 the "Investor and Trader" features a clear discus sion of the whole Silver situation, and presents latest news of many of the established producers, live news of other se curities. Sample copies at our board rooms. Five cent3 at leading news stands. Ask for No. T.U.-948 JONES & BAKER Specialists in New Yoirk Curb Market Securities WidenerRldg.,PhiIadclphia Phones Bell, Locust 4730 Keystone, Race 2290 Offices in 9 Principal Cities 0rccf Private Wires Lawrence" E. Brown & Co. CERTIFIED PUBLIC ACCOUNTANTS 1630 HEAL ESTATE THU8T IJLDO. InTtfttlxnto and adjust partnership und corporation account. Alio prepare V. H. Income Tin netnrn. r Gatawissa R. R. Pfd. Charles Feaon & Co. 333 Chestnut St. Annual Mcellnr nOVSM,0,'nKUS BUILDING AND LOAN "ASnCIATinX Annual Meeting WrfloM. tit, Aug. 18th. 1020. at 4 p. m., at "448 ,ue nulWlnc. Jog pAt3T seey WILSON PICKS NEXT HOME Expeoted to Occupy Estate on Out skirts of Capital Wiuihlngton, Auk. IV. rcrslstent re CSFi! n.r. bcin? emulated about the V liltc House that Rear Adralrnl Cnry X. Urnvson'n flnn nlil hiun. . ti, m. skirts of Wnshltiffton Is to'bccome the riBiucnco or mo ircsiuent upon his re tirement from ofllco on March 4. Humors that tlio President will oc cupy tho; old Noitrse mansion recently purchased by Admiral Grayson, his per sonal physician, have been allowed to circulate without denial from tlio White House. uA!!?Ko1 ,(lr,ny?!)n'sJr.?slu'cnce oppo site "Friendship," in Wisconsin nvenuo near Porter-street, is one of tho prize estates ji'Rt outsldo of Washington. It is in a ucuuniui tract or twenty-two nercs well dotted with shade trees. It is tho President's Intention, so tho rumors j?o. to occupy fho mansion 1m--mediately after March 4, until next summer. Extensile alterations aro to be made In the hnuso tn inmlrrntzn H Admiral Grayson bought tlio old Nourso residence several months ago, but never nas occumcu it. ueporifl soy no acted as President Wilson's agent in the pur-chaso. The Size of Your Account Across (ram Independence Hall is not tho most im portant thing to do business hero. While, of course, we handle large as well as small ac counts, we use tho same effort in de veloping both. Get acquainted With Our Serviea THE REAL ESTATE TITLE INSURANCE AND TRUST COMPANY OF PHILADELPHIA S23 Chestnut Street I Girard Avenue at Seventh Branch 410 Soaih St. This Institution Has Become a Member of the FEDERAL RESERVE SYSTEM And so extends to its customers the additional facilities which this connection affords. UO'Jlof'.fiVKI REESSEEHSESSEEH2S rtol X iirronaiownq v JHfeM-BaaifrPww warn "Selling Canada Short 99 In 1893 ono of tho shrewdest of American finan ciers warned United States investors against selling tho United States short. The warning might be repeated with equal em phasis with regard to Canada. Rather than "sell short," you should "go long" and buy desirable Canadian securities. The present favourable rate of exchange makes possible income-yields of from 6J to 9 with security that is unquestioned. Write for a copy of our current edition of In vestment Recommendations. If you havo funds that you would like to see safely earning high rates of interest, this booklet will glvo you a wide selection. Address: . A'GENCY OF Royal Securities X CORPORATION (CANADA) LIMITED 165 BROADWAY . NEW YORK aa-rFrvMvjiwjMKtttjtM til $ National Oil Company (of New Jersey) Owns and operates CARGO VESSELS OIL TANKERS OIL BARGES in addition to Extensive oil land holdings in the United " States and Mexico. The new developments and possibilities of this remarkable company are described in a circular which will be sent on request. William W. Cohen & Co. JMcmbcn N. Y. Slock Exchange N.Y.. Cotton Exchange dhimaa TinfttA nt TrtiAd GOSSIP OF THE STREET "Philadelphia is becoming more and moro an open-shon citr. nnd this Is adding to its manufacturing importance ana growth," says William A. Law, president of tho First National ifank. in thaUnstitution's monthly review of tho business and financial outlook. Contlnulne. Mr. T.nw ! 'Who strike hazard throughout tho country is lit tie f(lltlMltAl.t- t ll ... i . . ll.a .vn tuiiiMiuiuii- mm, u was uciorc me railroad wage awards were made and by degrees COllltnl nml lnhnr nrn frr-ttlnr closer totretllPfJ. Tim ttrnuMnnHnl olnn. uon is developing Interestingly, nnd it luuKs an u me campaign would bo wagcu along Btroig and sarto lines, without unsettlcment to cenernl business. Ono oNtho vital needs Is for the country to rid Itself of the Indefensible excess profits tax. Reginald McKenna, rnalrman of the Joint City and Midland Hank, Limited, the author of this tax, has como out strongly In favor of its abolition, snylng that It waB put into opcraton only as a war measure and should be discontinued forthwith. Closo students of business conditions in this country will concur Jn this view, as tho continuation of such a tax at this time is detrimental to Indnstry and most oppressivo In its exactions upon a nubile which Is already heavily burdened with other taxation." Better Days Ahead Mr. Law also takes the same opti mistic view of the general situation. He says : "Tho country has turned the corner and there are better days ahead. The prospects arc that the present crops will represent the highest money vnluntion on record. Production of corn is likely to be much in excess of previous fore casts and tho yield of grains nnd food" stuffs will be sufficient to forcibly re duce the high cost of living. This is said with the due recognition of the largo probable demand from abroad. Weather conditions have been highly favornblo and, unless something" ap proaching a disaster should bo-cucoun-tcrcd, there Is reason to believe that the farmers will enjoy another year of good times. This will mean much for this group of sturdy business men, whose in dustry is the backbone of the nation. The indications arc, therefore, that the country will continue Its high spending power and that it will reflect reasonable prosperity for tome time to come." Growth in Automobile Exports The automobile manufacturers of the United States made, in the fiscal year just ended, their highest record In supplying foreign markets. The total value of automobiles and accessories, such as tires, engines nnd other sep arate parts, exported In tho fiscal year 1020, says a statement by tho National City Rank, of New York, aggregates $275,000,000 against $138,000,000 two years ago, and $30,000,000 in tho yenr preceding the war. Thus, the value of automobiles nnd accessories exported in the fiscal year 1020 are nine times as much as in the yenr before the war, nnd more than double that of the closing year of the war. The whole world, adds the bnnk's statement, seems to be demanding motor vehicles for passenger and freight purposes, aim looking to the United States! for its supply. Tho number of commercial cars exported in the first eleven mouths of the fiscal year 1020 was, nccordlng to the official reports of the . government, 21,050, against 11,154 in the same month pt 1010. and the number of passenger cars, 103,146, against 33.412 In the corresponding months of 1010. Flaying with Small Capital Stock A prominent floor trader of tho New York Stock Exchange during a short visit to this city yesterday on his way to New York from one of the seashore resorts gave a rather interesting dis cussion of the wide movements in sov ernl on the recent active specialties. Much of the success, ho said, of many of the pool operations was due to the comparatively small capitul stock of these compnnles. In some of the recent nctive markets, he said, in conscauencc the canltnl Mtnrk' of many of these companies was sold, live times over. "One of tho big fellows I served my apprenticeship under always said that any company with less than $25,000,000 was a plaything for a skillful trader. That was several decades ago. I would say the same condition exists now with the companies with less than $30,000, 000 capital stock. When you stop to consider thnt at least 51 per cent of tho stock must be locked up securely to safeguard control, you can appreciate what a big playthlng'tho stock of such a company Is in a scries of million- -share-a-day markets." French Tobacco Monopoly Interests which havo kept close tabs on the proposed purchaso of tho French tobacco monopoly express the confident belief that Georgo J. Whelan, president of tho United Retail Stores Corpora tion, has pulled the deal off. According to cable advices, Mr. Whe lan left England on Saturday on tho Aqultanln, and should arrivo in 'New York the latter part of the curront week. While little has been said con cerning tho negotiations while Mr. Whelan was in Paris, tho fact that Ed ward Wiso, chairman of the United Cigar Stores, will immediately- .go abroaif following Mr. Whclan's arrival In this country points to. the belief that the deal has been closed. Upsetting Chart Theories The mercurial character of the mar ket within the last fortnight has played havoc with the chart fiends. This pe culiar clement of the stock market fol lowing spent most of the day drawing curves and parallel lines marking the peaks and bottoms of the market. When stocks rise to or fall down to certain curved lines, under the deductions of tnese mariners ot tnc speculative seas tnc inarKet Khoulu cither go to a new ton or new bottom. Somehow the scheme Is not working quite right these days. They may have some .satisfaction in tho knowledge thnt the current market has fooled some of tho shrewdest men on tho Street. THE TRADER. U.S. SHIPBUILDING NEW YORK BOND SALES Summary of Individual Transactions on New York Exchange 'BALES W MOOD From Opening Until ZrOO !. in. N. Y. Time) ORDER NEARS El Amer'n Atr 4V Chem Ds 8 01 Amar Smelt's A luri'g Ba 1 TStt A T Tel Br 1 T7H 1 77 Vi A T & Tel Of 2 9IH4 1 08 H Ang-Prench Bt 12 00H 6 Mtt 20 09H S DBH SO BOH 20 OftU Ann Arbor 4 2 49U Armour & Co R Hit n 1 TB Atch Topeka A S To U 4 TBH 1 75 1 75 1 75H 1 75W Atch Topka fi S Fa a 2 ftOH 1 00 Halt Ohio ov 1 11.1 2 03 21 Alono Remain of Program Calling for Construction of 231 5 Vessels 2116 ACTUALLY DELIVERED Hveclal TtUoram to FuWo litiotr Washington, Aug. 10. All but twen ty-one of the 2315 vessels constituting the- nation's shipbuilding program have been delivered, launched or are now on the ways, tho shipping board announced today. A summary made public by tho ship construction division shows that since construction began 2110 vessels of various designs and materials have beer actually delivered, 2231 launched and' 2204 keels have been laid. Ships started, including all those de livered or now under construction, In clude the following totals : Twelve hun dred nnd ninety-one of contract steel, 8,732.705 deadweight tons; 384 of re quisitioned steel. 2.0S7.200 tons; eight een composite, 03.000 tons; 580 wood, 1.885,230 tons; twelve concrete, 73, 500 tons; total. 2204 vessels, 1,441, 811 tons. v ' ' Of the 2315 vessels which the ship ping board started out to build. 1312 were of contract steel construction. 304 of requisition steel, eighteen composite, 380 of wood and twelve of concrete con struction. The remainder were not specified as to material. Nog IsI-'mI. with approximately 1,000,001' .' shipping, has contrib uted mu completion of the pro gram tin 'ilher shipyard in the country. Deliveries iluring July Included thirty-one vessels of contract steel con struction, totaling 258,850 tons,- two of requisitioned steel, representing 13,300 tons nnd two wooden vessel. Six ves sels have been launched and seven de livered in August to date. Those launched this. month total 50,550 tons, nnd those delivered, all steel vessels, 00,775 tons. Since .Tnnunrv the summary shows 353 vessels of all classes have been de livered, representing a total of 2.230, 842 deadweight tons. The 1020 launch ings were 252 vessels of 1,010,088 tons, and keels were laid for forty-one vessels of 300,450 tons. VILLAGERS WIN FIGHT Permit Refused for "Dead Horse" Plant Near Brooklawn, N. J. L Residents of Hrooklnwn, u villace midway between (rloncester City and WoBtvllIe, liave won their fight against the erection of a fat-rendering plant, locally spoken of ns a "dead horse plant," on the turnpike between Brook lawn and Gloucester City. More than 350 residents of the vil Inge signed a petition protesting against tho granting of a permit for the erec tion of the plant by the Gloucester City authorities. l.. 10.. 2.. 10.. 1.. 0.. 1. 04 63 04 64 03 4 OS H 63 li 500,000 Pounds of Powder 0.6 Aberdeen, Md., Aug. 17. Explosions of 50,000 pounds of gunpowder on the government proving grounds yester day shook the country for miles rtround The explosions wcro caused by a Are that destroyed five one-story buildings on the main front of tho proving gronnds. One man is missing. Solid Woven BELTING L. H. GILMER CO. (Gilmer KnUlesa nelu and Solid Woven neltlnt) ." PhilridelDhio, Pa. 7 Cumulative Preferred Stock Additional $230,000 Issue, (Tiro-thirds ot which hai been eubierlbed) Par Value $10 Per Share Dividends Payable April 1st and October 'lst Dividends Exempt From Federal Normal Income Tax THE COMPANY This Company, is by far the lurccst producer of automobile fan belts In tho world, being factory equipment on 8 out of every 10 cars mnnufaotured today, And the fan bolt is only one of mnny products. Tho main plant Is on tho North side of tho Pennsylvania Rail road at Tucony. The Company's owners aro tho man who work for It. 75 OP THE EMPLOYES ARE STOCKHOLDERS ITS-SALES Sales for $2,000,000. months of shown 82r lncreaso over the corresponding period of 1919. 1919 -were over In tho first nix J920 ealea have PURPOSE OF ISSUE This Issue is to provide addl tlonai'worklng capital to handle tho rapidly expanding business. Trantfer Agent and Truitea for Sinking Fund, Penntylvania Company for Inaurancet on Llve$ and Granting Annultiet, Full Information concerning ttys conservative industrial Investment is given In a circular which will Bo sent on request. Dolt A Ohio 4i 2 00H 4 00H 4 00W Bait A Ohio Bi 1.'.... 62tt 10 62U Halt A Ohio Ot 1 87H 1 R7H 1 87'A Hkyn R T 7a 0 37H Cent'l Fdy 0i 1 70 Cen'l of Oa en 1 70 Cent'l Pao lit -a ernl 1 O0H B 00 2 00M Ctl l'aclfle 314 3 70 Ches'k A O Id 1 70 C A Ohio 4tta 1 70 6 OOTi C A O cv 4tti 0 72M 1 72W 112 72H C'k A O ov Bi 70 70V4 1 7 2 70S 7 70H C A Alton 3A 1 33 Chlcaxo A Al ton char Ba 2 83 C IV n A Q sm 2 77 C II t Q II 8H 2 68 C ll'n A Q 4a 8 03T4 3 03 Chi A Krle 1st 1 71 Chi A G'vm 4i 1 B2U Chlcaco MU A St P fd 2 70 Chlcaco Mil A St P d 4a 1 00 Ohlcaso Mil A StP cv 4 '.4 a 3 87' 2 07 Oaleago Mil A StP fd 4Hs 1 BO Cl'd Cin CM A St L. em 4tt 1 71H Chicago Mil A St P cp Bi 1 DStt C It I A P fd 1 054! 2 .. ..00 10 05 74 1 00 2 .... C5V4 Chi U Sta 4H 1 70'4 S 70 Chi A V 1 4 10 64 14 B4U Chile Cop'r 0i 1 70V4 Chile Cop'r 7 1 03 City Dord'x Ba 1 .... 83 City Lyonn 0a 11.... 83H Cltr Mara' a fl 1 83 City New York 4 Ha '00 2 84 City Parte 0a ll.... 01 2 nm i eiH Col A S'n 4Ha 5 '07 1 07 Cona'd Una 7' B 07 7 07 B 07 1..... 07 Cutfan C W cv 7.... 00 Del A Hud 7a 1.... 100S ; l.... 100 Del A HUcl cv 1 80 Den A It O fd It 40 4 40 D Can Bi '21 3 07 D Canada '28 B 00 1 00 10 00 E A Jer 0i 1 7874 Erje 0n I.len 80 80 30 H 80 3D 80 30 40 80 0 75... 1... 0... 1... 1... 2... B... 1... Erie n n cv A 1 M 1 3B Erie 11 II cv II 1 38 Erlo n II n 4 37 Qen'l Klec tl B 07 4 08 1 08 10 H 4.... 08 O BWllE'll U A B.... 102 1.... 101M, 1.... 102 l... 102H I U 3s 'OV 40 02 III Cen'l 4a '33 B 00 III C C St I. A New O B 1 73 Ind'a Steel Bi 1 80 Intboro H T fd 12 42 10 42 B 42 2 '42 I M Marino li II 81 2 Sl 1 81 4 81 Jap Gov't lit 4..,.. 71 0 72 Jap Gov't 2nd 12 71 10 70 1 71 4 71 1..:.. 71 Jap Uove't 4a 10 64 B 84 B 54 2 64 Kan C53 2 53 I B3 0 B3S Kan C i H .u 1 05 2 05 10 03 Kan City le I Rwy 4i 1 OT74 IC Dele 6a '21 6 08 B 08 7 08 1 OBU K Uelc 0a '2.1 5 01 2...... '01 K Dela-'m 7e 10 07 2 07 2 07 15 07 10 07 K ot Italy 6 S D2K Lake Krle A W'n n lit J 73 Like Shore M S'n 4 '28 , 1 70 1.... Ill 'A L Vy en 4 2 71U t-lg't A Myera Tob'o Co Ba 5..... 7Si Mt A Myera Tob'o Co 7a 1...7 102 Lou A N al n 1.. .. 07 Mid H A O Ss 1 77 Mo Pae am 4a 3 82 7 82 1 62 1 52 1 52 1 52 Mo Pao Ba '2U 1 82 M A O Bt h A Carlo 4a 1 68 Mont row'r ax B 80 6 SO N V C A ii n n n 8a 2 05 1 64 N Y C A 11 R H It 4a 1 73 H T C t II It It It 6a 1. I. 1. 1. n. 3. New York CI I, S 3a 4 B0 2 50 New Y N II A Hart'd 0a 2 72 a'..'... 72 N Y Tele 4a 3 ... 75 1 75 1 75 N Y Tele'a 0a 1 80 N Y Weit C A Doat'n 4a 3 .... 42 1 42 1 42 3 42 2 42 3 42 N'k A W'n 4s 21 73 N'k A W cv 0a 1 on 1 00 N'n rnclflc 3a 1 63 1 03 N'n Pacldlo 4n 1 74 6 74 Orea- A Cal Ba 1 SO 1 80 3 80 Pac OAK Ra 1 75 1 75 Pn it am 4a 1 75 Pa R 4a '21 1 00 1 00 1 00 Penna R R Ba 1 84 5 84 80 S'l 80 SO 80 80 Republls. Cuba Ba ot '04 1 87 Rio O ft W ell 2 49 R I A A I. 4 1 63 1 63 1 63 2 0.1 3 63 Bt Ii I Mt A 8 Rwy Ba 0 82 10 82 Bt Loula Kran aj 1.. 1.. 1.. 30 B St Lou I a Fran In 1 1 1 Bt It A B Kran Berle A 2 8 15 0 2 20 1 2 Bt V A S Fran Berlei C 4 84 III U S Fran cm Ba 1 84 St L A Bwn en 10..,.. 65 Ht P'l-A K C Short L 4a 2.... 01 1 0174 1 02 St PM Minn A M 4a 8..... 83 1 85 Bt P'l Minn A Manl'a en. 0s 2.... 100 A S 61 01 61 61 61 A 8 48 48 48 B5 56 50 B5 BO 60 BO B5 Beab'd A Ii aj 2 88 1 82 1 82 2 33 1 83 Beab'd A L fd 1 40 8 41 S'n Bell T Ba 1 80 B'n Paclltlc fd 3..,.. 73 4 78 B'n Pacific 4i 8...... 05 S'n Fit cv 4a 5 74 5 74 4 74 S'n Pac cv 5a B 04 0 03 0 OS 1 05 S'n Rnllwa 4a 1 50 S'n Ilallwit Ba 1 88 10 83 B'n Ry Mem D 1 77 Third Ave aj 2 10 1 10 B 10 1 10 Union Pac cv 4 80 6 80 1 80 Union Pao fd 4 7874 Union Pac 4a 3 80 1 80 1 80 Union Pac Oa 1 07 U K of O Drlt A I'd 1021 B 00 5 00 3 00 U K of O Drlt A I'd 1022 2 00 Illeh 14 4..... 20 1 1 10 00 00 00 00 00 UKeld Drlt A I'd 1020 5..... 84 10 84 6 84 U K of O Hrlt A I'd 1037 3....'. 82 1 83 2...., 82 5 82 1 82 U 8 Mexico 5 B 84 Vi U It Inv't Co of B F 5a 2 68 V 8 Realty iQip't oa 6 78W U B Rub'r Ba 2 7T U.... 77 1..... 77 0 77 U 8 Hub 7k 0774 07 0774 07 0774 07 08 08 .08 1. 1. 2. 1. 1. 1. 1. -1. M. U fl Steel. 5a 1 01 3 81 10 01 10 01 Utah A N'n 6a 1 87 U Pwr A Ii 6i 1 72 Wab'ih R 2nd 1 80 Wltaon Co let 80 NEW YORK COFFEE MARKET New York, Aug. 17. While the break of 425 rels In the Rio market, as officially reported, was believed to havo been pretty well discounted hero yesterday, there was somo pressure at tho opening of the coffee futures market this morn ing and call prices were 2 to 9 points lower, Most of the pressure was In Septem ber, which continues to bo liquidated, this month selling to 8.20, or 14 points below the previous close. Other months followed tho decline, 'carrying all active montho into new low ground. , (N.Y.tlme) Test, eloaa Openlna; 11 a.m. Sept 8.84080 8.23080 8.27 Dec , fl. 0103 R.S3CT90 8.B7 March 0,27 028 0.21W23. ..... May 0.40O43 8.38080 ..... Did. National Properties Plan Operation At the meeting of the National Proper ties bondholders' protective committee yesterday afternoon the amended plan for the sate and acquisition of tho com mon stock of tho American Railways Co nran declared oncratlvo. Tho plan having been declared oper ative, the time for tho deposit of bonds without penalty has been extended to the first da.y of September, after which date, In nccordanca with tho deposit agreement, bonds will only be accepted on such terms as may be Imposed by the committee. The committee named at a meeting of minority Interests who oppose the pro posed plan or organization win ne an nouneed today as well as the depository. ciated with Michael J. Ryan no counsel George Wharton Pepper is to be asso ciated with Michael J. uyi for the minority interests. BAR SILVER TJar sliver was d higher In London today at B94d. Liberty 3s 00 liiocrty 1st 4s... M4.ni Liberty 2d 4s ... 84.14 Liberty lst 4Wn.. R4.0S Liberty 2d 4s.. S4..10 Liberty 3d 4s.. 87.02 Liberty 4th 4 s.. 84.78 Vic Notes 3s... fl5.no Vic Notes 4J4s... 05.150 (N. T. time) mis a.m flO.10 84.70 84.14 84.54 84.30 87.82 84.72 05.54 05.54 Low 00.10 84.70 84.14 84.54 81.20 87.82 84.70 1)5.54 1)5.52 Penna R R 7a 1 102 1.... 102 1 . . 102 3.. . 102 1... 102 Pere Marat 4a 2 01 Pere Marqt 3a 1 77 Phil County cv 2 80 Pitta' h Cln C A St L A 1 74 Reaalnc Ry 4n 1 70 1 70 LIVESTOCK QUOTATIONS Chlcaco, Auc. 17. HOGS Eatlmated re- celpta. 20,000 head: left over 822 head. First aln 10O16o hlRher than 3'esterdoy'a average: 110.10 paid and refus-d. Average coat yesterday. $14.03. CATTLE Eatlmated receipts. 10.000 head SHEEP Es.matel receipt l nn head. rittaburch. Auc. 17. HOGS Reeelpta, U00 head: hither. Heavlea. $151915.23: heavy yorkers. J10.80Jrin.00. IlKht yorkera, M5.30O10: pliri".vtll.50'15.2V y SHEEP AND I.AMI1S necelpta 1000 head. Steady. Top aheep. 10 23: top lambs, 113. CALVES Reeelpta. 200 heart Steady. Trp. 110, Eaat nnfTalo. N. Y.. Aur. IT. CATTLE Reeelpta. 075 head. Blow. Calrea. receipts. 3S0 head. Blow, ateaay: ntri7.nn. HOGS Reeelpta. 3300 heart. Fifteen to 23e hlaher. Heavy, line 10.40; mixed. lH.75Oin.I10; yorkera. 110.85017: llaht yorkera. tin.3nC17: Plxa. 1106116.25: rouaha. H2.7CW13: alnaa. IR910. SHEEP AND LAMUa Reeelpta. 1800 head. Slow. Yearllnra. $1 lower: eheep, 50c lower. Lnmbs, 11 11: yearllnua. tnun; wethera. 17.5008: ewea, (307: mixed aheep. 17 7. 60. Liverpool Cotton m Liverpool. Aubt. 17. Spot cotton was dull today with prices easier on the bnsls of a decline of 80 polntn for mid dling, at 2C.03d. The sale's wcro 4000 bales. The receipts were 900 bales. In cluding 8900 bales American. FuturesJ were Dareiy mcauy in me eariy acai Ings. Spot prices were: American, mid dllmr fair. 31.28d; good middling, 28.53d; fully middling, 27.28d : mid dling, 26.03d; low middling. 22.23d; good ordinary, 18.78d, and ordinary, 17 78d. RAILROAD EARNINGS PENNSYLVANIA RAILROAD 1020 Increaan Jun- cro 148.070.803 S232,.1A0 D-flcIt after taxes.. 3.538,032 6,784.803 Net orer. deficit .... 3.022.301 B.022.20S Six montha' croea . 234.230.0B3 0.7SJ.372 rter taxea .. a&rtn.nm -in.osi.iso deficit . . . 34.0.17,471 30.003,707 Bank Acceptances" Have you shdrt-time funds available? If so, Bank Acceptances running from 30 to 90 Days Yield From 534 to6Vi v They are the Direct Obliga tion of tho Leading Banks in tho United States. We offer a diversified list and recommend their purchase. Elkins, Morris & Co. Bankeri Land Title Building, Phiia. FINANCIAL Propoaala 8EALCT kFSPS1.,W5 BE RE- ceiveo ?. it-.Y,7-. . .. i.!. !.'" .'qo YOUR WIDOW should not have to bear the' burdens of your estato at aj time when she is least able to do so. Therefore, you should make a will and give her the protection of a Trust Com pany whose sound standards' and conservative principles, will safeguard her interests, WE CORDIALLY invite you to consult our officials freejy, without expense,, about your Will and to con sider the advantages of ap--pointing this Company your Executor and Trustee. Upoii request our representative will call upon you. You Should Make aWiUToday , eajaaaaiajaaVi WE BUY, SELL, and QUOTE (BRITISH AMERICAN CHEMICAL Wettem Union Telegraph Mr. Franklin Arrea, Philadelphia. Pa. Fivo Der cent atoek and 2t&. 41 caah dlvldenda payable Auguat 31at to atoek of record Auvuil 23t II. H. RLANCIIARD. . Order ahoutd be placed Immi- Jl.,.lu In n.rf.a Km k. a.aaI transferred in time for above 7V4C5, QUARTERLY Dividend. HTKtS ice 1800 ,1 I Broker S :.. Pilla., Pmr Main 678-679 1 Lombard D0cil aft NeToper. OrVunda and Bulldln.e at hla office In the Capitol Dulldlns. Harrlaburi-. Pa., until 12 o'clock noon Toeaday, Ansuet 24th. mo. for the conatructlon , of a Cow Born, tncludfnf Plumbing. Ventilation and Electrical Worl! Dertalnlna; thereto, on tho arounda of the itlt! Inalltutlon for Feeble filnded of Eait frn Pennsylvania. , near Sprlnr City. cSJi ti? county' Pa.. In accordance with puna and speclftcatlona prepared by Philip J "ohnaon. Architect 1713 Sanaom mini?, Philadelphia. Pa. Plana, apeeineatlona ind form of, r"P08?Lmfi5.J?,,"1.J02 maklnc ipflUranVW., r "" By order of the Board of .Commissioners of Public Qrounda and Bulldlnsa of til Commonwealth of lWltifoimON. SAMUEL B. RAMBO. Superintendent Secretary. man quality quick service Motor Truck Delivery Lansdale Foundry Co Lonsdale. Pa. Phone Lansdale 450 PROPOSALS FOR GASOLINE. OILS AND hnKAHKK Raw MetertaJa and palnta Rranch Office of tho Quartermaster Gen Jrl Director of Purchase and Storace, Rerular Supplies Division. Munitions Build tnr Washlnitton. D. C Sealed proposals will tu received nere unui iu a. .11.. Auxuat 81 1020. and then opened for furnishing I caeoUne, kerosene., lubricating oils, fuel oil and greases required by the army during Octoher. November and December. 1020. Further Information upon application. PREPdlRS Valve seats planed in position end new valves furnished. All kind of engine repair. Phone Wnl. 1811 nnd Slain .1444 ll ltnjflM.etr(ocKlnUi' V !' ZI2-222.S.DARIENST. n(Jln..etrUcKtnl.l 212-222 S.QARIEN ST. Dated August 16, 1920. Due August 16, 1925. $1,250,000 s Province of Manitoba 6 Gold Bonds Price 92.85 and Int. To Yield 7.75 Principal nnd semi-annual interest, February 16th and August 16th, are payable in New York City in United States gold coin or in Winnipeg, Toronto or Montreal, at the holder's option. Coupon bonds in denomination of $1000 and $500. These bonds arc a direct and primary obligation of the Province of Manitoba and are payable from its general revenue. Legal opinion will be furnished upon request. FINANCIAL STATEMENT Assessed Valuation $680,000,000 Total Funded Debt ' 46,650,000 Revenue Bearinp; Debt $21,770,000 Secured Debt 5,827,000 Unexpended Capital Balance 2,428,000 30,025,000 Net Debt Population 613,000 $16,625,000 The Province holds investments consisting of Victory bonds, farm loan bonds, school and telephone debentures which are valued at approximately $4,214,000. teiepnone Manitoba, which adjoins Ontario on the west, is the oldest of the Prairie Provinces of the Dominion p"ro& P.S&h,Blie,t BradC Wh8at " thC WOrId' ThG t0tal 1UC f The City of Winnipeg, the Capital of the Province, with a population of over 200,000, is an important railroad centered he chief distributing.centcr for the trade of the vast provinces of western Canada VS&SSt NorSernCrR.ft Sldmn Railrad C Natio"al n A,l outement Win arc -c. . - not .niarante, Uiem, tl.ev First National Co. OFDETROIT Jsey,-Stuart & Co.,w CHICAGO PHILADELPHIA" '7 , m 1 .! 8; 'p li 'ffl a ft'tt ? ' 4 1 s M s H "i 67ExchngPUMj ' , IWorkCity L. H, GILMER CO., Philadelphia, Pa. , tf". LJ Z l--hi """.JSg , s hi'ii'iM '- MhtMAA t likW V-, ."SJ
Significant historical Pennsylvania newspapers