t
i.
III
14, '
ft.'
K4 2
EVENING PUBI1& :EmEltr$HllmAVBibk1ir; - !MJ&BBfl 20, .1920 T '. A'fly-fi Hi
Province of
Nova Scotia
Gold 6 Bonds
Due 1023
Income of Province is suf
ficient for annual expend
itures without recourse to
provincial property tax.
Prlca 02 and Interest
Yielding over 7ft
Campltte Ctrevlar an request
er re-ut.
TheNationalGty.
Company
Philadelphia J421 Chestnut St
Atlantic City thaiiome oiock
1225 Boardwalk
BEAR CROWD GET
SEVERE GRUELLING
Technical Conditions Force Ex
tensive Covering of Overex
tended Short Contracts
' II I !,l I II II 1 HI '
new York stock exchange transactions
n.AA .. I n
Opportunities to
Buy Good Bonds
Quotations of securities
do not necessarily indi
cate their safety. For
example, market condi
tions and tax laws may
affect unfavorably the
prices of certain bonds
and notes without im
pairing their safety.
Careful private invest
ors are now offered op
portunities to invest on
a more profitable basis
than at any time during
the last fifty years.
Write for our recommendations
Hemphill, Noyes & Co.
Uembers New York Stock Exchange
Franklin Bank Bldg., Phila.
New York Boston Scranton
GOODYEAR
GOODRICH
FIRESTONE
Common and Preferred
Stocks
Bought and Sold
Our Ohio Securities De
partment specializes in
these stocks which are
listed on the Cleveland
Stock Exchange, of which
we are members.
OTIS & CO.
CLEVELAND
Boston Detroit Cincinnati
Columbus Toledo "Akron
Youngstown Colorado Springs
Denver
LIGGETT'S INTERNATIONAL
LTD., INC.
8 Cumnlatire Preferred Stock
Dividends Guaranteed by
The United Drag Company
$50 per share to yield 8
Descriptive Circular on Request
MOORE
LEONARD
& LYNCH
CUSHMAN NEWHALL
MANAGER
1429 WALNUT STREET
Ijoncacre Hot! Hide.
New York, Aug. 20. The short in
terest r me In for a hard gruelling
during the first half of today's session.
It wo a little short of n Waterloo for
the hears and the frantic efforts to get
In Out of the wet carried the more nc
tire stocks up from 1 to nearly R
points, while in some of the more
closely held specialties the advances ex
tended to 10 points.
Technical conditions played an Im
portant pnrt in the pronounced reversal
of the market trend, much as It did in
the two preceding sessions. The over
sold condition of the general list was
not fully disclosed until this morning,
when the whole bear outfit found it to
be a much easier thing to sell stocks
Indiscriminately than It was to buy
them back again.
News of the favorable turn of affairs
in Poland, naturally helped the recov
ery, coming as It did at the psychologi
cal moment when the professional ele
ment had overreached Itself In
attempting to force a general liquidating
movement, which it hnd been playing
hard for all during the current week.
The knowledge that there had been an
excessive supply of call money on the ex
change also had au important influence.
But after all in Its technical position the
market did not require a very strong
stimulus to start the ball a-rolllng on
the uptack. It was just ripe for such
a turn and only wanted the touching off.
There may hae been some increase in
the outside buying but the principal
motive for the upward swing was un
questionably supplied by the over-extended
short interest.
The rebound wns partly foreshadowed
by the animated rally which took place
in the final dealings yesterday, and
with the over-night foreign news much
more favorable, indicating n possible
rout of the Russian forces, it was an
easy matter to keep the shorts on the
run. In consequence of this urgent de.
mund and with the supply of the more
active storks scant, substantial ad
vances were made at the outset. Oil,
motor, steel, equipment and food shares
gained 1 tn 3 points. Conspicuous
features embraced Mexican and I'an
American Petroleums. Crucible, Hep
locle. Vanadium and Gulf States Steels,
Stromberg Carburetor, New York Air
brake, American Reet Sugar. Interna
tional Paper and American Writing
I Paper preferred,
I The market became more active
' within the first hour, trading for the
' morninj; reaching larger proportions
than on any previous day of the week.
I The urgent demand included a number
of stocks that suffered severe impair
, raent in the general decline of recent
(days, particularly oils, sugars and mo
tor accessories. Houston Oil gained
I almost 10 points. South Porto Rica
Sugar 5 and Kelly Springfield 4. Beth
lehem and Lackawanna were added to
' the stronger steels, and gaius of 1 to
I m points attended the buying of rails
! under the lead of Canadian Pacific and
Reading.
Trading quieted at midday, but the
(general list held or ndded to early
i gains. Shippings and low-priced rnils
, were the chief features, Atlantic Gulf
j making an extreme advance of 2 Mi
points with as much for Baltimore and
i Ohio and a further gain for Reading.
LOCAL DEALINGS
LITTLE BROADER
Better Feeling Reflected in
Moderate Price Improve
ment in Leading Shares
There was an encouraging widening
of interest in the local market. At
least this was suggested in a perceptible
increase in the volume of the dealings
and a better distribution of the trans
actions. As a matter of fact, the opera
tions were more diversified than has
been witnessed for some weeks back.
With the expansion of business there
wn cheerful betterment of price levels.
Most of the gains were small, but it
Sale
400
1300
300
100
800
800
200
3300
100
MOO
100
000
CD0
too
3730
IS00
1000
100
1790
4 0
100
tsoo
1300
1000
ioo
too
4tft
3900
100
.300
JS00
100
100
lino
100
Olv.
In f
Jllsh
. . Advance numely .... 31
fl AJax nubber ........ 60
1 Allls-Chalmers 30H
I Am Agrlo Chem 77
S Am Beet Sugar 73i$
10 Am Bosch Magneto , , 8!4
4 Am B shoe Fdy new. . 4
.. Am Can ''4
7 Am Can pf 8
13 Am Car & Fdy 1J4JI
.. Am Gotton OH 3tt
to Am Drue Syn ....... H
.. Am Hide & Leather.. 14V5
7 Am Hide & Leather pf WA
t Am Inttrnat Corn . . 'W
a Am Llriaeed 72!4
e Am Locomotive 0SV4
.. Am Safety Razor .... 13
. . Am Ship & Com 23
4 Am Smelt ft Ret .... "14
a Am Smelt See A .... 71
5 Am Steel Foundries. . 0U
7 Am Sugar Ref 114
10 Am Sumatra Tob .... 84
s Am Tel & Tel
Am Tobacco pf new.. 86J4
20 Am Tobacco B 109
7 Am Woolen 79
. Am Writing Paper p(. 34
4 Annconda Copper .... 1M
0 Atch Top & Santa Fe 81 V4
8 Atch Top & S F pf . . 7H
7 Atlantic Coast Line .
10 AU Gulf ft W I S S .
. Austin Nicholas
lAjr (Nttm) Crurs
14400 3.50 Baldwin Locomotive.
JK
,17
. 20 J
,1084
. 38
. 47
24000 .. Bait ft Ohio
S00 4 Bait & Ohio f
300 a Barrett 135H
3200 .. Bethlehem Motors ... UK
300 b Befhlehem Steel 704
14100 a Bethlehem Steel B ... 7&H
310 .. Booth Fisheries Ji
00 .. Butte Copper & Zlno. . TVk
200 . . Butte & Superior Cop 19
300 . Caddo Central O ft R lH
300 a California Packing . , . 7'5
2J0 .. California Petroleum. 20
1000 io Canadian Pacific ....110
2900 ft Central Leather 55Ti
100 4 Cerro de Pasco Copper S8
100 4 Certaln-fd Prod .... 41
3000 io Chandler Motors 87H
1100 4 Chesapeake ft Ohio .. SbJ
100 2 Chicago ft Gt West pf 21 'i
MOO . . chl Mil ft St P 34
1300 . . Chl Mil & St P pf iOH
400 a Chicago Northwestern 70
400 Chl Pneumatlo Tool . . 80
4700 .. Chl R 1 & Pac 34 li
100 i Col R I ft Pac 7 pf 73
300 ., Chile Copper 14
400 l.so Chlno Copper 30
6800 4 Coca-Cola 33 K
200 a Columb Gas ft Elec . . M
2000 i Col Uraphophone .... 23S
300 7 Consolidated Gas .... 78
1J0O 2 con Interstate Cal M 10
30O j Consolidated Textiles. 31H
300 7 Continental Can 78
100 i Continental Candy ... 10J4
1000 4 Corn Products Ref .. 80J,
1300 2.50 Cosden ft Co 33
3300 s Crucible Steel 130
1400 .. Cuban Cano Sugar ... 37
1700 7 Cuban Amer Sugar .. 42
100 o Delaware ft Hudson . . 97
100 io Del Lack ft Western. .245
100 ,, Denver ft Rio Grande 34
300 . . Denver ft Rio G pf . . . 9?4
509 l Dome Mines 1154
200 o Endlcott-Johnson .... 70JS
200 7 Endlcott-Johnson pf . . 9
400 .. Erie mi
200 .. Erie 1st pf 1
1000 s Famous Players L ... 73
100 g Famous Players pf . . S3
1100 8 Flsk Rubber 27
1000 .. Freeport Texas 22H
200 s General Cigar 61J-5
100 7 General Clear def pf. 80
6300 i General Motors 23
100 0 Gen Motora deb 6 .. 68
100 7 Gen Motors deb 7 .. 79
000 8 Goodrich B F 30
330 7 Great Northern pf . . . 72
100 4 Gt Nor Ore ctfs 31
100 80 Green Cananea Cop .. 24 H
600 . . Gulf Stats steel 43
300 4 Haskell ft Barker Car 69
200 .. Hendce ctfs 26H
2000 .. Houston Oil Co 104 H
ton i Hupp Motor Car 14
300 7 Illinois Central 83
00 4 Inspiration Con Cop.. 46
100 .. Internat Aprlcul 17
200 7 Intl Harvester new . . 124
400 .. Int Mer Marine 24
400 o Int Mer .Marine pf . . . 73
400 .. Internal Motortruck.. 43
3600 .. International Nickel.. 20
2300 .. International Paper ,. 30
37J0 .. Invincible Oil Corp.. 30
4310 ..Island OH C,
100 .. Iron Products 40
100 .. Kan city Southern .. . 18
400 4 Kelly-Spg T 77J4
30
40
30
37
73
84
34
33
St
133 Va
25
K
13K
72
70
68X
5
13
21K
53
71
38
113
83
96
83
107
78
48
51
B1H
74J4
83 34
134
20
105
33
46
133
10H
70
33H
MS
6
19
14
67
36
118
T4
38
51
85
56
21
33
30
69
80
34
73
13
23Ji
31
53
22
78
10
30
77
10 U
88
34
135
36
IX
07
245
43
03i
11
70
95
12
19
70K
83
26
21
61
80
21
68
70
55
72
31
24 H
51
60
36
102
14
85
46
17
125
U
32
42
1934
78
34H
6
40
18
76
31 i
103
3034 m
77
73 i
85 1
54 - 1
34 1M
8
1343 1
33 H
..
i VA
73 ..
71
73 8
95 1
17
23
5..
71
86 1H
11834 1
841
96
80- 1
109 - 3
79 1
48 1
S1J4 H
H
7434
85H
137 3
29- 1
100H 1H
38 3H
4634
1S5
1034-
70 2
75 3
6
-
U
67 H
20 1
119 1
35 3
38 1
51 -
87
6634
21
34
5034
68
89 -
34 1
73
14 26
31
54 23K
78
10H
31
78
1034
89H
35 1
13634 3
1
3
134
1
34
134
3
""
3
1
Salt
700
400
700
3400
300
100
100
300
100
100
40
300
6300
I 100
109
1600
100
400
too
100
too
100
400
too
800
100
310
4300
100
200
100
1000
100
400
200
300
too
10230
3300
200
900
700
100
3200
30O
too
1810
700
2S90
700
100
14800
300
1 00
1200
2S0O
f 1
34
36 -
43
97
345
434
934
11
70
95
12
10
72
83
27
23H
61 1
80
22
63 -70-563
72 ..
31
2454
Si 3
6 m
26
10434 3i
3
1
34
Hlsh
Kenneoott Copper .... M
1.20 Keystone T ft R H
6 Lackawanna Steel . . . 8834 '
Loewe Co 2H
.. Loft Corp M
.. Loose-Wiles Biscuit...
7 Loose-Wiles B 1st pf. 84
6 Maokay Cos 61
7 Malllnson ft Co pf ... 60
.. Manati Sugar t
.. Maxwell Motor 1
. . Maxwell Motor 1st pf 31
10 Mexican Tetroleum ..13t
8 Mexican Petroleum pt t3
1.60 Middle States Corp ..1134
4 Mldvale Steel ft Ord.. 8t
.. Mo Kansas A Texas.. 6
.. Mlusourl Paclflo 5
.. Missouri Paclflo pf ... 44
.. Montgomery Ward .. 2t
. . Nat Aniline ft Chem. . 74
7 Nat An ft Chem pf... 81
.. National Con Cable 6
6 National Lead 74
1 Nevada Con Copper . . 1034
10 New York Air Brake. 9434
3 New York Central . . . 71
. . New York N H ft II . . 3334
. . Norfolk ft Southern . . t
7 Norfolk ft Western .. 91
8 North American 80
7 Northern Pacific 73
3 Nova Scotia SAC ... 45
40 Okla. Prod ft Ref .... 3
6 Otis Elevator 17
.. Oth Steel 3234
3 Paclflo Gas ft Eleo ... 46
6 Pan-Amer Petrol .... R6
e Pan-Amer B 80
3 Pennsylvania R R ... 4034
.. Pcnn Seaboard Steel.. 17
.. Pere Marquette 7334
.. Phillips Pet 36
.. Plerce-Arrow Motor ..40
.. Fierce Oil
8 Plercs.Oll pf 81
8 Pitts Coal 61
6 Pitts Coal pf 84
5 Punta Alegre Sugar. . 7334
4 Pure Oil Co 38
1 Ray Con Copper 14
4 Reading f34
2 Reading 1st pf 43
. . Remington Typewriter 43
. . Reolo Steel 75
6 Republlo Iron ft Steel !3
3:30 Kct
l,ow (NYtm) cn
1400 8.20 Royal Dutch N Y
81
14
5
46
"
133
3
20
39
36
634
40 -
18
H
1
34
34
34
3
MS
1
3734 434
100 l St Joseph Lead 16
600 . . st Loula Southwest . . 20
100 .. St Louis Southwest pf 31
1790 , . St Louis San Fran ... 35
400 Santa Cecelia Sugar. . 14
500 . , Saxon Motor 7
1300 6 Slftas-Shcff 67
300 20 South Porto Rico Sue. 120
600 .74 Shell Transport 49J4
8500 .. Sinclair Oil 2734
3700 e Southern Paclflo 9234
3100 .. Southern Rati 27
50 20 Standard Oil of N J.. 660
600 7 Stand Oil of N J pf.. 10534
' tooo 4 Stewart Warner Sp .. 3334
4300 4 Stromberg Carb 73
8370 7 Studebaker 6334
100 6 Superior Steel 49
100 .. Tenn Cop ft Chem ... 034
15700 s Texas Co .' '
3300 .. Texas ft Pacific 35
6000 .60 Texaa ft Pac C ft O . . 41
300 , . Times Square Supply. 2634
2500 e Tobacco Products . . . C34
100 7 Tobacco Products pf . . 88
1600 ., Transcontinental OH,. 10
200 8 Tranaue ft Wms Steel 44
600 s Union Bag ft Paper . . 84
400 .. Union OH 2734
2500 io Union Pacific 117
100 4 Union Paclflo pf 65
100 United Dyewood 56
300 12 United Fruit 187
100 .. United Rwy Invest .. 7
100 .. Unl Rwy Invest pf .. 16
4000 s United Retail Stores.. 67
too . . U S C I P ft Fdy 14
200 B U S C t P ft Fdy pf 43
1400 e U S Food Products . . 60
2910 8 U S Ind Alcohol 84
3701 8 U S Rubber 86H
300 6 U S Smelt ft Ref .... 51
24600 5 U S Steel 8834
100 7 U S Steel pt 106
100 e Utah Copper 61
200 . Utah See 7
9300 6 Vanadium Corp 6934
500 4 Va-Carollna Chem ... 65
400 t Vlvadou Inc 15
300 .. Wabash 74
700 .. Wabash pf A 24
200 .. Western Msryland ... 9
100 .. Western Pacific ....... 17
300 4 Westlnghouse E ft M 47
SOO . . Wheeling ft L E pf . . 18
3)0 4 White Motor 47
700 .. Wick Spenc Steel Corp 2734
100 1 Willys-Overland 1634
100 s Wilson ft Co 63
100 . . Wisconsin Central ... 25
500 6 Worthlngton Pump .. 61
23
17
67
20
M
45
04
1
60
08
1134
30
166
3
11
39
6
75
4234
29
74
86
6
74
1034
0434
71
3
10
9034
80
73
43
3
135
32
46
88
78
4034
17
73
36
39
13
31
60
84
6
38
14
F934
41
49
74
Sl3(
81
10
20
31
24 34
14
7
6334
120
40
25
01
2034
655
103
31H
71
62
40
34
46
34
30
26
61
83
10
43
84
3734
117
65
56
I864
7
16
66
14
43
43
S3
84
. 60
8734
106
61
7
8
64
15
734
24
9
27
47
17
47
27
1034
43
36
60
34
334
'"34
1
3
23- 34
1734 1
6-34 1
20 .
13
45
tl-
? 61
no - 5
98
1134- a
21
159 3
03 ..
11- 34
31
6
25 44
29
74
86-
6 ..
743
1034 v
9434 134
71 34
33
10 1
90J4 '
30
73- 54
4534 134
t37 3
2334 ?
46 1
86 3
80 34
4034 ..
17 -
2334
36
40
12
81
61
84
73J4 334
88 34
14
8934 3
41 134
63 3
753
83 1
81 34 14
t
20
3t
28
14
7
.
20
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27
660 1-14
10s 54
3354 134
72 3
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93
47 1- 34
35 1
41 1
2634 -
63 1
83- 1
1034
27
117 .
68
56
187 1
DEMAND FOR CURB
ISSUES IMPROVES
34
M
1
34
Upward Movemont In All Active
Stocks Oils Lead
Trade
New York, Aug. 20. There was
general upward movement in U the
active stocks on the Broad Street Curb
market beginning with the opening of
that market this morning. During the
greater part of the day an increasing
demand was noted in all the various
groups.
The buying was on a larger scale in
the potroleunw, but the movements in
those stocks were restricted to nn extent
because of profit-taking sales against
purchases made at recent lower levels.
General Asphalt ranged from 54 to
G5Vi and Maracalbo ranged from 17
to 18. National Oil was the most
active of the low-priced issues, moving
up about 1 pblnt. Slmms Petroleum
ranged from 10 to 10i during the
forenoon. . . .
United Retail Candy was a feature ot
the industrial group, advancing from
11 a. to 18. Swcctb, which held at the
low record of H yesterday, advanced tp
Tg. Imperial Tobacco ranged from s1,
to ft. Submarine Boat sold ot 11.
INDUSTRIALS
66
130
40
1
2
3
1
1
34
34
1
ArmA Coal '
Chicaeo Nipple . . .
Otnsral Axpnait
Oarland SB . .
H.rcules Paiwt
Imperial Tobacco
Indian PaCKlnu
r
:sH
o
nTi
Inter Produeu i
..i
nrth Amer racer
Perfection Tire
Huhmarlne Boat ....
8wMf! Co
U S Hlth Bpeed Teel
V S Steam
United ProlUaharln
United net Candy ..
SH
"a
30H
1
13
Iiv
2
,M
1 ft
2.V.
R
IS
"k
1:30
p.m.
3'.i
ft
3t
8
2S4
0
SSi
'k
"
SnlJ
2
1H
13
INDEPENDENT OILS
Jllrh Low Cloea
20 SO 30.,
. ! IAS 1 lJVi
au 2 2
13H 12 121
as? asi as.
6
! ft.'
:
ctfa..
Allied Oil
Ulery Oil
noons Oil
Carlb Syndicate.
Cltlea Service "n
Dominion Oil . .. .
Enrlneera Fetrol JJ
rediral Oil ?S
Olenrook Oil 2"
Granada '
Inter Tetroleuni yj1
Maracalbo Oil ,
Merrltt Oil 14U
Mexico Oil !?
National Oil of N J J
North Amer Oil ?'
Omar Oil ;J
Prod A ReOnera '
Ued nook Oil H
Hlmmi Petroleum ln
Pkelly Oil 0'
Superior Oil 19,
United Texas Oil ,'
victoria Oil new 1
White Oil 18,
Roy de France nl
M1N1NO
Alaska Br Columbia
1 H!k Ledze
'4
.H
68
21.
7
16
7
14
43
59
84 1
86 1
50 - 1
88
ior.- h
61
IV2-
60 1
65 1
15
734 .
14
0
27
7
18
47
2734
1634
63
33
61 4
Commodity Markets
COTTON MARKET
New York, Aug. 'JO. The cotton
market had a big opening today, with
Initial trades in almost every month in
mnnllpd n rofreshine change from the the list. August dropped 12T points and
rrrent monotonous droopiug character othoi. p(V.jtions ''." to ."() points on the
"St clfate'ln the complexion of the rst call. Selling , heavy in gen
market was to f-ome extent largelv in- :eral. but with the Smith concpicuous,
fluenced by tbc about face turn In the I doubtless due to weaker spot markets.
Cables were lower on account of fur-
1 .
rittaburih
!H
Kew Tork
11 1 Frtr-
Broadway Ilulldlat
MEMBFms
NEW TORK. PHILADELPHIA AND
PITTSBURGH STOCK EXCHANGES
Removal Notice
We beg to announce that
we have removed to our
new offices
Rooms 304 and 305,
328 CHESTNUT STREET
POWELL, GARARD & CO.
Investment Securities
Philadelphia
Chicago
St. J.ouls
mnrliwt Knf here. too. techinncl comli
tions exerted considerab'e weight In
shaping the price trend. This wan -suggested
in all event in the further re
covery of S1.25 In Electric Storaco Rat
terr to US. and also in the SI rally
In T.nke Superior to 12.
While these were about the only ma
terial changes recorded, the entire list,
nevertheless, displayed a much steadier
tone, t'nited Oas Improvement moved
up nearlv $1 to 41. Union Traction
remained' 'firm at 2.". rml Philadelphia
Rapid (Transit held nt 14j American
c... ....a fii.m nt 433. nftpr dinninir
to 43 4 Pennsylvania Railroad con- .nfr
tinned to be well token at 40', nnd'Tmuar
rffoHiiirs of Cambrln iron were wen ""...
t.ilton nt. 38V.. The only evidence of
' telling pressure rented against Phila -i
delphia Electric, which shaded to 21,
.later rallying to 215,. Philadelphia
' Traction, continued to b absorbed tit
i par. American Gas on small sales ot
1-. at 34X,.
ther liedzn sellinc
Support here was poor and mainly
from shorts.
Conditions In the dry goods trade
and an absence of serious crop damage
new, in spite of continuous showery
weather In the belt, appeared to have
discouraged all bull activity.
At the end of the first twenty min
utes the list was still heavy and about
33 points net lower
Ma
Philadelphia Stocks
Hlih Low
122 Am Strs.. 433t 43
3f. Am Gas.. 341. 34
220 Cam Iron 3SVs 3R
273 EleeStor.llS 117
100 Gen Asnh 54b M'j
13 I Co N A 2H5
1 Key Tele 10
300 Lake Sup 12
."4 I.eh Nav. .I"1-;
12 I.eh Val.. 441
IMPa n Tt 41
10 Phila Ins
Wire.. .11
IS.'. Phila Co
cum pf.. .l
RiZ
10
i
1 3D Net
p m chre..
13 V4..
34 1
3SK. . .
IIS Hi
iVlU, 0
2SV-..
10 - aj
12 -1
r7H..
44
4034 40
.-.1
30
r.i v.
30
433PhilaEleo 21 i 21- 21 V
300 Phila TIT 14'i 14 14.
U.
'5
IN T time)
11 30 1 30
Tt rloee Open H in P.ml
2T rt 57 .".n 27 4R 27 R2
2rt (11 2H SO 2H.3S 21.40
2il 2.S 2.S 02 2.1 SO L'S SO
,.. 20 0 2R 71 2.V5 23 32
. . . 2.1 7S i! 50
no
2.-.
40U
88as
i
ro
8SVt-
40T4 Vh
88ai i
GEO. A. HUHN & SONS
stocks ami nosns
Mamtxr of the Philadelphia, yen
YMkandCblcaao Mork Xxtuamea
Jivft YorkCttan Kichan
Commlsilon Orders Executed In
All the PrlnclDBl Markets
BKlXT.VTrF COURT OLDO,
1416 Wntont St.
NtSW TORK "rPTCR
111 Broadway. New Vork
Georgia Rwy. & Elec.
5s, 1949
CHARLES FEARON & CO.
44 ft........ Ca4
10.T PullaTrttc ."0
.-iOt Heading. 8Si
1M0 I'n Trac. 2fi
ill I' (i I... 41
HltrS Steel 8S'
t.N'.i chansr made by comparison with last
i.ila on New Tork Stock Excnanre.
Fa'pa in HONDS 1 30 Net
Jinr.n High Low p m chze.
110 Lib Bonds
1st 4s.. 81.40 84.40 84.40 .00
3-20 2d 4Vis.. 84.fi4 84.24 S4..14-f-. 28
1-20 2d 4s... S4.O0 64.00 84.0O1.70
10 3d 4Vs . 87.80 87.80 87.8(1-. 08
7 Vic X 48. Wi.oS 05.08 05.58 .02
2 Phila Elec
1st fts.... MH 80 ROM)
5 Read'g g -Is 7(1
70
DIVIDENDS DECLARED
Dnlted Statts Industrial Alcahol Co.. quar
terly of 3 per cent on common, payable Hp
tembar 13 to stock of record Autruet 31,
American Stores Co auarterly of lb p.r
rant on first and second preferred rayabla
Octobaf 1 as rrsistercfl September SO, alio
auarterly of SI on common, payable October
1 a registered Septarabar 30. Books dost
September 30.
GRAIN MARKET
Chicago. Aug. 20. Wheat continued
to be depressed this morning by the eon
tinued movement downward in prices
for other romniodities. and opened
weaker under scattered selling. On the
decline there was a demand from two
Important coucerns. The mnrket lacked
the support of exporters and the more
favorable aspect of political uffairs
abroad was aNo against values.
Deeember opened at S2.3U to $2.35,
against $2.37 at the close yesterday.
March opened 2e lower, at $2.37. and
after touching S2.30-... rallied to $2.38.
The receiptR today were 142 cars.
' Corn was easier at the outhet under
scattered selling by commission houses.
There was some buying by a firm with
eastern connections on the decline. Busi
ness was moderate. There were more
rains over portions of the belt.
September opened at $1 40 Vi to
S1.40, against $1 .407,; nt the end yes;
tpninv. Dccemner binrim ui oi.-wri
to S1.20V4. against $1.21 at the close
vrsterdav. Mav was (Hinted at Sl.lnVa
to Sl.m" Bl l nuiBei, Hguiuav
$1 18T,s. yesterday's last price. Re
ceipts were 57 cars.
Oats were about steady, owing to a
better tone in the cash article and some
covering. Trade was small.
September started at HOJfcc to 07c,
against 07VC at the close yesterday.
December "was quoted at 07 'c to 07V4c
at the outfct, and later touched yes
terday's last price of 07c. May
opened at 00'V1 to 70c against 70c at
the close yesterday. Receipts were 202
cars.
I.eadlna futures ranted as follows.
(Cblcaao time)
(Torn (now dellery 10.80 Vest
open uiirn ww a. m cin
Sept. ...
Dec
uai. - . ..
Sept. ... 8 87S Baft fiTS, T
rs . (17 1 HIa
LOCAL VV00LJRADE DULL
Business Confined to Small Trans
actions at Low Figures
Local dealers In wool report trade very
dull, according to the weekly review of
business conditions In the Philadelphia
district bv R. G. Dun & Co.. with few
sales except in pmall lots at low figures.
Loton yarn dealers report no improve
ment over conditions of tho previous
week. Business is still quiet and what
little trading there Is Is spasmodic and
prices still uncertain. The textile trade
In ccneral aDnears to ba dull. althouRh
some mills report they are still working
en old orders Most manufacturers are
optimistic and are looking forward to
more active trade.
The review, continuing, goes on to
say:
"The electrical trade reports a good
volume of business In household spe
cialties. Building operation work Is also
moving freely, jobbers and retailers are
busy Prices are reported ftrru and
collections fair.
"The stove trade Is quiet on staple
goods. Supplemental heating apparatus
Is moving freely Jobbers and retailers
are fairly busy and foundries are oper
ating at about 80 per cent capacity.
"The leather market Is quiet. Deal
ers reDort encourairlnr lnaulrles. Indi
cating a better demand during the fall.
iiazeo Kid dealers are doing a mod
erate business Priced aro holding firm.
"Shoe dealers say sales are mod
erate. Collections have Improved to
some extent. Millinery dealers are open
ing the fall and sales are In good-sized
amounts.
"The large cigar manufacturers re
port an active trade, and, an a rule,
factories are working to capacity. Busi
ness Is retarded to some extent by lack
of labor and poor railroad facilities,
which has caused some cancelation of
orders. The local retail trade le In
good condition and dealers ore fairly
prosperous Collections, while net
prompt, show home Improvement.
"Wholesale grocers are doing a. mod
erate business. While certain line show
a slight downward tendency buyers are
cautious and making purchases for
wants only A feeling prevails that
there will be no material reduction In
prices of food commodities owlnir to
Bhortago In farm labor and ttehtnea-s
In money to finance small packers. Col
lections are satisfactory.
"Coffee Is weak with a deollne In
prices anywhere from 19 to 30 points.
Spot coffee In nominal. Cost and freight
offerings are lower.
"Tea Is In good demand, Prices are
firm with a good tone prevailing. .
"Raw sugar In quiet with no appar
ent demand Buyers are holding off
awaiting developments. Some local deal
ers, who purchased heavily at high prices,
ure unloading with consequent reduction
In prices to 19 cents a pound. It Is
felt that further reduction are In sight."
Financial Briefs
Benjamin Rlloy, of C. D. Barney &
Co., left yesterday for a short vacation
at Brldgewater. N'. H.
U
C
;.' l IK ieagc
t Hosion & Montana .
Caledonia .-uinwr . .
Calumet ft Jerome . .
Canada Copper
Candelarla Mining .
r-rr m VUl'kP .....
Cresson Oold
Dundee Ariz ,
Kl Halvador lf
Eureka Croesus
Eureka iiouy jtt
Goldfhld Florence 1
Oold Sllver'PIck ,
Oold Zone 28
Heula Mlnlnar .
Honduras Syn lo
Iron Hlossom j
McNamara .H
Marsh MlnlnsT J?
Murray Mok 77 .,
Nlplselnn ;'
nan icy
Tonopah-Uelmont J
62
7
11
111
11
1A
i
Tonopah Cash Hoy
Tonopan uiviur . .
Tonopah Extension .
Tonopah-JIm Butler
Tonopah MlnlnsT
t'nited Eastern ....
West End C
M'ViI.a Pin, . j . . . .
Verrlneton 3
noNns
Allied Pck 8s. JJJJ
Amer Tel 8 of '22 JS,
Aimour 7s PJ't
C C C and F; I-. 8s 0J,
Mnclair 7Ws "
Scuthwest nU 7 90
I nlon Tank 7s "8
Berlin i ,,
C'olome 4s 17'
1'rsnkfort 4 20
Ilrzle H 8
85
20
80
a
A
1
14
A
24.,
IB"!
J
77.
sTi
4
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17i
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IS
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24
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la
77
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an
18
FOREIGN EXCHANGE
New York, Auff. 20. The usual week
end rally was apparent at the opening
of the foreign exchange market today,
The Nw York MiihtrAnnur. Wt tofir. (,it. .. v,.in v.nA.tAil tn th nrlme
000 to the bankn veftterilnv mnliini. n .!...... nmunA ua nn' In. franc
.t. . ,1 . . " . . -I 1 '.'""" TAUIltUlSCP. tn..... " ., r- --. -- ---
tanu nei loss since rriaay ot jl.U6.000 cables 7 and lire 3 points. Tne tjcanai-
Iiialans were off from 10 to 25 points.
secretary of the Treasury Houston Quotations were:
announces that tile total amount of sub- Demand sterling 3. 59. cables 3.594 :
scrlptlons received for treasury certlll- franc cables 7.13, checks 7.13; lire ca
catea of Indebtedness of series C-1921 'hies 4.64, checks 4.63H : SwIbs cables
dated Aumist 16. 1920. matnrlnr i....iIkci v,-lt 1KS7; a-ullder cables 32i,
16, 1921, was 1208,347,500 and that the I checks 32H; Belgian cables 7.83, checks
total amount allotted wan lir.7 ki nnn ? mark 1.0S: ntHataa cables 1K.07,
The allotments were divided among the checks 16.08; Stockholm cables 20.46'
Federal Reserve districts, Philadelphia's ' checks 20,40; Chrlstlanla cabled 14,80,
cnecks 14.(0 ; uopennagen cauren "..i
checks 14.75.
YESTERDAY'S FINAL QUOTATIONS
Sterllnc Francs Llro Guilders
Demand .... B.nR'i 7.07 4.R9 32.JJ
Cabl S.B9 7.0ft 4.01 32.65
TODAY'S OPENING QUOTATIONS
Sterling- Franca Ure Guilders
Demand .. . 3. B0 7.12 4.SSM S2.IU
Cables . ... 3.B0K 7.18 4.64 82.75
share being 312.426,000.
The local stock exchange has been
notlned that no transfer of Pennsyl
vania Co. certificates of deposit for stock
of the Pittsburgh, Cincinnati. Chicago
and fat. Louis Railroad Co. will be made
after the olose of business August 31
The stock list committee accordingly an
nounces that the said certificates of de
posit will be stricken from the unlisted
department of the exchange at the close
of business August 31.
The stock list committee of the Phlla-
ueinuiii jnocit Kxcnange naH
MONEY-LENDING RATES
kv vork Money on call, both
olasees of collateral, opened today at
National Properties Co.
American Railways Company
4 6
The undersigned Protective (Committee wer up.
pointed in pursuance of the unanimous resolution of
the bondholders attending the public meeting held
August 1 2th &i the Bellevue-Stra'tford Hotel.
The questions asked in the circular letter sent to all
bondholders, as well as t le members of the original
Protective Committ6e, remain unanswered.
The position of the undersigned Protective
Committee is:,
1st That full information as to all operations of the
American Railways Company and the National
Properties Company since January 1 st, 1916, shall be
given to all bondholders.
2nd. That the present condition of their property as
to resources and earning power shall be made clear.
3rd. That the provisions in the Deed of Trust secur
ing the bondholders shall faithfully be icarried out
4th. That all claims that may be justly found to lie
against the National Properties Company, any other
company, or any individuals shall be prosecuted to
the full extent of the law for the benefit of the
National Properties-American Railways Company
bondholders.
If the proposed modified plan is allowed to go through
and 50 of the bondholders pay their assessment,
about $3,900,000 American Railways Company
common stock goes to the Syndicate, who to a great
extent are the present management, who would
thereby be continued in control.
5th. That the plan which is finally presented to the
bondholders be a plan that gives those'bondholders
who pay any assessment, that may be necessary, the
best possible security for their money, and a plan
whereby those bondholders who cannot pay an assess
ment get a square deal.
If you desire to join in this movement to protect
your interests, you must deposit your b6nds with the
Provident Life & Trust Co., 401 Chestnut St, on or
before September 8, 1920.
If you have already deposited your bonds -with the
original Protective Committee and now desire to join
this movement, it is necessary for you to withdraw
your bonds, as you have a right to do, and deposit
them as above with the Provident Life & Trust Co.
V. Gilpin Robinson. Chairman
Jeremiah J. Sullivan, Jr. James A. S. MacMeeldn
James E. Gorman Joseph H. Shoemaker
Committee
Joseph K. Seidle, Secretary
215 North American Building
i.t . .. : ". wj i 7 nr rnf rnr ip n nine mjiu reunwiiiK
;nd Light Co. 6 per cent cumulatlvo pre. ," ,,"ft iek so far Ib only moderate
sentlng 13,000.000 5 per "cit" Smula't l ! nb ,1 fo r fixed dotes hut a' number of
preferred stock of the Rochester Gas and nl6 ioL "". ,22J.nthV iTutlSf.tiiwn
funds are being maae.
City of Philadelphia
5 Per Cent. Bonds
Dated August 16, 1020 Due August 16, 1950
Interest January 1 and July 1
Coupon Bonds, $1,000 Each, With Provision for
Registration of Principal
Bonds May Be Fully Registered
Coupon and Registered Bonds Interchangeable
Frqo of Pennsylvania State Tax
Free of All Income Tax
Legal Investment for Trust Funds
Price: 101 12 and Interest
To Net Over 4.90 Per Cent
Biddle & Henry
104 SOUTH FIFTH STREET
Electric Corporation.
07W
TJnrlf
Oct .18.80
nibs
Oct. . 1R.Z?
1 50i 1 ZU 1 10'; 1 L'0i 1.21
a
7.
07H 87S
24.10
24 8."
18.40
18.80
23 T6 t:a 82 24 20
24 85 24 6A 23.00
18.20
18.50
18.20 18,32
18.65 18, 65
Bil. tAakad.
IS. 32 19.22 MB. SO 14.T5
BANK CLEARINGS
Dank clearings today compared with cor
respondlne dav last two vaara:
1B20 10t 1018
Boston M.OAO.Afil ft), 488.215 40,877.82
Baltimore IS.130.378 12. 780.881 ..;
Phila. 178.878,027 J70.740.747 188.245.964
Chlcaso . 03.443.408 06.O72.0bS
St. Maurice Paper on $8 Bails
New York, Aug. 20. St. Maurice
Paper Co., Ltd., has declared a quar
terly dividend of $2 on the canltal stock,
payable August 25. The stock has been
on i )t annual basis since December,
1918. On April 5, 1930, a stock divi
dend of 20 per cent woo declared and In
May an extra of 15 was declared In ad
dition to the regulir quarterly dUburM
ment. Union Bag and Paper centrOls the
St Maurice Paper Co. through owner
ships of 76 per cent of the capital stock.
Ttnnlri renort monev that Is being
released through Improved transporta
tion and commercial deflation Is being
held tor employment In moving the crops
and to provide tho railroads with need
ed supplies. A further reauct(on of In
ventories Is expected In the sugar trade,
In the cotton Industry, In the coffee
trade nnd In other lines.
Prime bank acceptances continue in
urgent demand and the supply Is Inade
quate. IUtes aro unchanged.
The situation Is unaltered In mercan
tile paper, the choicest nr.men not going
under 8 per cent. Local Institutions and
usual buyers of paper at other eastern
centers are not In the market.
rnir.AnT:iriiiA Call, 6 per cent:
time, per cent: commercial paper,
three to six months, 6 per cent.
(Xote These ore merely nominal
quotations, b the legal rate of Interest
In the state of Pennsylvania Is fixed nt
r. n.r rnt. rlus premium and commls-
New Vork. Au 20 IIUTTER sidv slon time money for thirty to ninety
Receipts. 10 7M tubs. Creamery, hlaher days Is loaning at 8 to 8 per cent,
io??.!"!.'' "Vj S7c. creamery, """'"-while commercial paper from three to
MS$V"" "ScV'cuWn1, X': - ?? bcln,t effered at 8 10
No 1. 4844c por cent )
KC5CJS Mrm nerelnts. 18 RP.O canes rv..h.
fathered. etr firsts. (S45Bc. frsri.th- LOXnOK Money Is quoted at 6 per
red firsts, 40ffl53r stato. Pennsylvania and I cent Discount rates, short bills, 6Vi
?. WAt !!.? PeSn'sVlysSfa'". I ' nt ,hr" mmh8' b1"8' 6 Pef
nearby western hennery browns, extras (ins cenI
noc; asie. rennsyivanla and nearby lath
ered hjnjrns and mlied colors, firsts to ex-
The Colorado Fuel and Iron Co re
port for the second quarter of the cur
rent year, H.40 a share on the common,
against 11 11 In the preceding quarter
as another evidence of prosperous steel
conditions.
Colorado Fuel and Iron Co for tli
quarter ended June 30, shows surplus i
after charres. taxes, sinking fund, etc , I
Of $1,548,581, equivalent, after preferred '
dividends, to 14.40 a share earned on i
the $34,235,500 (MOO par value) com.
mon stock. aH compared with $420 568, 1
or $1.11 a ehar. In the preceding quar-,
ter, and $627,154, or $1.71 In the corre- I
spondlng quarter of 1919. I
The average price of twenty active
Industrial stocks advanced 1.30 per cent
yesterday to 85.31. while twenty rail-!
roads advanced 0.37 per cent to 73.90
BUTTER, EGGS AND CHEESE I
tras. KOCRRe
CHEESE firm Rscelpts, 3108 boxes
State, whnle milk fiats, eureent maka, whit
and colored specials, 37M 28Hc: do a"sr
am run. 27 28c. state. whol mbk. twins
'm-mt ao
current make specials.
averass run 2BW2Vio.
Reserve Banks Discount Rates
Official rediscount rates at the twelve
Federal Reserve Banks are as follows:
Liverpool Cotton
Liverpool, Aug 20. Spot cotton was
dull today with prices Irregular on the
basis of a decline of 63 points for mid
dllng at 24.82J. The sales were 4000
bales. The receipts were 1000, includ
ing 700 bales American. Futures were
steady In the early dealings. Spot prices
were: American fair, 30.07d j good mid
dling. 27 6Jd : fully middling 26,070;
mlddllnr, 34.83d: low middling, 2l.01d
food ordinary, 17.62(1, and ordinary.
Boston . . , .
New York . .
I Philadelphia
lrieeland ..
Richmond .
Atlanta . . ,
Chicago . .
Ht I-oul .
Minneapolis
Kansas City
uauaa
Treas
ctfs.
::8St
..to..
Ott
...to
...t
Lib
nonds
e
s
;
8V, 5H ,
Ort n
tS B4
TB . 6H
Coml Ukrs.
Papar Accspt,
7
S
' ,.i- M
rian rrancjsdj .
tDlscount rate correipMids wtth Interest
rats borne by. csrtincatti pldrd as cnl.
lateral with minimum at 6 per eent fa tb
ease, of Philadelphia, Atlanta and Kansas
city and 6tt ptr cant la the case of Ban
Francisco,
Fortunes Earned
From Manufacturing
Large dividends have been paid to stockholders
. !.. 1 their
in various manufacturing industries anu "
further expansion will add increased dividends
We- offer to investors an 8 Cumulativo
Preferred stock with the privilege of purchas
ing .Common shares, issued by an old-esta..
Wished manufacturing company with demands
for its products far exceeding present manu
facturing facilities.
Ask for Folder PPL-3S5
Tfollister,White & Go.
BOSTON
SrMNGriELD
tNceaoArso.
North American Building
PHILADELPHIA
fROVIDENCI MTTSmi.D
NEW YORK
rOHTUND
Edjv. G. Budd Mfg. Co.
1st 6s
Aug. 1926-1927
Tax Free in Penntylvnitla
Free of Normal Tax
Price to Net 8ft
ClrauUtr an Jteautsi
TYwnsenri Whalen & Co.
' 505 Chestnut Street
......n ...Jl
Indlauaiwlla Northern i"",;. ' ,
Co iimbus. Newark ifSH Co t
Vork llayen Water Tower to i ,
Irfhlrh Va ler Company U : . , it,
Munlc pel Herilja Co, 5'",u.
New
Mem
i liau jl icieeino v.'1."
'i.-7...:vi 11. n. ceu. j
VMH !fttrrl.'1
pniurra iiuwwr, ,- i a,
PhltailelDhU
S67 Cheslnot
HI..
HANK AUniTOK
A man . navina
AND,
15
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vain ---itiflMS
canaection ;Tner "',Tirrsiu " 1
an oportunltv te produea rt- ij
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