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"i.,"Wr!
EVENING PUBLIC LBDaEiEteLADPHli:, TDAY' AUGUST LiTl02O
"
AxAPrrAL55oo,ooo,oaft
SURPLUS (EARNED) VI
m $2,000,000.00 Jl
jSlxth&SpringGflrd
THE BEST TIME
to make a Wlil is while
you arc in the best of
health, sound and vigor
ous, both mentally and
physically, when you can
plan better than if you
wait until your last ill
ness, or you are perhaps
incapacitated by old age.
WE CORDIALLY in
vite you to consult our
officials freely, without
expense, about your Will
and to consider the ad
vantages of appointing
this Company your Exec
utor and Trustee. Upon
request our representa
tive will call upon you.
You Should Make
a Will Today
AIL ASSUMED
THE LEADERSHIP
I Morning Demonstration in That
Group Proved a Flash
in the Pan
New York Aug. 21, Today's stock
market ran In true form to the highly
professional character of the current
speculation. The usual cross currents
which usually develop in the backwash
of Hitch Irregularity as recently wit
nessed, were conspicuously present
throughout the entire session. The first
effect wns the crowding of the indus
trials out of the first place In specula,
five Interest, and a corresponding
growing of prominence on the poet of
the railroad shnrs. The movement in
the latter had nil the car-mark" of the
real stuff during the first half of the
session, but proved to be another flash
in pan. when tho entire list dropped
back into the familiar apathetic rut.
Kven while the rails were being
pushed up with a blare of trumpets,
the undercurrent of the market was
conspicuously reactionary. Lacking n
morn definite reason the drooping ten
dency of the market was ascribed to
another collapse in foreign exchange,
British and French rutes showing es
pecial weakness This could linrdly
l.uve bei-n influenced by the Uvsso-I'ol-Jsh
situation, as the advices from the
Warsaw battle front were again distinctly-
favorable, with every indication
of a complete rout of the Bolshevik
fours. The weakness undou itertlv wa
nnr i lie to continued iiirKr uui-wuk'
,.f bills n f every description. At
unmr time there were , no
chance In money conditions.
ncwal call rate wns again
wnt. nnc according u
per
,2$2,ooO. p(
TnovJlCo oi tJI
Frazier g-Ga
BROAD AND SANS0M STS.
PHILADELPHIA
NEW YORK STOCK EXCHANGE TRANSACTIONS
19 SOUTH ST.. BALTIMORE
65 BROADWAY, NEW YORK
They Pay
Well
Not only is it possible to
buy bonds, secured in the
most satisfactory way, on
terms which yield 81 or
better, but in addition it
is reasonable to expect
an ultimate profit on
money carefully invested
at a time like the present.
Send for our circular
Xo. 7335
Bonbright & Company
437 Chestnut Street
Philadelphia
New York Chicago
Boston Detroit
th
essential
The rc-
fixed at 7
board re-
trriM. t inn was arnnrrmi.v uu !"
supplv for all market needs n t.utl
iiite.- So rithT of th ''TO"tj
could be regarded as more indirect
father than "direct Influence on the
iiai'ket movement .
The demonstration in the rails began
with n resumption of the vigorous buy
ng movement in Heading which came
In for such pronounced attention in tl ic
late trading yesterday. New f "'".
however, were taken up in the rail list
all during the nrsr. nour aim uu- ....
ns a whole appeared to e strikingly re
sponsive to the manipulative efforts
Besides Beading there was nmntci
trading iu New York CVntral. St. l'nul
prrfirrk Chicago and .Northwestern.
Baltimore and Ohio and "X"'
Other less conspicuous market favorites,
however, shared in the buying movfc
icnt. notably St. Louis and San Fran
Cisco preferred. Kansas City Southern
preferred. Western Maryland second
preferred. Atlantic Coast nine and Hoel.
Island There was also an unusual de
mnml at hiclier prices for ht I.ouls and
San Francisco adjustment ami Income
ln 'other quarters, however, prices
receded, steels, oils, motors and ship
pings denoting further pressure with
coppers, sugars nnd tobacco issues, tor
the most of the morning the Hue of de
marcation between the industrial and
rail divisions was tightly drawn, but
.i ...l.l, In,- rlio nnnnsoi's of the ran
demonstration evidently were becoming
dii-appointed in the rather poor follow
ing enlisted and when the more aggres
sive tactics were relaxed this quarter
of the list slipped back in unison with
i.- ... in.lnutrinls. On the rcccs-
Wl ruin. .. - ul.
sions there was pronounccu miuiuiaui
of dealings and by early afternoon the
entire list had worked into a narrow
rut.
TRADING LISTLESS
IN LOCAL SHARES
Small Investors Much in Evi
dence in Quiet Buying of
Prominent Shares
Thi extreme narrowness of the mar
k.'t deprived dealings in the locnl stocks
of any significance. The action of the
market, however, occasioned little sur
prise in view of thr stonewall restric
tions which have been placed virtually
against market operations in any form
b reason of the money conditions.
Most of the dealings were of small
,!,! lnts nineinir from onp share to
rwentv five shaves. These limited
transaction- c.irrv much
Sales
100
400
100
100
300
100
400
1000
700
400
300
2100
400
100
600
700
700
700
3000
400
100
100
too
100
700
300
r 800
800
(150
300
1100
10
5900
too
11000
000
200
1S00
1990
?no
too
.100
300
3100
1800
300
700
700
:soo
800
1300
1000
400
7.100
200
200
000
200
A00
100
isao
400
100
300
100
(100
100
1100
?riV Hl.h
. Advance numcly X0J4
fl AJax Ilubber 40VS
8 Am Agrlo Chem .... 70
. Alneka Gold Mines .. 1H
1 Allls-Chalmera 30
7 Allls-Chalmers pf .... 71
s Am Beet Sugar 7a4
10 Am Bosch Magneto . . 87
.. Am Can 33
13 Am Car A Fdy 133'4
. Am Cotton Oil 25
SO Am Etuk Syn tOU
0 Am Express 120ft
7 Am Hide & Leather pf 73
0 Am Internat Corp ... 71
3 Am Linseed 73
0 Am Locomotive 4J4
.. Am Safety K&zor ... 13 J4
. . Am Ship & Com 31
4 Am Smelt & Rcf .... SS
7 Am Sugar Itef 113
10 Am Sumatra Tob .... 83
8 Am Tel & Tel 08
20 Am Tobacco B 109
7 Am Woolen 78
. . Am Zlno Lead Si Smlt 1354
4 Anaconda Copper .... &2Y
n Atch Top & Santa Fo 83
8 Atch Top A S F pf . . . . 71J4
7 Atlantic Coast Lino . . 87
io au auif & w i s s ..my
10 Atl neflnlng 1105
3. so Baldwin Locomotive. . 105ft
7 Baldwin Loco pf 08 14
. Bait A Ohio 30ft
4 Baltimore A Ohio pf.. 47$
8 Barrett 13414
. Lthlchem Motors ... OH
3 Bethlehem Stool B . . . 75J4
. llrlclyn Bapld Transit. Wi
10 Burns Bros 97
. Butto Copper A Zinc . 0ft
,. Caddo Central OAR 13
10 Canadian Pacific ...,120ft
n Central Leather 53ft
Hi Chandler Motors 85
4 Cliesapenke A Ohio . . . 88
. Chi A 13 III pf 0
. . Chicago A Gt Western 8ft
2 Chlcngo A Ot West pf 23ft
. . Chicago Mil A St P . . 34?
. . Chicago Mil A St V pf 51ft
0 Chicago Northwestern 71ft
.. CM B I A Poo 30
7 Chi B I A Pac 7 pf 74
1.B0 Chlno Copper 20 J
4 Coca-Cola 33
. . Col A Southern 2B
3 Colorado Fuel A Iron 35
B Columh Gas A Electric 81ft
1 Col Grnphophono .... 23ft
7 Consolidated Gas .... 79
2 Con Interstate C'nl M. 10M
3 Consolidated Textiles. 2094
7 Continental Can 70
1 Continental Candy . . . 10ft
B Continental Insurance CSft
4 Corn Products Ref
300 2.J0 Cosden A Co
800
1000
400
1000
100
y loo
'(loo
100
700
800
100
100
300
300
200
200
100
2200
200
200
1000
300
100
100
300
100
800
300
1G00
100
100
E3 300
1700
100
300
1000
1300
100
701)
3200
200
5S! 200
100
100
100
loo
100
2500
100
100
Crucible Steel
Cuban Cano Sugar . . .
Cuban Cane Sugar pf
Cuban Amer Sugar . .
Davison Chemical Co.
Delaware A Hudson . .
Denver A Rio G pf . .
Duluth So S & At
Erin
Erlo 1st pf
Famous Players L
Federal Mln A Smlt pf 35
Flsk Rubber 20
Gaston Wms A Wig . . 0ft
General Gnomical . . 170
Genernl Cigar . . 03
Generni Electric HOft
21
75
88ft
. 30 X
.135
30 ft
76ft
40ft
33
98ft
10 ft
3ft
12ft
20 ft
70 ft
8
0
8
1 General Motors
(1 General Motors of
fl Goodrich B F 55
7 Great Northern pf . . 73
4 Gt Nor Ore ctfs 31
B0 Green Cannnea Cop . . 24
. . Cuantanamo Sug Co. . 19
. . Gulf State Steel 55
4 Haskell A Barker Car 60
. . Houston Oil Co 101
1 Hupp Motor Car 14 ft
. . Indian Refining Co . . 20
4 Inspiration Con Cop.. 45
. . Inter Con Corp pf . . . 8
.. Internat Agrlcul . 17ft
. . Int Mer Marine 24
0 Int Mer Marine pf . . . 72ft
.. Internat Motortruck.. 41
.. International Nickel.. 20ft
. International Paper .. 79ft
fl Inter Paper pf stpd.. 71
.. Irivlnciblo Oil Corp .. 35ft
.. Island Oil 0
.. Kan City Southern . . IB ft
4 Kansas City So pf ... 45
4 Kelly-Spg T . ... 70
3 Kennecott Copper ... 23 ft
1.20 Keystone TAR 17
6 Lackawanna Steel . . . 07ft
.3.50 Lehigh Valley 44 ft
2 Loewe Co 20ft
Loft Corp 13ft
13 Lorillard Tob 131 ft
2:80 Net
row (NTtm) cur.
30 ft
48
78
1
30ft
71
72
85
33 ft
133ft
as
10
130
73
70ft
71
83ft
13
20ft
54
113
83
90
109
77 ft
13 ft
51
81
74
88 ft
133 ft
1105
105
98 ft
39 ft
47 ft
134 ft
9
74
Oft
07
13ft
119
53
85 ft
8ft
' 8ft
8ft
33
34 ft
51
70
35ft
74
30
33
30 ft
35
54 ft
22
79
10
20 ft
76
10
08ft
87
30ft
134
35 ft
70 ft
30
33
0ft
10 ft
3ft
13
20
70ft
35
20
Oft
170
03ft
140ft
31
75
55
73ft
31ft
24
10
54
09
08
14 ft
20
45
8W
17
23
72 ft
41
20
78
71
35
5
1
45
70
23 ft
17
07ft
44 ft
19 ft
13ft
134 ft
30ft- H
4, - ft
70- 1
1- Y
30ft ft
71 - ft
73 ft
85-1
3,ft
133ft 1
25 -iift
10ft ft
129ft - ft
73
70 - ft
71-1
93 ft- ft
13- ft
30ft- IK
84-1
113
83 - 1
98 ft
109
77ft- 1ft
13ft
03ft ft
81- ft
74 - ft
87
134 I
H05- 130
105ft - ft
6ft- ft
39 ft
47 ft
134 ft
Oft- ft
74- ft
Oft- ft
07 ft
OK ..
13ft- ft
119 - 1
53 -
85ft-
58- ft
9 ft
8ft
22ft ft
S4ft ft
51 -
71ft 1
38 1ft
74 ..
30- ft
33 - 1ft
20ft ft
35 - 1
04ft- ft
22-
79 -
10- ft
39ft- ft
70- 1
10ft . .
08ft ..
87 - 1
30 . .
135
35ft- 1
78ft
39- 1ft
33
08ft 1
10ft ft
3ft- 1
13ft ft
20ft
70ft- 1ft
35 - ft
20 ft
Oft ft
170 4- 5
0214- ft
140 ft- 1
2- ft
75
55 - ft
72ft - ft
31 ft
24 ft
19- ft
55-1
601
101 1
"ft-
20
45 -
8 - ft
17ft- ft
33-1
72ft- ft
1 1ft
20 - ft
78- 1ft
71
35
5-
9ft ft
45 1ft
70-1
23 ft ft
17- ft
07ft ..
44ft-
19ft-
17ft - ft
131 ft 2ft
8atr
Mi 400
Dlv.
in i
High
7 Ixmlsvlllo A NashvilielOO
190 io Manatl Sugar 98ft
100 8 May Dept Stores 71
100 .. Maxwell Motor 18 H
300 . . Maxwell Motor 1st pf . 31
3300 io Mexican Petroleum ..17
3700 i,80 Middle States Corp . . 13
100 4 Mldvalo Steel A Ord.. 30ft
300 .. Minn A St LouU .... 14ft
too .. Montgomery Ward ... 39
300 ., Mo Kansas A Vcxas.. Oft
600 .. Missouri Paciflo 25
000 .. Missouri Paolfio pf .. 45 ft
100 4 Mulllns Body 33ft
100 .. Nat Aniline ft Chem.. 74
100 . . National Con A Cablo 7
100 a Nat Enam A Stamp.. 88
100 o National Lead 71
500 l Nevada Con Copper . . 11
100 ..NO Tex A Mex 37ft
3300 fl New Tork Central ... 73ft
100 ..NT Chi A St L 2d pf 50
8300 .. New York N II A H.. 34ft
100 i New York Ont AW.. 19
800 7 Norfolk A Western ... 91
700 7 Northern Paclfto .... 74ft
100 n Nova Scotia SAC... 40
300 40 Okla Prod A Ref . . . . 3ft
100 .. Otis Steel 33ft
400 4 Paolfio povel Corp . . . 33
11000 o Pan-Amer Petrol .... 88ft
1300 o Pan-Amer B 83
2300 s Pennsylvania R R ... 4lft
500 .. Penn Seaboard Steel.. 17ft
300 .. Pooples Gaa Chicago.. 27
200 .. Peoria A Eastern .... 10 ft
2700 . . Pons Marquette 24 ft
000 3 Philadelphia Co 33
700 .. Phillips Pet 38ft
600 . . Plerce-Arrow Motor . . 38
1500 .. Plorce Oil 13
500 B Pitts Coal 01
1200 . . Pittsburg A W Va ... 28ft
100 l Pond Crcelc Coal .... 15
200 8 Pullman ..7 HI
900 4 Pure Oil Co 38ft
1500 n Punta Alegro Sugar . . 73ft
100 8 Railway Steel Spring. 93
100 7 Rwy Steel Spring pf . .100ft
200 l Ray Con Copper 14
33500 4 Reading 92
100 2 Reading 2d pf 45'
100 . . Remington Typewriter 80ft
1500 . Rcplo Steel 83ft
800 o Republla Iron A Steel 82
100 . Republla Motortruck.. 37ft
350S 6.20 Royal Dutch Amor .. 83ft
11500 .. St Lou Is San Fran ...'-
1000 . . St Louis San Fran pf . 35ft
5500 .. St Louis Southwest .. 22ft
3500 . . st Louis Southwest pt 35
200 o Savago Arms 40
100 .. Saxon Motor 6ft
1300 . . Seaboard Air Line ... 7ft
200 8 Scars-Roebuck 130ft
100 . Shattuck Arizona .... 8ft
600 74 Shell Transport 81ft
8100 .. Sinclair Oil 27
200 0 Sloss-ShelT 68
100 20South Porto Rico Bug. 120
12100 o Southern Paclfio 94ft
4700 . Southern Rail : . 27
100 5 Southern Rail pf 5ft
20 20 Standard Oil of N J.. 670
200 7 Stand Oil of N J pf..l00
1000 4 Strombcrg Carb 75ft
1400 7 Studebaker 62ft
500 . Tenn Cop A Chem ... 0
8200 3 Texas Co 47ft
1300 . Texas A Pacific 35ft
310 ,oo Texas A Puo C A O.. 30ft
300 . Times Squaro Supply. 35
700 0 Tobacco Products ... 64ft
3500 . Transcontinental Oil . 0
100 8 Union Bag A Paper . . 85
200 .. Union Oil 27ft
2700 io Union Paclfio 110ft
100 t United Alloy Steel . . 40
100 3.8(1 United Drug 1st pf . . 44
200 lj United Fruit 188
200 . Unl Rwy Invest pf .. 10 ft
3300 3 United Rotall Stores. . 68
200 s U S C ,1 P A Fdy pf . . 41
100 .US Express 8
500 a 11 S Food Products . . 58
800 H U S Ind Alcohol 84ft
2500 8 U S Rubber 84
100 o U S Smelt A Ref 62ft
200 3.50 U S Smelt A Ref pt. . 42ft
22300 8 U S Steel 88ft
100 7 U S Steel pf ...,'. ...100
500 (I Utah Copper 60
3700 a Vanadium Corp 72ft
100 4 Va-Carollna Chem ... 04ft
100 2 Vlvadou Inc 14 ft
100 ..Wabash 8ft
800 .. Wabash pf A 35
400 .. Western Maryland ... 10ft
1000 .. West Maryland 2d pt 11
200 .. Western Pacific 37ft
200 7 Western Union Tel ... 83
1200 4 Westlnghouse E & M. 47
OftO .. Whcollng ALE .... 11
100 . . Wheeling A L D pf . . 18
100 . . Wick Speno Steel Corp 24
lion i Wlllys-Overlana 10
300 7 Willys-Overland pf .. 80ft
400 . . Wisconsin Central . . . 28
300 o Worthlngton Pump . . 60
2:80 Net
Low (NTtm) Chr.
97ft 100 ft
osyi . .
71
13H
31
5-
11 -
39ft
14ft
29
ft
25ft ..
45ft ft
83ft
74
7
88
7 -10-7ft
73
50
3K
19 91
71ft
48
3ft
23ft
33 -
88ft aft
83 3
Hft ft
17ft
Ux-dlvldeniL
9Rft
71
13
31
155
11
39 ft
"ft
29
ft
ft
45
3ft
71
7
47
71
10
37 ft
73ft
50
33
19
1H
71
40
3ft
23 ft
33
Mft
80
41
17
27
10 ft
23
33 3
35ft
38ft
13 ft
81
"ft
15
110
38
71ft
03
100ft
11
91ft
45
60ft
81
83ft
37 ft
80 ft
35ft
33
21
33
3"
Oft
7
139ft
8ft
50
28
68ft
130
03 ft
27 ft
69 ft
070
108
73
01
Oft
16
35
39 ft
24
03 ft
9ft
85
37 ft
119
40
44
188
18 ft
86
lift
8
57
3ft
83
63 ft
43
87 ft
100
69
70 ft
04 ft
14 ft
8ft
25 ft
10
13 ft
27
83ft
10 ft
11
18
21
15ft
80
28 ft
59 ft
ft
3ft
ft
ft
a
1
lft
ft
aft
2ft
ft
ft
ft
ift
ft
ft
n
3ft
51
ft
ft
- 1
37-t-10ft-23-33
j-
30
38
13ft 01
28 15
110
38 -72
93
100ft
45
82ft-
s;ft
8lft
35 ft 3ft
22ft 1
33
39-
6ft-
7ft
139ft
8ft-
51ft-
27
68
120 -04ft
37ft 1-60ft-
670
100
75ft
62
9ft
47 35 ft ,
0
85 40
44
188
41ft-
6
84
.
88
100 .
8ft
35ft
10ft
14
37ft
82 ft
40 ft
11 18
21 -15ft
-80
ft
28 00 -
ft
ft
lft
ft
i
"ft
ft
ft
ft
"i
ft
ft
ft
k.
ft
in
ift
ft
ft
ft
i
ft
INTEREST ON CURB
CENTERS IN MINES r
Sllvor Issues Docltno Bocauso
of Drop in Prico of
the Metal
Now Yorh, Aug. 24. There wns con
tinued Increase In speculative Interests
in mining stocks, making those Issues
more prominent In tho trading on tho
Broad street curb, but Vrlco movements
wcro Irregular. .... - u..
The silver Blocks, which have been
strong, declined because of the lower
price of silver metal nnd ns n result of
n disposition to take profits on pur
chases made some timo ago. Boston.
Montana was one of tho strong features,
ranking a further ndvnnco on large
dealings. , , , ,
Genernl Asphalt wns traded in on a
fairly lnrgo scale1, first dropping from
51 to 50 nnd then moving up nbput
points. International Tctroleum failed
to maintain the ndvance recorded yes
terday nnd sold on n small scale nt a4.
Slmms was heavy, selling down to 10.
Carlb Syndicate ranged from 11 to 1.
There wns n modcrnto amount of
business In somo of tho high -priced in
vestment issues, but without material
change in prices.- United Itctnil Candy
sold during the forenoon nt 12.
INDUSTniAI-S
High
2
74
on
Acme Col
Amor Candy
Amir Candy uref ...
Car Ligm -
ChlfSKO Nipple nS
Columbia Kmerald (lVk
F. W Ullns rt 4S
Karrcil Coal 28
rirestone Tiro 110
Uonfrnl Arphnlt ti
Ooodyoar Tire 112
llerculcfi Paper S.lU
Mfrs I-lRht r.r.
Mercer Motors . i liltt
Nal City Unnk rte HI.,
Perfection Tiro '. . 1V4
I'roctor 6 Gamble 110
ltadlo Com IJi
Radio Com prcf -,t
Singer Mfit 121
Trlanule Kllm A
U H Well Spoed Tool 00
Union Shoo Mfc 41
U 8 Steixmshtr. -
United Front Siarlnc .... tW
United Retail Cnndy .... l'J'S
Van Hsinlte -(
Van Itaalte pret 70
Low
l
7Vi
a'i
it
oft
4S
2'J
IIP
l"iJ
112
25
aa
12
VI
IK
lln..
ft
124
v;
.1014
41
l'i
1H
2(1
70
1 30
p m.
7
:n
2J4
0H
4
lis
112
25
ft!i
12
111
lft
110
1?
2k
124
A
SOH
41
l't
1J.
12Ki
20
70
STANDARD OII,y
Pouth I'enn Oil 270
Vacuum Oil 305
INDRrENDUNT OII.S
209
3U5
Allied Oil 21 20
lloono Oil 2 li
Hoiton Wyoming- lft lft
Carlb Syn 12 12
Cujhlnit Pete 4
Duqune 3 8
i:ili Uasln Pet H
rjnfflneerjt Petrol 1H lMi
lmeraldft Oil V
Tedernl Oil 24 2S
(llonrorl: Oil J', iiU
Inter Petrol 34 (i .H4
Key County dan IS 1H
Livingston ,. 5 OH
MldwtM Rot 14(1 147
Ohio Fuel 2 20
Omur Oil 2'i 2
Prnnok Oil nH ftU
Producer & Hcflnoro .... n OH
Slmms Pet ll'i 10H
Hkelly Oil OH H'i
Huperlor Oil IRK 18H
Texan Hanger K K
Union Toxai Oil 1A lft
Victoria Oil new l 1H
Whlto Oil in 111
Hoy do Trance I . . . 3U 6!i
MININO
AlBBka-nrlt Columbia .... 1
Uoaion & Montana 711 TA
(aled MlrUnir 20 20
Calumet & Jeromn hi ft
Candelarla M k
Cremon Hold IU 1
Divide Ext 30 33
Dundee Ariz 1 1
270
305
21
SolidJVoven
BELTING
L. H. GILMER CO.
(OHmer ZCadleii Delis and Solid Woven DelUns)
1 Philadelphia, Pa.
7 Cumulative Preferred Stock
Additional $230,000 Issue.
(Two-thirds of which hat been inbicrtbad)
Par Value $10 Per Share
Dividends Payable April 1st and October 1st
Dividends Exempt Front Federal Normal Income Tax
THE COMPANY
Is
tanv la bv lar
ducer of automobile)
tns
This Compa
larrAflt nrou
fan belts In the world, belnK
factory equipment on 8 out of.
every 10 cars manufactured
today. And tho fan belt Is
only one of many products.
The main plant la on tho North
side of tho Pennsylvania Rail
road at Taoony. The Company's
ITS SALES
Sales, for
$2,000,000.
months of
shown 02
1919 were ottr
In the first tx
1910 galea hty
lncreaaa over u
owne
for It
are the men who wotk
75 OF THE EMPLOYES
ARE STOCKHOLDERS
oorregpondlne; period ot 19u
PURPOSE OP ISSUE
This Issue Is to provide gdd.
tlonal working oapltal to hgndi,
the rapidly expanding buetaegg.
T rant far Agent and Truitee for Sinking Fund, Penntytvanla
Company for In$urancet on Live and Granting Annuititt.
Full information concerning this conservative.
Industrial Investment Is given In a circular
which will bo sent on request.
L. H. GILMER CO., Philadelphia, Pa.
i
Commodity Markets
COTTON MARKET
New York, Aug. '-M Heavy
itrppt coverinz was a feature
oDcninit of the cotton market
mnro imnnr- i Offorines from
tanci' tlinn indicated on me iutiuit. ,
thnt the lefleet a low restoration of i
mnliilence nn the part of the lesser in
vestors, and thee transactions, while
little, yet represent a steady absorption
of the flnatiiiK stoclt. which, onner or I
Inter, must result in a material curtail-
ment of the supply. i . Ji.iR ievc again and from 21.83 fo
Transactions in a number ol inisunii i)eoemDpr, a shnrp drop to :M.W 101-
lliactlve stOCKS once mure ,'ir,"V." lowed i i
uunc.itvu
Wall
at the
today.
the South and local
traders supplied the demand at tne
start, which was .". points higher to 10
points lower, but the buying increased
to .such an extent that at the end of the
first ten minutes all losses nau oceu re
covered nnd prices were u few points
over last night's close.
i i ciiiuf- nrpssure was renewed
'"' -! I" V , .1, C-. t
A Complete
INVESTMENT SERVICE
Specialist i
OHIO MOTOR AND
RUBBER STOCKS
ACCEPTANCES
BONDS
STOCKS
CORPORA TION
FINANCING
OTIS & CO.
Investment Bankers
Members nf Vew Ynrk Slock
rxeliniiKH
CLKVELAND
Boston Detroit Cincinnati
Columbus Akron Younpstown
Denver Colorudo Springs
Toledo
Un...imanl IVAU Still VPrV 1
Inrlined to the bear side, because
.i ni nnftnllmpnt. weakness in ox
change and per'sWtent selling for south
ern account, agauisv hj. -.
,"...i i fnvnrnhle cron news and
oversold condition of the market
tin- thinness of the mnrKet. it was il
lustrated in SI advance in Western.
New York, and Pennsylvania Railroad
to 13. .1 rise in York Rntlns pfd..
tn :i iind SI advance In Minehill to 41.
Ail made on nomlnnl dealings
ln-,r of the more prominent local
-lnires wpre stendj Philadelphia Ttald
in absence of further wash sales, chang
ed hands in modernte amounts nt 14,
although sld nt 13 I'nion Traction
held at 23 as did Philadelphia Traction
at 3d Philadelphia Klectrh wns a shade
better at 'J2 I'nited (las Improvemmt
muled up to 40U. r.leetrie Storage
lliirteri tin" l-j better nt 120, although
.old nt 120L. Pennsilvanin Railroad ' ri,i,.aCo Aug. 24. Wheat wus irreg-nwi-
ii ell taken at 11 and m smnll lots i . J; . thl, morning, with December stead -
nl.l ,.t II V I.eiiL'i .Navigation was , ,"' ...i trA n little lower aiicuuai
-j... .. -- r, -- ---n-- .. ,. ,. Klin .T.u, hi, .
. i -. r '.t 4 1 t. - -"- . 1
an
iii tobr
Dfd-mlMr
January .
Mureli . .
My
July
(N Y
Test Todav a 11 30
clos opon m
", os an rfo '('io
; 24 m '-4 sn 24 sa
"" IS 4.0 ' l5
3 07 na in us uri
Ja to an :s
-.'3 U1 J3 C,(l
GRAIN MARKET
tllT'l
1 30
n m
Jrt.80
IT. 17
24.3.'i
U 4b
l
better.
l .
'5(. . Amprieun Store
moved up ' on (lie luvnrnuin cuiiiiiik
statement publislied elbewhcre.
Philadelphia Stocks
Duquesne Lt. Gs, 1949
Union Tank Car 7b, 1930
Penna. Watt-r & Power 3s, 1910
Pub. Scr. Corp., N. J 7s, 1922
B0ENNING, GARRISON &C0.
STOCK EXCHANGE nUTLDINO
ptmt lrlft T.lfphona to New Yort
Utubtr. 1'hlln. block Excbaot
Hirh Low
23 Am Sirs . -r. M
it Am (las . :U 'M
l P.lei Stor 120V. 1211
23 I.eh Nav 37r 37 ns
IS I.eh Val . 43it 13
3 Minehill II II
'!U Pi R R II II
pill philuKlic 22 22
1KI Phila 111' 13 11 l4
20 PliilaTrac 3U 30
HlOTono Bel H,
2:i3 I'h Trnc. 23 23
r, V C, I 40". j Wi
.-. 1 W N Y A.
Pa . 1:1 in
JO Voik Rwy ,
pref . . :to :io
1 30 Ntt
p. in rhgr
i:i;n-f i
120
l3,
41 4-1
U . .
22 '
Mi..
30 . .
Hit '
-.1
If I
LUllU J nnA frV .
month reflectPU smuii revrjiiw " s...
erC while the distant position felt
the influence of improved crop pros
nects in the southern hemisphere,
Ehinh will have new wheat to offer after
the first of the year
December opened at $2 28 to ! - h,
!:.,Vp oou at the end yesterday.
DR5 ?wllnPd to V 27V, March started
Xc o at V2 27V4Jan.l later rallied
i i?.e Itecelptu of wheat today were 3.5.1
cars. . ,. 'l, nftpr
Trade in w rn -- -- Jd,
a mixeu siun. "'.-""-- nna,i
BIIlllll ictril'i" ...-...
FOREIGN EXCHANGE
New Vurh, Aug. 24. At the opening
of the foreign exchange market today,
sterling showed a rally of Mi cent from
the early preliminary ilgures to 3.C0U
and cables were 3 57. These, figures
showed a decline from Monday's opening
rates of 2 cunts. Francs milled -centimes
from the early low to 6,'Jl for
cables and 6 90 for checks, a decline
from yesterday's opening of 31 centimes.
Lire were quoted at 4 Oil for cables and
4.9B tor cnecKs. a loss, compared aa
above, of 45 points.
Swiss and guilders were unchanged,
Swiss cables being C 04, checks CO- and
guilder cables 32V4 and checks 32
Pesteas cables wcro 15, checks 14.98;
Stockholm cables 20.35, checks 20.25;
Christlanla cabK-s 14.55, checks 14.45;
Copcnhugon cables 14.55, checks 14.45,
Belgian cables 7 46, checks 7.43
Tho weakness In tho ircneral market
sympathetically affected marks, which
declined 3 points from the enrly pre'
llmlnary to 1 91
In tho second hour, tho market re
acted from tho sllchtlv early recovery
Weakness of the market was attributed
to a light Inquiry for oxchango and
continued nnd Increasingly large offors
of cotton and grain bills, especially the
last mentioned
YKSTEHDAY 8 ITNAL QUOTATIONS
Slhrllng Kranca Urn Gull'lorn
Dumanil .. 3 US 7.01 4 ill H2.3S
Cablo 3 .VS', 7 03 1.113 32.90
TODAY'S OPENING QUOTATIONS
Starling Francs Ur Qullnor
. 3 Rfl fi.HO 4 08 32.3S
3 57 (I Ul 4 09 32.30
NUON QUOTATIONS
sturlln Francs I.lrn Oulliiers
.. .1 or.ii (1.H7
. . 3 r,UU 11 sn
Financial Briefs I
r,ureKa uroesus .
Kureka Holly li,
Oolit Cons II
Oolrt Zono 30
Iron Ulosxom li
Jumbo Extension R
Knox Dlvldo H
Ijoulnlann Co V4
Marsh Mining 17
Mother I,o1 n7
Mother Ixide (new) Si
Murrny Moir 7(1
Itochestor Mines 8
Pope (lioup ; J,
San Toy 4
Seneca Copper 14
S Silver Lead ;
Huccescs Mlnlnir 4
Tonopah IJelmont 1 i
Tonopah Divide a
Tonopah Kxtenslon Ill
Tonopah Mln 1A
United Eastern 2,
Victory 13
West End C 1
White Caps : s
White Caps Ext 1
Wllbert 4
Yirrlnifton 3
lft A
M
11
, Ncrvousnebs over
covering
in September. Late
active cove..K ... -. - -"-,,,.,..
inontlit were 1101 "'"' J V ,' i .101
Sentembcr opened at 51.-1J to!i;V,';Xt'
ainmHt SI 42 at the clobe yesterday,
ngamsi o - -or,, December
uml later aut -ul. QpnIn8t
..,.1 nt Nl in. HI o....'i n------
ft
T-?oesjtib7faftePmm
EDWU.5CH0ETTLBCa
toERDaXESWmiB
,53t5Nawpillfi csxrebt
sdi in
linon
I 10 Am flus
i:iec 3.
10 I'.lec vL Pen
Tr Is
Lib HuniU
,'ld 1,1-
Vic N 4'i,V
Niit'l Prop
1-fls ...
PhiluKlec
1st "it.. . .
HON 11
HlBh
70
l.'l
.'10 1
1 .10 N.
p m ch.
-r l l" V. n tho close yesterday and later
, . tild a. SI 1S ,MW opened r lower
1 at !?1 17. and rallied to !l.li'hv c
tsTeVt Commission houses
bought in a small way. ,
September opened at &? .'f
and atcr hold nt a net gain of Vsc. at
fifl rents December started nt 05 c,
,l riiiin .1.1 , nnl nd-
l1
S7 SO K7 SO V7.sf ,
113 OS 113.50 03.30 .
.1
.1 1
M)'f, Mi 80'.
Liabilities $8000; No Assets
nm YnrU, Aug 21 An involuntary
petition In bankruptcy was filed today
against William A Il.irg, a stock broker
at 36 Beaver street, by Uernard H
Kander, of 261 Broadway, attorney for
Harry A Brennan and other creditors
The total liabilities are estimated at
8000 with no aseets.
..n 1 !.... .All! UT II I II' I. 1
f"tSi M.V.-nuotl
Vino ... naa'p t the outset, nnd later
soldnta netgainofc,attl8c
ceipts of oats for the day were
car.
Leadlmr futuren ran, . ...-"-
Re
300
1 18
Corn (new deltory
COr" Open Hlfh fl
a 1 4'J I -tn .
B,c 1.18V 1 IBS
$W :: es 68s
Pork- .. .. . ..
K.nl 24 i -'
Oct. 25 20 2ft
Srpfrd18!0 18.22
Oct. 18 SO 18,37
Did. tAk1d.
(Chicago tlmel
10.30
11 in.
1.42U
1 IU
OrtV.
(10H
25 ti
4 30 24 80
5 20 t25 20
Ycit
close
1.12
1 I8H
tr,
H.Vi
24 no
20.30
tR 12
18.42
tl8.17 137
18.00 18.72
Demand
Cables
Demand
Cables
4 Bll
MONEY-LENDING BATES
NKW YOltK Money on call, both
classes of collateral, opened today nt 7
per cent fur lending and renewal
No changn In the situation or outlook
In time money is reported Suoh moder
ate and occasional transactions as liavo
taken place are at 9 per cent
Prime bunk acceptances are in a mod
erately Increased supply, so far as Now
York prime ninety-day member bills are
concerned IlntCH are unchanged at
6 per cent bid, 6'i per cent offered
for ninety-day member hills; OH to fi
per cent for wlxty-dny and 6 to 5 per
cent for thirty-day
In mercantile paper, there Is only a
spott c-ouutry demand Offers of the
best names cannot do better than 8 per
cent minimum
rilll.ADlU.IMlIA Call, (i per cent;
time, fi per cent ; commercial paper,
three to six months, 0 per cent
(Note Those aro merely nominal
quotations, as the legal rate of Interest
in tho slate of Pennsylvania Is fixed at
8 per cent Plus premium and commis
sion time money for thirty to ninety
riovs In Innnlnir at 8 to 8 V, per Cent,
while commercial naner from three to
six months Is being offered at 8 to 8V4
per cent )
Trading Quiet on Paris Bourse
Tarls, Aug. 24. Trading was quiet on
tho Bourse today. Thiee per cent
rentes were quoted at 66 franca 2 cen-
tim.n' .Tchnnirfi on London, 61 franca
5 centimes. 5 ner cont loan, 87 francs
60 centimes The dollar was quoteil at
H francs 68 centimes
Three Million In Gold for Peru
New York. Aug. 34 Banker; are
arranging to ship $3,000,000 In gold bars
to Peru within the next few days. Some
of this metal will go forward today
This will be the largest shipment of
gojd to South America In some timp.
Tho average price of twenty active
Industrial stocks declined 1.08 per cent
yesterday to 85.78, whllo twenty rail
roads advanced 0.69 per cent to 75.63
American Stores Co. sales for the
month of July worn 19,202,807, com
pared with II, 304,749 for the fcamo
period of 1919, an incroaso of $1,898,058,
or 26 9 per cent. For the drat seven
months ended July 31, 1920, sales were
$60,600,560, aa compared with f 42.
621,806 for the corresponding period of
1919. nn increase of $17,978,755 or over
42 per cent. Gross sales for 1919 wero
$76,401,889.
Tho Now York Subtreasury gained
$1,10B,000 from the banks yesterday,
making a cash net gain since Friday of
$32,000.
Transfer books of the Union Traction
Co. close August 25 and open Septem
ber 16 for annual meeting to be. held
septcmoer io.
Henry I. Held and James R McClurc
Jr , have formed a partnership under thu
name of Rold, McCluro & Co , to con
duct a general Investment banking busi
ness, with offices at 303-304 Bellcvue
Court building, 1418 Walnut street
The vacancy In tho local oftlce of lt
G. Dun & Co , caused by the death of
Frank M. Douglass, baa been tilled by
John J. Saunders, formerly manager of
tho Louisville, Ky , office.
The Palace Theatre, the largest meet
ing plaoi In Washington, has been select
ed for the general sessions of the Amer
ican Bankers' Association convention to
be held there in October. An excursion
by bont to Mt Vernon, golf nnd numer
ous entertainments have been planned
for the delegates and their friends
More than 1200 reservations have been
received nnd the convention is expected
to bo the largest ever hold.
LIVESTOCK QUOTATIONS
Chteaxn, Au 24 CATTLK Receipts
6000 head Active unevenly hicher on de
sirable Kteors handywnlsht and yearlings
ollInK licit Early top. $17.80; bulk Rood,
and choice, $15 n()W17 23; Rrnssers Kenerully
steady, bujk. tfl14 pood and choice cw
mostly 2.1a hither, bologna mostly ?.l .10 ft 7
calies 25c IP OOo blibor, early nt M4 r,0
lft 30 for good choice vealers, stockcm actlie
25c hicher
HOU8 Receipts, 23.000 heiul Lights
lOo lower others. 10s to flOo lower: packing
tows oft most Top, $15.00; bulk light unl
butchers, 14 115910.45; bulk picking sows
$1.1 78(14. pigs steady to 2Bc higher
SHEEP flecolpts 10,000 head LambH
25o to BOc higher sheep. lBo to 23o higher'.
rood wMiiijrn mmbs 113.30 bst native
inniwn uiu t.o K..iju wemern wrinors
7 05, best feedef lambs, $12.75.
Alllid rackers B
Amer Tel (la. 1022
Armour 7
Ooodrlrh Tire 7 .
Inter nap Tr 7a
IIONDS
ft0'4
l34
hum.
1)2 H
in
N, l, Ccnt-,la ll10 i0(l ic
Hlnclalr 7H Hill 8')K f
Houthwest BeU'7 01 01
TeitHS Co 7a fin 08 S
Union Tank 7 nn4 oflH 11
lYench Victory B (11 m f
Trench 4s, 1817 SOW 50H I
LONDON STOCK MARKET
17 40
rittitbiircli. Aug. 24 IIOOS Recelntj
750 head Higher Heavloi, $15015 2V
heAvy yorkers tin M!H6.7Di light yorkera'
$1B SOWlfl. rlgn. in15.2B. '
KHEEP ANI I-ASfll3 Receipts. 100 head
Hteady. Top sheep, ll.23i top lambs, 114
CAL.VKH Receipts. 3B head. Steady Ti
io.
rop,
llirt Ruffaln, N, V., Au. 24. CATTLK-.
RerelDts. 1B5 h-ad Fairly art Hn4
steady Calves, recolpts, 200 head. Active
and teady. I6&20 ,"'
HOOS Iterelpts .1500 head. Active and
steady. Heavy lirilB.7S; mixed. J18 2Sffl
1 33, yorkers tin 2.1W10.50. light yorkers
nnd pigs, $ltlin25. roughs. $7 60. elars
flHEEP AND LA1WH Reoelpta. jjoa
head Active, Lambs and yearlings i
higher! others steady Lambs. I8U18. year.
lings, $0010.80. Others unchanged.
BANK CLEARINGS
Bank clearing today compared with cor
responding dav last two years;
14U ivit ibis
Fhlla. ,.$74,1,047 183,753, 982 162,181,012
Price Changes Small Oils Active.
Home Ralls Flabby
London. Aug. 24. Securities on tho
stock exchange wero lacking In steadi
ness today, but changes In prices wero
maii a nouuay reeling wnB in evl
dence. The markets In tho provinces
were depressed on account of the
threatening coal labor situation, but the
unoertone generally was statue.
Oil shares again showed the most ae
tllty here. The group became IrrecU'
lar because of adjustments following
buoyancy Shell Transport nnd Trad
ing was 7 anu Mexican liagle 11.
Gilt-edged Investment Issues wore
dull. Tho feeling In foreign loans was
reserved and thero was a disposition to
hold oo pending the receipts of further
Information as to Poland
Homo rails wero flabby and tho shares
of Argentine roads were Inclined to re
act Industrials wero heavy, Hudson
Hay was 6, Kafllrs wero slow.
YOU INSURE AGAINST FIRES
WHY NOT AGAINST FAILURES?
YOU would not think of going without
insurance against fire for your factory
or office. Yet, when a debtor fails, the
dollar you lose that way, is just as much
a loss, as the dollar you might lose by
fire, when unprotected.
Statistics show that losses from bad
debts for five years prior to the war were
largely in excess of fire losses paid in the
same period.
When you carry "LONDON" Credit Insurance
you always know exactly where you stand. You
can't lose. Your excess losses are paid by us
forty-five days after any insured account falls.
That's not a collection agency hope it's a guaran
tee in advance.
And "LONDON" Credit Insurance costs less
than you think. We can write a policy to
exactly fit your case. Ask us how. There's
no obligation.
OURSUPEI
SERVICE
XT -YOUR.
SERVICE
Established .
Eighteen Sixty-rune'
Losses Paid In
ArrericonQirrency
LONDON GUARANTEEAND
ACCIDENT COAWANY.LTD.
R. A. IRVING, General Agent
Phone Lombard 4016 PHILADELPHIA PA 820 La Firette Bldg.
if llfit " "'
NEW YORK COFFEE MARKET
New York, Aug. 24 Tho market for
coffee futures opened 23 to 45 points
lower this morning. Tho shnrp dccllno
wai somewhat of a surprise to the ring
trailers who expected a higher market
on tho Ulo cable.
The drdp was attributed In some
quarters to tho fact thnt selling orders
at the rnarkot had been placed on the
belief that the market would open high
er, but tho offerings of a prominent floor
trader, who was a freo seller all day
yesterday, togethor with tho open mnr
Ket selling orders, checked any ad
vances. Trading was n,ulet during the first
hour, with no price changes of any mo
ment Scattered realizing was the fea
turo of the early trndlng, ."eptcmber he
Ing freely exchanged for tho more dis
tant posltlonn, to December nt 80 points
and to May at 160 points.
(N. T. time)
xesi rioo unm ii a. in.
8.20021 7.07MR 05 ;
S.flDfliO.OO flOWOl 60(883
9.fioni o i a u i r. o ja
0.70071 9 3031 .. ....
Heptenibwr .
Deenmber. .
March
Max ....
nid.
Demand for Raw Sugar Light
New York, Aug. 24. Tho market for
raw BUgars continues nulot and un
changed with moderate offerings of near
by sugars on the basis of 11 cents, cost
nnd freight, equal to 12 04, duty paid.
Tho demand from refiners remains light,
and until there Is a markod Improve
ment from thla source little Improvement
Is anticipated, Lato yesterday the Na
tional Sugar Refining Co, reduced its
price to 17.10, less 2 per cont for caBh,
for fine granulated. Arbucklo Bros, are
ntlll quoting on that basis, nnd not 17,
ns reported In eomo quarters. The Fed.
eral Co and the MeCahan, at Phlladel
phla, name a price of 17 cents, less 2
per cent Importations yesterday In
cluded 61,700 bags Cubas and 28,000
bags Porto Itlcos to tho National Sugar
Co ; 7600 tons Philippines to the Amerl
can Co.; 3000 bags Javan and 2028
Cubas to the Federal Co.: Etnn hn
Javan n route to Canada and 6861 bags
aiauriuus comniitii
Important Notice
National Properties Co.
A. R. C. 4 6
All bondholders who disapprove of the proposed
modified plan of reorganization are requested to
deposit their bonds without delay at the Provident
Life &, Jrust Co., 401 Chestnut St., that the proper
Bteps may be taken to protect their interests.
V. Gilpin Robinson, Chairman
Jeremiah J. Sullivan, Jr. James A. S. MacMeckin
James E. Gorman Joseph H. Shoemaker
Committee
Joseph K. Seidle, Sec'y 215 North American BIdg.
Michael J. Ryan
Roberts, Montgomery & McKeehan
Counsel
To Holders of
Cities Service
Company
Convertible Gold Debentures
Series C, Seven Per Cent
Holders of the uboto Debentures may con
vert, on September 1, 1020, or on the llrat
day ot any month thereafter, ten per centum
(10) at the ucKresute principal amount ot
HerlM C Debentures owned uy them res
pectively on August 1, 1020. Conversion
must be requested by such onners prior tn
Heptembnr 1. lOliO, or prior to the first
day of any month thereafter, and upon de
livery by them on or before Beptemtxir 1.
10'JI). or on nr before the first day ot any
month tbernaftor. of the Debentures so de
sired to bn converted (properly endorsed,
If registered) to Henry I.. Doherty & Com
pany. Fiscal Aeents, such Debentures will
be converted Into Cities Service t'empany
I'reffrred and Common Stocks on the basis
set forth In aald Debentures, certificates tor
which stocks will be Issued and transmitted
to such owners In the amount respectively
Hue
Henry L. Doherty & Company
Fiscal Asents. Cities SVrvlce Company
(W Waif Street. New Tork
Dated, Ausust IS, 1P20.
iMMNMTH
Franklin Bank Bldg.
Philadelphia
New Terfc Boston
irltlus conslgnedtfo4bi trade, '
WE OFFER
Subject to Prior Sale
100 Shares
ABBOTT'S
Alderney Dairies
Common
Price on application
NAULTY & CO.,
Inc.
Flanders Building
15th & Walnut SU. PWIf.
Edw. G. Budd Mf
1st 6s
Aug. 1926 ft 19
r-jW'TrSlJt1
Price to net JM
Townsend Whelen & C
405 Ctycstnut SWHi ,
1
v -
tvr
', A .. . .. ' i. t.
V J: Lrt1
ih.-) 'i
iWt. '?
'.f'lMXt-'-'.-l"'-. S
r..