tJ "'A ".. S ' k A vr f-'? jj. ?- iv K c I :. I & F it'' -7V V ',.!) Tl 'i ; 1 V-- ;r " i" i v , (in" inniirnii riit--' ' - , .tx "X '" v' Jfrhw EVENlN PUBLIC XEiaERPflfcABBfiPHI flHfafaflf, '&tKUg3? 28, 1920 " MARKET SLUGGISH new york stock exchange TRANSActi6NT1 TRADING IN FAIR -.-... , D1V, in t sA 2.Zoo jfcNw-"ife OkWeLSfcck ejl (Ko dU. bJmJ&AuL , - . .... . W I n Q (J talr U HuxJL Qooot. FRAZIERfrCa BROAD AND 8AN0OM STS. PHILADELPHIA 19 SOUTH ST., OALTIMORE 65 BROADWAY, NEW YORK AND UNDECIDED Rails Woro Relatively Steady, While Industrials, Particularly the Motors, Were Soft To the Shareholders of International Petroleum ' Company, Limited NOTICE Is herebv clren that n company Ims been Incorporated under ' the law of the Dominion of Cnniidn under the name of International Petro- , - . uuiuiuiij., i.iniiieti, ncriMii reierreu to sk thi Xow Company, nnd that in arrangement has been made whereby the Acw Company will Ih.sup to the l'ref renen shareholder of the International Fetroleum Company, Limited. (Old Tympany), one Preference slinre of o.00 par value fully paid up and non assessable and one slinre without nomi nal or par value of its Common stock fully paid up nnd nnn -assessable in ex change for each Preference shnre of the Old Company, and to the Common thareholdcm of the Old Company txco thatts without nominal or par value if it Common ttoek fully paid up and non-atscssnhlc in exchange for each Common Share of the Old Company. The New Company proposes to issue 1,804,534 shares without nominal or par value fully- paid up and non-nssess-able of the Npw Company in exchange for 1.575.000 shares fbelnit the whole of the outstyindinj; stork), of the Tropi cal Oil Company, n company incorpo rated under the laws of the State of Delaware nnd holding concessions from the Government of the Cnlted States of ColombiH. The delivery to the New Company of (Wfr of the ouUtandinc stock of the Tropical Oil Company has been assured nnd In the event of the SvnAIA nt unfit miuntitllnj. hhI .fc peine deliveel then n pro rata reduc- I lion will be made In the number of Bhsres in the New Company to be ex changed for the shares of the Tropical jOIl Company delivered to it. ; Holders of Hearer Share Warrants who surrender their warrants to the International Petroleum Company, Iilmlted (New Company) nt 5(1 Church Street, Toronto. Canada, or to the Farmers' Ioun & Trust Companv, 10 22 William Street. New York City. U. R. A,, between the 15th September. 1020, and the 30th September, 1020. inclusive icill rrceive in exchange there lor Jiearer Share Warrant on the tmi of Uto hare of the yew Company for 'acA iarc of the Old Company nr ftniered, in accordance with the terms aforesaid. ' ,No Warrants for "rights" will b. issued nnd shareholders who fall to .exchange their old shnres for the new shares within the time limit and in the manner aforesaid will (ubject these rights to forfeiture. The books of the Company will oe cloned from the 10th daj of Heptem V.. -tn"fl tn the :t0tli ilav of Sentem. ber. 1020. inclusive nnd no Hearer Share Warrants will be split during that period. Holders of Hearer Share Warrants are recommended to send their War rants by registered mail insured as the Company Is not responsible for Sham (Warrants lost in transit and duplicate Share Warrants cannot be issued. By Order of the Board, Now Yorlt, Aug. 20 The stock mar ket started out today in an undecided Fort of mnnner, and virtually continued in that condition during the remnindcr of the session. There .were waves of both strength nnd 'heaviness, but the growing narrowness of the market de prived the mecurlal variations of nnv significance, except to further rmplinslie the ultra professional cnlibcr of the current speculation, which, however, was nlreadv widely appreciated. Ah In the preceding session, the rail group were the steadier spots of the list, but even in that quarter the trading lacked animation. In the Industrials new weakness cropped up, while this division as n whole exhibited an unmistakable reactionary trend. Possibly the more- prominent out standing feature of tho dny's market was the conspicuous nbsenco of buying power, revealing to whnt a large extent the rally on Tuesday nnd yesterday had been at the expense of the short in terest. At the same time, the halting character of the trading was accepted os evidence that the time N not yet ripe fur n sustained recovery In specu lative stocks and that the credit sltua tio still remains as n controlling Influ ence. While money loaned nt 1) per cent after the closing yesterday, the renewal call rate was again fixed at 7 per cent this morning, but the mnrkct proved to be still very sensitive to ap proaching government withdrawal of funds nnd preparations ofr tax pay ments next month. Outside of some reported western buying public participation was next to a vanishing point. As a matter ot fact, price movements were directed al most wholly by the professional traders In and out of the stock exchange. The uncertain movement of prices nt the outset expressed in profound manner the divergent views of traders. The rnils started out strong and continued to feature the market all during the morn ing, probably as u result of the new tariffs effective today, but in almost every other quarter o fthc list, selling pressure was indicated. Increased heaviness centered around the motor shares, particularly Bethlehem, Max well, IPcrce Arrow. Studebakcr and Chandler Independent steels, shipping issues ami Mexican oils lost 1 to 2 points with Baldwin Locomotive. American Car and Foundry, Cuban Cane Sugar and International Paper. Irregular recoveries, however, were made from the lower levels, but on these rallies the trading became intensely dull. Low-priced speculative rnils con tributed a semblance of steadiness to the mnrket during the dull ueary after noon session. Gains of 1 to 2M; points attended further absorpUon of Missouri, Kansas and Tcxus pfd., Chicago Greut Western pfd., Krle 1st pfd.. Western Maryland 2d pfd., and Ontario & Western. MARKING TIME IN THE LOCAL SHARES Another Apparent Wash Sale of a Big Block of Rapid Transit Salts 190 800 100 too 700 400 100 000 200 3.100 8S0 too 3)0 tooo 100 101)0 000 too 390 100 1100 .100 310 3 IflO ton zoo 600 100 1100 300 1400 , Adamn KxDrcss 34 34 e Advnnco Ilumely pf .. D1V4 M 6 AJax Itubbcr SOft JIOH l.AUIs-Chalmern SlTi 3lH 7 Allls-Chalmeni pf .... 714 71 y . Alaska Oold Mines .. H 1ft 4 Am Hank Note 4S 4S Am Meet Sugar 73 7.1U 10 Am Bosch Magneto . 8015 80ft . Am Can 35 34 t Am Car & Fdy l4ft nift 80 Am Drug Syn loU 10J4 7 Am Illdo & Leather pf 73J4 ?3JS (t Am Internal Corp ... 74 7ft 1 Am-La France Enff 106 108 a Am Linseed 10 0H 6 Am Locomotive 0&H 04 J4 . Am Safety Razor . . 13& 1394 4 Am Smelt A lief . .. tZYi 8814 7 Am Hmolt & llcf pf . SOU 90i . Am Ship & Com . .. 31 31)4 8 Am Steel Foundries 37 37 ft 7 Am Bugar Itef 114 114 10 Am Sumatra Tob .... 8714 88 8 Am Tel & Tel 86J5 00J4 7 Am Woolen 80H 'H 4 Anaconda Copper .... Ori 83ft 0 Aseo Oil 89 88 0 Atch Top & Santa Fo 83ft 8l . Atlantle Fruit H 114 10 Atl Quit & W I S 3 ,137ft 138 8:80 Net High Low (NTtm) Ch. 34 IK- 0ft- ft al K W 71 W- 14 48 1 73ft- 1 80ft 1ft 34 ft 1834- Hi 0ft- ft 73ft- ft 1ft- K 1C0 114 9814 1JJ4- ft 88 ft 0ft Hi 1H ft 37ft- ft 114 ft 87ft 3ft 0ft .. 7K- ft 3ft- ft 89 - ft 1- 14 19ft- 185 :.fc 14100 8.00 Baldwin Locomotlvo. .107ft 107ft 197ft- 1ft 3000 1700 9000 0700 3100 100 1000 200 .5 100 100 000 .100. 100 1400 310 300 200 100 100 100 300' 8(0 3800 1800 100 1300 800 200 800 The apparent "washing" of another big block of Philadelphia Rapid Transit stock was about the only bit of excite ment furnished in the sluggsh trading in the local market todaj This time it was 2000 shures, und the swap wuh made nt 144. The only other transac tion during the morning was ten shares nt the same price Little wns done in other traction shares, hmall lots of Union Traction were dealt in at 25. The action of the Public Service Commission i oncoming tho nppralsal of the Philadelphia Hupld Transit nnd utiderljlng propertes was received wth the "nine degree of complacency as I givtn other recent sensationnl develop ments The street is sticking close Bnlt A Ohio . 39H 4 Baltimore & Ohio pf . . 47JJ . BatopllaH Mining .... ft . Bethlehem Motors ... &H 0 Bethlehem Steel B .. 77ft . Booth Fisheries .... 0J Brklyn Bnpid Transit. ft 10 Bums Bros 97 . Butte & Superior Cop 20ft . Caddo Central O ft R 14 10 CantWIan Pacino ....130 fl Central Leather 84 ft 4 Cerro do Pasco Cop . 39ft 10 Chandler Motors 80 4 Chesapeake & Ohio ... 88 . Chicago Mil ft St P , 34 n Chicago Northwestern 70ft 8 Chi Pneumatic Tool . 78 . Chi n I ft Pao 35 ft 4 Coca-Cola 34 . Col & Southern 20ft 1 Col Oraphophone .... 23 H 7 Consolidated Cigar . . . 7Rft 7 Connoltdnted Cigar pf . B9J4 7 Consolidated Gas . . . 78ft 3 Con Interstato Col M. 10ft 3 Consolidated Textiles 30ft 1 Continental Candy ... loft 4 Com Products Hf . . . NU "0 2.80 Cosden & Co 37 3800 g Crucible Steel 137 .. Cuban Cano Sugar ... 38ft 7 Cuban Amer Sugar . . 40ft . . Davison Chemical Co. 33 0 Delaware ft Hudson 08ft 10 Del Lack 4 Western. 238 .. Denver & Hlo Grande. 8 . Denver ft Rio Q pf . 10 H 8 Detroit Kdlson .... 91 . Elk Horn Coal 21 B Endlcott-Johnson .... 70 .. Erie 13i . . Erlo 1st pf 21 H . Erie 2d pf lft 8 Famous Players L . . 70J 8 Famous Players pf . 82ft 3 Flsk Rubber 26ft .. Freeport Texas 31)4 . . Gaston Wms & Wig . . 9ft 1 General Motors ... 21ft o General Motors pf 75 0 Gen Motors deb 6-c 7 Gen Motors deb 7 . 79 . Gray Davis ... .20 7 Great Northern pf . . 73 4 Gt Nor Ore otfs . . . 3lJi .. Gunntanamo Sub Co.. 18ft 60 Green Cananea Coo . . 28 ft .. Gulf State Steel .... 83ft . Hablrshnw El Cable . 15 4 Haskell & Barker Car 09 .. Houston Oil Co 103ft 1 Hupp Motor Car 14 J( 7 Illinois Central 88 60 Indlahoma Rot 7 .. Indian Refining Co. . . 20 4 Inspiration Con Cop.. 40ft .. Inter Con Corp pf . . . Oft . . Int Mer Marino 25K 6 Int Mer Marine pf . . . 70ft .. International Nickel.. 20ft .. International Paper .. 79ft Invincible OH Corp .. 30ft 4200 NOO 100 300 200 500 1100 31 300 100 0100 3500 1200 000 400 mo 300 700 7000 100 400 700 100 400 300 300 100 100 300 100 400 240 490 200 400 400 1300 000 300 1800 500 200 120O 400 000 500 300 200 Island Oil 0 . . Iron Products . . Kan City Southern 4 Kansas City So pf . Kelly-Spg T 2 Kennecott Copper .. 400 1.20 Keystone T & R 44ft 19ft 44 78ft 24 17;$ 3SK 47ft 3 0ft 7lft OX 9 97 20ft 14 119K 84 ft 38 ft 88 ft 7J5 34 70ft 78 38 ft 34 20 23 72ft 89 78ft 10 29ft 10 ft 80 .17 135 ft 34 ft 30 ft 3.1 07H 235 4ft 10ft 91 20H 70 13 20ft 14 ft CO ft 81ft 20J Stft 9 21 74 CB 78ft 20 72ft 3lJi 18ft 25ft 83ft 15 9 103 14ft 80 7 20 40 ft 0 25 ft 70 18? 78ft 30 ft 8ft 44 19 44 78 23 ft 11 H 38H-47ft- H 70 ft- M- 9 -7 JOft-f 14 - 190 54ft- 38ft- 85ft- IK 58 34 -70ft 4 78 -35ft- 34 39 33J4 70ftf 78ft 10 -29ft-10ft 89 37 - ft 138 - ft 38ft- 3 40ft ft 33 08ft 4- 3 235 - 1ft 5 1X 4- ft 91 31 4- ft 70-1 13M4- ft 31K4- 1H 15ft 4- 7014- 1 83ft- ft 20-31ft- H 6ft ft "h ft 21 - 74H4- 08-1 78ft- 1H 30 - ft 73 4- ft 3134- ft 18ft . 25ft4- ft 63ft- 1 15 9 102ft- ft 14ft- ft 86 7 20 40 ft . 0ft 4-35ft4-70 - 1034-79ft-30 ft-5ft-44 - 10ft 4 44 - 7S -23 ft-17H- Dlv. ' l'2:30 Net Sales fit f Hum, . Low (NTtm) Owe. 800 8.80 Lehlch Valley 44H 44 H- ft 8600 2 Loewo Co ...a . '6ft . Lbose-Wlles 2d pf .. 10 It Lorlllard Top 134 ft . . Maxwell Motor UK . . Maxwell Motor 1st pf . 1H . Max Motor 5d pf ctfs 7 8 May Dcpt Stores . .... 75 10 Mexican Petroleum .12 600 i.eo Mlddlo States Corp .. UK 20ft 4 Mldvalo Steel ft Ord.. 3H .. Minn ft 8t Louis .... 14ft .. Mo Kansas ft 'tfexos.. ft , , Mo Konsan'ft Texas pf 13ft 1 Minn SI P & 6t S M. .074 ' 7 Minn St P ft 8 St M.pf 85 .. Missouri Pacldo .., '6ft .. Missouri Paclfto pf .. 44ft 7 Montana Power pf . . , BM .. Nat Aniline ft Chcm.. 73 0 Nat Knam ft Stamp.. 69 0 National Lead 76 1 Nevada Con Copper ., 10J4 8 New Tork Central ... 73ft . . New York C ft St L . . 34ft . . N Y Chi & St L 2d pr 80 .. New York N II ft II.. 34 1 Now York Ont ft W . . to 7 N6rfolk ft Western ... 3 7 N6rthern Pacino .... 74 8 North American ,.... 80 40 Oltla Prod ft Itef .... nil ., Oils Steel 2ft 4 Paclfio Devel Corp ... 33 o Pnn-Amer Potrol .... Jt7ft 0 Pan-Amer B 8lft 8 Pennsylvania R R ... 41ft .. Peoples Gas Chicago.. 29 .. Peoria ft Eastern .... 10ft .. Pero Marquetto 24ft 3 Philadelphia Co .11 . . Plerce-Arrow Motor . . 38ft . . Pierce Oil 1.1 8 Pitts Coal 81Ji .. Pittsburg ft W Va ... 27ft 8 Pullman 112 n Punta Alegre Sugar . . 74 4 Pure Oil Co 38M . . Rand Mln Am Shares 2R 1 Ray Con Copper 15 4 Reading 02ft . Replo Steel 79 o Republic. Iron A Steel 85 Remington Typewriter 43 300 110 2009 499 100 200 0310 800 900 000 1100 30 400 100 200 390 100 100 400 700 109 200 4000 800 1300 300 100 .100 300 100 7000 500 1100 loo 00 000 800 1700 800 1000 200 100 500 1000 D200 200 10000 1500 1800 100 1300 5.20 Royal Dutch Amer .. 81ft 100 3400 200 .3100 800 000 300 500 300 400 2000 300 10300 3700 10 son 300 3800 6100 .100 4390 Z 1300 1100 2001) 400 2310 100 1700 200 200 100 100 100 800 400 700 1000 100 loeoo noo 700 8100 100 2000 000 100 700 700 200 noo 4400 1500 500 1100 NOO 100 500 1 St Joseph Lead 16ft . . St Louis San Fran . . . 20ft . . St Louis San Fran pf . 3Sft .. St Louis Southwest .. 22J4 .. Bt Louis Southwest pf 36ft . . Saxon Motor 0 . Seaboard Air Lino . . 7ft . Seaboard Air Lino pf 15 8 Sears-Roebuck 141 74 Shell Transport 61 .. Sinclair Oil 28 0 Sloss-Shcft 07ft 6 Southern Pacific 90H .. Southern RkH 27H 20 Standard Oil of N J. .670 7 Stand Oil of N J pf.,105 4 Stewart Warner Sp. . 33ft 4 Stromberg Carb 75ft 7 Studebakcr 03ft . . Tenn Cop A Chcm ... 9H 3 Texas Co 47ft . Texas ft Puclflo 30 .00 Texas ft Pao C A O.. 30ft .. Times Square Supply. 23ft 0 Tobacco Products ... 65 .. Transcontinental Oil . Oft 8 Union Bos: ft Paper . . 86ft 10 Union Pactflo 110ft 4 Union Pacino pf 04 ft 4 United Alhry Steel . . 40 7 United Drug (....,..107 12 United Fruit 103 . , United Rwy Invest . 8ft 3 United Retail Stores.. 0734" 0 U 8 Food Products . . 58ft 8 U S Ind Alcohol 84 ft 8 U 8 Rubber 85ft 0 U S Smelt ft Ret .... 52ft fl U S Steel 80 H 7 U S Steel pf 100ft n Utah Copper (1ft fl Vanadium Corp 71 0 Va Iron Coal ft Coko.100 .. Wabash 8ft . . Wabash pf A 25K .. Wells Fargo Express. 00 .. Western Maryland ... 10ft . . West Maryland "2d pf 15ft . . Western Paclflo 27 4 Westlnghousc E ft M. 47ft .. Wheeling ft L E .... 113 .. Wheeling ft L E pf .. 31ft 4 White Motor 47ft 1 Wlllys-Ovorlana 10 B Wilson ft Co 58 7 Woolworth pf 110 a Worth Pump pf H Ex-Ulvidenil. 03ft 18ft 102 133 . 18ft 7 74 169ft UK 39H 14 14 U34 74 83 38 ft 44 ft 84 79 59 75 lK 7ft 34ft 80 33 10 91, 73K 60 83 ft 33 86 ft 81 41 29 10ft 3834 34 .1734 1H 1 -27ft 113 73ft nsft 37 "ft 0ft 78ft 84 sa 80ft left 25 H 35 ft 2134 34ft 8 7 14ft 27 67ft 98 37 070 105 33 72ft 01i OH 40K 35 ft 30 23ft 5 0ft 85ft H8ft 04 ft 40 107 103 814 0034 58ft 14 84K 63 ft 8834 100 61 09 100 8 25 00 10ft 14 27ft 47 11 10 40 ft 15H 50 ft 110 0334 18ft- 3H 10 - 133 ft- V4 104- a 7 74 189ft- 1ft 1134- 14 39344- ft 4 4- ft 144- ,14 Ift4- 1H 74 4- ,. B5 4-11 V 38ft- lf 4ft- 14 834 4- 334 78-1 89 - ft 75 .. 1034 .. 71ft- U 34ft- ft 50 ft 4- 1 1 4- ft 34 34 134 ft 34 30 93 74 80 3ft .. 23ft- 14 33-1 86ft- 1ft 81 - ft 41 - ft 2914 loft- Vt 24344- 34 - 1ft 38ft- 34 1334 0134 4 27 ft 112 4 73 4 38ft 4- 28 a. 15 03ft4- 1ft 7034- 34 85 3 - 1 8114 4- 134 10J4 34 2534- 34 35 ft ft 22M4 1 35ft4- 34 6 4- 7ft 15 141 4- 51 4 29 07 ft 95ft 4 37 ft- G70 105 4 33 -73ft-62ft-034-47 -3534 4- 39ft 2.1 -05 -9ft-85ft 4- H?4 1ft 04ft- ft 40 -107 19.1 814 4- 670 -53ft-8ft- 100 -01ft4-70ft- 100 8ft 4- 25ft 4 00 -1014 4- 10ft 1ft Z7J4 4- ft Oft 4- ft 1114 4- ft 20J14- 2 40ft- 1ft 10 4- ft 7ft 1ft 110 4- 8 03ft- ft ft ft 34 34 ft ft 1 54 ft iH 34 34 ft 34 ft ft U4 34 ft ft ft Commodity Markets COTTON MARKET New York, Aug. 20 Affected by favorable weather, euy cables and bearish Manchester ndvices, the cotton market was easier this morning with first prices 5 to 20 points net lower. Most of the early offerings came from to tnc ui'-uwuer amiuue onu nave given , xew Orleans and Liverpool interests "P h".MIMK J. R. CLARKE, Secretary. 66 Church Street. Toronto, Canada. 23rd August, 1020. M and et Open 8:30 A. M. Till Midnight for Receiving Deposits and Cashing Checks Franklin jfrust Co AfthMxHacM rTi! WUIMIIInDi About the only other feature of com ment of the du s proceedings was the brief hpurt in Philadelphia Klectric to 22', which was partly influenced bj the statement of Joseph McCall the president, that now Beach street plant would be ready for operation in 0 -tober and thnt the company was not contemplating increase in rates. Peunsjlvania Railroad continued to be well bought, moving up Hiiother peg to 41 Mi. There wns not change in prices elsewhere, except in American Oas, which declined l to ,T.'I on light trans portations. I'nited Oas Improvement. American Stores, Tonopah Belmont and Lehigh Navigation were (irm nnd frac- tiiitiully higher Keystone Telephone on Dwmbr small sales yielded "2 to .iU. There was little support in evidence ex cept from spot people around 25.35c for December, which eventually rallied the market about 20 points, or close to last night's levels. Light showers were reported in east ern Texas, but the weather elsewhere in the belt was fair and wanner, nnd the forecast wns for genernlly fair conditions. A reaction at Liverpool was due to hedge selling, according to private cubles. Philadelphia Stocks Clearfield & Jefferson fis. 1927 Gennessee River It. It. Gs, 1957 N. Y. Central 7s, 1930 Seaboard Air Line fis, 1945 Phila. Electric fis, 1922 S. S. White DenUil Mfg. 8s, 1930 Amer. Gas & Elec. Com. und Pfd. Gillette Safety Razor BOENNING, GARRISON & CO. rrocn KxcnANGK nun.nro Jjtetti l'rllC Tilwihom lo Nw l'ort Membrra I'tilln. Stock Kichmur nieh I-ow fis Am Str? 4 4 100 Am (Jns.. XI ;i:i 22 i:iecStor.l2-'i 122 53 Ke Tele pref . SO .10 10 I.eh Nnv 5S 5 Ml I.eh Viil 44. V- IP 5.'U Pa II 11 41 K, 510 PhlluKIw 'J2 2010 Phila HT U-Vi 450 Tom. Bel HOTono Mln. 1M- 55 l'n Trai 25 27 I' O 1 U) l .10 V ni Nil chsu ny, 4:iv'i October Janu.iry .Mai-cn May . July Hid Yral closi. 2 7 on 1!3 :.h J i no 1'4 70 m 5fi I'l as Own n io US 4.1 J4.00 1-4 r.o 1!4 4 1'4 10 (N Y tlmo) 11 30 1 30 h. m n 'i as OS -'5 an L'4 115 D m 1!7 SS 1!5.(IS 25 17 24. UB 1'4 KO 21 70 GRAIN MARKET Chicago, Aug. 20 Wheat opened .j 'lx l mitouh und weaker this morning V 122 :io v-j 5s -f i , 44 it i: 41V, 41- 22 M, 14 S lTs 1M 25 40 M. Ii.i 1 --'i-r 14V. IT . 1.. 25 10'S 4- sn . n SI""" 1 30 p m Vol 70'1 70, 8.1 . 105 70 K, 4- 8.T .. 105 .. Duqucme Light 6i, 1940 N. Y. Cent. Col. Truit 7, 1930 Armour & Co, 7i, 1939 North'n Ohio Trac. & Lt 7i, 1926 Union Tank Car Corp 7, 1930 I.ANI1 T1TIJ1 III.IMI.. rilll.A. Mtmb'rn riilludrlplilit Hlwk Ktrlmnip VH UOND" Mlk-h I osv I 10 Aim Cus & Klee 5s 'J Lehi'h Vav ions lls S.1 1 Lehigh Vul aim Os 105 10 Lib Bonds 2.1 fl',' M 58 R1.51 Sl.Ofi-f. 10 s 10 20 :id 4',h .S7.MI S7.M) S7.S0 .12 S' . 4th IViH st.hS hlh'J M.K2 .08 7 Vie N Hi 4)5 40 05. 44) 05.40 .10 I I'enna R It temp 'tf. 102 102 102 H 10 Phila Klec 1st 5s hO's W) W) , handler 4 Company l4M Franklin Bonk Bldg. Philadelphia Mtw York llortou A ,TIONAL HANK MAN Ol' 13 'VBAIlr KXPKIIIKNCK who ran qualify a auditor, compile govern hient report ami Jiicuine Tax rp ort. Is uvallabla ta any Inctltutlou trhUh will ort futura udranee mnt In hpl with capacity and blllty. i-Aildrjff O HO, Idser Offlea, DIVIDENDS DECLARED l.iue-tt St Mxtb Tnbucao Co nuartprly of 11 per int on prefrid. paybp October 1 . i iitnrk of r iorrt Hoptpmbpr IS Klniinhprn Cartiu.ftor. "iurti'rly of II, i'.iuble Octobor 1 to ilock of rocord Beplrm br 10 I'lerri. Oil Corp quarterly of 2 per cent or, prfirrrt iabU October 1 to stock of rec onl Si't mlwr 2.) Hiiiwn snei sprlnir ouirtrrly of 2 pr cent on common an.! 1 per cm. nn nr' -(prril 'iintnnn la pionbln Heptembpr 30 to Hiuck uf m orii fc pointer 1", preferred Hep tpinber 3.) to tock of rftonl StptumlKr 7 PIERCE GOE8 TO COA8T N. B Plerie, now in charge of the Philadelphia office of the bureau of In vestigation of the Department of Jus tice, Is made superintendent of 1)1 vision No. H, With headquarters In San Francisco, under the plan of reorgan Uatlon ot the bureau, which has been approved by A. Mitchell Palmer, attor ney general. , cember ranged from V to 1 cent lower at tin outset nn.l .liirch wns down 1 I cut. with n lending cash house helling nnd support poor i After the stait, pressure wiin less aggressive nnd the market steudled on scattered covering by shorts There were rumors of good sales for export late ves- tj.rlti. n,f T(tf!.jl. .. ..!. f- .......... u.. ..,.,,-i imiumntrs remain ed idle December opened nt $2.33 to $2 3 1, against $2.33 Vi nt the close esterday, and later sold at S2.33V, March started at u decline of 1 rent, nt $2. 20V., and later t-oia at SL'.ilu Xlie recelnts tmliiv l were 00 cars. Corn started ensier. with cash huuscs the best sellers and shorts the largest buyers, After the start, the murket be came firmer. Country offerings were re ported to be larger September sturted nt 51 l.'Pj, to $1 44, against $1.14 at the close ves terduy, nnd later sold at $1 45Vj De cember opened nt SI 10 to $1 18, ngnlnst $1.10 at the close yesterday, and advanced to $1.10. Maj wob quoted ut $l.ltl4 to $1 10 at the outset, uguiiiht $1.17, yesterdaj's last price, and later sold at $1 17', i Re. ceipts were 45 enrs. Oats were firmer, with offerings light. Commission houses were tho huing side. September opened at 0714 to 07c, against 07c at the clohu yesterday, and moved up to 07!sc December start ed at 07 to tl7l4c. against 03c at the end yesterday. .May opened e higher, ut LAND BANKS MAKE RECORD Net Return for July Totaled $257,203 ... Wb.inrton, Aug, 2G. Earnings ot the Icueral land li.ink-n pninhllahorl n now record In July, their not return to talling t2S7.:03, or approximately $18. 000 more thnn In tho previous record month, last February. "Tho Increase In net Inenmo fnr Tnlv " said Commissioner Lcbdell. "Is explained py the fact that while the tlxcd gross uicumu it xne sumo, now loans uclng temporarily suspended ns a result of pendlnir litigation, the land banks have reduced their operating expenses through a reduction In personnel. Dividends will be paid as usual." Outstanding loans aggregate J344, 475,000, lt wns nnnounccd BOLIVIA PLACES LOAN Borrows $10,000,000 In New York to Pay Debt to Franco Washington, Aug 26, According to advices received by tho Department ot Commerce, tho Bolivian Government has placed a loan with a New York bank for 1 10.000,000 The proceeds of this loan lire to be used to nav nfr hi French I loans madn tn 1010 nnd 1813, amounting io uu,ou;i,uun rruncs, which at tho nor mal rnto of exchange between the United Htntes nnd France, Is enutvnlcnt to J10, J24.070 T.ho bonds Issued for this Bolivian loan hear the snme Interest a thoBO of tho French loan, hut nre to b amortized In fiftteii t-irs, while the French bonds were to bu amortized In thirty yeara This means a further saving to the Bo livian Government of seeral million dol lars of Interest Financial Briefs Tho averngo prlco of twenty active In dustrial stocks declined 0.3G per cent yesterday to 80.93, while twenty rnll- ronas declined 0.15 per cent to 75.00. Tho government will withdraw $13, 000.000 from the member banks in the ew York Federal Itcacrve dlotrlct today The transfer books of the Lake Superior Corporation closo September 15 and open October 7 for nnnual meet ing to bo held October 0. Tho now stock of tho Electric Storage Dattery Co. la ready for delivery to brokers nt tho ofllce of the company. Land Title Buildup. tinT'Sne.' Y.rk Subtreaaury gnlned 400,000 from the banks yesterday, mak- imL,?ash not Ruln sInce Friday of VOLUME ON CURB Oils Load' List Industrials Steady Mlnlrtg Stocks IrregUlaK Now Yorlt, Aug. 20. Therc wan n fair amount of business in the Broad street cdrb today with n mnjorlty of issues snowing n strong tono nnd innk Ing modcrato grtlns. Qcncral Asphalt was one 'of the most prominent fea tures, first falling to 02 nnii thca rallying to above C3. SImms was another strong feature, being heavily bought by, important .in terests nnd moving up to tho highest point touched since lt recently was established nt n new low record. Bu pcrlor, Oil Basin nnd Midwest Refining were also in fair di-maml, but without mt'ch change In their trading position; Industrials wero generally titcadr with oomo issues making moderate gains. Hercules Paper sold at tho nnnn.r nl f7. hut i-encted to 2U. .United Retail Candy was quiet, scllliiB Mining stocks were irregular, w-ifi Boston-Montana reacting slightly alter its recent ndvnnccs, INDUSTRIALS Acme Coal . Amer Candy .. Car Ltsht .... Flrmltme Tiro Ofnernl Asphalt Urnpe Ola . . , Grape Ota pt . Hercules Taper irr i.igm ltlgh 2 8S .S5 ,122 .12S 27 2S on nn 1:80 Ikiw pm. ill 2 9 122 nan 2rtH Onheum Circuit 2Jty 2j2 -W I'erfectlmi Tiro ...... ju.l A " 1ni" Procler Oamblo 107 107 107 Ha.llo Com ? , J? ,, U B Hlsh Bpeeil Tool . . 80H 30h aoj U 8 Steam .,.,... JH r. iff United Profit BharlnB ... 1)4 Jft ,i?f United Hetntt Cahdy 12.H 'M J2V4 United Shoe 41 2 4- RTANDAnD OILS South Tenn Oil J7f 275 Stand Oil ot N T . ...S01 300 INDnTENDBNT OILS Allied Oil 'J Hoono Oil . . ....... - , Tln-fnn Mlrn J.k J Kodoii-Wyomlnit . 27G 801 llrlev Carlo Hyja Clllea Berv "II' Cushlnit If 1" . . Klk Dattn Pot ... Qlenroek Oil ...... Int I'ttrol Kay County Qfcs I.nnro Creek . Ltvlntaton itarancalbn Oil . . Ui1vl Ilff North Amfr Oil QtfH ' . IBS . 12U . 3IV4 i : 4 10S no.. 27t IV. 1BW 11)4 S4JJ 0. 14 t 5 10 14H 2 0 H 20 r.n ID . .ft tt.i.nMi rill .. fl Prn4ucM llrnnors , iU( iiock on n'ftti Conn 1.a -4 Ovmhaa ftfe Slmnm Tel -. "H WH hfcMlv Oil I'S '.'S Superior Oil 10)4 Un Texas Oil Victoria Oil new . ... 1 Vmran Oil 1 Wmtorn Statfs .J4 White Oil 10S MIXING nit Lede H . Booth Donton & Mtontana ... 01 SB C'alMlonla Mlnlne 21 21 Canada Copper n "f Cons Arizona fn Cort Silver 0?., Vi Creon Oold .- IS ,1 Dlvldo Ext .i 20 2J. nunden Arizona l i. lJUrelta Croenus Oolden Gato Exp .. Gold Cons Oold Devel Ooldfleld Florence . . Gold Zone Great Ilond Jumbo Kxtennlon , . . Louisiana Co McXamara Marah Mlnlne . . . . Mother Ida ........ Mother Lode, new . Ophlr Silver I'rlnco Con Ilex Cons Rochester Mines . . . Hope Group ....... . H Silver Ind Tonopah-llolmont Tonopah Cash Boy . . Tonopah IlMde Tonopah Extension .. Tonopah-JIm Butler Tonopah Midway . . Tonopah Mlntnir ...... United Kastorn . . Victory . West End C Whlto Caps . ... White Caps Ext . . . Simon S'L, . . .. . 1BV4 12 348 8Js lfl 20 BH IV 1RV i in 11! IU Yl 10 4 SO 62 ' 2B 1 0 .1 14 an l c J B7 BT4 . 0 A Vi IT 7 i ii? ii 0 14 23 1 4 ft 17 07 8 ft n 8 , v ' 1T4 7 12 V IS 117 3T4 . I) ft 114 7 JJi 1 it & ft 10 l'i H 1 1 0 IVi K 1 1 10 1H H 1 1 noxs Ilk ut n. .,741, iiHiiiiiqi U..4t- HI ill d yesterday. May opened Ve Jilgher COVic Receipts wero 1C4 cars. Bank of England Statement London. Aug 20 The wiekly state ment of the Hank of England shows the following changes Total reserve, de creased 101,000, circulation, Increased 49.000 , bullion decreased 62,619 , other Securities, decreased 231,000: pi'bllc deposits decreased 781,000; other de. posits decreased 116,643,000; notes re serve, decreased 18,000: government securities, decreased 16, 963,000, The proportion of the bank's reserve to liability Is 14. JO per cent; last week It was 12,63. IUte of discount Is 7 per ptat. . GOVERNMENT BONDS 1 nid Tanamu coupon 2 10SU li)0 Panacu resist. n 2s lbSO 100 Panamu coupon 2i, 1938 , lnoK Tanama rexltrf(l 2s 1938 100 Panama coupon l 1981 77 Panama rslstTcd 3s 161 77 Phlllppln 4s 1034 7B Philippine 4 lr'S3 7.1 rhtllpplro 1 I'Srt 7-, U, S Oot our-in 2. l.lrtf. .101 U'S Govt r-slsi.rod 2h 103C 101 U S 1nt iwiioh 4s, 192 101 V H Onvt reel it red 4s 1023 105 Dlst of Col'tmMi 3-83S. 1H24 93 Ark 101 101 101 101 sn o 83 HB SI 10J 10.' inn 100 Liverpool Cotton Liverpool, Aur !G Spot cotton was slow of sale today with prices easier on tho basis of a decline of CI jiolnta for middling at 21 97il Tho salcB were 3000 hales Tne receipts were 17,000 hales, Including 16.600 bales American Fu tures wero quiet In tho early dealings, Spot prices were American, middling fair 27.47d, good middling, 24 72d. fully middling. 23.22d, middling, S1.97d; low middling, 18 17.1 good ordinary, 14 72d, and ordinary, 13 72d. Arkansas Natural Gas Pays Dividend Tho Arkansas Natural Oas Co has declared an Initial dividend of 2 per cent ami 3 per cent oxtr.t, payable October 1 to stockholders of record September 16, Prices irregular on Paris Bourse Purls, Aug 26 Prices wero Irregular on the Bourse today Threo per cent rontus weru quoted at 56 francs 96 cen times; txchange on Iondon, 60 'francs 90 ceptlmes , 6 per cent loan, 87 francs 60 centimes Tho dollar wus quoted at 14 francs 10 centimes. Ask Receiver for Motor Company Ht, Louis, Mo., Aug. 26. Four stock holders In the Dorrls Motors Corpora tion, a $3,000,000 concern organized last January, yesterday filed proceedings In clrcut court asltlnr; a receiver for the corporation, CHICAGO BUTTER AND EGGS rirsts. isirurte. ordinary nrsts. 4343c. at mark rases Im ludeU. 18048c; storage paclod llrHlB H)1 c BANK CLEARING8 .il?.nlSi-'eVn,i" ,"dtty compared with cor responding day last two jenrs: ril" 78 389,091 t03.O83.14B 104 ajVlM BAR SILVER nar silver wna Hd higher In London today at OlHd No Action on Holiday Petition ,-ew Kirn, Aug 2U. The board of nuvcruurn IIJ ino iMBW lom BlOCK Kx- changn took no ootlon on thn iiiim for a holiday September 4. It Is not uuniuumry ior mo Koernom to pass on such a matter a week In advance lest something arlb In the Interim which would make 11 holiday undesirable, The matter will probably be considered at a later date. Allied Tocker 0s Amu Tel Os ot '22 Armour 7 j. . i. Goodrich T "a N Y Cent 7a Sinclair 7Ws .. . Sn West Dell 7s . . Texas Co 7s , . West Elec 7 Union Tank 7a . . llerlln 4, Bremen 4V4s German Gov 3s . .. Sniss 3s (10 , . 94 .. 9iK .looH .. 90 .. tm . 08 , 98S 18 . 22 . 20 . 84VI 04ft 94 Witt 02V4 loovt 89 04 94 UllH 92W 100 nnv, onv, uh ns 98H niH 18 22 2(1 84 98! 9 IS 22 20 81 ' Bonds Paper. Acce pt Reserve Banks' Discount Rates Official rediscount rates at the twelve federal Ilescrvo banks are ns follows irc.ts i,iu com'l llkrs Boston New York l'hlludlphla Clfvelann nirhmoml Atlanta Crlcaxn St Iuls . Minneapolis Kansas City Dallas . San Frunclfco B 7 B .1 7 IB BH 0 BV fi s tU .1 u lO B tl to 11 7 3 i B BV4 BV4 0 7 tB . SV4 II tn ft 11 tU U u (I B'4 ii'1 b .1 3' ii tDlHCOunt rat" corfeponils with Interest ratn borne by cerllflratta pledged as colistcral with minimum of 3 per cent In the case .if Philadelphia. Atlanta and Ktnsas City nd 0V4 per cent In tho case of San Francisco BUTTER, EGGS AND CHEESE New lork. Auc 20 IIUTTElt attain, Ilerelpts. 0711 lul.s Creamery, hUrher than extras B7 MBaVjc. creumery, extras (92 core), B6ff.7c creamery, firsts (bS to 91 score), JIHOiMHp: pacltlnit stock, current make. No 1 4 3 "i 4 to EGGS Firm rineolnts, 10,905 rases Tresh Bather, lrs flrits. B74S9r fresh gathered, nrsts, BSftSOoi state, Pennsylvania and nearby western hennery whites, firsts to extras, 03W73ci state, Pennsylvania and nearby western hennery browns, extras colors, A7r; state, Pennsylanla and nearby fathered browns and mixed colors, firsts to extras 63frn2r CHEESE Klrm. Receipts. 120B hoxe Slate, whole milk, flats, current make, white nd c0J?,i1k.!P,,clull," 2829o: do, averts run. 26K27HeSfStale. whole mlik. twins, current make, specials, 27 OS do, average nwi7iv. FOREIGN EXCHANGE New York, Aug. 26, The foreign ex change 'opening was Irregular with slight changes. Demand was unchanged while francs wero off 7, lire 1 nnd Belgian 6 points. Marks were up 1 pplnt. Tho Scandinavians woro off 10 points each. Quotations woro Demand sterling 3.68, cables 3.68 V j franc cables 7.02, cnecks 7.01 ; lire rabies 4.65, checks 4.U4H: Swiss cables 16 68, checks 16 62; Belgian cables 7.62. checks 1.61 : guilder cables 31, checks ai ; pesetas cables 15.02, checks 16.00; Stockholm cables 20.35, checks 20.30; Chrlstlanla and Copenhagen cables 14 16, checks 14.10; marks 2.00. YESTEBDAY'S 'FINAL QUOTATIONS Sterlliur Francs Llro Guilders Demand . 3.B7H 7.10 4.1)3 31 2B i-abl.a 3.B8H 7 12 4.0S 81 BO TODAY'S OPENINO UOTATIONB Sterllnit Francs Lire Guilders remind . 8 68 7.01 4.04W 31,73 CaCle" . a.f.8 7 02 4 05 3137 MONEY-LENDING RATES M!W YORK Money on uill, botb . l.isseB of collateral, opened today fct 7 lier cent for lending and renewing. ThA timn money market today was unusually aulot with very little buslpess being transactcu 111 huh ueiniruiiuiii. Sixty to ninety-day and all Industrial loans -were quoted at 9 to 9V4 per cent and mixed collateral loans nt 8 per 11 Those ldentliled with the tlmo money market expressed tho belief that prob ably another sixty days would clnpso l.efor.i there would be nny substantial amount of time monny uvallnlilo In tho market Hllgtble acceptnnco tillls wero quoted at from 5 to 6 per cent, de li ndlng on tho maturity A substantial volumo of business was transacted In paper of thlB character rniLAir.LriiiA can, 6 per cent; tlmo. 6 per cent ; commercial paper, three to lx months, 0 per cent (Note These are merely nominal quotations, as the legnl rate of interest In tho state of PennByUanla Is llxed at 6 per cent. Plus premium nnd commis sion tlmo money for thirty to ninety days Is loaning i" 0 , per cent, while commercial papor from three to six months is being offered at 8 to 8 H per cent.) I,ondoii Money Is quoted at !', per cent Discount rates, Bhort .Mils, 61 per cent; three months' bills, 6-;8 13-16 per cent Atlantic Refining Earnings Net income of the Atlantic Refining Co for the six months ended Juno 30, after charges and taxes, wan 13,782,654, according to a financial statement Is sued yesterday. This Is equivalent to 76.65 per cent carnod on tho 15,000,000 capital stock. Net Income for the entlro year of 1010 wofl 18,871,046, or equivalent to 177.42 tier cent on the capital stock, dross In. come for the six months Just ended was 160,160,170, wnijo wio total income after expenses, but before deduction of charges and taxes woa J5.2B6.271, The balance after dividends was 12,804,965, and total surplus nt the end of June was nlMf.jki4 nr lRRfi2ft.41fi.ri 4, . Pity of Philadelphia 5 Per Cent. Bonds Dated August 16, 1020 Dtu August 10, lOBO1 Interest Janosrr 1 and Joly .1 . ,,. .. , Coupon Dondt, 91,000 Each, With Provision for,, ft Rsflitratton of Prinetpkl "' Bonds May Be Fully Registered ; - Coupon and Registered Bonds Interchangeable ' Free of Pennsylvania State Tax t Free of Alt Income Tax Legal Investment for Trust. Fund" Price: 101 V and Interest To Net Over 4.90 Per Cent & "". Biddle & Henry 104 SOUTH FIFTH STREET The Packing Industry Fundamentally conditions In the packing1 industry are upon an unusually sound basis, as the largo meat packers such as Armour & Company, Swift & fCompany and others of this class were nmonjr tho first to realize the necessity of read justing inventories, making 'it '' probnblo that last year's earn ings Btand as representing tho low ebb in general packing affairs of the so-called recon struction period. The growth of tho packing in dustry has been of exceptional proportions, with commercial and economic conditions favor nblo to its continued advance ment, and the recent Govern ment action requiring segrega tion of tho by-product com panies has stimulated tho inter est of holders of these securities. Tho cuiTcnt number of our' Market Reviow contains a brief, but comprehensive, resume of conditions in tho packing trade and general affairs of four of tho leading packing companies Anrtour & Company Swift & Company Swift, International Libby, Mctyeffl.'cVtibby Sent on regwes for L-fsS Hughes & Dier frhlU. fllnek'Etcparute Members Chlrag o I)ord of Tritfe N. Y. Prodace Exehanre 1435 Walnut Street Philadelphia Telephnneet flproce MS lUce. 1805 New York, rlltsburth, Ctereluui The Atlantic Refining Company and Subsidiary Companies Consolidated Earnings for Six Months Ending June 30th, 1920 Gross Income from Operations. ...-w.. $60,160,170.37 Less Raw Materials, Operating' and Other Expenses ... aW.wni.l4 55,249,141.42 Net Income from Operations. .-rw) 4,911,028.95 Add Other Income . ...i-.. .(.....w 385,242.62 TOTAL INCOME 5,296,271.57 Less Insurance and Other Reserves 431,584.91 Profit Before Deducting Federal Taxes . 4,864,686.66 Deduct Reserve for Federal Taxes first; six months 1920 (estimated) . 1,082,132.40 NET PROFIT . . ... . . . .,.-. .... 3,782,554.26 Dividends Paid ........ ,......, 1,177,589.25 BALANCE CARRIED TO SURPLUS . 2,604,965.01 ' Surplus, December 31, 1919. . . 56,324,453.97 SURPLUS, JUNE 30, 1920 ,.....,. $58,929,418.98 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 & Trust Co., 401 Chestnut St, that the proper steps may be taken to protect their interests. V. Gilpin Robinson, Chairman Jeremiah J. Sullivan, Jr. James A. S. MacMeekin James E. Gorman Joseph H. Shoemaker Committee Joseph K. Seidle, Sec'y, 215 North American Bldg. Michael J. Ryan Roberts, Montgomery & McKeehan Counsel INTERNATIONAL J. rr'Uir in uti wr: Through Dills of Lading Issued PHILADELPHIA to RIVER PLATE PORTS 8. fl. Nockum ., 8'C- B 8. H. West Munlmiu , .Hrpt. IK H. H. Mehsnos ,- PHILADELPHIA to RIO JANEIRO & SANTOS H. rt. WiMxImunsI ""t. ,8 PHILADELPHIA to FRENCH ATLANTIC PORTS H. M, Independence Jlsll ., i Au. 0 fi, 8. Nedmno Hept. S H. H. Ossper '''. Lafayetto Building, Philadelphia 170 Broadway, New TorK lnio -- .Sept, JJ J-omburd SS3S w Wilw" :& tf.-k 'A a V V It1 J ixx&ttxr-va.
Significant historical Pennsylvania newspapers