J P t rr u J fllrl Injured Irt Motor Accident Geneva "Wallttco. cloven yenrs old. o( 1544 Parrlsli utrett, was utrucK oy an (utomobllo lt night nenr her home. gh was rcinoTcd to St. Joseph's Hos pital, where ' WBH 'ound alio'wa stif y.rlnr with a broken leic and other iu ,J,ml P. Bode. 2030 North Sixteenth ftltt, waa arrcatcd aa the drWer. 30 Years Export Banking in INTIMATE KNOWL- EDGE of the needs and habits of the people, acquired by years of ex perience and actual resi dence in the countries themselves, is essential when transacting busi ness abroad. 23 Branches in South America One Branch in Mexico 8 Offices in Europe Direct Connections With India Anglo-South American nBANK.LIM.TED i. Xexr York Aicoer. Broadway aw mzt "VIA COLON" (Thete two words transmitted free charge oy any Telegraph Co.) John U. Merrill. rrealdent of DIRECT nOCTK 10 CENTRAL and SOUTH AMERICA (0 Uroad 81.. New York Ejrnifflimttiminmiiinmptnnnnnmhrannimratinintnimia 1 PENNSYLVANIA REFINING CO. 1 Oil and Naval Stores DEMWARK AVE. ft SOOTH H. tiiiiiiiionnmniinninMimnmiminnntiniHuinniiuniuiiiC Dated September 1 Further information in regard to this issue is given in a letter of Mr. Nelson, Morris, Chairman of Board of Directors of the Company, from which tje summarize as follotvs: The proceeds of these Notes will be applied to the reduction of Bank Loans. These Notes will be the direct obligation of Morris & Company. The balance sheet as of November 1, 1919 (the close of the last fiscal year), discloses total assets in excess of $114,000,000 and net current assets (after application of the pro ceeds of the present financing) of approximately $49,000,000. Thrre is no Mortgage on the property of the Company except the Trust Deed securing its 4!x Bonds, dated July 1, 1909, of which $16,450,000 are outstanding and $6,250,000 still issuable under the terms of the Mortgage for 750 of the actual cash expenditures made or to be made by the Company for additional fixed assets. The investment of the Company in packing-house real estate, branch markets, car equipment, etc., is over $40,000,000, and in securities of subsidiary Companies $8,679,953. The Indenture will provide that no new Mort gage shall be placed on the property and assets of the Company (except purchase money Mortgages, which does not equally secure these Notes by the lien of such Mortgage. Continental and Commercial Trust and Savings Bank Chicago F. S. Moseley & Co. Boston Chicago New York GOSSIP OF THE STREET Frank A. Vamlorlln Inherently the American business outlook In sounuvf out the next lx years cannot bo so bounteously prosperous 'as the last six, which were Influenced by unusual war conditions, and unless American people curtail luxurious extravagance there will bo difficulties ahead. Tlfe 'sooner this nation realizes this and gets back to hard facts of economic life and to a sounder business morality the better it will be. "This statement caused me to do a Rood bit of thinking," said nn official of one of the larger downtown banking institutions yesterday, "in that it sort of upsets n little pet theory I have been nursing nnd which to some extent has been confirmed and borne out by statis tics furnished by reliable and active business interests. "In other words, until I read Mr. Vonderllp's statement I had about reached the conclusion that the country, or at least business, waa Bartering from altogether too much economy, and un- less there was somo change I had felt business of the country would bo se riously Injured. .You will rccnlbcvcry body, big and little, has been pr.nchlng economy from tho housetops ever sinco thcTirmlstlcc was signed, and during the war every one was called upon and asked to do with as little as possible. "In making an informal analysis of the business situation recently, it was my conclusion, after -careful delibera tion, that every man, woman and child, regardless of their social or financial position, had strongly acquired tho economy habit. The result of it has been clearly shown in nearly all lines of the trade, although certain business Interests are still making nn effort to create the Impression of a still existing ptortage, which does not exist. "Every business man will tell you tho people are buying virtually nothing, not only a to luxuries, but as to the nccesslUos of life as well. Tho effect Is present, notwithstanding denials to tho contrary, and if It keeps on much longer somebody is surely going to get hurt. Either Mr. Vandcrllp or myself is guilty of making erroneous deductions. Well, I guess time wilt tell which one was right." , Market Virtually Odne Talking virtually on the same lines a few nights ago while strolling along ti, .Tinnrrltunltf nt Atlantic City, a prominent Philadelphia manufacturer of a 1 La. . aV aVl. lm BllK RtOCKlngS nssencu mn mc luuinvi for the products of his mills had vir tually vanished. "Less than a year ago," he ald, "the mills were unable to supply the demand of the high-grade Bilk hose, which were taken by the wholesale houses and jobbers at $30 a Uozcn. We were weeks behind In our orders until around March, when the first signs of a change came In the notices of cancellations. Fortunately, by rea son of the excessive demand, we had relatively small stock on hand, nnd also a small quantity of raw material, as we had followed a hnnd-to-mouth policy in our purchases of raw products. "You naturally would think I was - $15,000,000 Morris & Company 74 Ten Year Sinking Fund Gold Notes 1, 1920 Interest payable March 1 and September 1 in New Y.prk or Chicago. Coupon Notes registrable as to principal only, in interchangeable denominations of $1,000, $500 and $100, on any interest payment date. Redeemable at the option of theSCompany, as a whole or in part, on 60 days' notice, at 107 during the first three years, 106 during the next three years, 10 S during the next two years, and 104 during the last two years- v INTEPXST' PAYABLE WITHOUT DEDUCTION FOR NORMAL FEDERAL INCOME TAX NOT IN CONTINENTAL AND COMMERCIAL TRUST PRICE 98 AND INTEREST, YIELDING 7 All legal matters will be approved by Messrs. Mayer. Meyer, Austrian and Piatt, Chicago. Temporary negoti certificates, exchangeable for definitive Notes, will be delivered when, as and if issued and received by The Th. above atatementa are net guaranteed, bellavo to be accurate, and upon which we im yF W,VC ItacT" exaggerating the situation! to tell you we could not go out on the street today and sell the same stocks for $20 a doxen. Why? Ilecause tho market has vanished and, for a tlmo being, the public Is satisfied to buy and wear a cheaper grade of boslcry."- Stoclu Getting Scarcer One of the best-nnstnl market liitlirra. In analysing the current market situa tion, said yesterday that tho impressive point about the market is that when stocks are wanted In quautlty they are not to be had easily. The shorts at least nave found thls'out to be tho fact to their sorrow nnd at the expense of their pocketbooks. Hanks, he sold, are advising modera tion, but they do not attempt to deny that the corrective process that has been nt work in commodities ond food stuffs is laying the foundation for much better things a little later In the season. Tho current market, ho continued. presents opportunity for the buyer for casn or large margin. llellcf that there is again accord in Western Kurope over the Polish situa tion will probably help the market, al though It was never seriously consld1 erctl much, of a market .factor. The most, potent nnd encouraging dovelon ment of the Inst few days, he said, was to be found in the manner in which United Htates Htecl Is recovering the market leadership. Accidents Always Favor the Dears "It sometimes is not altogether wise courso to count jour chickens before tney are natcncti. especially wlicu It comes to playing this market game," said a wqll-known uptown trader yes terday. "Wiiat is more, having learned by very expensive experience, I long Blnce reached the happy conclusion that acci dents always break in favor of bear crowns, ana during twenty years' dabbling I always make it a practico never 10 oc in mc mawct overnight xou can never tell what in going to turn up between sunset and sunrise. "That belief was strongly confirmed by today's performance. During the early part of tho afternoon I sort of felt in my bones that altogether too mucn joy tniK was being made con cerning the big coup which had been engineered against the bear crowd on Monday Afternoon. The sudden turn ing of tho tables was like a bolt from the clear blue for the bear camp, but I felt the Joy party was going n bit too fast. So. following tho huneh. I quickly closed out all my commitments. "Say. man, when the big news came under the wire announcing tho Bethle hem Motors receivership, I just spent the rest of the afternoon shaking hands with yours truly." Absentees Unusually Large Judging from the complaints of brokers, especially from the bond houses, more people arc taking a vucattou this summer than ever before. The senior member of one of the Inrgc uptown bond houses stated yesterday ho hnd been unable to reach n single client he sought to find to offer an unusually at tractive Investment. "Seems everybody has packed up and gone out of town," he said. Officials of banking institutions make the same complaints. Possibly the an swer is to he found in the letting down of the bars and restrictions which had been placed against travel by the war conditions. THU TUA.DEU. Due AND SAVINGS BANK, CHICAGO, The Indenture will further provide that Current Assets of the Company shall be maintained in an aggregate amount equal to at least one and one half times all Current Liabilities, including these Notes, any mortgage indebtedness maturing prior to the maturity of these Notes, and any other issue of Notes or Debentures at any time out standing. During the four fiscal years ended November 1, 1919, the average annual earnings of the Company available for. interest charges after the payment of all taxes were $5,993,487. These figures include only a relatively small proportion of the earnings accruing to the Company from its South American properties. The Company's annual interest charges were $2,454,791. During this period over $12,100,000 net earnings have been retained in the business after paying cash dividends aggregating $1,750,000. A sinking fund is provided beginning Septem ber 1, 1922, which will retire in semi-annual installments an amount of these Notes aggregating' $5,000,000 before maturity. Halsey, Stuart & Co. Incorporated Succttior to N. W. HaU.y A Co., Chicago New York Philadelphia Merchants Loan & Chicago but are baaed upon Information which w havr acttd In tha purcha.o of thcao Nolo, THUKSD&Y, DROP IN SUGAR DUE .i , Holder of-'flawi Article Unable to Finance 8toraae Charges Jfew York, Aug. 26. The raw sugar market Is quiet and decidedly easier with views of buyers nnd sellers far apart. There were no sales reported yesterday and at tho moment It appears that sales enn be Affected only nt a sharp recession from the nrevlous price level. Commenting upon this phase of the situation, Wlllet ft amy say: "The market appears to be much de pressed and there are some 60.000 to 60,000 bagn of sugar that have either arrived In port or nre nearby, that are difficult of saIo because there Is only one buyer In tho market, Arbuck'm Urothers .who bid 8 cents, cost and freight, for Cubas or, say, 9.03 duty paid. "Holders are naturally resisting with all their power the soiling of thetr sugar as low as the basis of 8 cents, cost and freight, nnd some holders have decided to store their sugars rather than let them go at Arbuckle's limited. However, nn there are a number of lots maklrtff up the aggregate of the 50,000 to 60,000 bags, there may bo some holders who, unable to placo their sugars In store be cause of Inability to finance the same, or take caro of It, the market lookB as If It wiw facing a very serious decline." Imports of raw sugars yostcrday In cluded 6000 hags of Penis and 16,126 bags San EMmlngoes, which went In store. The Warner Sugar IteMnlng Co. received 18,260 bags of Cubns. Tho local roflned market continues quiet, with refiners' list prices unchanged. LOCAL MINING 8TOCK8 TONOPAH BTOCKB JIM Aekert Paah Tlov 0(1 ,0H Jim Ilutler 11 MacNamam A .11 .18 A .ft .12 .14 .03 .10 .04 .Ot .21 .2.1 i in2 .04 .00 .01 .01 .OR, .07 .04 .00 .05 .07 Mac.Namara crea Midway Klipfth Ext ,....;. Montana . North Btnr Iteecue. Eul Tonopah Kit Weat Rnd 'Vet Tonopah . ., divide stocks Allied Dlv Alto Dlv Ilelcher r .j . 1 . . . Ilalrher Ex ntn llur 01 .01 Drouth Dlv IS Dlvldo Ext 23 .13 .27 .02 .01 .07 .04 .13 .03 .03 .07 Divide Bynd 01 Divide Con 01 Dividend Kaat Dlv TIarmlll . .... Hitrouck Dlv High Dlv Jtavrrt Dlv Ilono Dlv HoaMto Silver King Tonopah Dlv Tonopah Haabrourk Victory Dlv Vcrds Dlv Zone OOLDF1ELD STOCKS Atlanta lllua Dull Iloolh C. O. D. ..u ,05 .01 .12 .01 .01 .03 .01 .01 .02 IS .00 .08 .01 .23 .01 I .08. .04 11 .08 .10 .05 .01 .01 .03 VI .02 .or. .02 .02 .05 .03 .07 .01 .01 .13 Comb Krae Crackerlack Diamr )i 11 Dalav Florence. 12 Ootdflold, Con OS Ooldfiold Mercer V. Gold Dev i (treat Dend H Jumbo Ext 01 Kewanaa . .01 Lone Star 03 Oro 01 Ited Hill .. 02 Silver Tick 03 Spearhead 03 MISCELLANEOUS .10 I .04 .01 .03 .02 0rt .02 .03 .07 .05 Atnparo Arizona United Eden Mother Lode . . Nevada Hill ... Nevada Hand .. Wllbert ....... Nevada Wder Tecopa Mlnlnr White Capa ... 1V4 .10 H .IK .0.' .20 .01 H .07 .07. s .III) .04 .25 .0 Vi .00 .00 & ff ''v v' V September 1, 1930 VF EXCESS OF 2. i"3B TRUSTEE tiable us. Trust Co. New York Bonds tBAMCfl IN ItSOOl From Opening Until llOO . m. (X. Y. Time) Alaaka Gold M co cv n 1 10W. Amor Smalt'i A nn'a B 1 74H 8 7 1 74H Amer'n Tel Tnl clt 3 75 Vi Krle Oenl Lien 8..,.. 2 2 10 2 B 2 12 8 034 03 Vi 034 03 S 084 03 4 03 034 034 a a C3S 884 B3H 83 B3V. BIH B3K 53 51 R3 B3U 54 B4 88 n 51 50 53 M 54 54 54 31 BIS 53. 51 Bit 534 61V. 53 S 63 51 7 42 1..... 42Vt 1 42H 2 42tt S 4)1 11 48 2 -n IS 4H 6 43M Rt Loula iirl. It II cv A Fran In 10 1 4 10 fl 7 0 10 3 Amer'n Tel A i nou B 87 l.,.. 30H 10 30 Tel 8a 0.,... 77 H 1 77 tt 1 77M Krlo II II cv U Amer'n Tel A Tel Ca 1 0SU B 5 8 BSH 4 804 20 aim 0 .10'. t:rio n it cv i) 10 40 3 40 2 40 4 40 23 40 Ant-French Aa 2.. 20.. 17.. 72.. 13.. S 00 0 IS 00H 30 OOtt 1 0H 8 09 H 10 40U Rile Hy C" 4 1. 1. Armour A Co It Uet 11 4Ha 2 Bl Gert'l J.lcc (la , so... 1 7n 1 08V, 1 3 1 8 74 8 7&U 2 084 O flwU'O rcta Ateh Tiipeka A 1.... 102 1.... 102V. 3.... 102 1.... 102 8 Fe 4a 1 18 1 10 B 2 4 10. 3. 1. 10. 2 10. ;i. 2. 8. 10. 74 H . 74V . 74H . 74Vt . 74S . 74. . 74W Hud A Man Ml S 65 I 1 63 J 1 63 Hud A Man tnl 4 20' 4 20 I Allan' a Knov vllle A C in 534 63 4... 00 W III Ccn'l 4a '..) Atl C Line 4e 1 814 Bt I. A B Fran 4 74 Vi 2 814 Her lei A Atl C L, elt 4a III Ccn'l 4a '62 4.... 1.... 1.... 1.... 57 50 57 50A 68 37 57 604 1 73U 1 7BH 20 084 111 Cen'l 4a 'A3 A Coaat I.lne 4 00 rcta 7a 1 07 IUIt A Ohio cv Intboro 31 4 4 1 124 10. A. 1. 1. Intboro Met'n 2. 3. 08 H ct 44 7 11 1 11 3 114 08 K 08 V4 08 M. 08". 08 H 08 08 M 08H 50 H.. nt Lt B Fran Merlea I) 1 08 2 00 in no l oo l oo Hi I, ft S l'rnn Kin 0a 2 02 ft I. A Hwn en 5 58 3 88 1. ... 51 KM. tusn lat 1 .... 06 1. 8. 0. 10. 1. 4. Intboro II T fd 2 44 10 4t 1 444 4 44 1.... 15 10 41 Jap. Gov't lat 5 72 Jap Gov't 2nd 1 70 5 70 10 71 IS 71 Jap Uoe't l 8 60 2 50 2 60 8 60 8... . 50 7 604 Kan CFtSt it Ilwa 4a 1 014 08 V. Halt A O a4a 1 8.0 23 BOVi 14 mjv; Halt A Ohio 4a 2 03 1; B 04 4 2 '14 H 8 04 Vi 1 03H 1 03 VI S I. it Hwn 1... 38 38 1... S... 1... 3.!! 8... 5... Hall A Ohio Ba 68 68 88 57 68 67 2.... 2.... 1.... 2.... 1.... &.... 4.... .1.... 1.... 00 Vi 00 V4 80 Vi 00 Vi 00 s 00 00 oo u oo h St I" It U Kan O H ,1k Short I. 44a 2... . 51 20 00 2 31Hclntn Valley 1.. 00 H ... . 54 Vi, A Non 3a Unit A Ohio Un Kim C A H 10.... 78 I. a) 30 30 30 30 30 304 304 10 37 30 30 37 .17 87 37 1. fd 42 43 43 T A a 5 88 1 88 10 HR 1 88 II A Ol'ltt 3Vi 3 72 BiOPtE A W Va 4a 5 37V1 1, oo v. 8 all d Kan City Tir'I 8 . 10 10. . 6 . 3 10 13 13. 5 ... 1 .. II wy 4a 2... . 08 K Itolar 0a '21 10 084 Lake Hhore M P'n 4i '2M 1 81 2 81 II A O Tol 4a 1 47M 3 48 Drown tihoe Co Sa 8 70 I. V y en 4 4 10 72 !orlllnr, i' ' 3.... 1034 1 .. 2. . 3... I. A Naah - 4 Dkxn It T 7a 12 78 8 37V4 1 78 fltllbd Iluah- Hlillf 4a l.oula A Naah 5... 1... 60... 1 72 4 72 Mono 4a 3 02 1 02 Cen'l uf Qa en Wo'n Hell LAN rcta a 1 80 Cent'l Pac 1st 1 70K 10 71 1 70 1 804 2.... 1014 H'n Pacific M 1 73 13 73 1.... 101 Mid H & O Sa 2 78 1 77 H'n Pacinic 4a C A O cv 4 Via 7 034 8'n Pac i v 4a .1 74 10 74 B 73 2....I. 76 1 75 .1 75 M A HtL. fd 5a 10 72 Ck A Ohio 3a 1 80H Ck A O cv Ba 10 784 0 78H 1 78S 1 78Vi C A Alton 34 1 47 Mln lit nt Hte 31 alt 4a 1 87 Mo K A T 4a 20 54 4 A 54 H'n Pac e Aa 10 5H, ! M 11 B 07 20.. 07 5 074 1 004 I 2 33Vi C II n i Q 111 Mo I'ac Km 4 1 34 2 54 20 114 2 64 2 544 11 34 4 17.. 10.. . 03 I . 03 I . 03 I . 04S . 04V4 . 04 4 . 0441 H'n Pac T. r'l 1 034 15.. I 3.. ci. F'n lliillw I. 10 39 r-1 .... 50 aiob'a & O al il H'n Hallwa ' 1 73 III 4a 8 82 aiunt l'ow'r 5a S'n uy Muuii . 28 1 81 N T C At II R R R 84a 0 03 N V O A II It It R en 4a 4 074 I Chlcaco A K'n ft O Ctfa Aa 2... . 60 5.. . 50 Ilia ct 4a 0 20 1 28 Chi A Own 4a I 2 63 2 .... 53 rhlciiKo Mil A .M I' 34a 1 A 60 ChUaKo .Mil A .St 1 I 4a t'nlon Pae cv 1. .. M 3 S0 Union Pac 4i N Y C A It II It R 0a 2 89 N I)k Co 4a 1 01 1 014 3.. . 78 0 . .. 7H 5. .. 7H4 4.. . 70 t'nlon Pac ii 1 4 07 1 08 1 s"l I 02 034 'V.i T N II A U K II of Hrlt ft I'd PJ2I 1 00 1 on t; K J f Hrlt ft I'd 182.' 2 014 2.. .. 01 12... 014 2 01 unicncu aiii at il,...,. n. Ht T d 4a I , -1( i '04 x;;;;; f4 c"?l"BO " N Vnrk Hint 9?..1 1..... 40 ? " N V Tele 4', a " "i 10 74 J '"., N V T.-le'a 0a ' ' ft ami U K II ( Hrlt Chlcaan Mil & Htl' fd 44 1 01 1 01 1 014 1 014 3 02 Chi cairo Mil A Ht 1" cv 3a 2 00 0 il'.i ChlCHBO Ht P'l Mln A O 5a .' .... 824 5 82 C 11 I A I' f I 4 07 4.. .. 07 4 07 3 I.... 074 ChUuKo Union Sla ct 04" te... 104 Chile Cop'r Of 3 .... 72 6 72 New V V U as ft I'd 102'i 10 84 2... . M J S 2 M 1... . H4 4 81 lloaton 4 4a 1 4.1 Norfk H'n 6a a 4r N'k" v cv fl 10 0114 1 00 U IC l of Hrlt a 00 ft I d 1937 1 81 2 .... M 1.. 81 .- k ft w rra Coal Co 4a 5 78 S'n 1'acinn 3a I'nl'd Ra of H Fran 4a .1 8.1 '-' 314 0. .. 63 4 . . A4 4 Ut'd Rwa Han N n 1'JLiflu y 1 un ct 4a 3 74 A, !. 4. 21 21 OrK Cil Aa 2 85 . . . 21 21 Rubb I A a 77 4 . ... 77 77 ... 774 77 774 Rub'r "a 07 Rub 7 4a ru R Km 4 4a 1 734 10.. .. 754 I'ennn R R A. 2. ... 844 5 84 U 3 8 1. 1 1 10 10 734 8.. .. 84 "JVa IVnna R II T, mine innr'i 1,... los U H IMC Rya Aa 2.... 102 0... 102 1. 1 41 Clt fopenha arn 64 a 8 75 CIO Parla lis 8 01 ci'd cm chi & HI 1. kill 4a 1 074 Cl'd t'ln Chi Ai Ht 1. al 4a .1 03 Coinp'r Tab A Record' K a 4 Ht Cuba Rwa Aa 5 Oil 1 00 Del A Hud 7a 2.... 100 3.... 100 I It G 4 4a I...... 07 n Can 5 4 "-'1 5 08 7 08 I) Canada "20 4 01 J1 Canada '31 5 80 8 88 U H Prn H Co 4 a 1 07 4 1 30 7. . 074 I Routine llv la 1. 07 10. . 07 4 10. . . 07 4 2 70 Republic Cuba Aa ot '0J 20 87 It I A it I, 4 10 03 3 .... 01 3. ... 03 2... 111 4 ..04 2 01 1. .. 04 V b Steel H 1.... 01 1... 01 1 in 4 2 ins 2 t Utah IVmr & I.laht 6a 1 71 Wabash R let San Antonla ft A Paa Illy 4a 3 85 Uelt'n M'l t. 1 58 1 34 4 3 544 Ht I. t'n ait ft h'n liny Aa 9... . 82 W'n Union 14 5 72 I Ht Loula ft H Wheeling- ft I, Fran aj 1 014 Krle 4a 1.... 61 2 A.1 03 4 03 4 01 03 014 Wllaon Co , i 1 83 Wllaon Co til 1.. .. 87 03 Wla Cent'l 4a . ... 70 10 N. Illch Low Liberty ils .... 8ft.(U 80.00 Liberty 1st 48.... 84.74 81.70 Liberty 2d 4 84.40 84.34 Liberty 1st 4V4s. . 84.00 84.80 Liberty 21 4V4h.. 84.no 84.44 Liberty ild 44h.. 87.80 87.08 Liberty 1th 4V4.. H4.88 84.74 vie Not 374s.., fls.w) os.ao Vic Notes 4 s. . . 05,50 05.30 T. time) 1:16 P. in 80.00 84.74 84.:ifl 84.00 84.1)4 87.74 84.82 05,:i(l , P5.40 v rATJGUST '2GT1920 SCANDINAVIAN TRADE SLOW Duilne-io With America Waiting on Improvement In Exchange , lVnahtngtnn, Aur. 28. American trade wfth the Scandinavian countries In virtually ot n otandftlll, pcndlwr re opening of rtUBslan markets and a more fnvorable cxchaniro situation1, Norman P. Anderson, trade commissioner ot Co penhagen, today advised the Department of Commerce. After tho armistice, Mr. Andersoi. said, Norway, Hweden and Dcnmarlt loaded up with American goods expect In resumption of trado with Itussla, but unsettled conditions In that country have left the Imports on their hands and they j arts overstocked. The outlet to Germany 1 also has been cut off, ho added, because f of the failure of mnny German firms to live up to their contractu and the efforts I of the Oerman Government to equal- Ixe the exchange rate by a virtual em bargo on Interchange of goods. "Great Ilrltaln, Mr. Anderson report ed, Is rapidly taking tho place the united States occupied in trade with Scandinavia during, and Immediately after, the war. Urlttsh merchants are willing to extend three to four months' , credit, ho added, whllo Americans do not ' offer such favorable terms. Kxchunge ' with Great Ilrltaln Is not as unfavor able as with America, ho said. American firms nnd banks aro estab lishing connections In tho Scandinavian countries, Mr. Anderson stated, and What amounts to the ground nork for future (rade with Russia Is being laid by business concerns who expect to de etop the Russian market when condi tions permit LONDON 8TOCK MARKET Tight Money Responsible for Flabbl-1 ness In Gilt-Edged Section London, Aug. 26. While thire was n llttlo more hope that n strike of the nrltlsh coal miners would lie averted, the stock exohango markets remained dull today. Operators kept a cloio watch for news on tho miners balloting un tho proposition to quit utiles the gov ernment granted the domnndi of th" 1 workers. Tight rates for money were respon sible for flabblness In gllt-edgeil Invest ment Issues. Continental loima wore well maintained on the rout of tho Uol shclkl forces. Nervousness was dis played In tho Industrial department. ' Hudson Day was 0 5-18. Trading In oil shares wai exception ally brisk, but i-hangCH In prices were Irregular. Mexican naglo wns 10 15-1C and Shell Transport 7 3-15 I Home rails and Canadlnns lncked I steadiness, but tho shares of Argentine nnd Mexican roads moved upward. Kaf firs sagged, following a decline In tho quotation for bar gold. LIVESTOCK QUOTATIONS Chloiao, Auk 2rt. HOOH Katlmitnl re celcta. 18.000 head! left over. 03(10 head. Firat aalea 15025c htuh-r JIT, Ao refuad for I cholo. Il;ht. AViTig coat veaterday. S14.47. CATTIn Katlmated recolnta. 11.000 bend SIIKEP Hatlmntid recelpta. 25.000 head 1 Plttabnncli. AUB 20 HOOS Reodpla, ' 1 0119 ncad. Lov.i-r Ilenvlea. IIS'SIB 21: 1 heavy yorkera. $10 10B 10.60, HkM jorkera. o.ouwjii; piR-B, 111 o UHUIIP AND !,AMIIr lara. Ill 71W16.50 Itec, Inta '2flft hfurf fctendy. Top aheep 10 25: top Inmba, SIR CAIVVES Recelpta. 30 head Lower. Top. $10. Kiwit Rnffalo. N. Y.. Aur- 20 CATTI.E Receipts. 876 head Oond. heay nctle and ateady; lluht to common, alow nnd eaa. Cnlvea. recelpta '.'Oo head Active. 60c hlsher: $01321. HOC1B Recidpta 1BO0 head Active and atronK. Heavy. $1117 16 50. mixed. 10 25f HI 50: jorkera $10 50; llKht do. SI II. 2R 10 10: pkb, $10910 10: roUKhe S12 .""; atag-a. $810 HHKEP AND LAM7JS Recelpta. 10OO head Active. Lninha. 23c higher I.amba. $fl10; others unchanged. NEW YORK COFFEE MARKET New York, Aug. 26 Influenced by the steady showing in tho Santos futures mnrket. there was butng on tho opening call of the local coffee futures market this morning by Wall street houses and by brokers with Ilrazll connections. First prices were unchnnged to 7 points higher. Most of the selling was attributed to realizing and ofTerlngB were limited. During tho first hour therp were no price chanrjts of Importance and trnillng wns quiet. The market his developed Into one largely of switching opera tions, owing to September liquidation, and this morning September watt ex changed to December at 80 points, to Mnrch at 135 (wlnts, nnd to May at 155 points, or lrtually the same as yester day's difference. IlecVntly, the dlfferencei have widened to such nn extent that prominent Inter ests aro absorbing the offerlngH with nn evident Intention of taking tho ten ders now that the carrj Ing charges are fully coeren. t.V Y time 11 a. m. Tea cloie . 7.801(181 . N MIIWII.' . 0 11MH . 0.31i7T3 September December March . . . May . ... s 01 (I 1AM 21 Mexico to Remove Cotton Embargo IVnalilngton, Aug. 2G Trade Cora- ' mlssloner Cunningham, at 3Ielfo City. 1 has advised the Department of Pom- ITiert WI..V UIC ,iiiu,.ihu .... .,,.- 1 inui.i. tlon of cotton will lie removed on Sep tember 1 and will bo rt placed In an ev port duty of five oentavo.s per kilo. This action Is to be taken as a result of a petition by cotton growers who prulict an exportable surplus of 100,000 balei for this jenr. c OME in some time. Look around. Have a chat with our officers. Find out 'how we co-operate with our depositors and per haps you will be inter ested in opening an ac count here. The location is most central, the personnel courteous and the method of doing busi ness is prompt and ac curate. We render service. It is only a matter of getting acquainted. Third National Bank In the Center of Thing I Opposite Broad Street Station JlWll S Jj Hi '"iji HENRY L. REID and JAMES R. McCLURE, JR. WISH TO ANNOUNCE THEY HAVE FORMED A PARTNER SHIP UNDER THE NAME OF REID, McCLURE & CO. TO CONDUCT A GENERAL INVESTMENT BANKING DUSINE88, WITH OFFICES AT 303-304 DELLEVUE COURT BUILDING 14(8 Walnut Street. Phila. Phone Locust 5231-32-33 Members 1'hUailelvhla Stock Exchange 1812 Pennsylvania Company for Insurances on Lives and Granting Annuities TRUST AND SAFE DEPOSIT COMPANY Capital and Surplus - $7,000,000 Member Federal Reserve System nnoAD STitKiiT omen Clieatnut und Juniper Streeta Jjjtjjjjjijj GIRARD TRUST COMPANY l Capital and Syrpluw, $10,000,000 1-A...I i 1 .Ijw Mtt'tEJ .,. i '.-11 ITJWflXrt Laf ZyWB'lXlLU-" J -SaaaaWnIU -ta xi Chartered 1836 mmmmimmmmmmmmmmmmmmmimmmmmmmmmmmmm 1iiiiiiiiiiiliiiiiiiMiiiiiiiMiiMiiiii"iiiiiiiiitiiniii"iiiiii Service and Stability Wouldn't It Make You Feel More Comfortable if you provided for certain beneficiaries under your Will to receive fixed and sure incomes, instead of making it possible for them to lose or squander their full bhare of your estate, by leaving it to them outright? It is now almost a uni versal practice among careful people to put at least a part of their estate in the form of a Trust Fund. Will you come in and let us explain this more fully to you? It will be time well spent, and will in volve no charge or obliga tion. Integrity Trust Company Fourth and Green Streets Capital $500,000 Surplus & Profit. . .$1,700,000 Bank Acceptances Have jon short-time funds available? If so, Rank Acceptance running from 30 to 90 Days Yield From 5A7oto6Vi They nre the Direct Obliga tion of the Lending Banks in the United States. We offer a diversified list and recommend their purchase. Elkins, Morris & Co. It tinkers Land Title Building. Phila. Tennessee Power Co. Firat Mortgage St, 1962 Portland Rwy., Lt. & i Pow. Co. 1st & Ref. 5 Due 1942 G-(U.lctrR$go. DAMCEnS 321 Cheitnut St., PhiUdolphU licmticra Nno York and 'Mladlvnl Stock Btehanai SAFE DEPOSIT VAULTS $5 and Upward Fidelity Trust Company Philadelphia Capital 53,200,090 Surplus $16,000,000 17 -Su Z3 "I 1920 THE 517 Chestnut Street Philadelphia A SAFE DEPOSIT BOX la a neceaalty that no one can afford to be without. Tha Clrard Truat Company offera. at extremely reaaon able rentala. aafe depoait boxea of all alxea. The cen tral location of the Clrard Truat Building la a decided advantage, especially to ladlea. BROAD , CHESTNUT Philadelphia STS. Market News Flashed Over Private Wires Our service includes news bulletins from our staff reporters and cor respondents who cover the Industrial, Oil and Mining centers. Traders are welcomed to make full "use of this nervier. Tall if telephone or write. No obligation. JONES & BAKER Specitiuti in AVw Ytrk Curt Mfktt Stcmrttiei Widencr Bids:., Philadelphia Phones Bell, Locust 4730 Keystone, Race 2290 Offices in 9 Principal Cities Dtrict Privet Wirti SALESMAN Opportunity for Snlmman nnd Miuidsre-r'N Halntaiit In larite financial liiKtluitlon Itequlro mentH' Oond (.ilucntlon, Hlnuerlty. nnd forceful ppisnnul ty , an rx traonllnnry openlnB for tho man who ran measure up. with high -irutlw position Immediately nht.ul for ihnso who imiki? Rood. Pall 10 A M and 2 I. St. for ptrsonal lnterUw Suite 4110, Slmhert llldir.. lr,() s, Hroiu! M. ,1 Lawrence . Brown & Co. CERTIFIED PUBLIC ACCOUNTANTS lflW ItKAI. I-STATK THl'HT III.UO. InTrtlEJ(e nnd adjual nartnrrahlp ao4 rnnioritlnn neenunta. Ainu vrrvura 0. 8, Inrnme Tax Returna. "nulliern f'ountlra Cn, 5'Aa. 103J T:ilnr-lirtiiii Irjn i steel (). B4s Ili-lHware KUrr It. It. S. Ilrlilte 4a, lnifl InilliiliH Itnlhiilj ('iiinuill) nn. 1011) K inana CIlJ (ilia Coinnn.v nB (,j3 I elilali illle) ' ll ( nninnnr 4-A, ID11 I'uhllr s,rlre l.lerlrle Con' Ha, IpM Itoiinnkr (,ua l.liclu (uniin Aa, I03T hMlKI. K, I'llll.I.II's t. t'O. Mrmbrra I'lill nleli hlu "iliwk Ktclmnre 107 t'llhsTMT T. t,"n" riN.fiAi1 llUlilrinU The Philadelphia Electric Company 10IHI CIIIIHINI'T HTIIHin 1 Phil iilelihlu. I'll Aux 10, 1020 I Th liiianl i-l Ulreemra liHe ihla ,uy An. I rln red a iiuiirlerl) illvlilimt nt one anil Hire. qunrtera (Hi) ier ent (lielnji 43 75 i-nte eiini, u.'.mi iir ...i.i.n. n.iivn ! inia ('Am, itan puyahle sepferulier 13. ln. to .tock. lnjn holijera ui recorn Miauai i H " I.l'I'AS Trenanrer. rrntinaala KTIirit w. nuAvrn.v I'rr . rrnt Ten.Yii "'ft llorlaine Kite Miminc r inn i,inu immia. Due mta pta. The unJeraluneil llivltea lenuera of utmvm Honda fur aaU ami deliver) aa i.f rlenlembep lat iW.il a prln nut exreedlnit IOUeif itn.l ii.rueil Ultereat lu .ihun.i ....A.rr V. urn mi imillalile In Hlnhlnir Kuml Heale.l lemlera alullnir nuinhi ra ami Hlnnunt of Iliinila nlTr0. adilreaaed tn "THH l'OI.OJll. TKl'HT I'OMI'A.Ny TruTl".. Arthur W Hiaytnn Klrat MortBnre .' Honda" Kill Im. rrcehrd until 3 p. 3 ufiit lt, 1I.0. " Till: COU1NIAI. Tltl'HT f'OMPANI? Truatee. Market and Thirteenth Hlreata Krank U Kvea Treaaurar Philadelphia. Auauat '."llh llCfl. """ HKM.ril I'KOI'OSAI.S trill l, reerlrtalTr the Chief Clerk. Ilureau n ehi t5JSu ....n. ,..... -. -,, l..HBn 1, t' . until 2 o'elotk p. m Auaiiit SI, itii. and then opened, for 1000 yarda (. rarda wide) of rottoii ahrellnit for u In mount. ainilnl. Inv mapa anu ainiuar work. nfnrmmlon upon application. Ur dcflslt I'KIII'OHAI FOU HATH Offloi of tha SZ. pot yuartetlnaater. U. It. A.. PMlaSal. phia. Pa. i 8j.,d propoaala will fc,.Si lirr until. 1:S0 n. m.. ertemler aorliSr V------IT. .-""-ri. i"' lor iiirniamna 111, routlun on rciiuvat. 000 (afvl . eafM 'fe .5 a v Y, ".1 i - J i 1 vl i it l4 : ,rj ,1 X ?W,Viiv (.J, ,
Significant historical Pennsylvania newspapers