V ..
lt
VjSNe,
V.
I V
"t
a-,
JtVV,
V
Yt
S
w '
;
V -
V
r
i
X'
,
v ".
i!
H '
'
w '
N
4
V
YV
i
V.
lEVE&ING PUBLIC LEDGERPlltL'AELPHlA; ff AfflJRDAY, 'AUGUST 28, J920
It f - J
V 7rr ,
clHUNffAIII I IITTlf ill "
WKhUULAK I Y N I
- r- UUfiaiHi MAKKt
s.
recovery From Rocont Depres
sion Mado at Expense of
' tho Shorts
U
ft
NEW YORK STOCK EXCHANGE TRANSACTIONS
y
i
fi
Rl
I4
i
Ney York, Aur. 23. The weelt
closed with r Hstlcis nnd meaningless
stock market today. The trndloR was
'strictly professional nnd mnde up nlmost
entirely of the familiar week-end
evening up of the room trading con
tingent. Uncertainties concerning to
day's bunk statement nnd the possibili
ty of further money flurries nc.it week
as result of the preparations by the
banks for the heavy September 1 dis.
.burscments, tended to create a cautious
policy, which in turn resulted in n
marked curtailment in the volume of
transactions. 1'rlces were irregular and
mainly lower, with some selling pros
uro in scattering parts of the indus
trial division. Iteplogle lost .'I points
and Vanadium Steel and Stutlebaker 1
'point each. American Car nnd Foundry
fell 1. The recessions elsewhere were
mostly fractional nnd part of these were
regained, making the net changes of the
representative shares unimportant.
Superficially the week's performance
would seemingly Indioate a definite turn
for the better in the market situntion.
Upon closer nnaiysis. nowever. were
apparently has been little, if any es
eential change in the speculative out- I
look. Two of the more prominent out- i
standing features of the week were to
be found, first, in the undeniable ultra '
professionalism of the dealings, and
secondly, the credit situation or mono.'.
market continues the dominating fac
tor of ,the current market situation.
Contrasted, however, with some of
the recent weeks the results of the
trading were not without encouragement.
There was a material recovery in prices '
from the depression sustained earlier in
the month, but upon closer examination j
this was found to nave been mnde
largely at the expense of n large and
unwieldy short interest. Several in- ,
fluences contributed to force n retreat
of the bear party after their prolonged
successful campaign, notably the much- ,
Improved Polish situation, but the more'
potent factor in the reversal of the
price trend was supplied by elements
within the, market it-elf. commonly res- ,
Ignated as' technical conditions.
The railroad stocks were more con- j
istent performers on the rising side of
quotations than the industrial, which
was to be expected in view of the ex
tensive propaganda that has been made
by "Wall street to rejuvenate interest in
the carriers. This does not mean to
imply the rails were not entitled to sub
stantial advance, as they are unques
', tlonably far out of alignment in the
matter of Intrinsic value, but coudi- ,
tlons nnd circumstances are not yet,
' propitious for wide market movement ,
in any particular class of securities, i
Prominent banking interests u-sert
the credit inflntio nhns been checked, I
but judging from the chnructer of the
recent bank statements nnd the limited
supply of loanable funds, little prog
ress, on the other hand, 'hns been ac
complished apparently toward deflation. !
Commercial liquidation is evidently pro- I
ceeding slowly, and in making mens- I
uretnents of future market possibilities.
the thing to be determined is how much !
of this has been discounted 1 the mar
ket. It is quite evident thnt corpora-'
tlons with largo inventories of goods
at high prices, unless they have com- .
j fortable linanein! arrangements have n j
harp and rugged road to travel. Some!
seem to believe that with the com
pletion of the crop moving financing i
money is likely to become easier. In
this connection, one fact mu.st not be i
overl6oked, that is the hungry demand
for funds from all classes of corpora- i
tlons, which is quite likely to become
more pronounced when money condi-
tlons show the first signs of easement, i
There seems to be a little rift in the
clouded financial horizon, but it is jet
entirely too small to make a reliable
perspective upon the immediate future
market conditions.
TRADING LIGHT
' IN LOCAL SHARES'
Sales
100
300
aio
300
210
?M
(110
1(70
100
no
310
i 709
400
410
100
100
10
210
1100
100
lino
no
400
400
210
200
.110
too
830
too
1443
IS 10
310
too
100
000
looo
100
.110
210
too
.ill
410
113
.1)0
a io
soo
419
sin
410
5)0
410
.1)0
.1 O
4)11
iin
too
100
.110
en i)
loo
1310
coo
1)1 V.
'" t lllh
7 All American Cacbles.103 ,
.. Alaska Gold Mines .. U4
1 Allls-Chalniers 33 J5
s Am Agrlc Chem .... 77
Am Hoet Suitor MW
10 Am Roach Mngneto . . 8
. . Am Can 35
12 Am Car & Fdy U4'4
,80 Am rrug Syn 10U
0 Am Kxpress 133
7 Am Hldo Leather pf 73yi
Am Internnt Corp ... 7314
3 Am Linseed COM
fl Am Locomotlvo' 95
7 Am Locomotlvo pf ...100U
.. Am Safety Razor .... 12H
. . Am Ship & Com 213
4 Am Smelt & Itcf .... 55 J
7 Am Sugar Ref llt'4
10 Am Sumatra Tob .... 87H
Am Tel & Tel 07
7 Am Wholesale ".'"c pf 89H
7 Am Woolen 7SJJ
. . Am Writing Taper pt 50V4
. . Am Zinc Lead & Smlt 13
0 Am JCInc Len(l & S pf 4.1
4 Anaconda Copper .... '3
Asso Dry Ooods 1st pf 9'i
Atch Top & Santa Fo $3i
.. Atlantic Fruit 10 Ji
3..10 Haldwln Locomotlvo. .10854
.. Bait & Ohio 40
4 Baltimore it Ohio pf. . 48Ut3 CS'i
. natopllas aiming .... ?i
8 Barrett 130
.. Bethlehem Mottwo ... 0J4'
8 Bethlehem Steel B ... 7CH
. . Brklyn Rapid Transit. 10
.. Butto Copper & Zino.. 8T4
.. Butterlck 11 Yt
.. Caddo Central p & R 14
10 Canadian Pacific ....lll'i
r. Central Leather MJ4
4 Ccrro do Pnco Cop.. 30
10 Chandler Motors 853$
4 Chsapenle & Ohio ... t0i
. Chi & E 111 pf 1014
2 Chicago & Gt West pf 24J4
. . Chicago Mil & St P . . 3.1
. . Chicago Mil & St P pf 52?',
Chicago Northwestern 71S
Low
103
in
! 14
77
WA
9.1
34 Vz
Mi
10 YS
132
7315
73
oj.;
4!4
100
13 H
2131
551i
11014
6715
0fi
89 U
78 '4
SOW
xi
44V5
r.3'4
5914
S.2?4
19 Y
107M
an's
H
315
V4
14
14
14,
14
"tt
114
14
. Chi R I & Pac S.1
0 Chi R I & Tac 0 pf CI
. Chile Copper 14J
1.30 Chlno Copper 0U
4 Coca-Cola 31 31
. . Col & Southern 20
Columb Gas & Electric MJi
Col Grnphophone
Consolidated Cigar .
Continental Can . ..
Continental Candy .
Corn Products Ref .
500 2.B0 Cdiiden & Co
1310 g Crucible Steel
3030 . . Cuban Cane Sugar . . ,
1310 7 Cuban Amcr Sucar .,
110 o Pelawaro & Hudson . ,
500 .. Denver & Rio Grande
450 .. Denver & Rio G pf . ,
H00 .. Erie ,
310 .. Eila 1st pf ,
.110 . . Krlo 2d pf
290 s Klsk Rubber
313 ., Freeport Texas ,
31.) . . Gaston Wms & Wig . ,
100 (1 General Olgir
100 7 Gener.il rigar def nf
000 i General Motors
510 7 Goodrich 11 F pt . ,
100 60 Green Cananea Coo .
901 7 Great Northern f ... 73?j
J 200 4 Gt Nor Ore ctfs T2
2100 4 Harfkell & Barker Car 70'
43 .. Houston Oil Co 10CK
103 i Hupp Motor Car 14 i
10.1 7 Illinois Central to
100 5 lnt Agrlcul Corp pf . 77J.4
910 .. Inter Con Crp 3!4
400 .. Inter Con Corp pf .. 915
100 4 Inspiration Con Cop. . 10
8)0 .. Int Mer Marine .'434
700 fl.Int Mer Marine pf .. 75
Total fIs. 111!) .".00 Kharcs, compared with
we-k. 2.135.000 nharcn
31 Ti
. 75
. 7S
. 1034
. 89
. 37
. 130 Ji
. .-2H
. 3914
. so a
1034
14
sl 31
13
28
2l'
83i
f4Jj
80 i
21'4
85 34
130
73J4
10
6Ji
11 Ki
14
131
54
38
8514
50
10
24 Y
31 31
535
7111
?5J4
85
14 Yt
78',
.13
20
MJ4
2315
7315
78
1015
8815
30?4
135 '4
31 H
39
HO 31
4fi
1(12
1414
21H
HIS
201,4
2H'
S3
C4"o
85 fl
25 ',
"Sit
isj-5
U.'.'i
1431
SO
77K
314
0' B
4U
M31
7.1
S2S.70O
1
Today's Net
I'lose Che.
103
3lH
77 7314-
85 -
35 .
13414-
10 Y
133
7315-
73 n-
C9H
95 loo Y
12K
2131 55J4-11031-
8714
97 8914
7831 4
50 Y -13
-44
H .
1214 -5015
8314
19 U
108M
40 48'l-
31
136 -014-
70?,
10 -
0'i
1H4
14 -
121 1,
85 5i
59
1015
2414
35
5231
71V5 l-35:,-C5
13 I
28U 3414
20 -54'-v15
76 -78
-
ion
89 -37
-
13515-
r.214-
39J5
90J1-
1015
14H 28 'j
21 'i -831-
C4'j-80?4-
21',4 r W
8531
25 i ' 1
73 Ji 4- h
13s-
"4
y
'il4
i
' ' 14
Yk
HI
14
"l4
'A
14
Y
V
114
H
14
14
Sales
200
400
390
900
3700
100
100.
310
100
1700
5300
100
1000
3.100
700
200
400
200
000
1500
too
400
230
1330
1100
100
700
500
500
2500
500
400
1100
300
3100
500
290
600
100
100
100
0500
54900
2400
1000
700
200
1000
800
too
100
too
4110
237J
2200
.'
500
too
3000
4500
300
200
1.100
1400
230
400
400
800
1330
900
330
100
800
230
309
1500
160.1
COO
200
11900
500
100
330
5500
230
800
800
loo
700
1400
900
1UO
IJIv.
In t
40
20
79
37J4
814
Internnt Motortruck.,
.. International Mckcl..
., International raper ,.
.. Invincible OIJ Corp ..
.. Island Oil
. . Iron Products , 45
.. Kan City Southern .. 19
2 Kennecott Copper .... 24
. . Keokuk & Dcs Moines 414
1.20 Keystone T & It 1715
2 Loewo Co 2114
.. Loft Corp 13ft
10 Mexican Petroleum ..16314
1.00 Middle States Corp .. 13
4 Mtdvale SJeel & Ord.. 3914
.. Minn & St Lotils .... 1414
.. Missouri Paclflo 25 Ji
.. Missouri Paclflo pf .. 45
. . Montgomery Ward . . . 33
.. Nnt Aniline & Chem. . 7714
.. National Con & Cable 714
National Lead ....... 73
Nevada Con Copper .. oyt
New York Central ... 7314
New York N II A H. . ?4
New York Ont & W .. 115
Northern Paclflo .... 74 Ji
Nova Scotia S & C ... 1614
40 Okla Prod A' Ref .... 314
8 Pan-Amer Petrol .... 88
S Pennsylvania R R, ... 41J4
. . Pere Marquette ....... 23
3 Philadelphia Co . ...; 35
.. Phillips Tct 3614
. . Pierce-Arrow Motor . . 37)4
0 Pitts Coal C314
.. Plttsburir & W Va .:. 29 J4
0 Punta Alcgre Sugar .. 7315
a Pullman 11314
4 Pure Oil Co 3814
1 Ray Con Copper 1514
4 Reading 9314
.. Replo Steel 77V4
0 Rypubllo Iron & Steel 8514
.. Republic Motortruck.. 33
.. St Louis San Fran ... 264
. . St Louts San Fran pf . 37
.. St Louis Southwest .. 23
. . St Louis Southwest pt 30
1 Santa Cecelia Sugar. . 14-
.. Saxon Motor 5Jj
74 Shell Transport lO'i
.. Sinclair Oil '., 29J
8 Southern Paclflo 1&H
.. Southern Rnll 28
20 Standard Oil of N J.. 65
7 Stand Oil of N J pf,.105
4 Stewart Warner Sp.. 3314
4 Stromberg Oarb 75(4
7 Studcbaker 6171
a Superior Steel 5114
.. Tenn Cop Chem ... H
5 Texaa Co 4714
.. Texas & Puclflo 35(4
.60 Texas & Pao C ft O.. 38 JI
.. Times Square Supply. 25 M
0 Tobacco Products . . . 45 Ji
. . Transcontinental Oil . 914
.. Union Oil 2714
10 Union Paclflo 131
12 United Fruit 194
4 United Alloy Steel .
. United Rwy Invest .
. Unl Rwy Invest pf .
3 United Retail Stores.
8 U S Food Products .
8 U S Ind Alcohol ....
8 U S Rubber
0 U S Smelt & Ref ...
BUS Steel ....'.....
8 Utah Copper
I'tch Sea ,,.1
4 Va-Carollno Chem . .
0 Vanadium Corp
, . WabaBh
. . Wabash pf A
Western Union Tel . .
Westlnghouse E &
70J4
1051S
"31
80
77M-
314
0'4
40 -24
-75
-
shares etcda. Thin far this week, 2.758.400 shares. Same period last
M
10
814
1731
08V4
Sili
87
8514
f3H
91
63
714
68
70
8M
26V4
83
4714
White Motor 48
Willys-Overland
Willys-Overland pf
Wilson & Co
1514
79
57
T,ow
fl
30
79
3614
6
45
19
24
414
16H
2031
UI4
16114
1114
3914
1414
25 J-l
44 H
31
7514
714
73
ioM
73
3315
19'4
7431
.
3?,
87 14
41 H
23
34
3615,
T614
63
29
71
11314
3815
1514
9114
70 '4
8415
3131
26'
35i
23Ji
3514
14
5'i
CO '4
28' 5
9.1 U
2714
C63
105
3314
73
CO 14
6114
9 34
47
35
38!4
2314
15
93i
25?1
12031
1S314
40
815
1731
67 Ji
59 U
0
8431
tan
90W
01 JJ
7P5
66
08
84
20
83
4714
4514
154
7HI4
i7
Today's Net
Close Cht e.
39
so M- 14
79 t 14
3614- '
014 14
45 . 114
19 .
"24 - 34
414 J4
16J1- J4
3114 114
1314 H
163J1 14
11 - 14
3914 14
1414 'A
2K
45 - Va
31H-
7514- 14
7ll H
73 - 1J4
1074 14
7314 31
,4 34
1914- 14
74J4 H
4614 ..
.1J4 ..
8731; 34
4114 34
23 - A
'35 IS
3614- IS
37H, J4
6314 ..
29 14
7315 14
11214 14
3814 34
1514 ..
i3i- y
7714- ?4
8514- 14
33
264 . .
37 1
2d 14
3514 14
14
5J4 14
5014 15
29 K
8534- 14
37 H- 15
663 -11
105
3314- 14
7414 3
r.114- A
5114 14
94
47H- i
3514- H
3814- 14
2531 115
65 1
914
765- J4
171 - 34
1'4
40
84 14
1731
OS' - 34
3014 -00
- JI
8515 . .
331 1
90J4 14
63
714 H
66 '4
70-14
834- Y.
26 . .
83 14
4714 ..
45J4- 14
15J4- 14
7714 14
67-1
CREDIT SITUATION
DOMINANT FACTOR
Public Still Holding Aloof, Hav
ing Little Faith in Bullish
Demonstrations
Philadelphia Stocks -
Net
Hiah !. r!o thK.
!i. Am Str-.. 44'4 14 44', '
11!." Am Jn. ".". "'1 :M 2
4.'. roStnr.l2Ut W -'Mai l'.-j
4.i Key tele
.10
.7.1
4H
pre! . . .
42 l.eh Xnv.
41 Pa H H.
." IMiilnr.lee U't
107." T.uio I'.cl. 2
10 I' C, I... 40i .j
1." United Cos
N J ...10."
T.ilal xnlm 1'.7"
31 Toil h.irt .-.mi
fhnrH
aiex in IIOMJ
10
."S
41 '-j
L-J4
Ui
40V-.
:io . .
.7.1
4P-.-
i . .
.K. I
(I
lit
Week's Operations Revealed
Strict Adherence to the
Waiting Policy
T)ealini;s in the lorul mirket were of
the usual dimimtiw character witness
ed on the half holiday. Asid" froi.i
Tonopah Ilelmont. all the trnii'.af tioti
were of sninll odd lot-, but thee in i.ev
eral Inhtunem prudured -.trikins wide
price ohange-i. rpuWting the extreni'
narrowness of the mntliet Klectrn
Storape llutierr mi t ent -rivesimri -dropped
back 2, points to 110' . On
s 11.00
1 Hire
Tr 4 s . .
." Leh'sh Val
Cell Is. . .
1 Lib I'.onds
:;d 4',s....
1" . 4th 4',s .
7 fl-'JO Vie l-i, s
:; Nnt'l Prop
i-rs
J NEW YORK BANK STATEMENT
Excess Reserve Increased $12,804,
520 Heavy Loan Expansion
The reserve position of the New York
Clearint; House Institutions was materi
ally strengthened this week. The excess
reserve, which fell almost to an extin
guished point Inst Saturday, nliowed an
increase of S12.S04,.V,0, hrinfiini; the
actual surplus above lecal rcqu'remenU-
iii to S14.j:i.,t.O."0. This wuh made
i larsely becnure of the increase in credit
I Km Hi." 1 ieerve at the Federal Itesurve Hank of
shir. comnnro,) with ' M-'l.iMJ.OOO, ui liabilities were inrrcnfcetl
Tnus far nils w l the jump of $1,271,(XMJ in demand
p. rlu.l last week. JO 1173 deposits.
Nt i lie more asiounmiiK item ot tne slate -
litfh Low close chee inent was furnished lu tlie expansion of
l.sm.lKI'.I.OOO in loans and diM-ounts.
,"2 ."- - .. 'which would hardly be a true Ictlectiou
of tint btock market recovery movement.
''' W '" ' Apparently it represented either prep
aration- tor me reptemoer i uisuurse
ueutH or extension of the borrowiutf o(
member banks ut the federal institu
tion. Details follow :
40'-..-t- i
'-7 f, S7.04 S7.04..
M1 -!() S4.MI .04
!)5.."0 !C.42 0.".."0.0t!
,"i IVt.ua U It
temp .if. 102': lO'J'i 1021;...
10 I uitecl Jtwj
Invet "". li." 'H ("'.k li'i'sr 1s
1'ot .1 $ Is c ' i nnuiurcii w th M- sort -terJj
'IIiji- f ir llus U 1.13S )(io 'utp-I
perl'-id !..t .. .. c;o HllO
moved up '
the other hnnd I' (!. I
point to 40'-.. en Hinnll iurn-ver an I
rnited KallrojcN or .New .Ic-riev on
limited dealing win up St fi-nm .re
vious sal" ut 105. KNe where pi ice.'
were stationary.
Little in the vrnv of nnvrltv vn pre. ,
Rented in the week's operations insofar
as the local stocks weie concerned. I'os
fclbly one of the nioie enc-ourugins de
velopment was denied m the absence
of liquidating presmn,. w, conspicuous
In gome of the precedinj; weeks. A
nioHt of the more prominent seasoned
dividend pning local shares ltte
reached a level at which they refirn an
Investment income equal to the earning
power of monev. it is quite natural
they should nile relatiielv teacj . ni
and near the current level, nmre'pui
ticularly in view- of th" eii,.asurii. c
of the stability of the present ilmdeud
rcturnH.
With the resti ic' on eiifiu-. e,i upon
market mtintv bv ichmhi Pf ti. ninm-v
rondltions with which most everyhocli
in now thoroughli familiar, it is alto
gether natuiul and logical the rank ai'd
file of the market mteiesis. as mil n
Investors, big and little, should ,ric-k
closely to the waiting policy. Till
would account for some of the seeming
Indifference to a number of develop
ments, particularly concerning the local
transit situation. Satisfied there i
nome sort of a solution of tins muddle
thero is n general disposition to await
the actual icsults rather than attempt
to cness it ( harai-ter
The week's dealings however, dainlv
nhow prices of the better grade of t ho
local Fhares hud 1 cached a level where
at least, they had become attractive to
the smuller investor. As .1 mutter of
fact, the bulk of the local business has
teen made up of odd lot transactions
'Chi is significant ami will eventualli
have an important inlluence in shaping
the course of security values.
French Gold on Way Here
Hew YorU. Aug .'8 An extensive
movement of cold from Francu to thu,
nnimtrv In under way A larte con-
rw d,jnment of the yellow metal Is now- 'on
he water" and will arrive within the
; 1 1 -..n:r fluv or two This cold Is helnc
a Tnuppeu nere oy 1110 j- rencn iinnnce niin
i.jttry In connootlon wllli the Anglo-'
m l'...k Innn ivhlr-h mufllrea hecrj. no
, ,r iTHVic w.. .. -. ..-.. w..
'OWM,lntober 10. How large tne nioeinent
IIUCUI OB " U"'i " "lew
vv.a. .i,a avlnnt nf th, xhlnmentA, -vi'tll
iv ,.... --. ..... -...,-,..-.,. -.-.
MONEY-LENDING RATES
l-iiii. i)i:i.rit i. fall, fi pfr c-nt:
time, (i per cent; commercial paper,
tl-ire 10 s months, fl per cent
1 Note These are tnerelv nominal
notations as the leirnl rate or interest:
11 the stite of I'ennm'lvanlu ts llxecl at
(i per nnt I'lus premium and i-ommls-s
on urn,- noney foi thirtv to ninety
d.ivs Is loaning at S to S'j per cent
li 1. commercial paper from tluee tu stx
tnoTths is Ijeinii offered ut S to S'5 per
c ent. )
3 ('
I.OMION Money Is quoted at T. U
per cm' t'lacotint rates, phirrt bills,
s 4 per (em, three monihs' blhs. 0, lj
t, 13-lfi per tent
FOREIGN EXCHANGE
New uric. Auir ".S Opening quota
tions showed the foreign xchange mar
ket (jfnijrally uncLangeel from vester
cl.iv s cle.se with slight r'-eepxlons In
leutral ewhiinu-i-H I'ernand sterling
w,es ciuoted .et I! ."'., nnd cah.es .') 5"'t.
ui ' l-'ratic w,ro unchanged while
l'-e ,ie uff l1, points nnd murks were
up I
ciilt.r eeuoi.iuons were
l-'i a
e ehles
c.tleles
Sw is
. ll !e-K
1 '. ''.',
14 j'
H.-'e
l"mHnl
i ji
'I eel
r, i heckn c 9S : lire
It.-P.. e'le.ks 4 fiB- ; Helgian
: -14 ' . e m. ks 7 42'j . marks 2 01.
eiel.s e, ,-,n. e hicks 10 41: guilder
JJ' die i-ks M ; pesetas tMlilus
.ne-eks 1 ." i"e . Stockholm rubles
i iee Us 20 -li . 'hilstlanla c.ihles
'. ks 14 JO, ropenhagen cables
he, kS 1 I .'''.
ri.KDHY riVAI. CIL'nTATION8
Sterling francs I. Ire Uultelers
IS fl '13 I O.'e 3J 'J.e
.vi ', i its 4 07 :t: 3
H e PEN I. NO uroTATIONS
.-tr linir Pnn I. Ire Gull'lers
1 -,ei, 11 OS 4 11.1 , 3-J 37
n -.7', f, hi 4 no4 3L' r.o,
e.Y ' lPt.VCl QrcrrATIo.NS
"terllpc Fretnet Lire Gullrteri e
1 -4 -,e4i. I, S 4 11 . IS
S ST', 7 0O 4 del 3J
Kxieeiee reecrve.
Acsreifttte res. .
LceHtlS. etC.
Ci.teh in aulis
iitiel member
banks . .
He-s. rve in niem
teer tink unci
j reserve bank.
I lit serve In state
bunkee and trust
I companies . .
Heic-rve in male
I bsnks and trust
I company depo-
I It.erle-S
Net demand de-
I pcelt
1 Time (lc-polts
, Circulation .
f S UeponllH
deducted
I STATE HANKS
I
1 eVnns and ln-
etmentM . . I
field
t'urreno and h V
notes . . .
lee-pot-ltn with lh
Federal Iteyerve
I'HIlk of New
York .
Te l.ll depMltB
I'e'i-iielti. ellml
niLtlner amounts
due- from re
tee 'lei deiKl-cltn
riei and from
Mher batikH himI
truiit ccimpanles
In New- York
cm. enchanueit
..r.d deposits bv
r S CJnvt pro-
(eetll Of 841
o' blends .
lies on deposit
l-'ereelllHge f te
e V ft
Dtftrtrtse
avj:haoe
This week
111 00 .130
r,:i3,-jf.t).ooi)
I.asl week
tll.M8.00O
ri42.71S.00O
Commodity Markets
5.133,IB5,IMH) S,12U.S7tl,OO0
SS. 728.000 R9.4C0.0fl0
510 337.000
R. 101. 000
S SJ9.000
707.000
R.O77.0OO
R.034.000
COTTON MARKET -
New York. Aujj. 23. Although the
cotton market started firm and 15 to
112 points higher today, the opening was
the smallest of the week in point of
business. The advance was attributed
to covering of local shorts on unfavor
able reports from the belt and bullish
foreensts for conditions over Sunday.
Liverpool became n buyer after the
openinc and the list, at thc(end of the
first fifteen minutes, was about 10
points net higher.
The market showed incrensinK
strength durini; the middle of the inorri
ing. The buing was more general anil
aggressive than it hns been at niey time
since the recovery from the low levels
of Inst Tuesday, and undoubtedly in
cluded fresh "buying for long account as
well ns continued covering.
October contracts sold up to 20.35c,
or more than n cent of the closing price
of yesterday nnd more than HVfcc nbove
the Jow level of the week, while Inter
deliveries showed net advances of 70 to
77 points.
Vnll street and. the West were par
ticularly prominent buyers, nnd in some
cases at least were believed to be go
ing long nfter covering recent bales.
Yest Today
cloi-e open illnh T.ow
iis :,o 2fl h.i 2R..-.0
el SO 27.05 20 70
if 1.1 .'7 20 20 OR
20. SO 2.175
40 25.25
New York, Aug. 28. Tho Evening
Sun's weekly financial review today
says :
There was little In the current week
to indicate which way the market for
securities might jump or whether it
would Jump nt nfT. It was in truth
nnother ncrlod reflective of Inconclu
sivc sentiment nnd veering opinion for
which scant nnchorage was to be found
In developments ot n positive char
acter. There was something of'a tend
ency In money rates to harden If the
ntiotatipns In the call loan market mny
nc tnKcn to mean anything with rc
snect to more than monetary conditions
The government withdrew SKI.000,000
in deposits from the New York banks
on Thursday, nnd on that day. just
before the stock market closed, cnll rotes
advanced first to 8 per cent nnd then
to 0 per cent. Yesterday they went as
high ns 10 cr cent, renewals being
mnde nC 8 per cent.. It IK doubtful if
these rates menflt anything., more thnn
thnt some belated borrowers were caught
unawares. The ruling figure, for de
mnnd accommodation through the week
was 7 per cent. Time funds held around
I) per cent, nnd nt intervals It seemed
that renewals were rather more readily
granted than has,recently been the cne.
That there should be some hardening
nt this time Is neither surprising nor
dishentening, since. It Is wholly seasonal.
Obligations fnllln; due In September are
tisiinllv fnirlv henvv and in addition there
are the Treasury certificates to be paid
off in September, nmounting to some
5700.000.000, and the federal tax pay
ments nf the third installment to be
met. These things, however, have long
entered Into the calculations of the
Street. Hack of these requirements there
are actively In the making the prepara
tions for crop financing which appears
not to call for the usual girding of bank
ing loins since consciousness of the
widespread credit, strain has caused bor
rowers on thnt score to begin their
preparations for accommodation enrlierj
than has been tne case In most lormer
years. However that may be, the real
test has not come yet, and will not
come before the middle of the next
month.t
The outlook seems not particularly
promising for relaxation In the credit
situation through the remainder of the
year. It was difficult to trace any
change in nttitudc in this connection in
banking circles. Liquidation in com
modity nrices has helped some nnd in the
opinion of the 'Federal Iteservc Hoard,
expressed in its July bulletin, credit in
flation has about reached the maximum
nnd by this token mny bo expected to
recede from this time. "The pro
nounced checking of speculation,"
stated tho bonrd, "and the restriction
of operations in securities nnd stocks to
n Aery low level bus been a decisive
element in the linnncial centers, par
ticularly in New York. Coupled with
these conditions hns come, nccording to
general agreement, a definite if flight
increase in general efficiency nnd an
equally positive, though limited, cur
tailment of extravogant expenditure nnd
unnecessary borrowing. These factors,
if maintained, arc an influence in the
general business and credit situntion
will mnrk the turn from the period of
'peak inflation to n period o rcstora
tion of sounder conditions.
"This is very interesting nnd the
source of high authority, but the im
provement cited hns not yet become
convincing enough to visualize it in n
distinct wny before prfblic which has
gone through a rather gruelling exneri
eiicc in past mouths of disappointment
and wenry wniting. The public still
holds aloof from the stock market be
cause it caijnot be proved to its satis
faction thnt a real live earnest move
ment in values, once started bv any
development capable of starting iti will
hnve banking support; that is to say.
will the necessary credit be forthcom
ing to make such a movement possible?
0 24R.0O0 4 005.777,000
US, ISO.OOO 200.242.000
3,1,248,000 34,1107.000
.VI 501
'and
000 5R 514.000
TRUST f'OS
Innrease
72.00.700
7.004.000
17.lS4.aOO
15 tOO i00
.1.400
R5 300
7.50"
.'I.00O
I 1 10 :
14 305
Oct . . 28.33
Pec... 20.5S
Jan. . . 2C.no
March 2.1.72
May . 2525
July.. 25.00
2.1. R7
2.1 50
2.1 8.' -23.73
Close
21) 70 UTS'.
27.Rnfl'J5
27 ItieV 20
20. 00 if? SO
20 40
20 15
Philadelphia Markets
iYcjo York Bonds'
A Arli'. 4'4
1 77
Amer Fruit 7
1...... 83
Amor Hmfjt'i
& nefl'e 5-i
10 74
1 74K
Amer'n Tel
Tel Sa
1 73
1 78.
Amer'n Tel A
Tel da
3..... 03U
3..,., Oft).
2 05 V.
10 05
.5 03U
B 05H
AncKrench fts
1 03 Mi
Ann Arbor 4 si
S SO
Armour A Co
n Kt n m
1 78
1 70
5 75H
3 75W
2 744
Atch Topeka A
S Te 4a
10 74U
1 74S
20 74 ti
B 74i
Atch Topeka A
B Fe a)
1 08
4 00
1 07 TV
10 05
Atch T A B Fe
K Okla D 4
1 83 U
Atch TranacCI
Short Li 4
1 70W
Atl C Line clt
1 00
Atl C Line 4i
t8AI.ES W S1000
Cons'd G 7(
1 09
Del A Hud 7a
1.... 100H
1.... 100ft
1.... 101
Den ft n O fd
4 49
Den A It Q,4a
0... . 64U
1 04 U
4 04
B 04U
1 04 W
D Canftda '29
1 01
Erie dent Lien
1 4BU
I 1 45M,
6,.... 45.U
Crlo n II ev A
2 3f) H
10 80
10i..., 88i
Erie It 11 cv II
3 SSH
6 38 1
Crle It Hjov 1)
0 43
5.. .. 43
1 ... 42
1 43
Erls II lat en
1 00
Erie lly Co 4s
40.. . fiftH
10 65V
O cJwtz'd rets
2.... 102U
'4.... 102H
D.... 103
Hud A Man fd
B BS
1H BR
2..... 65
Hud A Man In
E.
O
Atl C L
74 Vj
7414
44a
7t
Line
P8l
08i
08",
A Coast
rets 7a
3.. .
5 .. .
4
Unit A Ohio cv
OS's;
3 B8i
i .... mo l
Bait A O 349
3 80i
Bait A Ohio 4s
2 041
Dalt A Ohio 5s
0 00J
1 O0H
2 10 'i
2 '00H
1 07
Bait A Ohio 0s
3 88K
4 BRf),
12 88 "i
2 R84
fi 884
3 88i
a a o p l a
A W Va 4a
1 B0
2 88".
B A O S W'n
Rly 3',ia
2 .... 7t
IB 74
B A O Tol 4a
1 48
3. ... 40
10 48
6. ... 4'T
Beth S Ba '30
78
Ctl of Ueorgiu
Mob d
B 80'
Cent' I l'ac
7 72
1 72
Ctl l'ac si 4a
10 COM
Chea'k A O cv
2 73i
1 73Vi
C A Ohio 4Vj
2 734
2... 4. 72M,
4 72H
OiOCVt'K
2 724
2
3
O'cv 3a
80
. . 80
. . 804
. . R04
C 11' n A Q urn
2 77
"BJ
40.,
B..
B..
a..
45..
fi..
20
...204
...-"2)4
... 204
... 20
... 204
. .. 204
III Cen'l 4a 'S3
0...... 07U
1 08 U
Intboro M 44
1 IB
Intboro Met'n
ct 44a
1
10. ..
50...
80...
10...
no...
11...
6...
Intboro It
B0
S
B0
0
2
1
20
10
10
IB
23
1
B
1
10
I
I M Marin- 01
10 81
Jan oov't 1st
10 735.
10.. .. 734
.25.....' 73
25 73s
Jap Oov't 2nd
72 ;
721
14
134
13
14
14
13
14
144
134
14
T fd
40
40
47
474
47
47
47,
47 4
47
1(4
47
4R
47
474
474
474.
2.1... 87
Pa It am 4 4a
' II 70
20 70
Penna It It Ba
7,.... 85
Penna II 11 7a
1024
1024
1024
102
1024
102
1024
1024
1024
102
102
1024
102S
3...
6....
4....
,8....
4....
6....
1....
18..,,
4,..,
7....
1....
3....
Peoples Oaa L,
i C Co If
1 B04
Per Marqt Ba
4.... 80
Phil County cv
fi 80
Reading Ry 4a
2 704
6 7!t.
10 704
Republics Cuba
Ba ot 0t
7 .RO'i
H 8
Ulo O ft W clt
S.... 804
Rio O A W 4a
1 0 .
rtoeT 'rt A
fli"J!lvV
n.....' 041!
1 04
2 044
St L I'n Mt A
8'n nwy 4 a
10 717.
1 71
St- Louis A a
Fran aj
MODERATE BUY
KIN ASPHALT
Oil Group Shows Fair Rocupora-
tivo Power Car Light
Reacts
Now York, Aug( 2& Tradlnt; off tho
Broad street curb jvns of the u'sual'half
holjday character, business being smuil
in volume nnd fluctuations narrow nnd
without special Importance,
General Asphalt started nt ClVi and,
after declining to 53', had a moderate
rally, nnd (Jar. Wght, which lias been
In demand for the last few days, reacted
to 2Vi, There wob a moderate amount
of business In United Iletnll Cnndy from
12j to 12. Kfrcstonc Tire Bold nt 117
and Proctor-Gamble nt 1Q0.
Independent oil stocks, ns a rule,
were moderately lower, but rallied' after
early declines. Slmms sold down to 13
nnd Klk Ilasln was traded In nt 11
to D. International Petroleum was Ann
with trading at .13 nnd 34-J4.
INDUSTRIALS
IIli
04U
04 4
04
04
05
A S
54
64,
. 53
. 83
. 54
. 53
. 64
. B34
. 54
. 63 Ti
. 64
. 63
t 4
St L A 8 Fran
Series A
4
4
1
o:....
i
St Loula
Fran In
10
10
10.. .
1
8... .
10.. ..
1
10..
4..
10..
1 .
12..
1..
O..
4..
0.
674
87
874
B7
B7
07
B7
67
B7
St L A S Fran
Serlea B
fi 004
8 004
St L A a Fran
Serlea C
1 844
St ,L A Swn en
fi 00
StL A Swn 1st
10
6..
10..
10..
10..
23..
23..
10..
10.
Jap
10.
50.
4.
10.
,8.
1.1.
724
72
724
.... 72
,... 724
.... 724
Oove't 4f
1,5
04
St L A Sim 5s
68
87
88
67
584
50
L a
10..
1..
4..
5..
4..
10..
Seab'd A
10.
1.
C'U A
1...
1...
1
10
15
C ll'n A
io..!!!
o .. .
i
10
1.. ..
14
2.1 . .
13..
1.
78
78U
Q 4s
04
05
04
04
04
04
04
(1.1
11.1
05
Chlcaro A E'n
Ills ct 4a
:7.1 871,000
1 35. 760 000
ACTUAL
This werei
SI 1,281. fi.10
543 20S.4M10
,157,02S,0Oel
BANK CLEARINGS
1 ,i i ,- ...I'l iiiip.ire-d iith e or-
i e i i I c 1 eet two sear
1 l'-ll Held HllS
Pt. a 7nHl44l Holiday I5II28 0U'.
tear ci ti -'I .01..' 1 1.415 701
N Y i !". li 10 fill.'
Il.,.te e 11 ' I) 7-7 17 3I J-Ji
e i ,M. .l I" cl .'I
f i,
H
t
Crt I
V l
ii 11"
Rescve Banks' Discount Rates
uttii et rrtlise (unit uites nt the tutle
I-'edcral Keneii bnnks urn ns follows
Moaieic
N.'iv a!K
I-hilnrti-lphio
rie-veMand
tletntH
rhle .ito
Ki L.iulii
Minn -arol's
r-an Frare-iuco
I re-d.
. lf
5'
ll
I.IL
Honda
fl
Com I Ilkri"
Paper Acifpt
j
r.4
ii
o
64
64
54
11
iY"
0
tniscount rafe i-orrenponda with Interest
lain borne, by certincatea plrdg-eq a collateral
V'uVI i.h.hJ iieviii Hia t'pmtlt air ftiA nfrnlfii.l
kj IVi ' tl" hmHap wuv InnVlncr tn hft I ihil. rf-Thh . AllantA an, I k'anui CAtt. n.l I 1i nmr rent on Dl-Afftrfed. VUTt-bU OctODtr I
' rj F'imwtpt a loan tV 'Franc. '$i ptr ctfi In ih ca of tian Krnifoco 'i to itock pr record Sptmbtr SO.
l.xe Hieii leaerie,.
Aicirrcrsata res .
I.oi-nie etc
(-utih in vaults
and member
banks 0,700,ono
ReB In ineni
boi banks anel
reserxe bankn 520,400 000
Ilea In main
hnnli" A irmi
companies 8 023,000
I'.en. In IJle
ieaiiUs triiht
i omp y deposl
tr.rl.s 8 774,000
Net demand d--
poults 3.liM.02B,nno
Time depuslts 2HU.78O.O0O
Orculatlon 35,287.000
"l H elfpoSllH
deducted 40.108.000
17 484, SOI)
Last week
11.428.830
529. 480, 000
i Utl.UtsO.OUO
83 893.000.
.1!.427.OO0
8 094.000
8 913.000
3 DS4, 255,000
2.W.H8H.000
35,107.000
50.051,000
GOVERNMENT BONDS
Hid A ale
100 101
100 101
100 101
.100 101
. 77 80
. 77 80
. 75 83
. 78 8.1
. 75 8.1
101 102
.101 102
10.1 1011
ion
Panama coupon 2, 1030
Panama registered 2a. 1030
Panama coupon 2a, 103s
Pnama rct'lutered 2s, 1038 .
Panama loupon 3s, 1061
Picnama registered 3, 1001
Philippine 4s, 1031 . .
Philippines 4. 1011 .
Philippine 4s. 1U3H
U ? Clovt coupon 2s 1030 ,
1' S Oovt reKlatered 2s. 1030
IT -j itavt rounnn 4a 1025
l' H Oovt registered 4s, 1025.. 105
lsl of Columbia 3-65a, 1024 . 05
GRAIN MARKET
Chicago, Auk. 2S. Profit -tnkins
caused rocessions in wheat after a firmer
Oftpiilnc today. Offerings nt first were
limited and, on a little scattered buying.
December advanced !li to l' cents and
. . . ... .
.iiarcn i-i to rents.
There were reports of a good export
demand from southern Ktirope, nnd In
timations that some leading export
houses hail been purchasing liberal
amounts of the cash article in Canada
to go to (ieorgian bay against pros
pective inquiry from Orent Itritain.
December opened nt $11. 37 to $2.3S
nnd sngged to yesterday's last price of
S'30K'. Mnre-h started at S2..TJ to
.'.33, against $2.30, yesterday's Jast
price, anil iieciineu to .ai. Uecelpts
were 178 cars.
Corn nlso sagged after a generally
firm start. Trade was light. A local
house estlmuted the crop at 3.0.I0.O0O,
000 bushel, or 87.000.000 bushels more
tbnh the latet government figures.
September opened nt Sl.-l.'iVi to
$1.4:iT4j. ugalnst Sl.-I3- at the close
yesterday, and later sold at ,81.43.
December opened at 51.20 to $1.101,4,
against Sl.lO'j nt the eloe ycstenlny.
Mny started ut$1.17 to Sl.lTU. against
$1.109v at the close yesterday, nnd
receded to $1.1RVi. Uecelpts of corn
for the day were 103 cars.
Oats opened a little firmer, but trade
was slow. There was selling by a cash
concern. Commission houses purchased
In n small way.
September started at an ndvnnce of
Jsc and later declined Yi cent. Decem
ber opened nt 07c to 07Vsi against
tw,s at tne enti yesteruay. .May openec
Kir niglier,
212 cars.
Wheat
Dec March
Corn
Hept.
Dec
Oats-r
Sept . .
Dec
rorU
Hept.
Oct. . .
Lard
Sept. Oct .
at 09', ic. Iteceipts were
DIVIDENDS DECLARED
Bwlft A Co.. quarterly 12. payable, October
I to atotk of record 'September JO.
Open
. 2.37
. 2 32
. 1.434
. 1.104
. 07
. 07
26 10
.23 05
.16.32
15.63
Utah
2 38
2 83
1.44
1 20'.
074
HJlf
07
25 10
25 05
Low
2 311
2 31
1,4.1
LIU',
074
00
i"loo
2 32
1 43
1 10
07
074
24 05 24 05
25.85 28 83
15.32
IS 82
16 20
15.03
16 20
15 70
WHEAT Uecelpts. 117.400 bushels Mar
ket lareely nominal. Car lots, new m
export elevator. No. 2 red winter, $2 70fi
2.75; No. 2 red winter, garlicky. 12 Oiifi
2.05. Other aradra quoted at the follow
lnt; schedule of dlncnunts: Mixed whent '
under red inter No. 3 wheat3c under
No. 2. No 4 wheat 7c under No. 2, No
.1 wheat He under No. 2. Sample accord
ing to qunlity,
COHN Uecelpts none1. Steadily held. We
quote, aa to quality and location, 1.70
1.75, the latter for No, 1 yollo-v,
OATS Uecelpts, 8638 bushels. Dull ana
unchanged Car lots aa to location. No
2 white. S'JSS.'lc, No 3. white, Slfls.'
KLOim Uecelpts. 1,433,127 lbs. In uue-kee
Quiet but firm. The quotatlona wero: ivv
100 lbs. packed In 140-lb, Jute sacks Sod
winter, straight, western. $11, 254? 11,50, do .
do, nearby 110 75 ll.TM); hard winter
stralKht, 11212 50, do, short patent, 112 2",
U3. sprlnu. firsts, clear. $10.75fflll 21 i
rntent JI2 2."ti13 do. ajiort patent. Il.Tii
13.50, func. uprlnu and city mills, pute-nt
family brands, 114014.00. Itye flour, 10 .111
(if 11 2.1
PROVISIONS Steadily held. Iletf. In '
reta, smoked and alr-drled, 53o; do, knuckles i
and tenders, smoked and air-dried, 64i '
pork, family 117 hams, S. P. cured loose- .
usions'ic no. BKinneii. loosp, 41 trl e
do. rfo smokcel 4Hiir434c: do. boiled, bone
less, 01c picnic shoulders 8. 1', cured, loose
21c. smoked 2.V, belllese. in plclUe, loo.e '
2.1c. breikfast bacon, 33c. lard. 21c.
llt'TTini -Quiet but firm. Puotatloni i
Solld-piie kcd creamery, fancy, hlah-acorltu
fresh Boods 5l)4WH14c, extraa, B84c ex
tra firsts 574c firsts. 531C.104ci aeconilu
IOS52r lower urudes, 4504801 sweet
creamer. choice to fancy. 004 W024c; fale
to sood r.0H594c. prints Jobbing; at llclw
09c for fancy nnd S.IWfl.lc for fair td cholcf
E5(1H IJIne stock Arm. Quotations fol
low In free cases, nearby firsts, SoaSHr
per doz nearby current receipts. B4c; near
by ordinary to fair. 40032c; western extra
first ScliS 78.-. western nrsta, 62055c- sec
onds, 45vi50c, Inferior lota lower; fane
candled t-xts Jobbing at 00067c; fair to
choice 5MJilfic
ClIlIJiwrT Klrmlv held. The quotations
follow' New York whole-milk Hats, cur
rent mako fatio 28U284c; do common
tu fair, 2.1 cJ27c, do. Iinjhorns. 274 t28e
Hint lee IJaisles 274u'8c, Jobbing sales of
fancy good. SOW Sic
LIVK POCL1UY Kowla, not Leghorns
Ma express Pano, Meluhlnir fi lbs. und nie-i
apiece. 3filSc. llcht to medium. 3334c
white Iy-uhcirn fowls. 20f.10c, fowls, hea
not Leshorns via frelxht to carload lots
3530c sprtna- chickens, fancy, yellow
akin not I.e(thcrns. welshlnic 24 S3 Ibi
apleVe, 3840c, brolllnu ehlckena, fanc
yelloii skin, not Leghorns, welzhlne 14 5".'
lbs apiece 313ilc. weighing- lt?vl)S lbs
apiece 32Crf33c old roosters. 28 24c ; ducks
old, 80r do spring, 30(733c, pigeons, leerr
pair, 3840c
DIlLHrtKU POUImT Fowls, fresh-klll'd
dry-picked. In boxes, weighing- 44 00 lbs
and over apiece, 43c, weighing 4 lbs.. 42c
uelghlnir04 lbs . 8t340o, weighing 3 lbs
35G37c, fowls, fresh-killed In bbls., dry
picked, weighing 4W.1 lbs, apiece, 42c
weighing 44 lbs , 35030c; welching 3 Jbi ,
33ifS4c brollera western, dry-plckcd
weUhlng 14 fff'J lbs apiece, 40G4HC. do,
H6S.ern smaller sizes, 44945o; fryers
western weighing 24 ic;! Iba. apiece 4JM
43c, brollera nearby weighing 14 it 2 lbs
uplern. 48if30c, do. heaMiy, smaller aires,
46c&47c. old roosters. dry-Dlcked. western.
28c do southern, 20027c; spring ducks,
L 1 . 8flc
LIVESTOCK QUOTATIONS
Chicago. Ail 28 HOQS Estimated re.
relpta, 2500 head left over. 70P7 head Few
scattered sales lOWISc higher than yes
terday's avenge- J15.85 paldi average, t0,t
yesterday. 314.0.1.
CATTLK Estimated recelpta, 2500 head.
ailUEP EstUnated receipts. 4000 head.
4...
4 . .
Chi &
6...
5..
7...
1 ..
5.. .
5.
28 4
. . 284
Gwn 4a
. . 63
. . 634
. . 51
. . 04
. . 63
. 53 i
ft
ova't 4
. 67 i
68
684
584
68 ;
684
68H
684
S .Is
54 H
54 4
8 8s
07
-.117
.. 62
. . 44.
?8 .m
Acme Coal ....,'....
Car Light .
I-lreatone TfTa
General Aaphatt ....
Irdlan Packing;
Auto Bales
K W Illlsa ...,
North Am Taper ...
Perfection Tire ......
Procter & Gamble ..
lladlo Com
Iladlo Com ft
Itepubllc Tire Hub ..
Hoot Vandervortl ...
U 8 High Hpeed Tool
U 8 Steam
United Profit Sharing
United Iletalt Candy
Un Shoe ...........
-A ..n..nn.vf.k...M . ,.
j.cLr.i r.eiirr.. i tin-
Low
24
24
117
834
fl
52
42
.inn
. 24
8 I
. 31
. 304
. 2W
. 14
. 12
. 42
VS
ffi
31
304
1H
12
42
Last
!
64
'A
52
f'-'H
04
J
"S
12
42
38
30
38 ;
014
30
88 ;
384
Chicago Mil
St ? d 4s
1 .... 024
citcago Mil
StP cv 44a
3 .... 704
4 .. . 70U
Chicago Mil ct
StP fd 44a
1 .... 024
5 ... 024
6 .. 024
1 ... 03
4 . .. 03
2 . . 03
1(1 024
Chicago Mil
St I' cv 6a
I ... 70
1- ... 70"4
Chi Illwya 6a
3
Kan C &
5
6 '
Kan C &
8.
Kan City Ter'I
Ilwy 4a
10 08!
1 08'
K Bclc 0a '21
2 084
1 08
K llelg'm 7 4s
1 074
1 0711
0 074
2 074
8 074J
T.ni Kfat !t'
a..:.. 47;
Lehigh V'y 0s
l 05;
L A Naah'e 4
1 70
Loula ct Nash
Mono 4a
1 02
L & N rcta 7s
1.... 10ti
2.... 1014
8 1014.
3.... 101H
8 1014
Mln eeSc St L 4a
0 404
4 . .. 404
2... . 42
M eti StL fd 5a
13 60V.
M K ct T 2nd
8 304
Mo K t T 4s
l 6.1';
o 54;
Ho Pac cm 4 s
I &
1
C K
1
r.
c l; l
i
i
Cln
674
I' fd
07 4
074
074
07';
07 4
07
P 4a
. 70
. 70
704
U hta 4 4
2 .77
f'hicaco Union
stu, ct 04"
t .104
i 1 103,
chile, Cop'r 0
' 1 . 734
, -' . 734
' li 73 4
("ii In Cop'r 7a
1 6 .05
Chinese Gove't
1 II K Ilyals
, I ... 414
4 .. 414
City Paris Oa
i .014
1 .1 . 004
1 . 004
1 1 004
Cl d Cln Chi A
i hi L at 4a v
13 .04
Ci'd Cln Chi I-
SI L 44a
1 754
( id Cln Chi &
M 1. 6a
3 . 80
... 554
. . . 6.1 4
... B5l
. 83 K
.. C.54
. . 65
65".
. .. 6514
.. 6.1 ;
. . 6.1';
554
O Tex &
BAR SILVER
Domestic bar silver was quoted In .Vow
York today at 99'4c unchanged ; foreign,
97Hc, down He. In London, tho price
wan 94 d lower, at S0d.
CHICAGO BUTTER AND EGGS
erhleagq". Aug, 28. JHUTTBlt michingtd.
EOOH uncnangea. josceipt. oijj cjutys.
r - 9 , ' 1
Kast Iluffalo, N. Y Aug. 28 CATTLK
Itecetpta, 450 head. Blow. Calves Ue
celpts, 200 head. Active; 11.80 lower at 10
21.
HOGS Uecelpts, 3200 head. Heavy, alow
and steudyt .light active and 26c higher
Heavy, tl5.75tf 18,25' mixed. 116.76M17
yorkera, light do and pics and roOghs, 112 75
0131 stags) 1H10.
.flIIKEP AND IJMUSf-necelpts. 1404
nruo. mow, i.amDs L'so lower olh
.sieaay. wmH, lotisia, yearlings.
lu.oui wBieirri, n.DVVv ewes, 90
c s., re'cerau'i'.
6..
10..
5 ,
II .
10
, ,
15.
3.
1
(I.
1.
New
Mexico 4a
3 03'
New O Tex &
Mexico Bs
1 81
0 61
6- 61 ,
N Y C & II It
n n 4s
0 0.1
New York Ctl
L 8 34s
2 004
New Y N II et
Hart'd Ja
1... ' 60
New YNII
Hart'd 0a
1 70
N Y Ilwya 4a
8 214
N Y Tele 4 4s
0.... 744
N Tele's Us
1 8H
6.. .. 88
6... 88
New Y W C ct
Iloaton 4 4a
8 43
1 43
N'n raclflc 3
10 63
2...... 634
N'n raclllc 4a
1 754
1.. . 76
1 754
Oreg ct Cat 6s
2
4
11
So'n liell T .1
1 80
8'n Uy Mobile
& o Ctrs ns
3 80
S'n Pacince-cv
78T4
S'n 1'aclflc fd
2 73i
1 734
S'n Paclfllo la
1 07
S'n rao i-v 4a
3...T. 784
1 734
2 70
S'n Pac cv Bs
8 07 4
2 074
1 07
S'n ltallwa 4a
3 804
n 50H
BiTernVl II It A
ot St L 8a
5 81H
Tex et Pac 1st
1 "804
Third Ave uj
5 20
Union Pac cv
8 81
1 80?;
IB 81
Union Pao fd
4 764-
Unlon Pao 4a
0 704
2..,.. 704
22 70 4
U S Mexico 5s
8 304
U K O of Orlt
et I'd 1U.1
1 004
10 004
2 004
U K (1 of ltrlt
& I'd IV-.:
0 01 i
10 014
3. ... 014
U K U of JJrti
tt I'd lu.ii
1 8.1
10 83
4 83
il .... 844
'2S 85
U IC a of Ilrlt
et I'd 103.
Allied Oil
Arkansas Natural Gas
Doston Wyoming:
Carlb Syn
Elk Ilasln Pet
Federal Oil
Glenrock Oil
Int I'etrol
Ltvlngaton
Maracalbo Oil
Merrltt OJ1
Urlery , . . , .
North Am Oil ....,...
Omar Oil
Slmma Pet
Skclly oil
Superior Oil
Un Texaa Oil
Victoria Oil new
Vulcan Oil
Hoy do France
MINING
Alaska. nrlt Columbia ...
Dig Ledge ,
Booth ....,...-
Iloaton ct Montana ,...,..
Caled Mining-
Calumet et Jerome
Canada Copper
Candclarla Mln
uona Virginia
Cortex Sliver
Cresson Gold
Divide Ext
Dupdee Arizona ....
Eureka Croesus
Eurcku Holly
Golden Unto Exp . . .
GoldOeld Con
Goldtleld Develop . . .
Golclfleld e'iorenOjO . .
Gnldfleld Kewanas . . .
GoldOeld Zone
Great liend
Emma Silver
Hecla Mining
Honduras, HjndlcntOu.
Iron Dlossom
Jumbo Ext ..
Kerr Lake ..'
ioulslana Co
MacNamara
Marsh Mining
Mother Iode
Mother Lode (new) . .
Prince; Cons
Itochester Mines ....
Rope Group
San Toy
Seneca Copper
Simon S L
8 Silver Lead
Success Mlnlne . . , .
Tonopah Divide
Tonopah Ext
Tonopah Jim Duller .
Tonopah Midway . . .
Tonopah Mining
Tonopah Montana . . .
Tonopah Ileacuo Eula
U S Cont
, United Eastern ....
! Ictorv
West End Con
While Cam . .
Wllbert
xeringlon . . .
20
12
14
114
24
35
6;
194
in
184
24
3
134
04
10
.J!
20
12
1 13-32 ljj
20
12
LOCAL MINING 8TOCK8
lUilUlAIII BIUUKB
Cash Hoy ,
Jim Duller
MncNnmar
MacNamarn
Midway ...
Mlznah Ext .
.Montana . ,e.
North Star ,,
ftescue Eula
Tonopah Ext
West -Mnd ..
West Tonopah
Orescent
::::
niei
,00
,11
A
.08
.12
.07
.01
a""-
!
Allied Divide
Alto Divide
DIVIDD STOCKS
.04
IVi
Ilejcher
ladcner
Exr
1en Hur
Iirougn Divide .......
Divide Hxt ,
Divide Syndicate . ....
Dlvldo Cons .,
Dividend 1
Kast Divide
Harmlll
Hnabrouck Divide
High Divide
Revert Divide
Iteno Divide , , ,
Itoeotlo
Silver King
Tonopah Divide ......
Tonopah Haabrouck , ,
Victory' Divide ,
Verde Dlvldo
Zone
OOLDFIELD
Atlanta ,
Dlue Hull
Jlooth
C O D
Combination Fraction ,
Crackerjack
Dlamondfleld II 11,.,..
Dalay a, . . .
Florence
Ooldfleltl Cons'
GoldOeld Merger
GoldOeld Development .
Great Bend
Jardbo Ext
Kewanas
Lono' Star,
Oro ,,
Had 1(111
Silver Pick I
Spearhead
t MISCELLANEOUS
Amparo
Arizona United
Eden
Mother Lode
Nevada. Hill ,....
Nevada Hand . . . .
Wllbert
Nevada Wonder . .
Tecnpa Mining 07
White Caps 07
..... .01
0.1
04
07
::::: ,0!.,.
..., .27
e0l
i,.. V2
. .... .011
... .. .02
10
01
01
0.1
Ot
01
02
in
no
07
03
20
STOCKS
01
01
03
004
02
0.1
.004
004
It
02U
oo4
04
01
03
01
02
03
03
.,o
-.53U
.02
.03A
Atk
08
.12
,V
.
.14
.1111
.0,1
.24
n
Tn;
,0B
.03
.07
Oil
.08
.20
.02
.03
.08
.04
.16
.03
.01
.07
.02
.01
,.03
.(IK
.00
.03
.28
.02
.112
.111
fit
.in
.07
.01
.01
.18
.10
.ot
.0.1
.02
.07
.11.'
.01
.07
.05
..r4
.oo"4
.ot
.2.1
M
.00
11
0
2i
. 2
V344
84
1.1'i
24
3
13
84
li) , ini
14 1
11
n
'."4
24
84 ;
84
104
13
164
24
3
184
Oj.
3...
..
3.
1 .
7 . . .
3 .
8...
U W
otS
T.r
x-
1A
. 4
4
88
21
U
A
34
02
14
28
OH
,V
1U
;
0
3
l:t
i
28
1
5
44
8
00
8;
4
.8
4
154
1
4
4
HI
.1T
13
8
14
8
21
. 04
. 2H
8
14
8
4
3
14
4
85
20
4
V'.t
3
00
14
27
II
4
87
21
i
a
3
02
la
27
U 1A
110NDS
Allied Pack 0a
Amer Tel fls of
Armour 7
C C C et St L
Goodrich T 7a ,
Morris 7a . . . .
N Y Cent 7s . .
Sinclair 74 a .
Tex Co 7s .
Union Tank 7s
Swlsa 54 a ...
. 044
. !24
. IH14
. 0.1'i
.v024
08'i
.1004
. OOti
. 00
. 004
. 84
0
3
13
1
20
1
5
A
15.
A
18
cu
8
A
4
15',;
i
4,;
14
li"
8
1A
8
20
04
24
8
4
oi'i
1U4
004
0.1'i
024
8!
100
004
084
n8r:
0
3
13
1
20
1
5
4A
13JJ
5
7
A
18
?
184
1
:;
in
13
8
14
8
21
2?4
8
1A
8
4
3
044
1124
004
11.14
024
084
100',
004
084
004
84
Canadian
t Investment
-'-Financial hUtory re
cord no time when
United States InTeaton
could place money o
adranta'ileously and so
afely in Canadian ie
curltle. If you hare funds for
either long-term or
short-term Inrestment,
you will be well advised
to write for a copy of
the current edition of
Investment Recom
mendation. We list In It more than
25 desirable securities
for American investors
.at the present time.
Address:
83
acpncy or
i Royal Securities
N CORPORATION
(CANADA)
LIMITED
165 Broadway New York
lilHiillfliliiiifclfc'1
Financial Briefs
86 V
814
.. 814
.. 814
... 814
.. 814
.. 811
. . 81 H
lnv't Co
1'" 8 a
, . . 05
. . 05
n OK
U s'h'e'alty It
Imp t 6s
2 804
U 3 Ilubb'r B
1 774
U S Hub 74a
4 .. 074
3 .. . 07U
2 . .. 074
0 . . 074
. 074
IJ-d S Steel Oa"
4 014
1., .. 014
1 ( .. 02
Weat'n Md 4a
1 844
1... 644
Weat'n N Y et
I'a im lat '
2 824
W'n Union 4 4
1 73
W'n Union Ba
2 . . 784
Wilson Co 1st
1 . .87 4
1 .. 874
Total. 3,087.0O0 compared with 10.300.
000 jesterday. Tnoa.tar tnis weeK, 147,
328,000. Bame period last week.
10S.U0U ;
The nvernse price of twenty active
Ineluptrlnl mocks declined 0.41 per cent
ycatordny to 8C.81. while twenty rail
roads declined 0.10 per cent to 70.45.
Commercial failures this week in the
United States, as reported ly It. O. Dun
& Co., are 160. against 152 last
week, 165 In tlnx preceding ween,
nnd nlncty-nlne trie corresponding
week last year. Failures In Canada
number thirty-one ngnlnst twenty-mree
last week, fourteen the preceding week
and twelve last year.
TJrndstreofs reported yestirday that
exportH of ilie and flour for the week
wero equal to 10,505,873 IjubIipIj,
against 8,989.0 Inst week and 8.448.041
last yenr; exports for the season 75.9DC.
884 bushels, against 61,953,025 last year.
Corn exports for the week, 33,881
liushelH against 41,500 last weeK and
128,929 a year ago; season's exports
5J7.812 bushels, against 384,610 bushels
a year ago,
Net Income for tho six monthB ended
June 30 of the Jteplogle Steel Co..
according to n linanejtal statement Issued
yesterday, was 3224,629, equivalent to
90 cents n share on the 260,000 outst.'ir.cJ.
Ing shares of no par value.
The average price of, eight principal
iron nnd steel products; now stands nt
134.69 u ton compared with $84.41 on
August 17 nnd 184.01 on July 37. The
advance this week was duo almost
entirely to u Jump In the price of Hes
semer Iron from S48.40 to 549.90 a
groBB ton The average price of tho
eight products is now approximately S2I
a ton above the level of n year ago.
.Lawrence . Brown & Co.
CERTIFIED PUBLIC ACCOUNTANTS
1880 ItKAL ESTATE TRUST HLDO.
Inveatltate and adjust partnership an
corporation aeerotinta. Also prepara C. 8.
Income Tax Retnrna.
FINANCIAL
Dltlilenda
orncB of
The United Gas Improvement Co.
N. W COBNEB nilOAD AKC1I STmtinS
41. -vr Jhlle,i1lhln Teere O inft
Tha Directors have thla day declared'
lee.
hrce-quurtrra
.....t.r ,11,,1teneCJ nf Una and
per cent (87c per ahare) on the Preferred
block of thla Company, payable September
IS. 1020, to holders of Preferred Stock of
record at the c nse oi Dusinesr aueusi oi.
1020. Checks will be malted
'" I, W. MOniUtS. Treasurer.
Proposals
IIOROUOK OF KAST LANSDOH.Nn
Delaware Co.. I'a. .
Sealed proposals will be received bv I ha
norouah of L"aat I.nnadowna until it' M
Neolember 13tli. 100, at the llorounh Hall,
for the construction of roa.lnay improie
menta throughout the Dornush. Address all
WdS to JamJi K. White Secretary of Coun
cl I Jimt Lanadowne. I'a.. marked on tha
nutslQe, ''Iloadway Improvementa Proposal
Plana and apeclOcatlona are on Ale at tha
nmco of IlorouKh Kncltieer A V. IJamon.
5? Poat Ofllce Dulldlns. 00th and ilarket
iifeeta. Upper Darby. Pa. No blda wl 1 b
Jinsld" red unless the bidders are reeuarly
enSaaed In this clasa of work. ,A cerlineij
ofifck tor Five hundred dollara (J50O) muit
'S.JviBli bid Tha IloYounh reserves
lv...--.... - . . .. ., ,.,). nv e., ui
Secretary
the rluht o reject any or all I
cept any PggVlUTb.
'.iiminmiitjiiiiiiiiiiiitiiiiiiimiiitiiiiiiiiiiiiitiiiiiiNiNNiJiiiiinia
! PENNSYLVANIA REFINING CO. 1
1 Oils and Naval Stores
I DKMWAIIB AVE. SOUTH ST. q
uiiiiiiitiiiiiiiiiiiiiniiiiiiiiiiiiiiinmiiiiiiniii niitiiiiiiiuiiiiM
ro&jfo7?a
EDWINj.5aiOETTLECa
BfJd3CKrM0LTES
JJCTOTUlitf iSlBEET
PHI1A... I
40.-
Liberty
Liberty
M -Is
Liberty 1st 4V4s.
Liberty 'Jd 4V4s.
Liberty .'Id 4V4.
Liberty 4th 4V4o
VicNotes:J8.. Vic Notes 44fl.
lllsh
89.80
8I..'!2
85.20
81.ni
8T.70
81.88
on. 40
0.1 42
Ixiw
80.80
84.32
85.00
84.44
87.00
84.80
05.34
05.30
Close
80.82
84.32
85.00
84.50
87.7(1
84.88
05.40
05.42
Greece Drops Exchange Restrictions
Washington. Aug, W. A cablegram
rrom Consul General Meddell at AthenB,
dated August 23. SOS'fl that a government
ilher. ilrrrn rcjat-af-dr-et'rlyl from trnns-
naUjMp'CTW,nrn( eretjawrwrsjitocoiji
MMt? WPtJWrW isfew 1fork exehang " lWVtiri
lomowruii. a
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 bondt without delay at the Provident
Life &. Trust Co., 401 Chestnut St., ti. t the proper
steps may be taken to protect their interests.
V. Gilpin Robinson, Chairman
Jeremiah J, Sullivan, Jr. James A. S. MacMeeltin
James E. Gorman Joseph H. Shoemaker
Committee!
Joseph K. Seidlc, Sec',y, 215 North American Bldg.
Michael J. Ryan
Roberts, Montgomery & McKeehan
' Counsel
"J
rr:
t A,
vt
VVS-iKtPA
forib'bteJ
iHHa.. ui. ,(