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M
FlRAZIER&Ga
BROAD AND 8ANSOM STS.
PHILADELPHIA
19 SOUTH ST., BALTIMORE
5 BROADWAY. NEW YORK
STOCKS
RECEDE
DEAR
MONEY
Industrial Division Was Again
More Suscoptiblo to Bear
Pressure
COLUMBIA GRAPHOPKONE
u MANUFACTURING CO.
Fivo Year Sinking Fund 85e
Gold Notes
Due August 1st, 1925
Net Current Assets Over 3 1-3
Times Note Issue.
Not Earnings Over b Times
Interest Charges.
100 and Interest to Yield 89i
,M O O R E
LEONARD
& LYNCH
i CUSHMAN NEWHALL
JlAJfAOETt
I 1429 WALNUT STREET
I Lansaere Uotel DU!g.
w lork riHshnrrh
rrick
Bulidlas
MEMBERS
NEW TORIC PHILADELPHIA ANT)
PITTSHUROH STOCK. EXCHANGES
fy , Broadwar
sroa? ReorganizedRails,Rail
,wnwi . Fn:m4 !..
"; LIJUIUIGUl I3SU53
Standard Oil Units
Do roa know whit it behind their
mtrlcetwiie actiritfT Unr specs.
Ittr. "S. 0. R.." wbicli is a smill
Ihinf to ask for and a rood tiling
to bare, will tell you. Compli
aentarjr copy for tb aikinf.
Marketable securities carried
upon conservative marginal
basis. Odd Lots a specialty
Wlltfflr eiW.fej
(8arfrnnr to Onldhrr "rtrlm)
Members I rnnl. Stk. Y.x of N. Y.
1G22 Chestnut Street
rhntl''"! rirll. PTurf B017-I380
Kf.v.fiinf, Itire ISO
7i Urojdivu.v s 4R( Sfh Ac. N. T
Stamford. Conn.
i
9
D i
New Ynrlt, AtiR. 30. Money woi the
donilnatinR fartor of today's gtok mar
wet. A ri-newnl rate of 8 per rent for
Mil loans followed by an ndrmice to
0 per tvnt before noon emphasized in
a diaRreenhlr manner the acute mmi'y
etrhiRenc; and absurdity of countiug
upon any material relief until the cr.p,
moving financing Is entirely out of the
way. The effect marketwNe was to
inlluence a pronounced curtailment of
' speculative activity, wniert in turn, was
I accompanied by considerable irregit
1 larltv in prico movement, followed by
a general reactionary movement.
, While Iho market was conspicuously
professional In character, the lino of
cleavage was ncaln drawn to n marked
decree between the industrial and rail-
road division. The former continued to
' bo more sensitive to renwed tactic on
the part of reactionary party, while the
, rails showed more resistance and for
the greater part of the session smveisf-
fullj bucked the underlying reactionary
currents.
At first the bear crowd, who were in
umlUputablc control of the market.
' were cautious in their driven, but as
the list, especially the Industrials, con
tinued to lose ground, and finding the
'raids were meeting with relatively
little opposition, became more aggrcs
! sive toward midday and opeuely at
' tt.ck.ed the list risht and left, uncover
ing Increasing number of weak spots.
The softness of the list disclosed the
technical poltllon of the market had
been materially weakened by last
week's round-up of the short interests.
The week-end developments, in addi
tion to the prospective stiff money
rates, foreshadowed by unfavorable
bank statements, were anything but
cheering. These included the strike on
the Brooklyn llapid system and the dis
gruntled coal miners hud further evi
dence of n glowing down in general
business. But the stocks directly in
fluenced by thee conditions were not
affected to a material extent, 'as all
other considerations apparently were
completely overshadowed by the strin
gent money conditions.
After the lower opening the trading
steadilv diminished and the market
seemed to be working Into a narrow
rut. The early selling movement which
centered in oil's, equipments and steels,
extended in the second hour ,to the
mntnr. fooil and miscellaneous shares.
The reaction, however, did not become
general until around midday, wnen ine
earlier loses were rapidly widened. At
lantic Gulf and West Indies then
showed a loss of 4 points; Kepublic
Slotors. 15 : Kelly Springfield Tire. 2-14 :
Pnmnns Plnvprs. 2: llemiucton Type
writer. IV' noints. The weakness of
these specialties had nn unsettling in
fluence upon the rntire industrial divi
sion which gave ground steadily, lie
nltiple Steel was under continual pres
sure declining over a points. United
States Steel aiso became heavy, but the
rails continued to resist the bearish
pressure.
DROOPING PRICES
IN LOCAL MARKET
Fractional Recessions Empha
sized the Narroivncss of the
Current Trading
NEW YORK STOCK EXCHANGE TRANSACTIONS
Bales
71)0
310
100
700
300
100
17A0
100
300
300
ROD
R00
303
200
10
400
200
100
civ.
In I
Hllh
8 Am ActI Chpm...... 78
11 Am Car & Fdy 133W
.. Am Cotton Oil 3s
o Am Inter Corp 7314
Am Locomotive 0SJ4
. . Am Safety Razor. . . , 12V&
.. Am Ship & Com 21'4
S Am Steel Foundries.., 37
4 Am Smelt & Bet 8814
10 Am Sumatra Tob..., fiOJ's
7 Am Sugar Bef HOW
8 Am Tel & Tel 7!i
7 Am Woolen 78Vi
4 Anaconda Copper.... 3H
.. Assets Beallzatlon. . . 34
o Atch Top & Santa Fe 83J's
. . Atlanta Blr & Atlantic 7V4
7 Atlantic Const I.lno. . . RRli
itio s.so tiiauiwln Locomotive. .J07J4
3300
too
loo
100
1200
lOn
400
100
?00
100
3J01
too
300
100
100
409
100
S09
1000
A00
3700
2100
101
3700
300
300
JtflO
800
300
2R0O
103
109
700
400
100
300
.100
100
100
100
1800
1100
100
300
100
700
300
15
noo
400
too
1400
100
100
330
100
1000
109
100
1300
101
100
200
101
200
200
300
100
too
100
200
.100
1000
100
soo
2200
300
100
100
100
Balto & Ohio 40M
4 Baltimore & Ohio pf . . 48W
8 Barrett 13414
8 Bethlehem Steel 7314
8 Bethlehem Steel B. . . . 78J4
.. Brklyn Bapld Transit. !4
.. Brldyn n t ctfs of dep 7V4
.. Butte Copper A Zinc. . 0J4
n California Packing... 80
7 Cnjlfornla Petrol pf . . . 70
la Canadian Paclnc ,...l3tji
7 Case J I 1st pf 01
8 Central Leather J14
7 Central Loather pf .. 00 V
4 Cerro do Pasco Cop. . 3S94
10 Chandler Motors 8'5
4 Chesa & Ohio H
.. Chi & R Til pf ctfs... 10
. . Chicago & Gt West . Vt
2 Chicago & Ot West pf. 34X
.. Chicago Mil & St P., 38 H
.. Chi Mil & St P pf. .. S3H
8 Chicago Northwestern 7H
. Chi B I ft Pac 30
n Chi n 1 ft Pac 6 pf. flSW
7 Chl B I & Pac --, pf. 78?
. Chile Copper 14 74
1.80 Chlno Copper 20
8 Cluett Peabody 73
4 Coca-Cola ."
4 Col & So 1st pf 47J4
8 Columb Qas & Bleo... MJ4
1 Col Graphaphonc 23
7 Consolidated Cigar... "il'A
7 Consolidated Cigar pf M
7 Consolidated das 70
3 Con Interstate Cal M. 10 14
1 Continental Cnndv 10H
4 Corn Troducts Bef... RS't
2.80 Cosden & Co 37H
8 Crucible Steel 130 ?4
.. Cuban Cane Sugar... 33
7 Cuban Cane Sug pf... 70
7 Cuban Amer Sugar... 30 t
0 Delawaro & Hudson.. 0CJ4
.. Inver & Bio Grande. 8
.. Denver & Bio O pf... 10 H
. . ICostrnan Kodak . 833
.. Erie 144
.. Erie 1st pf 31K
. Erie 2d pf 15M
8 Famous Players L. ... 70
Frecport TcxaH 3114
.187
. 044
.141
. 21 U
. "4M
. 0SV4
. 74 V,
. 31J4
. 10!4
4 Haskell & Barker Car 09
8 General Chemical
6 General Cigar
8 General Electric . . .
1 General Motors. . .
Goodrich B F. .
O Gen Motors Deb G1
7 Great Northern pf . .
4 Ot North Ore ctfs ,
Guantanamo Sug Co.
a
Ill III IK I Jj
300
100
100
1400
100
100
200
100
23 'i
.1034
, 14 i
, 7'.
. H
,133
, 34
. 74 !4
, 30
. 20
. 78K
. 3JJ4
, 0
. 18H
. 45?4
. 784
. 244
. 10
12 LlRcctt & Myers 13S
12 Liggett &Myors B....133
.. Loft Corp 1.. 134
2 Loewe Co 21
.. Math Alkali 29
.. Maxwell Motor 10J4
.. Maxwoll Mot 1st pf.. 10
2 Marlln Bockwell 40
Hendeo ctfs. .
. . Houston Oil Co ...
I Hupp Motor Co. . .
60 Indnhoma Bef. .
4 Inspiration Con Cop.
7 Intl Harvester new.
. . lnt Mer Marine. . . .
0 lnt Mer Marine pf..
.. Internat Motortruck.
.. International Nickel.
.. International Paper..
. . Invlnclnhlo Oil Corp.
.. Island OH
.. Kan City Southern..
4 Kansas City So pf . . .
4 Kclly-Spgfd Tire . . .
2 Kennecott Copper...
200. 1.20 Keystone T & B.
2:80 Not
Low (NYtm) dies.
78
13.1
2S
7J
OS
1314
304
37
84
88
100
07
7ft4
S3H
2M
80 K
7
8SW
100
394
484
131T4
73 $4
78 X
04
7
K
60
70
130 H
01
3fi
oo h
3S
mi
o4
7J4
214
354
33 5S
71?
38 34
65
75'4
14H
Si
73
2!i
474
84 V,
23 H
73 J
St
70
104
10&6
BSH
37H
mt
324
78TJ
39
064
N
104
533
144
214
15 Ji
C9
314
107
044
141
31 !4
64 H
684
734
31K
104
69
33 1's
1034
14 a
7
45Ji
133
34
744
374
10 H
784
354
5Js
184
45ft
784
31 Ks
18H
137
133
134
10
29
10 H
19
40
75-2
1334- 1
35 4
734- 1
084 i
134- V
304- Hi
37-1
654 ,.
86 - 14
1104 .,
07
784- U
Siti - H
2K
S3J4- 4
7
RRW VA
1074- Vi
40 J
404 4
131J4- 14
73J4- 1
70 - 4
J4- 4
7 - 4
K ..
60
70 4
1314 ..
01-1
- H
004 4
3894-
854- J4
80
04
.84- J4
244 4
35H fc
534 H
71 4
30 4
65
75JJ 4
t S4
3 54
73-1
S5?4 14
474- 174
54J4 M
23H - 4
744- 34
84 - 54
70 4
10K X
1054 4
88 J4- 4
37H 34
136JA 1H
33H 4
70 J4
39j, y3
004- 4
5 4
low- ;
G33
Sates
Dlv.
in
300 2 Marlln-Porrr 204
4300 io Mexican Petroleum... 1014
loo 2 Miami Copper 1I4
1700 i.oO Mlddlo States Corp... J1J4
100 4 Mldvale Steel & Ord.. 304
H00 .. Minn & St Louts 144
loo .. Mo Kansas & Texas.. 034
100 , , Mo Kansas ft Texas pf 1334
300 .. Mlssourll Paclfla 254
1300 . . Missouri Pacific pf . . . . 454
3200 ., Montgomery Ward... 334
100 4 Mulllns Body , 33
100 8.60 National Acme 344
i.in wt
Hlh Low (NYtm) Che.
144
2134
1K?4
70 -214
107 -645-
141
084 -r
'-44
4-
09
23i-
1034 - 334
1434
74 4
45H- 4
133 - 3
34
744- 4
374- 134
1034- 4
78 H
35 Ti
ll
1S?
454 4
78 H
344
133 3
I3j- 3s
13- 14
29 4- 1
1034 34
10
40
4
13
"
4
4
4
4
1000
100
600
ioo
loo
too
fOj
100
2000
loo
400
300
12.10
800
100
5400
too
000
100
500
400
1300
600
28D0
300
100
100
.030
200
700
100
200
8800
100
3100
4100
1800
6C0
1333
1500
3100
310
100
100
100
100
800
4400
3300
300
6800
3100
300
330
8U0
001
4299
210
300
3500
1800
300
100
100
300
1800
500
3800
300
500
200
101
800
300
R00
100
100
1700
100
300
13400
300
1300
100
100
800
4300
100
100
100
1600
1000
600
300
Nat Aniline & Chem.. 784
7 Nat An & Chem pf... 87
8 Nat Cloak & Suit.... 4334
0 National Lead ,.. 734
1 Nevada Con Copper.. 10 Ji
..NO Tex & Mcx 384
.. New YorkC'&StL... 30'4.
8 New ork Central,.... 734
.. New ork N H & H.. 314
1 Now York- Ont & W. . . 20
7 Norfolk & Western... 04
8 North American 634
7 North Pacific 75
40 Okla Prod & Bef 314
4 Pacific Devel Corp... 334
0 Pan-A'mer Petrol..... 88
4 Parish & Bingham... 274
3 Pennsylvania B B.... 414
.. Penn Seaboard Steel.. 1834
.. Peoples Gas Chicago. 30
. . Pero Marquette 234
3 Philadelphia Co 34
.. Phillips Pet 34
. . Jlerce-Arrow Motor. . 374
.. Pierce Oil , 1234
R Pierce Oil pf 804
8 Pittsburgh Coal 03
. . Pittsburgh & W Va. . . 284
6 Pitts & West Va pf . . 73
8 Pressed Steel Car.... 08
8 Punta AlegTo Sugar.. . 73
4 Pure Oil Co 38
4 Beading 034'
.. Bemlngton Typewriter 834
. . Beplo Steel 70
. Bepubllc Motortruck.. 3334
6 Bepubllc Iron & Steel. 84 34
.. Boyal DNY rts 83
1 St Joseph Lead 17
. . St Louis San Fran .... 204
.. St Louis Southwest.. 34
. . St Louis Southwest pf 304
1 Santa Cecelia Sugar.. 1
. Saxon Motor 634
8 Soars-Roebuck 14034
. Shattuck Arizona 84
74 Shell Transport 6134
. Sinclair Oil 30
6 Southern Pacific 004
20 South Porto Blco Surf. 1314
8 South Porto B Sug pf. 1004
.. Southern Rail 384
5 Southern Rail pf 504
7 Stand Oil of N J pf . . 105
4 Stewart Warner Sp. .. 33
4 Stromberg Carb 73J4
7 Studebaker 03
0 Superior Steel 514
. Tenn Cop & Chem... 034
S Texas Co 474
3034
1004
104
"34
304
14
H
1334
354
4M
314
33
34J4
75
87
43
734
10 J4
384
35
7234
334
29
oih
834
74
334
334
80 K
3714
20 34
1004- 3
1014-11H-
304- H
14 ..
OH" V
1334- 4
354 H
4M .14
334 1H
33
jf 34
75 - 4
871
4334- 1J4
734 4
104 ..
38i- 14
3034 3
73 - 54
344 V4
20-54
04 W
634 U4
744
334- 14
334- TS
8734 3
374- 1
Texas & Pacific.
35 X
60 Texas & Pac C & O. . 38
Third Avenue
. Times Square Supply
0 Tobacco Products. . . ,
. Transcontinental Oil.,
. Union Oil ,...,
10 Union Pacific
4 Union Pacific pf . . . ,
7 United Drug
12 United Fruit
. . United Bwy Invest.
3 United Betall Stores
6 U S Food Products.
R U S Ind Alcohol 804
7 U H Ind AlcohI pf... 03
..US Bealty & Imp. .
8 U S Bubbcr
BUS Bubber 1st pf.
0 U S Smelt & Bef. . .
BUS Steel
7 U S Steel pf
0 Utah Copper
.. Utah Sec 74
. . Wabash 834
. . Wabash pf A 35 J4
6 Vanadium Corp 6034
4 Western Paclflo pf ... 07
7 Western Union Tel... 8334
7 Westlnchouse A Brake 48
.. Wheeling- & L E 11J4
.. Wheeling & L E pf 3335
4 White Motor 4534
1 Willys-Overland 154
10
35 rj
, . 64
.. 05
. . 30
..1214
.. 044
..100
..104
.. 834
. . 084
504
.. 48
, . '86
..104
.. 834
..804
. . 1065
.. 03
4134 -J41H 14
1834 18-r 4
24
23
3334
34
304
1334
R0V4
61
39
73
08
72
38
914
6354
714
28
8334
834
10 K
2114
33
30
14
0
1034
84
61
3834
964
110
lofl4
27 J4
604
105
3034
73
COM
51
94
4094
354
38
10
35
64
04
35
1304
0434
1054
104
834
074
5936
85
93
48
83
104
535
S85
10834
0134
74
8?i
35
684
67
8334
48
114
314
455
154
30 34
234 5
34- 34
354- 3
374- 4
1334- y
804- 54
83 - 14
28- 4
73
08
73 - 4
38 - J4
02
825-"i4
75 - 34
3934- 8W
R44- J4
83
17 34
364 ..
33
30 54
14
C3S 4
14034 - 'A
84 .
514 1
3S34- 14
004 34
13114 114
1004- 134
384 9
504 ..
105
3036- 1
7334- 4
03 4
51 - 4
04- 4
47 - 4
35A 14
3S - 4
10 -- 54
35 4
04-1
03s- 54
35-
1315 4
G4 3S 34
1054 14
194
834 4
0794- 94
694 ..
884- 'A
03 J4
4H
8534 4
101 J4
534- 4
89 - 34
1004 4
02 a
74- 34
834 ..
25Ji- 94
695- 4
07
8354 94
8 4
11 ..
234 34
454 ..
15;- 4
MILE FEATURE
10 CURB TRADING
Volume of Business Small and
Prlco Movements Confined
to Narrow Llmlt3
New York, Aug. 00. There was
little feature to tho trading 'on the
Broad Btrcct curb this morning, except
the most pronounced qcletncso that has
been noted slnco tho beginning 6f tho
summer, business being extremely small
In volnmo and price movement1, In
nearly all issues, confined to narrow
limits.
-'General Asphalt yielded from C3
to C2j under smnll offerings. Some
of tho other oil stocks showed Irac.
tlonol losses as a result of sclllnc.
There was n steady tone to Interna
tional Petroleum, which ranged. from 35
to S4Yj- Tropical Oil was firm, sell
ing nt 104.
North American Pulp showed a firm
tone, with trading ot 0. There was
little activity in International Products,
which wag traded in nt 20 to 104.
United Retail Candy was unchanged
at 12, and Sweets sold at 1. Indian
Packing sold nt OVi to 0.
INDUHTUIALS
1
lllth
Amer Fuel 112
Acme. Coal 24
. ... 03
General Asphalt
inaian rackinir .. .
Inter Troducts ...
North Amer Paper
Perfection Tiro . . .
Ilndlo Com
Radio Com pref .
Heoublln Tire nub
Hwecta Co 1
innnsin mm
V H High Hpwd Tool,... 30
V 8 I, tt u pref 1
U H Steam 2i
wjiivcu jvciKii unnay , . 12
fl
20
o4
8
IK
Low
82
24
82
(1
1014
04
, 1A
2
1
1:
A A
0U 30H 80U
1 1T4 1J4
23k -H 2
1:30
p m.
S3
n
It
ft
1
12
4i
20
io;
,vj
1014
R
1
2H
15U
Financial Briefs
Columbia Graphophone
Manufacturing Co.
Five year 89i Gold Notes
Due F. & A., 1925
Sinking Fund will retire one
half of the issue before ma
turity. Xotes carry privilege
to pureliase the common stock
at $35 per share.
Price Par & Int.
to Yield 8
Reed A. Morgan & Co.
West Kurt Tnnt Dtia . Pitt
Members of th Ph la Stock Kxr-h
After making a fairly steady start,
the local market also developed a
drooping tendency, with a general shad
ing of prices all along the line. The
backset was entirely in sympathy with
tho slnkin? spell in the New York mar
ket and the general appreciation of the
growing tightness of the money mar
ket. This fact, however, had a long
time ago been impressed upon the local
trading community, us funds locallv for
stock market purposes have completely
vnnifhed.
T.. , ..... .k.
Ill llll!l I-M131 Ml Itirn-iun o'n .......-...-..- -- - - . -. .
confined within fractional limits, re- "iTi'oToo
llMlns the extreme narrowness of tho maximum nf 15,000000
market and tho current limited buying Thp .eraBB prlce of twcn,v nctive
demand Th. only exception was sup- lndu9trlal stocks dcltned 0 21 per cent
plied in $3 decline in Amencau Hail- on Saturday to 86.60. while twenty rall
'wav. preferred from the previous sale roads advanced 0 14 per cent to "6 59.
to 27 I
Dealings in most of the local stock" 1 The American Hide and Leather Co
was in small odd lots, indicating the. has Issuod its annual report for tho year
.1 .( iini,i..lnr, nrK.n Fin-. 1 ended June 30 wnicn snows surpiua
...... ... - .-,..-- , . .
trie Storage liattery ran ott to vm,
The New York subtreasury loBt $233,-
000 to tho bonks on Saturday, roduclng
the net cash gain since ITlclay to
J912.000.
Stockholders of the National Clcak
and Suit Co ratified the Increase In au
1 thorlzed stock from $12,000 000 to $17,-
reression were 000.000 and tho lrsuance of ten-year 8
1 T.nke Superior wa9 down M to 1114
Insurnnce Co. of North America had
the same loss at 20. United Gas Im
provement was VI lower. Philadelphia
I Electric and Philadelphia Rapid Tran
sit were unchanged.
Philadelphia Stocks
Low
00 (
1 3"
p m
4.1
Net
ehge.
!H)4 .
Georgia Rwy. & Power 5s, 1954
Ga. Rwy. & Elec. 5s, 1949 (P.R.)
Morris & Co. 72s, 1930
West Ponn Power 7s, 1946
N. Y. Central Col. Trust 7s, 1930
Penna. Water & Power Bs, 1940
Wayne Coal Gs, 1937
Supplee Milk (Com. & Pref.)
Acme Tea, Amer. Stores Stocks
MM) TITLE IU.nO. I'HII.A
Meinber l'lillailelphlii Htm It Kxrlinnxo
VIS
Hleh
2.10 Am Str.. 4."
10 do nrpf. 00 Vj
13 Am Rwys
pref . 127 -J7 -J7 ,'f
SO Klec Stor.l20Vs 120 120Vj Vi
L'O I Co N A 20 2!) 20 M
-.A 1 !, Kim iiiw 111., nn a.
nft.r feilArnl taxes and charites. of $1
104,656, equivalent to $8.80 a share
earned on tho $12 548.200 outstanding
preforred stock. In tho preceding year
thn company reported surplus of $2,
695,001, or $21.47 a share.
The Alabama Great Southern reports
for the year ended December 31. cor
porate Income account net Income after
charges and taxes of $1,246,160. equal,
nftor preferred dildends. to $6 47 11
Hhare $60 par, on $7,830,000 commor,
stock, against $1, 179.425. or $6.95 a
share, preceding year
FOREIGN EXCHANGE
New York, Aug. 30. Tho principal
European exchanges showed a distinct
decline in tho opening quotations, but
Scandinavian centers rallied. Demand
wan off 1V cents, francs 4V4 points,
lire off 9i point. Marks were unchanged.
Quotations were :
Demand bterllng 3.55 W, cables 3.66;
franc cables 6 944, checks 6.934. lire
cables 4.65H. checks 4.66: Belgian
cables 7 4 1 -"St . checks 7 40-, Swiss
cables 16.47. checks 16 42; pesetas
cables 14.96. checks 14.94 , Stockholm
cables 20 30, checks 20 25 ; Chrlstlanla
cables 14.35, checks 14.30; Copenhagen
cables 14 36. checks 14.05; marks 2 03 ;
guilder cables 32 H and checks 32.
Foreign exchange rates fluctuated
within a narrow range In tho first hour
of trading on comparatively Blight busi
ness. Demand sterling was quoted at
3.5534. cables at 3.684: frano cables
0 94, ohecks 6 93 , lire cables 4.66, checks
1.644; marks remained at 2.03.
SATURDAY'S FINAL QUOTATIONS
fiterllna Francs Llr Guilders
Demand .... 3 8014 6.08 4.04 82.12
Cableo ... 3 G7VI 7.00 4.01) 82.28
TODAY'S OPnNINO QUOTATIONS
Sterling Francs Lire Guilders
Demand .... 3.55U 6.94 H 4.0M4 32.00
Cables .... 8 Gil 0.B8H 4.65 82.12
MONEY-LENDING RATES
SK1V YOUR Money on call, both
classes of collateral, opened todnv at 8
per cent for lending and renewing.
Tho tonn of the time money market
continues llrm with 9 per cent bid on
Industrial loans and 8V4 per c-int on
t-nnil rnlintl fptiritles. WlthOUt any
monev available Bankers say there
NEW YORK COFFEE MARKET
...... 1-..1, Ann- ?.fl Thn advance of Is nnthlnz to indicate any easier turn to October
"Sto 325 rela In tho Santos futures mar- tho tlmo meney market In tho Immediate December
," . ,...nn.H mmnnrt at the onenlnc fntiirn. Jnnuary
e th local coffee futures market this I Prime mercantile paper Is in only Ji"
''.)() Lake hup 1 l" JJj Jvs h morn In", when first prices wori n to modcrato inquiry In thin anootner easi
20 I..-h Val.. 45 44M. 44Vi Os 'i nnlnts net hUher Most of the dp- trn centers and the out-of-town demand
,W. Pn R R.. 41 4Hi 41 M. mand came from brokers witn wan
Commodity Markets
COTTON DROPS $8 A BALE
October Within 40 Points of Maxi
mum Fluctuation for Day
New York, Aug. 30 An excited and
bensatlonal brenk featured the cotton
market's opening here today. Last
week's recovery of between 3 and 4
cents a pound from recent low iccords
seemed to have left the market In a
weak position, and general Belling was
renowed on reports of better weather
conditions In tho South, apprehension of
coal strikes nnd reports of -continued de
pression in tho cotton goods trado.
October contracts, which sold at
29.86c a pound Saturday, broke to
28.10c, a decline of $8 a bale from clos
ing quotation) last woek and within
40 points of tho maximum fluctuations
permitted for u day
The break assumed oven moro sen
sational proportions during the middle
of tho morning Sellers were moro ag
gressive and the pressure moro goneral
as tho absence of support developed,
with October soiling off to 28.10c and
January 25 80c. or 140 to 160 points
below Saturdays Closing
Thero were rallies of 15 or 20 polnta
later on covering
Otherwise, very little demand was
In evidence and there was no change In
the general character of tho newa
N. T. tlm
rrevioiis
clous Open
, . . 29 70 uo as
. 27 80 27 40
. 27 18 20 IS
26 00 2S 90
20 40 25 78
INDEPENDENT OILS
Allen Oil i m
viuea Mil . . SI
At Kansas Natural Gas... 114
Boston Wyomlnir in
Cnrlb Syndicate it
Elk Diln Petrol s
Knulneers' Petrol ltt
j'eaerai Ull 2
mery on 1
Glenroek Oil
Intl Petrol 35
Lanco Creek f,
Lono Star Gas 20
Muracalbo Oil in
North Amer Oil 2'i
Ohio Runner H
Omar Oil 34
Producer 4 Refiners 0i
Red Rock Oil U
Ryan Cons 21
Slmms Petrol J2'i
f-kelly oil 0W
Savoy rtiC
Superior Oil joU
Tropical Oil lovi
Un Texas Oil ,' Ji
Victoria Oil (new) it;
western States u
Roy lie Kranca 4 4
M1NINO
Alnska-Rr Columbia. 1A
Atlanta 1
lie Led, 4
Booth 8
Boston and Mont 00
Caled Mlnlna 21
Calumet & Jerome
Canada Cop A
Candelarla M A
Cortes Silver 82
Cresnon Gold 1 H
uiviao r.xi 25
rcurexn. L'roesus
Kureka Holly
40 Itlnlna-
Golden Gate Exp i
Oold Cons p
Gold Dovelop a
Goldfleld Florence 13
Oold Kewana l
Gold Sliver Pick 7
Gold Zone 27
Great Bond 1
Hecla Mlnlnir .'! 4H
Honduras Syndicate 184
Iron Blnasom i
Jumbo Extension 8
Knox, Divide 8
Louisiana Co A
McNamara V.,... 'i
Marsh MlnlnK ..-, IT
Mother Lode BS
Mothor Lodo (new) 8i
Nlplsstmr 04
North Star 8
Ophlr Siler A
Prince Con
Rex Cons n
Rochester Mines R
San Toy 4
Seneca Copper lBi
1
21
ni
14
i
24
184
i
4
is
84 4 34 4
20A 20
in io
2'4 V
4
n 314
4
204 2014
124 124
04 114
R'i B'S
10 10
10U 10t
H H
a
44 44
14 1A
8H
88 00
20 21
H A
eo'4 o!A
20 20
A A
1A 14
t
philadblphia:s i
PRESTIGE
The prestige of PhiladelpKia'ri
fresh water harbor is in the
' ascendant. i
For many months traffic
which once found outlet through
other channels, has been diverted
to Philadelphia, in recognition
of the unequalled natural facili
ties of its port. 1
THE PHILADELPHIA
NATIONAL BANK with its j
world-wide banking service is '.;-'
well qualified to promote the-. :
growing prestige of Philadelphia '
and her varied industries
THE .
RHIMDEEPHI&
NATIONAL
BANK
4a I CHESTNinVSTREET
rfl
"
?X' -.
i
8 Sliver Ixsad U
Success Mining 4
Tonopah Belmont 14
Tonopah Cash Hoy 7
Tonopah Divide tJ
Tonopah Extension 1 4
Tono-Jlm 11 14
Tonopah Midway R
Tonopah Mlnlnir 14
Tonopah Mlipah 12
Tonopah Rescue Eula 22
United Eastern 2J
Victory 8
West End C l
White Caps s
White Caps Ext 1
WHDert 4
Yerrlngton , . 3
)
U
0
8
18
1
0
2
u
164
4
n
8
BR
S4i
8
8
4
IB
4,A
V"
114
1
18
R
1A
12
21J
H
RA
1
4
3
BONDS
As 034
04
854
Allied Packing
Amer Tel 0s of '22.
C c c and St I, 6s
N T Central Ta ...
Sinclair 74b
Bremen 44" 20
Dresden -IHs 21
French 5s of 31 02
Swedish Os 85
Vienna 4s 0
024
04
854
1004 100
I'll HU
20
21
80
85
0
oVi
8
13
1
0
20
1
44
104
4
8
8
4
17
BR
Ri
OU
8
4
5
8
4
IB
U
4
14
7
in
14
14
8
14
12
22
2U
8
14
S
1
4
8
Si
854
S
20
21
60
SB
0
LOCA LMININQ STOCKS
TONOPAU 8TOCKR
May
12 m.
2H 30
20.(13
25.1)3'
25.31
W Pa R R.. 41 41 41
' Philanieo 22U 224 22H . ,
S2PhllaRT 1494 144 M . .
40' l Vt
Vu IV.
Alleiheny & Weitern lit 4i 1998
New York. Phils. & Norfolk lit 4i 1939
PenniyKsnis Railroad General Freirat
Eq. 4Mi 1922
filtibnrth Sbcntno & Lake Erie 1st 5s 1940
Censnee River lit Ci 1957
Soataern Rsilwsjr Com. 1944
Lauiiville & Jelfencnrille Bridje lit 4i 1945
Wilt Virfinia tc Piltiburfb lit 4i 1990
Pittiburs.il & Sbswmut lit 5i 1959
American Gat U Elec. Common
ISAAC STARR, JR., & CO.
1BTII A CHESTNUT rTS.
Opruce tit) Rata ltet
GEO. A. HUHN & SONS
STOCKS AND novm
Members of,. 4he rhlladeli-liU, New
York and Chliuro ytork Kxrlmnsrs
New Yurk Cotton Kclisose
Commission Orders executed In
All the Principal Markets
nELLKVrK COCUT III.UO.
1418 Walnut ht
NKW YOltK OKl'U E
111 llroailwny. New VnrU
16
200 Tono Rel. 2 i:
22.T X' O I. . 40 40Vi
77.,i, ,. r.. . rr. ' CO7 oftn
1DUTI S Bteci oh oo' o.-"jij -"1
Nt change mad. by pompirlean with last
sale on New York Stock Exchange
Salwln BONDS 1:30 Net
jiooo High Iw p m chga
1 Lih nonds
2d -P,( s. . 14 54 84..r4 R4 n$ .02
,r 1-10 .'id 4V. K7.70 87.70 87. 70. 0(1
5 1th 4I4H.. S4.88S-1.81 84. 88. 03
1 1-20 Vie 4-tis 0.ra2 05.:i2r)5.32 .is
1 Penna It R
temp ctM02i 10284 1024 M
1 I'nila l-Jlec
1st 5h.... 80'.4
20StL&S r'Gs54
80 J,
80
C4Vj
l'
Parls Bourse Steady
rorls, Aug 30 Prices were steady on
the Bourse today. Three per cent
rentes wire quoted at 66f 20o, exchange
on London 61 f 6IH0: 5 per cent loan.
87f 50c The dollar was quoted at 14f
",3c.
More Gold Coming
New tork. A'Jir 30 The Irnperator.
which sailed from Liverpool Saturday.
has 11.800 ouo goia on ooara, consigned
to Kuhn, Loeb & Co This makes a
total of about $31,000,000 gtild received
by this rlrm on the purchase of London
gold In the open market.
Treasury Purchases Foreign Bonds
Wnehlntton, Aug 30. Tho Treasury,
on Augunt 27, purchased JI 0,460,467 of
obligations of foreign Hovernments
miking the July total $20 469,150 and
for the fucoal year $31,469,457
continues snottv Nothtncr Is bclnir done
ntr.et iuul Brazilian connections. , under 8 per cnt and on paper not
Trading was very quiet without price strictly gilt-edged rates aro quoted up
changes up to the end of the first hour 1 10 s per cent
Private advices received horo in the ,, further moderato Incroase Is re
trade today Jitate that tho Hamburg ex- , ported In the supply of New York bank
chariro had petltlonod the government acceptances hut offerings cannot be de
to renwe the embargo on coffee im- scribed as free, in any sense. Rates are
ports which would nllow open Imports- , unchanged
tlons'for the first tlmo since last Jan- LONDON Money 1b quoted at 6,4
uary This Is taken hero as reflecting a . per cent. Dihcount rates, short bills,
possible improvement In central Euro-ii, per cent, thrco-month bills, G por
peon trade conditions.
Oeptftnber
December
Marrh
May
Previous
rinse
H lhif22
X 7SWH2
H 31(482
9 53'' 55
(N T time)
Open 12 m
S 0004
8 05K7 8 8;
0 4RWBO
0.75970 ...
Irfhlsh Vn Her. Coal Co. 4'-8. 1
Kansas fir "' 1"' 5 , X
iw York Central B. it V Notes f Equ p.
.. ?ASK3JCL. k. .rniKuro eo,.
irtllMHIiriw niWH SAU
pinn
T".-"r j. -it
n hJrtl r-qniprrifnt
'Mrn: Ml LLotnut sut.
snie
Poison Needle Blamed
Huilapwt, Aug 30 Premier Teleky
is suffering from blood poisoning. The
033 minister Ol comment, .11 jiuuiui'ii, will
- I he acting premier uniu 1.011m leiojsys
recovery.
There have been varioun nimors that
the premier Is the victim of poisoned
needles, and considerable mystery bas
developed in the case.
1
1030
RAILROAD EARNINGS
MISSOURI PACIFIC
1920 Increase
July ro. l 2'I2 788 $l.f.21.2S7 1
nalan" after taxes 07B.JH4 ;282.420 I
Nut operating Income ni 807 407,574
HAVsn months' groe" 02,83.20t 1,1057 0(2;
Ralanee T after tsx-H 5 tmo.902 8 474.052
Net operating ln-om 3 180.P08 1.217 905 I
CANADIAN PAC"! Fir I
July gross . . $17,871 7U0 J2 8-,.'. 807
Net profits ' H 485 ! 877.217 noton
H"sn months' gross 'nn i':2 Ji? " ?SJ I" New York .
Net pronts 18 047 0.1 '8 135.510 Philadelphia
CHICAOO MII.WAUKKK AND HT PAUL C'lnveland
...... ..... ii.i I'Hi.u.ii i-j 4ni in-' 1 r "-
ju 7 m 1 " - -. . . . - -T . . .. z ,
Ilulance" after taxes . 1,4..' ir,i 2. 1 -.i nini
Net operating Income 8(13.787 1 780 450
Seven months' gross . 01 Oflt SCO 0 374.0HS
llftlunre. aftor taxes 1011,433 1,047 707
Net .'perilling deficit 2 125 10J 1,144.008
LOUIHVILLB AND NASHVILLB
lulv (Trnss $1" 414,414 $1,500,805
Deficit aftor taxes (125.032 2 1K0.247
Net operating d-flclt 50 015 1 B31.125
Jeven months' gross 08 817,135 0 4(18.445
halanr ufte- tsx." 4St 7"3 4,(10.', 822
cent.
PIIILAnr.I.PHLV Call. 6 per cent;
Ime, 6 per cent: commcrclnl paper,
'hreo to six months, 6 por cent.
(Note These are merely nominal
quotatlon"i as the legal rate of Interest
In the state of Pennsylvania Is fixed nt
6 per cent PIub premium nnd commis
sion time nioney for thlrtv to ninety
days Is loaning at 8 to 8 V& per cent,
while commercial paper from threo to
sis month Is being offered at 8 to 8Va
per cent 1
Reserve Banks' Dlecount Rates
Official rediscount rates at the twelve
federal Beaervo banks are as follows
Treas. Lib Com'l Bkrs
Accent
(I
54
84
II
n
8
54
11
Atlsnta
Chicago . .
Bt luls
Minneapolis
Kansas city
llallus .
San Francisco.
ctfs. nonds. Paper.
54 0 7
54 fl 7
tfi 54 0
54 81 (1
t'l (I 1)
to 54 (I
tn 6 7
fiW 04 4 a
54 7
to 84 0
to 54 (1
tn e
a
Net operating ln-om
Decrease
tDlsraunt rate, corresponds with Interest
rate boinn by certificates pledged as collateral
itn minimum or 0 per rent in me case or
Phiudeiph n Atlanta and KansaH City, and
1 32.1.e7'l S.OSlOS 54 per cent In the case of Han Francisco.
BANK CLEARINGS
Rank i-learlngs todav compared with cor
responding duv,,.aa. isy-sr.
Raltim'rs 1S.71M 800 . . .
noston 48 218.871 Holiday Holiday
N York r,3R.475,63
j'hlla. . . 03.883 8'I3
BAR SILVER
Bar silver was Id lower In London
today, at. 58 ia., . . T -v,
Raw Sugars Quiet and Unchanged
New York, Aug SO. Tho market for
raw sugars remains quiet and about
unchanged There were no sales re
ported on Saturday Importations In
cluded 18,000 hugs of rubus and 6000
bags of Porto nicos to the Warner Co..
8497 bass of Argentines to the National
Co. and 17,073 daks of Javas consigned
to the trade In the refined market, the
American nnd the Warner companies
Cash Doy ,
Jim Rutlor
MarNamam
MnrS'.m.ra frma ...
. .-.-"--"-- -..-- ...,.
' "' Midway
5m , Mlspah Ext
?.r. .... Montana
20 82 North Star
-a ttj Rescue Eula
Tonopah Ext
West End
" i West Tonopah
GRAIN MARKET divide BTOCKH
ClllttlCO. AllP. .'tn Tt.mlneuo ,rI1 Allied Divide 01
small in the wheat market at the RtJirt ileirheV .'.
today. December Mnrted at S2.nOVt to'H'icher Ex ..
$2.80a4. decline of 4 cent, nnd !!"" "uC-:v-
Mnreh nt S9 !tp ,,. S .1 . ' L,r"ull Divide
.......... ... v.-, .,, , vt. , nu.ld ,;xt
vuiiiinission uouse.s operated on he1
sides In the early dealings, but n sell-
nid
.08
.12
1A
.oa
.12
.on
or,
O'l
14
.08
IS
.04
.08
.02
.20
Dlv Syndicate 02
I'lvldo Con
Dividend
ant Dlvldo
.05
.07
.02
02
.02
.03
.02
.02
.04
ni;
07
Zons
Atlanta
Illue Hull ....
Rooth
COD
(""mb Fruo . . . .
Crackerjack ...
Dlamf 11 II ....
Daisy
OoldOeld Con . .
OoMIIelil Merger
(ioioneld Dev . .
OOLDPIELD HTOCKfi
01
illg wave fctarted bv nit onerntom Inter ?
carried prices down about u cent under I 'inrmli io
the Initial levels The fart thut cash 'acwouelc Divide ....
wheat was commanding a good premium J i!i"e'rtU Divide
checked it seven- helling wave, but it lll.no Dlvldo ..'.'.'.....
was Pvldent tluit hontiment around the i "" "etto
pit generally wan bearish. ToDa'Divid'.-
There was a email demand for mlTm,,S u..Keni.e'ir'!!
at the opening and moderato offerings viifry Dlvldo 08
ennned rpeeiHlnnH Verdi Dlvldo (12
September started nt $1.44 to
SlASVt, a drop of lHc. December
started at jJI.IOWj to Sl.lOVi, n Ioks
of chc. and .May at .$1.1(18, to $1.10,
a decline of e.
There was considerably bearish talk
as n result of larger recelptR, which
amounted to 101 cars, and ulso because,
of the absence of cold weather in the
corn belt.
Oats were comparatively steadv, lio-1 ejt Rend
lug iiucnangeu to rtbout VhC lower at theK,;,n".
ipvuiuK, "iiu oepieinner at tli'i to
07!)sC, December ot (17' to 07c and
May at 00c.
Despite tho efforts of aome traders to
causo declines by offerings, there was
a better demand and prices held well
during tho early dealings. The receipts
were 18.1 cars.
Lone Star
Oro
Red 1IH1.H ,
Hllver I'lrk
Spearhead
Amparo
Arizona United
Eden
Mother Lodo .
Nevada 11111 . .
Denies Loan Agreement With France Nevada v-xider
New York. Aug 30. Dispatches from ! Tecopa Mining
Paris, quoting French newspapers to i White Caps . . .
me eueuv ijiiii. jeun 4-iirmentier, fTench
llnauclnl envoy had arranged with
Amerlcnn bankers for a loan of SIGo .
000,000, was denied by Morris Cnsse.
nace, director of French Borvlce In the
United States. "It Is u mere newsaper
yarn. There has been no agreement
reached," eald M Caoaenave.
.01
.02
.03
.09
4
.00
4
04
02
01
01
014
05
04
MIHCELLANEOU8
14
.10
07
0
u
Ask
.08
.14
W
.olA
.14
.08
.00
.24
1H
.10
.03
.07
.03
.07
.03
.28
.03
08
.00
.03
15
.03
03
.03
04
.03
05
n
oii
in
.08
.28
.02
.02
03
.01
.04
.07
.01
.08
10
.01
07
.III
05
.03
.05
02
.024
.on
.05
IS
.15
.o,H
.02
.05
.00
.10
Railroads Securities
AT THE present time prices on
standard railroadreecuritiesdo not
in any way indicate 'their true value.
With the new passenger. and freight
, rates operative- and favorahle'new rail
road laws effective, the outlook'fortho
roads is exceedingly bright.
High-grade railroad securities pur
chased at these levels will make the
best sort of investment, both as to
interest 'return and security.
Special list of raUroad eeeurities
furnished on application.
GEOWnKENDiaCK 3nf $ CQ
waiuzers
inn-
U3t WfONUT 8T.
.XsKtbertMssv Ysrk and FVt-
SMIOOUS BMOK HSSU
'
PHOADtUPrnA.
"te-sstesrsj.4"
Wicoimiqira EicnHi; mnnianifij uDiimriiu nimn rjnm.'ini'ii: nntiffir-rai if.T3
ESTABLISHED IQG3
BIOREN & CO.
BANKERS
IOChoitnutSt.,Phlladolphia
Government
Municipal, Railroad
and Corporation
Securities
limber Nets York and Philadelphia
Btock Erchanof
mMWWmm0MmmmmWWmm
Open 8:30 A. M. Till Midnight
for Rccclvinr; Deposits and
Cashing Checks
(trust Cot
&t MfU 4 fltl fe.
4. 4 hsxkM Us4ui r-ii
LT
sBifi.
Bonds for Investment
circular TTpen ne"'iest.
The National City Company
Correspotirfent Office In Over St ClUts
ri'llsUelplila 1421 Che. tnnt HI.
Atlantis City WIS Boardwalk
Stockwell, Wilson & Linvill
Certified Public Accountants
Land Title Bldg.. Philadelphia
are atlll wirnarftwrt. while list prices or preferred, both payable September
piner rcunprn aro, uuuia-iniu. siocjt onwto oepiemDcr
DIVIDENDS DECLARED
Pennsylvania Rubber, quarterly of 14
30 to
per cent on common and Hi per cent on
Liverpool Cotton
Liverpool, Aug, 30. Spot cotton was
quiet today with prices steady on the
basis of an advance of 03 points for
middling at 23.42d. Sales were 4000
bales. Receipts wero 4000 bales, In
cluding 1000 bales American. Futures
were steady In the early dealings. Spot
nrices weret American, middling fair,
38.02d t good middling, 26.17d; fully
mtrUllmY. IMfdl middling. 28.42d: low
middling-, lO.JJd. rood ordinary, 16,17(1
and urointry, i.ip-
ARE YOU
TRADING
IN STOCKS?
If so. hero's on opportunity to
keep closely posted on the market and
Its swings by getting our Daily Btock
Market Letter Service tar on week
ubeolutely free of charge,
Tear Out Coupon
now and mall to us at ones. You In
cur no obligation. Warnaka you this
SPECIAL. TillAfi OFFER to prove,
the value of OUR HKRVICE toyou!
a . . nnr Tht.1 OffP t limit. A -
three (3) dayi. mtmmm .
14 Wall Ht New VnrU,
Oentlemen: Bend tn Daily Btock
itnrktt LtXUr Service for one week
(FftGU) to prove value ot your
nervlco to me. h.v,
Address ,;,,,
City ifMfi 0tt, iMtMin
To the Shareholders
of
Internationa Petroleum
Company, Limited
NOTICE Is hereby gWeji that a
company has been Incorporated under
the laws of tho Dominion of Canada
tinder tho namo of International Petro
leum Company, Limited, herein referred
to as the New Company, and that an
arranzement has beon made whereby tha
New Company will Issue to the Pref
erence shareholders 6f the International
Pctrolcnm Company, Limited, (Old
Company), one Preference share ol
5.00 par valuo fully paid up and non
assessable and one share witnout nomi
nal or par valuo of Its Common stock
fully paid up and non-assessable in ex
change for each Preference share of the
Old Company, and to the Common
shareholders of the Old Company two
shares without nominal or par value )
if Common stock fully paid up and
non-assesialle in exchange for each
Common Share of the Old Company.
Tho New Company proposes to Ibsub
1,804,534 shares without nominal or
par valuo fully paid up and non-aasess-ablo
of the Now Company in eichanrs
for 1,075,000 Bhares (being tho whole
of the outstanding stock), of the Tropi
cal Oil Company, a company Incorpo
rated under tho laws of the State ot
Delawaro and holding concessions from
the Government of the United States of
Colombia. The delivery to the New
Company of 00 of the outstandlnf,
Btock of tho Tropical Oil Company hai
been assured and in the event of the
whole of such outstanding stock not
being delivered then a pro rata reduc
tion will be made in the number of
shares in the New Company to be ex
changed for the shares of the Tropical
Oil Company delivered to it.
Ilolders of Bparer Share Warranta
who surrender their warrants to tha
International Petroleum Company,
Limited twew company j ni oo uiiurj-u
Street, Toronto, Canada, or to tna
Farmers' Loan & Trust Company, IB
22 William Street, New York City, u.
S. A., between the 15th September,
1020, and the 80th September, 1020,
Inclusive will Mcefue fn exchange there'
for Hearer Share Warrants on the Mill
of two shares of the Neu Company for
each share of the Old Company tur
rendered, In accordance with the terma
aforesaid.
No Warrants for "rights" will l
Issued and shareholders who fall to
exchange their old shares .Jor the new
shares within the time limit and It i the
manner aforesaid will subject tats.
rights to forfeiture.
Tho books of ?STVV(Z!$m.
closed from the 10th day of Septem
ber, 1020. to the 80th day of Septea
ber 1020, inclusive, and no nearer
Share Warrants will bo split dortol
that period.
Holder- of Bearer Share Wrranta
cvTrStns3r
Share Warrants cannot be issued.
By Order of the Board,
- J. R. CLARKE,
fieOTtffSflr.
CO church Street,
tor-Mita, Cxciybu
3r4 uut, UttOf
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