v fcv "? wfcS Ef-w I? i-i- $ rf.ii'i - , Mr $ It X .a Jrt 18 r esr I , ft.. ;; ;1s . 4 .ii !. :. D ' I ' " H SURPLUS (EARNED) I .-". IT IS the unexpected that fre quently liappens ; therefore, you should guard against the uncertainties of life. The Northern Trust Company 'is at your service to help you to protect your heirs, upon receipt of request for The First Step in Making Your Will a copy will be sent to you in the next mail. It will help you to express your wishes with regard to the distribu tion of your estate. Gm hJ& JUrtcArvtAvVo joW Ca, o&iwl vdL.ai j 8.8 ?&. Frazier 6 G. PHILADELPHIA 65 BROADWAYTnEW YORK 19 SOUTH ST., BALTIMORE 927 15TH ST., WASHINGTON A Complete INVESTMENT SERVICE Specialia's in OHIO MOTOR AND RUBBER STOCKS ACCEPTANCES BONDS STOCKS CORPORATION FINANCING Members of New York Stock Exchange OTIS & CO, Investment Bankers CLEVELAND Boston Detroit Cincinnati Columbus Akron Youngstown Denver Colorado Springs Toledo IP. SEiSJMET UP Forward Swln Struck a Vigor ous Strldo Aftor Mixed ' Opening New York, Sept. 14. After a some what mixed openlnp; today's stock mar ket struck a strong stride on the up tack which carried prices from one to 10 points above yesterday's closing level. Adherents to the constructive side had a strong stimulating nlly In the overwhelming ' Republican victory in Mains yesterday and the promise of a brief spell, at least, of easy money after the tax payments tomorrow. Tech nical conditions, however, again were a potent influence, as It was quite evi dent a larger portion of the trading con tingent had overplayed their market. While lacking to some extent in ani mation, and at intervals showing symp toms of going sta'c, the market through tho session did not have what really could be called a single weak spot. The railroad shares, as hi the preceding sessions showed more consistent 'trength than the industrials, but the attcr were bolstered up materially uv an overextended short Interest. In all I'vents, as the day progressed it was evi dent on all sides the path of least re sistance was encountered on the for ward swing. This fact was particularly demonstiotcd In the short lived rear fiction which followed the high opening level. The big O. O. I'. Maine victory for a time looked at if it might bo offset by tho continued unsettlemcnt of for eign exchange. Dealings were active and "rice changes substantially higher nt the opening but the forward movement was of brief duration as the initial gains were almost immediately transformed into losses. After the first reaction there was it broad buying movement in represen tative and speculative rails, led by I)c aware, Laeknwnnna and Western which rose 10 points. Other coalers, a'so prominent transcontiucutals and srangers rcc 1 to U points. Among the junior rails new York, Chicago and St. I.ouis roie .'Hi nnd St. Paul common and preferred, St. Louis and South western, Kansas City Southern pre ferred. Hock Island, Pittsburgh nnd Western, Haltimorc and Ohio. Eric first preferred and New Orleans, Texas nnd Mexico gained 1 to 1'A poluts. Oils, motors nnd .shippings rose 1 to 3 points. Seasoned industrials were taken up by pools at midday, Ilctlilclicm, Va nadium, Kcplogle, Republic and United Steels rising 1 to .1 points with Ameri can Car und Ualnwiti Locomotives. Among hpct'ia ities, chemicals, tobac cos and textiles also wi-re in demand at ains of 1 to l'A points. NEW TOP PRICE FOR AMERICAN STORES Reduction of JJ. G. I. Divi dend Discounted by Re cent Decline soo too 100 loo loo 100 300 loo f)0 100 101 100 000 400 200 lno 100 lno zoo 400 209 100 100 100 S00 200 100 200 000 31V. n I Illsh 7 Allien Crjem A Dyo, . 60 s Am Beet Sugar. 80 10 Am Bosch Mnsmeto.. 85 1 Am 11 Shoe &Fpf now 87 H .. Am Can 31K 7 Am Can pf 92 12 Am Car & Fdy 1MV4 so Am Druir Syn Ji 6 Am Express 13 J 7 Am Hide ft Lcatherpf 70J4 6 Am Ice pf SOU a Am Intcrnat Corp.... 70yi S Am I.tnsccd .,..,.... 87 0 Am Locomotive 01 Ji .. Am Safety Rntor 13 .. Am Ship & Com 1K 4 Am Smelt ft IW....' 60 7 Am Smelt ft Bcf pf... 03 3 Am Steel Foundries.. 35 U 10 Am Sumatra Tob SSy2 8 Am Tel ft Tel BOH 20 Am Tobacco 121H 7 Am Woolen 82J4 . . Am Kino Lead ft Smlt 12 4 Annconda Copper 14 0 Atch Top ft Santa Fo 83 H 5 Atch Top ft S F pf... 76J4 .. Atlanta Blr & Atlantic TV .. Atlantic Fruit 74 10 All Gulf ft W I S S. . . 142 J4 2:80 Net Low (NYtm) cut 2709 j.so Baldwin Locomotive. .108 Va 100 .. Baltimore ft Ohio.... 41 000 R Barrett 137 100 7 Barrett pf 102 10D .. Hcthlehcm Motors.... 6 4010 s Bethlehem Steel II... 75 700 .. Brklvn Rapid Transit 10 810 . . Brklyn R T ctfs of dep Oft 200 10 nurns Bros OS 100 .. Butte Copper ft Zinc. 7J4 loo . . Caddo Central ft O It. is 100 o Cnllfornla Pncltlng... 67',4 101 in Chandler Motors 81 000 10 Cnnndlin Paclflo Ufl'i 10J i Central Leather 81ft 307 4 Chesapeake ft Ohio... 60 311 .. Chicago & Ot West... 8 300 2 Chicago ft at West pf 2ft 811 .. Ch'cago Mil ft St P.. 37ft 810 . . Chicago Mil ft St P pf BS 700 7 Chi ft Northwestern pflCO 310 6 Chicago Northwestern 74ft 1100 .. Chi P. I ft Pao 37 500 A Chi Pneumatic Tool.. 83 U 100 l.so Cli'no Copnr 28 500 . . Clev Cln Chi ft StL. . . 57ft 200 3 Colorado Fuel & Iron 34 ft 201 .. Col ft Southern 28 301 1 Col Grihpophono 22 JJ 110 7 Consolidated Clgnr... 76ft 1410 Con Interstate Cal M. 10ft 010 3 Consolidated Textiles. 2fft 1410 4 Corn Products Pef . . . 87ft 111 2.30 Costlcn ft Co 39ft Interest 10 Profit New external loan of the French Govern ment payable in dol lars assures an in come of about 8. Unusual sinking fund provisions provide for a 10 profit on money invested. Full Particulars on Request Bonbright & Company 437 Cheatnut Street Philadelphia New YorU Chlcnfo Ituatnn Hetruli 2310 100 500 500 2211 100 101 1500 110 2000 100 77)0 810 100 1001 100 401 201 310 3)0 2310 100 100 103 100 100 711 200 100 313 310 100 1010 000 200 400 100 111 300 100 100 410 110 310 1800 600 400 1400 1700 100 000 3)3 301 410 101 700 7QJ) 100 8 Crucible Steel I2ft 7 Crucible Steel pf 05 . . Cuban Cane Sugar . . 38 7 Cuban Cane Sugar pf 77ft 7 Cuban Amer Sugar. . . 44 ft 7 Deere & Co pf 02ft 0 Delaware ft Hudson 102 10 Del Lack ft Western.. 260 Denver ft Illo Grande 5 Dnwr ft B'o O pf. . . Duluth So S ft At. . .. Erie .. Erie 1st Pf .. Erie 2d pf 8 Famous Players L. 10 Fisher Body. The letter of Samuel T. Tlodine. pres ident of the United Ons Imn'ovement Co.. to tho shareholders, officially ad vising them of the intention to material ly reduce the rat of dividends on the common stock until after the Philadel phia gas lease situation has been ad justed was the most important develop ment in tne local market. .Incising from the action of the stock this course hnd been InrsMv dlsrnnntpil hv tlm rrtrrnt nerpemlicular descent in the stock to ! n . n. i . ... I ;.-. iouav tne rnngc o: uuctuation was I between .'15 und 110. In his letter Mr. Bodine said : "With the npprova' of the board of directors I beg to advise you that while I the dividend payable on October lfi. i 11120, will he nt the rate of 8 per cent i per annum, ns heretofore, in view of the j great losses which vour comnany is now suffering in operating the Philadelphia f!as Works, and of which I deem it I proper that you should be advised, it is impossible to continue the payment of I dividends at the rate of 8 per cent per 1 minum upon the common stock in the 1 immediate future. Such dividends ns 1 may be declared after October 1.", 1020. j mu.-t cfrtain'y be materially less than heretofore, by renson of facts which are fully set out in the enclosed state ment : and the restoration of nn 8 ht cent per annum dividend rate is de pendent upon your company being able to secure an amelioration of the condi tions mentioned. iX 'W uuii Jfc ....III IUIIIHUII I'UIUI .... .-- . ,l.-,nr. lm vnora 11110 nnil 1 fl"fl no vnil I market WOS WCaK. .... .... JV....T W. .'.... ....., H. fc,w.. " " know, bus been charged against your ac cumulated und'vided prolits ot past years: hut the object of these acccmula tlons is to enlarge your business, as In dicated by the investments composing 12 . 5 . "ft . 25ft . 18 ft . 72 .101 3 Flslc P.ubbir 27 .. Freeport Texan 23 7 General C'gar def pf . 82 General Klcctrlc 142 1 General Motors 2t ft 0 Gen Motors deb 6.. 60ft 7 Gen Motors deb 7.. 80 , 0 Goodrich B F 55ft 7 Goodrich B F pf 87ft .. Gray Davis 10 7 Gt Northern pf 78 4 Gt Nor Ore c'fs 33 .. Guantanamo SugCo.. 18ft .. Hablrshaw Kl Cable. 15 4 Haskell ft Barker Car C8ft .. Hcndee ctfs 24 ft .. Houston OH Co 107 $ 1 Hupp Motor Co 16 .. Hvrtrnull- S'e 1 32 7 Illinois Central 89 .. Intor Con Corp pf. ... U .. In'ernat Agrlcul 21 5 Int Agrlcul Corp pf... 8t 7 Intl Harvester new. ..125 7 Intl Harvester pf 101 .. Int Mer Marine 24 JS a Int Mer Mar ne pf... 74ft .. Internat Motortruck. . . International Nickel. .. International Pap r. 6 Inter Paper pf stpd. .. Invincible Oil Corp.. Tolnnrt Oil lrnn Products 43ft .. Jewel Tea 8 .. Kansas City Southern 18 a Unman Cltv So Df... n 4 Kelly-Spg T 2 Kennecott Copper.., 1.20 K. ystone T & R. . 0 Lackawanna Steel.. Lake Eric ft West 42 10 7lft 72 ft 34 ft " 74 16 ft 17 13 ft 7J0 3.80 Lihlgh Valley 47ft 17)1 2 Loewe Co -; win Infr f?nrn 3Ju 810 100 Loft Corp. 7 Manhattan Elcv guar. 43 60 80 85 87 34 03 tasft 9ft 135 70 soft 7 87 04 13 ft "ft 60 03 35 ft 85 ft 8 121 82ft 12 54 83 70ft 7ft 75 141 107ft 41 130ft 102 5 74 ft 10ft 6ft 05 7ft in 67ft 81 118ft 51 ft 60 8 25 ft 37 64 105 74 ft 3Sft 87 28 55 34 28 2' ft 76 ft 10 ft 20 87 38ft 122 ft 05 38ft 77 44ft 02 ft 103 230 6 11 5 10ft 21ft 18 ft 72 101 27ft 23 82 141ft 20 ft 09 ft 60 55 ft 87ft 19 77 ?3 18ft 15 ft 8ft 24 ft 105 ft 15 3ft 88ft 11 21 80 123 104 3 74 ft 42 10 78ft 73 35 ft 13 ft 7 18ft 47 ft 74 V5 10 ft Id 13ft 41. 20 ft 13 43 W 60 80 85 B74 34 ft S3 ft 183ft Oft- K 135 3 70ft 1 50ft 1ft 75 ft 871 84 ft 18 ft 10- ft 60 ft 03 3Sft ft 8Sft 09 121 -83ft 13 34 C3 76ft , 7ft .. 73 141 1 107 ft ft 41 ft 137 1 102 6- ft 74 .. 10ft ft 6ft- 05 51ft 15 K 16 67ft . . 81 1 118 ft- ft 51ft ft 00 ft 8- ft 25 ft .. 37ft 1ft 4 ft 105 74 ft 8ft 83ft ft 28 22ft 70ft 87ft 3Sft , 174 03 38ft 77 44ft 92ft- 102 250 ft ft V 8ft ft ft ft 1 ft H ift i ft ft ft ft 2 Oft 5- 12 5 16ft 23 18 ft . 72- 101 27 23 82 1ft 141ft- ft 21ft J C0ft 80 55 ft 87ft 19 78 33 18ft 15ft 68ft .. 24 ft .. 107ft 1 10 32 ft 88ft J, 11 21 80 123 104 4 1ft 74ft .. 42 10 70 ft 72ft 35ft 4ft 7 - Sales in I Mm 0 t Marlln-Parry 21 190 .. Maxwell Motor 8 8 .. Maxwell Motor ctfs.. 8 171M io Mex'can Petroleum... 175ft ioo 1 M am ConDer lVi i!:30 Nit Low (NYtm) Chee. 709 l.o Middle States Corp... 13 1000 4 Mldvale Steel ft Ortl.. 39ft 30 .. Minn ft St Louis 15ft 10 7 Minn St P ft St S M. . 78 I 300 7 Minn St P ft S St M pf 93ft 3' .. Mo Kansas ft Texas.. 7ft MOO .. Mo Kansas & Texas pf 12ft 00 .. Missouri Pacific S7 "01 .. Missouri Pacfio nf. ... 4Sft 100 ,. Mbntsomerv Ward.... 32ft 100 3.50 National Acme. ft 1ft ft 1 ft ft ft 3ft 18ft- 48 1 741 25 10 ft ft ft 1ft is;3 ift 47ft y. 203 Si I3ft h 43 13)9 509 1350 100 300 100 600 810 3490 200 1600 990 200 409 299 999 4900 399 390 13519 1319 290 709 1000 100 100 700 1200 too 100 100 4600 2800 100 1600 100 400 ' 100 000 100 15500 400 700 500 100 11500 7400 2309 101 1839 4800 1800 100 200 103 800 3310 600 4700 30fl1 100 100 800 100 300 1500 000 200 1203 009 1009 4190 100 loo 200 300 2293 loo 530 2490 000 609 700 ' 800 1103 1103 830 1810 400 34 ft Nat Aniline ft Chenu. &3 7 Nat An ft Chem pf... 80 Vat Cloak ft Suit 33 Nat Enam A Stamp.. 58 6 National Lend 75 ft . . Nat R R of Mex 2d pt Sft .. N O Tex ft Mex 49ft 5 New York Central... 74 .. New York o & St L. 46ft ..NY Chi ft St L. 2d pf 55 .. New York N II ft H.. 34ft 1 New York Ont ft West 29 ft 1 Nevada Con Copper., lift 7 Norfolk ft Western... 94 B North American...... 51 7 Northern Pacific ..... 79ft 49 Okla Prod ft Ref 4 . . Otis Steel 24ft 4 Pacific Devel Corp.... 32 0 Pan-Amer Petrol 92ft 0 Pan-Amer B 85ft 4 Parish ft Bingham.... 27 3 Pennsylvania n R. ... 42 .. Pcnn Seaboard Steel. 2lft . . Peoples Gas Chicago.. 13 .. Peoria & Eastern 12 .. Perc, Marquette 24 5 Philadelphia Co 38ft .. Plerce-Arrow Motor.. 36 8 Plerce-Arrow pf 89 .. Pierce Oil 14 6 Pitts Coal 65ft .. Pittsburgh ft W Va... 31ft Pierce Oil pf 81ft Pond Creek Coal 16 ft Pressed Steel Car.... 03 Pullman 113ft 76 ft Punta Alegre Sugar. Pure Oil Co 3Sft Ray Con Copper 15 Rending C3ft Reading 1st pf 44 Romlncton Typewriter 00 .. Roplogle Steel 70ft 6 Pitts ft West Va pf.. 73 6 Republic Iron ft Steel. 81ft .. Republic Motortruck.. 30 U.20 Royal Dutch N Y.... 88ft 1 St Joseph Lead 16ft .. St Louis San Fran... S7ft .. St Louis Southwest... 20 .. St Louis Soutlnvc3t.pt 40ft 1 Santa Cecelia Sugar.. 14 .. Saxon Motor 5 .. Seaboard Air Line.... Sft .74 Shell Transport 5 ft .. Sinclair Oil 3lft O Sloss'Sherf 60 0 Southern Pacific 95 .. Southern Rail 28ft B Southern Rail pf 60ft 20 Standard Oil of N J.. 655 7 Stand Ol of N J pf..lOSft .. Stan Oil N J pfprtpdl05" 4 Stewart Warner Sp... 31ft 4 Stromberg Carb 71 7 Studebaker 13ft 7 Studebaker pf 90 .. yupeilor Oil Corpn... 20ft 6 Superior Steel 53ft .. Tenn Cop & Chem.... 10 3 Texas Co '0 .. Texas ft Pacific 37ft .00 Tex ft Pac C ft O..I. 40ft .. Third Avenue 11 6 Tobacco Products.... 4ft .. Transcontinental Oil.. 13 7 Underwood Typew pf.100 .. Union Oil 28 10 Union Pacific 121ft 4 United Alloy Steel... 40 12 United Fruit 204 .. United Rwy Invest... lift .. Unl Rwy Invest pf... 3ft 3 United Retail Stores.. 68ft 0 U S Food Products... 60ft 0 U S Ind Alcohol 84 A U S Rubber 7ft 8 U 8 Rubber 1st pf...lC8 103 3.S0 U S Smelt ft Ref 20100 500 600 68 5 U S Steel 89ft 7 U S Steel pf lObft 0 Utah Copper 04 ft 3830 a Vanadium Corp 0ft loo 4 Va-Carollna Chem.... 61ft 7i)U 2 Vlvadou Inc 4ft 100 .. Wabash fc 400 .. Wabash pf A V7 100 .. Wells Fargo Express. 64ft 100 7 Western Union Tel.. 84 400 4 Wcstlnghouse E ft M. 48ft 103 .. West Maryland 2d pf lift 1039 . . Western Pacific 39 503 .. Wheeling & L E .ft 100 .. Wheeling ft L E pf.. 23 800 4 White Motor 45 1003 l Willys-Overland I ft 500 B W.lson & Co C5 300 .. W'sconsln Central.... 33 Ex-dividend. 81 8 8 173ft 19ft 14 39ft 18 78 3 6ft lift 26 ft 47 ft 83 34 ft 81ft' 88ft 31 88 7ft ft 49 74 41 85 34ft 19 ' 3ft 51 78 ft 4ft 24 ft 32 01 84 27 2ft 21 13 12 23ft 37 ft 35 89 14 ft 20 ft 81ft 10 ft 95 113ft 70 ft 38 15 01ft 44 68 77ft 73 78ft 27ft 87 10ft 27 28ft 38 14 5 8ft 62 31ft 68 04ft 27 ft 60ft 055 105 105 31ft 09ft 61ft 90 10 62 Oft 49 ft 36 ft 40ft 19 ft (4 -13ft 100 27 ft 120 40 2C3 11 22 ft 67 60ft 83 ft r6ft 108 6B 88 105 ft 64 87 ft 60ft I4ft 9 7ft 54 ft s.4 4hft 16 29 ft 23 44 'ft Mft 33 21 8 ft 175ft'2ft lft 15 H Sft .. 78- 114 925i Yi 7ft 1 12 ft 1ft 27 ft 48ftlft 33ft W 34ft ft 83 1ft 88ft ft 33 ft 58 ft 75ft .. 5ft .. 48ft 1ft 74 46ft 6ft 552 34ft 20 ft ft Hft Y 04 - ft 51 1 70ft 1ft 4 ft 24ft- ft 22 02ft f 2 85ft 2ft 27 42 ft 21ft 13 1 12 24 - ft 37ft- 35 ft 89 ft 14 06ft 1ft 31ft 1ft fllft ft 10ft- 1ft 05- ft 113ft- , 76ft ft 38- ft 15 - ft 3ft 1ft 44 68 1ft 70ft 1ft 73 81ft 2ft 282 t8ft 1 16ft ft 27 20 1 40ft 3ft 14 6 ft Sft- ft 62- 31 ft 68 ft 04JJ 28ft 00ft ft 656 - 7 103 - ft 105 ft 3lft ft 71 ft 12JJ 1ft 00 2 10 ft- ft 53 1 10 ft 60 37 40ft 1 T SSK: R fifi fl P DRY NEW YORK STOCK EXCHANGE TRANSACTIONS ASPHALT ATTRACTS oP.,..n. ;.u-l... aM HsnsMU'S ATTENTION OF CURB Report That Issuo Will Listed on Exchange Boosts Price' Bo New York, Sept. 14. General As phalt was the feature of tho Broad Street Curb market today, advancing moro than 4 points during tho fore noon to 60, the movement being ac companied by reports that application will soon be mada to list the stock on the exchange, Other petroleum stocks were Irregu lar, Whlto OH reacting from 25 to 24 and SImms Petroleum 'was in supply again, selling down to 12$, with n slight rally before noon. National Oil continued steady. Car Light was in continued demand and thcro was good buying of Sub marine Moat, .which movea up from 12 to 13. High Speed Tool was also strong, making a further advance to 31 . llritlsh-Amcrican Tobacco was steady, selling at 12. Indian Pack ing continued heavy, with soles at 4, United llctall Candy sold at 12. INDUSTULL8 a 4 13U na 1014 ii Uft ft 13 ft . . 100 8ft 27ft- ft 131ft 1ft 40 204 It 22ft- ft 68ft 1 60ft 1 83 7ft 1ft 108 1 -681 80 ft 1 105 ft- ft 64ft Ji 8 09ft- j: 14ft 7 48ft . 10ft 30 I 23 45ft Uft f4ft- HfVh Low Acmo Coal i........ 2Vi - Auto Fuel 67 60, Ilrlt-Amer Tob re 12W I'M n:iss so., an. Car I.lKht HH Clair & A. Ferry 1H (Hncrnl Asphalt ........ 0nVt Hrapo Ola pref 3 Mi Indian Packing 4 Inter Rubber 1814 Nat City Dank rta 93 Perfection Tire 1,V Iladla Com pref SH tlepibllc Tire nub 2l noy de France ft H J Ileynotd DH fubmailne Boat 13 . Kwrets Co l'.i U f High Speed Tool .... 31V U S Steinuhtp 2U United llctall Candy .... 12 STANDARD OILS Fouth Pcnn Oil 270 StanJord Oil of N Y, 083 INDErENDKNT OILS 1:00 p. m. 2H 5 3H 4 inft i' 1H t as 12 12 270 393 ft 38 12 270 383 Allan Oil 1H Allied Oil 24., Uoonn Oil 2M. Iloston Wyoming 1H Cnrll) Byn iai Cities flervtca P.lk liasln Pet llnalneers Tetrolcum Usmerr.lda Oil 1'cdaral Oil Uuttcv aillennle S3 inter i'ctroitum ......... B2Mi Kay County Oa 11 National Oil N J 7H HI'. 03S it; 21 North Aincr Oil rennoK on .... lied nock Oil .. halt CreeW Prod Slmma Pet ... Welly uu isft 10 ft ft ft ft ' 1 ft ft ft 1ft 33 1ft j Commodity Markets , GRAIN MARKET Chicago, Sept. 14. Addttlonollosses In foreign exchnngo and a decllno in prices in Argentina caused fairly gen eral selling of wheat futures In a small way through commission bouses here ..,' i n.l the. undertone of the inn muiuiuh -,",,. i,.ta if J.WU .vw-.i'v" "- 1 ! .uAo V. ;7 . .. close yesterday again $-.-.. -:- ,,,, B,.llt.i iliibt $2.44 at ,1.1- f.,.,,1 I.. ,.,iirvmi. ..,, Ilicnnraflni.d ,1,. ..Inn. vsterUQV. BBQ . Utuiuiu '" v.n;, ,li, ... ...j.. i.i" vi ll(t ...-. wheat for the day were irf. December opened at $2.40 to ?-'? ngainst 2.40 nt " t;"BV: f" Snd ragged to $2.47. nt $2.44 to $2.48. 8-n Seasoned Water Power Bonds Loir Operating Costi "JosepiW.Gross a Co. 1421 Chestnut St Correspondents Aldrtd fi Company - A truit eonipuny requlren the rrvlcea of a man to take churge nnil manage a llurrougha machine ledger department. Slate quali fications, experience, reference and ealarjr. llOX 2124, MIDDIK CITY rnn.AnEi riiiA of the companies in various parts of the country in which you are interested, it is manifest that the present financial conditions make it unwise to dispose of those securities ut the sacrifice which would be entuiled. The yare. therefore, not nvailable for cash dividend pur poas." From n strictly market viewpoint the outstanding ftature was supplied in the continued strength ami activity 'f American Stores, which made a fur ther advance of $1.0 to .ri2. estab'Whinu i new high record. Profit-taking Inter caused a partial surrender of the ga n The realizing was natural in view of the $(1 adnnce the stock made since the opening of the week. Nothing more leliiiltu was made known cnwernlni. the predicted inereuse in dividend rate fiom 1 to 0 per cent, which, according to interest close to . the management, will probub'y not take place until the early part of next jear, or probably at the next dividend period. There is a dividend of 1 per cent payable on October 1. The action of the stock hnwevsr. disclosed there had been quiet accumulation for some time past as the market was found virtually bare Electric Storage Ilattery started out strong with a $2 advauee at 130, hul subsequently surrendered most oi tne gain. The only other price change of consequence was the advance of $r.fi0 in Generul Asphalt prepened. to CO, which, however, was from a previous sale souu days ugo. Philadelphia Electric con tinued to sag, striking a new low in L'OMi. Few sales of the warrants wen made at an . The railroad shares were firmer nn! fractionally higher in sympathy witl the fresh forward swing in those share In the big market. There was little dnm In the traction shares. Considerable sprinkling of the so-called New YorU stocks helped to enliven the trading. GOVERNMENT BONDS Philadelphia Stocks Wanted Sun Co. Deb. 6s, 1929 'fe t r.fcfirles Fear on & Co. . t i' ' mm m.4.e (3...... P vim Mvn jv;ihu...-j, ---... , ,,, S" 42Vj. There were -" ' bottom on covering. npiiinir K,i Pit tradcrB pressed the selling side ,f ,. ,-n and the market was weaker. The bearish . Influences nclmled co - tinued favorable ' 'V " " 1 lhera receipts, the arrivals for the day liberal rcceii-i. fc jonB.ranKt. amounting to .1-- cars- Cw.nnaT inr lrum wn . - vcsterdaV. and ater sold at J1..WV neceinber opened at oi.i.' to ?;'" s. de'roatfwaslow. There , "Member opened, unchanged, nt (Kiy'Sand later sold nt a net loss of (!.ri,4c. Slay u"i"-" - ". i," 1! inter sold at a net loss of 4c. COTTON MARKET Vew Yotli. Sept. 14. With the ex --ention of October, which was 4 poiH iK cotton opened R to 13 points wr thl" morning, due to weaker ab'es reports that short time was prob ble among Manchester. England, mills, avorab'e weather in the belt, with no nln In the last twenty-four hours, and wer foreign exchange The South was .undlng seller here, while spot houses nil Wall street bought. fter the start, the list steadied a nv points on local covering nnd trad .lying and in some instances regained s early isr-. T.rflV. upen High 1445 Am Strs.. 52 10 Am Gas.. 35 4 Bald Lo pref ... 00 300 Elec Stor.130 120 (Jen Asph 00 31 I Co N A 28 20 I.eh Vnl.. 47 fi Minehlll.. 41 331 Pa U It.. 42 lOPhila Ins" Wire .. 51 123 Philn Co cum pf.. 32 570 PhilaElec 20 10 do war.. ' 1(H) Touo Iicl. 1 2721 U (J I... 30 Low 49 35 00 134 50 2S 4li3ft 41 'j 42 1:30 p. m. 50 35 Net chge. 2 oc .: 134 Yi 00 5Vi 2K Vi 47 .. 41 Vj-. 51 51 Vs 32 20 Vs 1 34 Low 32 . 20V4- tt.. 1- 34- 1:30 p. m. 'it Net chgo. Financial Briefs The average price of twenty nctlvo In dustrial stocks declined 0.02 ner cent yesterday to 80 90. while twenty rall- uuua uuvunccu u.12 per cent to 77,111 J. P. Morgan & Co. will send out wires and allotment letters on tho new French 8 per cut loan tonight The annual meeting of the I-ake Su perior Corporation will bo held October 0 at Camden, N, J. .Stock transfer books will bo closed from .September 15 to Oc tober 7. .3"5SNow York tobtreasury lost $13, 32 i.OOO to tho banks yesterday, making 479i0!00 "et HlnC0 IiYIdar ot 16'" Li'nlted Texas Oil IX Victoria Oil new IV Whlto Oil 25 MININQ Alavnrdo 15H Aiaska-Urlt Columbia.... USA Hlff Ledzo Vi lionton &iMontana 110' Calumot & Jerome cons Virginia 4H i.'oilcz Hlivcr 03 Crcsnon Gold 1 Dlvldo Ext 31 Dundee Arhona 1 uureiia jiouy Korty-nlr.e Mining .... Oolden Uato Kxp .... Uold Development 0 llold Kewana 4 Oold Hllver l'lck 7 tlold Zona 35 liecla Ulnlnu 4(4 .ron Illossom Jumbo Kxtenslon ft Knox Divide 10 i.oulnlana Co 1 Mar-Namara A .l,irh Mining 17 .Mother I.odo 00 .Mother Lode new (I NhilBSlng 10 uphlr Hlltfer H I'rlui'o Con Hex Cons (1 ltocheater Mines II Jlmon H I. 1,V ri SlUer Lead VI .''toward Mining 11 .lUcceas Mining 4 Tonopuh llelinont la Tonopah Hxtenfilon 1A Tonopah-JIm Ilutlcr ID Tonopuh Mining 1 A Tonopnh Mlzpah 12 Tonopah Hescuo Hula .... 22 Inlted Caatern L'U victory s m -? sa1. 32 XK 7. 3". 7 i 31 ift 24 14T4 V 88 4 01 T4 20 1 erohlp Lacklno Undertone Heavy London, Sept. 14. Attention of trad ers In securities contlnu'd to bo focused on Ihe.coal labor situation today and operations on the stock exchange re mained small. Tho markets- wcro w th out leadership nnd had a heavy under tone. Dollar descriptions moved upwa Influenced by tho position of New YorK Home railway Issues also showed re sistance' to pressure. Mexicans wero the most cheerful, discounting m-cdlctlons of brighter times' In tho republic. Not Withstanding forecasts of food divi dends, tho shares of Argentine roads W Ther? was proflt-taklng In the oil sec. tlon, Shell Transport nnd Trading was 7 and Mexican Kagle 11 3-16. Ilubbers and Industrials also wcro offered. Hud son's Day was 6W. .... ,. .,.. Kamrs wcro confused, 'but alterat ons In prices were na,rfw. dR1,1? .S1 advance In bar gold. The gilt-edged list was soft, but French loans were hard. NEW YORK COFFEE MARKET New York, Sept. 14. Tho improved undertone in tho coffee futures market noted on Monday was again in evidence nt the opening this morning, and first prices were 3 to 15 points higher. The cables wore again encouraging, and this doubtless promoted more buying from tturnne and local trade interests. (N. T. time) I Test. cio Pept Dee March Way Julv -uia. 7.SS S.4R n.os 0.2.1 0.42 Open B.00 s.nsoos n.20 n,3o?a7 O.4B047 11 a.m. Ml 0.80 Railroads Handled 3.8Ba.A9i - V . r..i-t. ..... ui "urmn month Waeblngten, Sept. 14. American .,. roads handed a greater volum,? M flo during rAugust than ever befoi' Ing that month, aceordlng to UN complWd today by tho AmeriS. "??." road Association. During the four i Lu ended August 28, 8,858,?2J i cars of merclal freight were, Ki8.rtWLi "m? ' with 3,680,387 cars In the sktne r,Vri!2 of 1919, and 3,849.026 cars In 191? ? reports showed. During tho week .'nXi August 28, the total car loading .d 085.064 as aga nstt 9S1.65S for the , responding week in 1919. " Freight congestion, which was acuu nfter the switchmen's strike in Abrii lms been largely cleared up, acco.Mi to the association. For tho week iS!$ Hentcmber 4. tho aceumaiaiK .na.e layed cara had been reduced to i n a reduction of 6000 cars over the'SIf' 1 ceding wceic '- Ar tho graln-movlng eeason gresses, however, the association bom the demand for cars Is Increasing Ji. ' tho weok ended Beptember 1, the &l$l avorage of "deferred car requisition.? was 146,070, as against 137.20C I tho wJik beforo. 'w Liverpool Cotton l.len)00l. Sect 14. Ther. a--. ' Inquiry for spot cotton today with prlcli steady on the basis of a decline of n points for middling, at 21.67d. The sill wero 600 balos, Tho receipts wcr bales, Including 2800 bales AmMleiV Futures were steady In tho early 3 Ings. Spot prices were: American bm dllng fair, 27.32d ; good middling. 24 ti; fully middling, 23.07d: middling, 2?'bt3 low middling, 17.77d : good ordlhtrV 14.32d, and ordinary, 13.32d. u,ainat3'. 'I ' 7Hb.. . U3H 5(1 D'.l IIH'.i West End C YorrlnKton BONDS Mlled Packers fls Amur Tel 0. 1U22 Annour 7s Vnnle-AmiT Oil A'orriB Via ... N Y Cent 7 ... New Haven 4s.. National Cloak Sa Pnn-Anier Petroleum 7.. Pli .--ca hoard Ha .1.1 Vi Sinclair Vi til Went Elec 7n HS&i Merlin 4 ir.. Cnlnirno 4s 17 French Victory rw, 1.131 . ri7 French fi. 1020 its Hamburg 4 Ha 17 n 1 m 0 33 " 17A 00 1 OTi A 0A u 10 I lli If. Ill l'i ?r 2!4 8 5fl OS mi II o ns 1V4 UVi 134 D'lH tt!i 1U 33 32 u all 7 31 lan i ltt 24t IB so 03 1 30 1 0 4 7 34 17A 00 0 10 . II liV 'i 10 4 H. 1" 10 1A 12 Outlook for Sinclair In Oil Trade Expansion Demand for oil products is rap Idly surpassing output, and some idea of tho enormity of tho industry may bo gained from tho fact that estimates plnco this year's production at ap proximately 420,000,000 barrels, having a value of $1,250,000,000. The number of nutomobilcs in uso has increased from about 1,500,000 in 1914, to over 8,000, 000 at the present timo, result ing in an overwhelming con sumption of gasoline. It is therefore apparent that a steady demand for oils and oil products at high prices seems assured, thus strengthening tho financial position of woll-man-nged and well-seasoned oil com panies. Sinclair Consolidated, carefully and conservatively managed and adopting a constructive policy, is rapidly attracting attention in this industry, not only bo causo of its remarkable increaso in business during tho first half of tho current year, but also be cause of its physical condition which indicates considerable ex pansion. In tho current number of our Market Review wo have made a study of oil trade conditions 03 they particularly apply to Sinclair Consolidated. A copy et this number win hn mt l 0111 one (ntcrealed on requrit for Irlli, Hughes & Dier irnlt. Sleek Exrhanre rjtutrargh Stoeii Ktehengi rlilente Ue-ird of Trade N. V. Troduee Kxchanre 1435 Walnut Street Philadelphia Telephones Pnrnee 843 Rnee 1IM New .York, rlttiburgh. Clertlaal The Market Street National Bank Philadelphia, Pa. SEFTEMDKR 8T1I, 1920 RESOURCES Loans and Investments. $15,572,102.03 CllStomor.s' T liMlltv under Commercial Letters of Ciutnt and Acceptances 2,416 847 68 Duo from Banks 3,687.106.79 Exchanges for Clearing House 626,192.06 Cash and Iteserve .... 1,797,816.13 $23,998,062.58 LIABILITIES Capital Stock Jl.OOO.000.00 Surplus and Net Profits 1,984,276 64 Circulation 692,400.00 Commercial Lettors of Credit andJVcceptancea 2,416,847.68 Dills Payablo and Re discounts. Federal Re servo Dank, Secured by U. S. Obligations.. 2,466,000.00 Bills Payable, Federal Ilservo Bank 636.000,00 Deposits 16,006.(39 16 $23,998,06258 FRED. F. BrELT.lBSY.CMhler. H 3" r.s 05 K till UU OS'. .loovi Ko'.4 loou 73H iava 73 IHV4 IU. sni 9014 XMt 17 r.7 IIH 17 73 nsv iu M'i no?. IPS. in. 17 r.7 ns 17 iLJSpTnW Not Merely a Place to Handle Money The Real Estate Trust Co. is a "business financial" focal point in closo touch with firs' hand sources of information throughout tho world with a wealth of worth-while experience for you to draw upon at any time. Such service you must use in order to know its full value. REAL ESTATE TRUST CO. OF PHILADELPHIA Broad nnd Chestnut Sts. n.n.ni, fnimon rVnama rudntiired 1030 M. 1030.. Panama coupon 2. IMS..... Panama, reslitereii -a. !. Panama coupon 3. 0l .. Panama renlstererl 3. 1B)1. I'h llpplne 4. WSJ Philippine 4a, 1085 Philippine 4a, 1038 . .... . Y u Mnvt AnilTMin 21. 1930. . m " ji-"'.- ".:..:., ., I U B Oovt reilatered z. ihso..ioi lO 8 0t eoopon 4a. 1MJ....105' Ijjl Ovvl rlUx4 ia. 1B39.1M Hid. ., AK. .iois; 102 .ll 10J .101'. 10J .101. 10J 77 no 77 SO 7.1 .', . 75 8.1 5.. sr, "IK 10J 10 Hal-a In IIONDS 10(Hi iiivn l Klec d l'co Tr 4s.... 02 51! C2 .. 1 Lake Sup in 5s 40 40 40 2 2 Itead'g e 4a 80V., 80j h0Mi Vi Cloao 27 05 .15.45 114.15 23 4.1 3.05 12.B8 27.00 25 3H 24. OS 2.1 32 22 IP5 22.43 N, Y, time 10;30 11:30 1:30 a. m. 2H.17 25,8.1 24.20 23.50 23.17 n. in. "8. 10 21.55 21 21 23 43 p. m. 27. (HI 25 35 M 07 23.30 2.78 LOCAL MINING STOCKS TONOPAH STOCKS uu) Cauh Doy OH Jim nutler ...' 14 SlneNi .nara -H .UeNainara, Creacont .... 'i Mlilay 1 Ml7pah Extcnalon -, Montana JJ" N rth Star JJ Hmcuo Kula -J Tonopph fSxtenslon J A Wc-t End ,?V4 West Tonopah .' u DIVIDK STOCKS Allied Dlvld 1 Alto Divide J l-lcher s llolclier Extension ll'n Hur Ilroueh Divide Divldo Kxtcnalon Dlvlilo Syndicate 1)lv!iK Con ..., HMdcwl Kant liUioo . ...: Uarmlll lluebrouck Divide Hlch Dlvldx llevert Divide Item Divide lloaotto Silver Klnc Tonopah Divide Tonopih Hniijrouck .. Victory Divide VitiIo Divide Zono aOt-DFIEI-D STOCKS 01 rtoher. . leromber, inuary.. arch.... lay uly. . . ... ma. Prices Heavy on Paris Bourse PurlH. Sept 14 l'rlC'S wro heavy n the IIouVho today Threo per cent ?nt "ere nup.ed at 61 francs ,85 ntimes ; exiim """'""" ." J,.. .us ,ni .14 .2H .01 .UJ .01 .01 .10 .01 .111 ,0.1 .''. .n 01 in .05 .OS .02 .82 .a . r . . aa man mh rru iir-jm 1 cn'imeBi n w -. ..., - .- wa nun - oentimea. xno uuiia- niu """ env.r -ic ,.,,...... j Atlanta Tilue Uull Ilo"th COD Comb Frao . . . . Crackorlack .... niamf I) n Dalay Flonnce ....... Ooldneld 'Con ... no ddf'd Merser (lO'il Develop . . . (1 eat lli'ml Jumbo Kxtrnaloa Kevsanaa l.ono Htar Oio Il.d lima .04 ' .02 .05 H IMIII .11 .08 V .0.1 I, .01 .04 .04 .01 40 It tranoa 1 otntlmea, Aak ,09 .10 .13ft .13 .118 .Oil .23 n; .20 .02 .07 .00 .10 .02 .10 .81) .02 .0.1 07 .Oil .1.1 .01 .02 Ot .O'J .02 .04 '4 .117 .10 .03 .33 .03 .01 .08 .01 .01 .07 .01 .01 .13 .10 .III .07 .01 113 .on .0.1 .02 s .OS .03 Cudahy Packing Passes Dividend Chlcnso, Sept. 14. Tho Cudahy Pack ing Co. passed Ita dividend today. Of ficials said It was the first time ulnco the reorganization 0f tho company that a dividend had been passed. In u letter to the stock exchange tho company an nounced Uh decision to pass tho quar terly dividend on tho common stock, which otherwise, would have been pay able October 5. New York, Sept. 14 Directors of the National Cloak and Suit Co. decided to day to omit tho October dividend on the company's common stock. It was stated that the board, although considering tales satisfactory, believed It prudent to conserve the cash of the company and build up Its working capital In tho pres ent unsettled conditions In tho trade. This Is the llrst dividend omitted since the Initial dividend declaration In April, 1117. LIVESTOCK QUOTATIONS PltUbursh Pp., hrpt. 11. IIOQS Ite. clpu, .'00 head Steady. Heavlee. $10,75 17, heavy ynrkei 118.25l.35s llifhl yorkera J17 50HMH; pIbb, 117fl17 25. SHlinr AND I.AMIIH llec. Ipt 300 hend. rite idy Top thcfp. 18.80: top lamba, J18 50. CALVES Utccliita, 50 head. Httuil. Top, J10. Knt Pt. Inule. Seoi. 1 1 CA ITI.n no relnu, 7000 head. Native Mcora atrarty Oklahoma khiUo lower. Top aleera, 1.1 75 bulk JIHC12; beat vearllnK itrorn nnd heir lira atrnnic; calmer cows steady at $,1 75ii I IiuIIh alov.'. calven ateady, cood nnd thole vealtra 117 M 17 7.1; feeder atetra tcid. bulk SMO'tt HOCIH Iterelnta 11.100 hnd: 25c higher Top, $17 70 bulk hunt and medium weljhts $17 2517 60, bulk heavlia till 2510 80. SHEEP Ilccelpta 3.100 head Active, ateady io atranir, Top lamba, $12.75: bulk. $12013.50; top ewtJ, JU.5U; bulk, $0.25W 6.50. American Brake Shoe Dividend Rise New York, Sept. 14. American Brake Shoe and Foundry Co. declar. d a quar terly dividend of $1 a shore on the com mon stock, putting the stock on a 4 nnnual basis This In tho first quarterly dividend declnred on the new common stock, tho recent t'i a sharr disburse ment being a special dividend, Tho first regular quarterly dividend of 1 per cent on the new preferr d stock was also declared, Doth dividends are pay able September 30 to stock of record BepUm ,M. . EXCHANGE RATES LOWER Scandinavian Countries Show Rec ord Lows for Movement New York, Sept. 14 Open'ng rates In 'ho market for foreign rxchnnge, this morning, were characterized by 'urther sharp recessions. HoK'lum declined nreclpltatcly nnd the Scandinavian coun tries nlso showed record lows for tho 'nst few weeks. Pesetas touched a new low level. Quotations were: Demand sterling 3,44, rabies 3.44. ; frano cables 6 42, eheck 6.41 j lire cables 4.23, cheeks 4.2I1H ; marks, 1.06; 'wlss cables 16.18, checks 16.13; Bel Tint) cables 6.84, checks 6.83; peseta cables 14.65, checks 14 53; Stockholm "allies 20.20, chocks 20.15; Chrlstianla cables 13.75. checks 13.60: Connhaccn -nhles 13.75, check 13.70; guilders cables 30Ts. checks 30. A slight rractlon to tho low opening et In during the first hour of business, netting a rally of 1 c-nt for Bterllng and ") points for francs. Demand sterling wns 3.45, cables .45, franc cables 6 47. checks, 6.40; llro cables 4. 23. -hocks 4.23; marks 1.66. Argentine was lower at 120.20. YEHTEIIDAY'B P1NAI. QUOTATIONS Hterllnir Francs Lire Qulldera Demand .... S 4IU. 11 18 4.22 31,00 Cublea ii.il u u'J 4,21 gi, j TODAY'S OPDNINO QUOTATIONS Sterllnir Franca Lire Qulldera Demand .... S.44 u.41 4.22V4 S0.7.1 Cables 3.44? 0.42 4 23 80.87 NOON QUOTATIONS Sterling Franco Lire Oulldora Demand... a.4.lg 11.411 4,28 no.0.1 Cable 3.40H 0.47 4,27 30,75 MONEY-LENDING RATE8 NI1W vonic Money on call, both elases of collateral, opened today at 7 per cent for lending and ronowlng. rim.ADl31.rillA Call, 6 per cent; time, 0 per cent; commercial paper, threo to six months, 6 per cent. (Note These are mer-ly nominal quotations, as the legal rate of Interest 'n the state of Pennsylvania Is fixed at per cent. Plus premium nnd commis sion time money or thirty to ninety days Is loaning at 8 to 8V4 per cent, while commercial paper from threo lo six months is oeing onereu at 8 to 8H per cent, London, Sept. 14. Mpney Is quoted nt Ml per cent Discount rates, short bills. 6alS-16; three-month bills, 6y.al3-i0 per cent. BANK CLEARINGS Hank clearlnBa today, compared with cor responding day 'iut two veara: mill lUlll ISIS rhlla ..$78.1'-'.' M.I $10.1 8:11,11x3 inn 1.72 443 Iluton .-HI 730.731 82.ti2s.oru 4H.70u.o7li llulllm'e 211,312 1.1,1 20 222,438 , . j RAILROAD EARNINGS 'Saving at the Tap Losing at the Bung Hole" "TlNSUlVANCE 1VIANY losses are underinsured. ing. This is particularly true in Fidelity bond- One bank lost $61,000. secured bv a bond for $8000. The cost of adequate bonds is small. Harris J. Latta PENNSYLVANIA BLDO. PHILADELPHIA. Locuat 5235-30-37 IUce 3111 Foreign Securities Foreign Exchange Bought and Sold Morton Lachenbruch & Co. LAND T1TL13 III.DG.. 1'HILA. Tel. Spruce 881. Race 5050 New York Chicago Detroit Pittsburgh Oflccs interconnected in private' tdrej Tennessee Power Co. Firtt MorlgaBo Si, 19G2 Portland Rwy., Lt. & Pow. Co. 1st & Ref. S Dud 10-12 BANKERS 321 Chestnut St., Philadelphia Jiamti.ra Viu york and Mitludtivmai (loch AonM West Penn Pr. Cs, 1958 Lchifh Pr. Sec. Cs, 1927 Eastern Pet. Cs, 1927 ShaiTcr O.l & Ref. Cs, 1929 Standard Gns & Glee. Cs, 1926 Empire Gas & Fuel Cs, 1926 EGEKHING. GARRISON & CO Morn rxriiANnn nru.niNn Dlrwt l'rlvate Telephone lo New York Mtoibrrx l'lillu. Slock Uicbamt mmm VViA.wcoRPORATED07 Close of business Sept. 8th, 19201 RESOURCES T.oans and Investments.... J7,077.1'" United States Bonds 391,M United Stolen Tlnnrln to Securo Circulation 1 60,000 U. S. Treasury Certificates. 195,500 ( Duo from Banks 645,990.' Cash and Iteserve 862.421" $9, 222,825.80 LIABILITIES Capital Stock J2SO.00 Surplus and Nut Profits... S9G,1J Circulation H4.700M U. S. Certificates of Indebt- ,,,.jii ednes? Borrowed 64,0B" Bills Payable and Redls- .tittnlu tirltK. Va,Um1 17 A serve Bank 348,00 1 Reserved for Interest iil Deposits 7.437.SI $9, 222,825.801 FRANK ADSIIEAD, Cashier waiiabh 1020 Incrruae July (rroaa , 13,000 RS0 1702 171 Net oper. deficit. .. . 893.1S0 1,1110 soo Seven month' aroia. S0.17O.O0S " i. Met Wx, d4cU.,., 0.410.8H B,U7;1T ' Lawrence . Brown & Co. CERllFlEl) PUBLIC ACCOUNTANTS , lCflO KUAL KHTATK TKUHT ULUU. Inteatliuie und adjutl nurlurrablu uu4 KriMraUon nounl. AU wetiiw V. : eawt Tax Reluiras. Pacific Fruit Express Equip. 7s June, 1931-1932 Philada. Plan Price on Application Townsend. Whelen & .0 P03 ChwUat BU tf ' I -iJA"7 A .,, OklS&hJVljk'i!i. fe.(Afiaj.j&tf.i.....fi
Significant historical Pennsylvania newspapers