I" JY ..
' HrV'
V-v ,,
,.,"i'v- -' r ,':,., ' ' ' .u.','
SRPTEMBEil i0, -0,02Q
1 - Z : am . 'Si -- - -
I 'l ' " I
" '
SHAWINIGAN WATER &'
POWliK CU.
Six-Year lVz Secured
Convertible Notes
SHAWINIGAN WATER &
rUVTE.IV W.
lt & Rcfdg. BV28, duo 1950
Premier iiyure-jaiuuuiu vu.
of Amcrlcn.
Esscntlnl Industry unaf
fected by high operating costs.
No coal nnd minimum labor
required.
Moro than 20 years' success
ful operation,
Highest lcattr.g by nil An-
Furthcr Information Upon
Request.
josepKW.Gross aCO.
1421 Chestnut St
Correspondents
Aldrtd fi Company
C1
FINANCIAL.
To the Shareholders
of
, International Petroleum
I Company, Limited
NOTICE In hereby Riven thnt n
tempsny hns been incorporated under
the laws of tho Dominion of Canada
wider tbe nnmo of International Petro
leum Company, Limited, herein referred
to s tho New Company, and that an
trraogement hns been mado whereby thn
New Company will issue to the Pref
erence shareholders of the International
Petroleum Company, Limited, (Old
foirnany), one Preference BharC of
5.00 par value fully paid up nnd non
Hsessablo and one Miaro without nomi
nal or par value of its Common stock
folly paid up and non-nnsessable in ct
thonje for each Prcfcrcuco sharo of ths
Old Company, and to the Common
tXarehoJderi 0 the Old Company tw
lUrti tcithout nominal or par value )
ill Common stock fully paid up and
waitctiable in exchange for each
Common Share of the Old Company.
The New Company proposes to issue
1,KH,534 shares without nominal or
par value fully paid up and non-assessable
of the New Company in exchnngs
for 1,575,000 Rhares (bcinj; the whole
ef the outstanding stock), of tho Tropl
ctl Oil Company, a company incorpo
rated under the lnws of tho Stntr .ot
Delaware and holding concessions from
the Government of the United State, of
Colombia. Tho delivery to tho New
Company of 009J of the outstnndlnx
itotk of tho Tropical Oil Company hni
ken assured and in tho event of the
whole of such outstanding stock not
lelng delivered then n pro rnta reduc
tion will bo mndo in the number of
lhares in tho New Company to bo ex
enaiited for the shares of the Tropical
Oil Company delivered to it.
Holders of Bearer Sharo Warrants
ho surrender their warrant to ths
International Petroleum Company,
Limited CNew Company) at fit) Churrh
Street, Toronto, Cnnnda. or to the
Farmers' Loin & Trust Company, 10
22 William Street, New York City, U.
P. A., between tho 15fn September,
1020, and the 30th September, 1020,
inclusive cill receive in exehanan there.
for lirarer Share IVnrront on fAe 6iiU
(tro thares of the JVeio Company for
ic share of the Old Company ur
mined, in accordance with tlio tcrmi
i tt&rnald.
No Warrants for "rights" will b
lesued and shareholders who fail to
fitlanze their old shores for thn noiv
tares within thn timo limit and In tho
Banner aforesaid will subject then
rlzhts to forfeiture.
The books of tho Company will n
closed from the 10th day of Septem
ber, 10120, to tho 30th day of Septem
ber, 1020, incluslvo and no Bearer
Bhare Warrants will bo split during
that period.
Holde of Bearer Sharo Warrants
are recommended to send their War
rants by registered mall insured a tho
Company is not responsible for Share
Warrants lost in transit nnd duplicate
Bhare Warrants cannot bo issued.
By Ordev of the Board,
J. K. CLARKE,
.. Secretory,
68 Church Street,
Toronto, Canada.
23rd Aucust, 1020.
TO THK llOUU'.Urt or THE HUNTINGDON
UMIAK llll' MOUNTAIN KAII.UOAKA
COM. COMPANY FItthT MOUTUAIlr.
EXIKMlhl) 4 rOUI'ON I1UNDH 1
NOt 1ft Is hprfiliv fflvnn that Vi ,.,. 1 ........
ft bond will, on Uctotwr 1st. ltmo. be or
K5St4i ',rnnf.ourn?ntl on-"!' ya or until
iSSl. Vi ,0SJ'' ?.'!", principal of theia bond,
mounting to J4H1.000.00 will bo paid to
lilt Drtsent hnKlt.ru mi MnAit.Ai tti, tnon
on prentatlon of the m to the J'cnnayl
nr..i?mp.anl.fFr Injurancei on Live. &
Htt.nlinjt. . Annuities. 817 CliNtnut HI..
I.m k,p5,a- af"1 wh,ch JtB lntrt on
lid UOndH aa at nr.,.nt vfn.4., m
M. ' ..- .....
nn:cV .cuixna "liould be detached and
?nonm.e.d .'.?r IJlymen.t H September 80th,
it?S. V th? 'rac., of ,h" Company, 18o4
Nori?,,6T"t"n li'ilMlnir. riillailelphli.
...J.1'.'' lUI.NTINOHON i IIROAD TOI
IIOIMAIN KA1LROAK m OnI . COIirAJTY
aoiii.idi. rreaeurer.
Dividend.
PHILADELPHIA COMPANY
Divinr.Ni no. la
I'lttaburih. Ta., Sept. 13, 1020.
Mtr tSi'.n.?.u.al !"vlJenil of One Dollar nnd
Kw i?" !iaro (belna three per cent
CumUiatirari.?BJus f Ss R hrel on tho
bdnS. lvt Preferred stock, has this day
t. J. I1UAUN. JR.. Treasurer.
PHIUDELPHIA COMPANY
DIVIDEND NO. ISO
Pit tKhll eiri Tl. 0 an .vn.
Mr .rrJl'(rb'eJ;ni,v',nd $ n-nl-S. nts
Ittt i JlVtlnr 0M anl one-hnlf vnr cent
ay bi?irSn,i.lich ' th!" Company. ha tlila
r'.'"fn O'clared. tiavah ntni,.. nn mm
c'Ke.'r," I"! '0r 1. 11)20.
C J. UKAUN, Jn.. Treasurer.
DUQUESNE LIGHT CO.
DIVIIHIND NO. S3
-i. aud THRKK-FOUnTHS
(H.., ... . 1,rJl CKNT
r.Z,:". pn the in.
capital htock h ",i.ivuV,u,lll,V8 ''referred
rcjtd oViX? fr Vn'l?80, t0 tockhold.n oi
Cheauj, ,. i, V. U-V; .
Capliai
C J. IlllAUN. Jit.. Treasurer.
AI.T.rnii.t..
- "" , NT l.l.I, & TU1IB OOMPANV
,.'..' .Hoard of nr,.v;i.""".' .""i ."VU.
Wl. 41WW Vnrlf . ten. ....."-
M chSt1.
"P.i .0. nooka cloae urn
i lockholde,,,""
win be mailed dlreet to
"i'VlilH' Chairman.
N. W WOOD. I'realdent.
American Telephone &Te!ePranhr
,: X'nl of.Tno dollar. S..l" 7.
Pi
lock!
M4w oVri'loVd0:;"!' V- WM. o
Mil
te!?'.raw, .r
.:.ni.iiirt!ii natv uniii . f
ir--vu on .Bnl, -,r--,, iiun
rvtll(l
itni of lC?fWml,t Quarur illr.
Of riMt-A J v' On inn Pr-f4rp,il uA(. -.-
" " mu.nis. Treaaurer.
pjrrj Pronoaala
a, hi.,
r Con-
i nna sped
Another DrorJ In Honned Sugar
New York, Hept. 16.Tho Fcdorttt
sujrnr ntflnlng Co. has reduced tho price.
of refined sugar cent a pound, to 14V4
cents, for bulk granulated.
French War Loan 4s
Issue 1917
BoughtSold Quoted
Morton Lachenbruch & Co.
tANn Trrr,E m.na., rnirA.
Tel. Bpmcs SSI. Race SUSO
NewTork Chlcaio Detroit PltUburih
'Otftcn rnferoonnecfed b privatt uHret
t
Hecker & Co.
Bonkers and Brokers
Members of Philadelphia and New York
Block Exchange!
N. i con, am and chestnut htb.
WANTED Salesmen to sell
stock of a New Rubber
Co. Address L. C. Thompson,
Trenton, N. J.
HANDLER&G0MPAHY
Franklin Bonk Bldg.
Philadelphia
New York noiton
I'hllu. Suburban flaa li Klertrlc.
Knnta Cltv (Jna Company
lohlch Valley Trnnalt Co. Rrfc. ,
Shaffer Oil A: Itennlnic Cnmp.iny.
I'nrtlund Knllnny rnmniiny Itofc
. .Vb inno
. .0'h IflSS
. innn
. n' mo
..i'm ifi.tri
hllit. Comnnnv f'Atianl n'm fflTt
Coliimbna Street llnllwiy Company. ,'lPa 11)32
Hi
SIcinbera Phllnilrlnhl Stork Kjchnnre
807 ciii:sTNtJT HTitr.irr
American Dredging Co.
RIVER AND HARBOR
IMPROVEMENTS
30S Chaitnut Street
Philadolphta
MANUFACTURERS
Why be nt the mercy of uncertain
labor?
We will dealBn
Labor-SaTlnj Dericei and MtcMnerjr
to replace hand proceMes. Consult us
on vnur innnnfacturlnir .rrnhlems.
SUCIIINK f TOOL DKSIrtNINU CO.
Deatirnera and lintlneera
410 Walnut St.. I'hllu. Cull Lorn. 070
1812
THE
Pennsylvania Company
for Insurances on Lives and Granting Annuities
TRUST AND SAFE DEPOSIT COMPANY
Capital and Surplus
Member Federal
I)KOD STREET OFFICE
Cbevtaut H Juniper Street
The Copper Metal Market
and its relation to
Greene-Cananea
Decrease in surplus stocks of
copper and tho drawback that
adverse labor conditions have
imposed on copper production
are focusing the nttentlon of in
vestors upon tho high class of
copper issues, among which
Greene-Cananea, the premier
Mexican producer, is especially
noteworthy becauso of its indi
cated longevity.
The recent election of General
Obregon to the presidency of
tho Mexican Republic also Is
construed hopefully as presag
ing nn era of progress and tran
quility that should mako it pos
sible for Greene-Cananea nnd
other Mexican properties con
trolled by Amorican capital, to
operate without tho interrup
tions thnt have been prevalent
in tho past
JOHN L. MERRILL, Pros.
Route your mefffe "Via
All America," which words
are transmitted free by all
telegraph companies.
irfMttPllhM BRAZIL
mgP'
INTERNATIONAL
w vr'v",HJ
V- HEOULAR
Through Bill of
PHILADELPHIA to RIVER PLATE PORTS
H K. Went Miinhntn... iiii. Sept. 30
PHILADELPHIA to RIO JANEIRO & SANTOS
H H. Went Miinlinni f.Hent. 8(1
PHILADELPHIA to SANTOS AND BUENOS AIRES
a u rVtfWkiim Hmnt ton
' ItrfrUrrAtnr
PHILADELPHIA to FRENCH ATLANTIC PORTS
B. P.- CMR? KX.!' 11
H. H.
Lafayette Building, Philadelphia
iruilli." ...... 'i., ,, ,
lumuniu uuuw
GOSSIP OF
. THE STREET
Tho American people nro not
Bhowins n disposition to speculate In
sccurjtlca. In provisions, or in mer
chandise," soya William A. haw, presi
dent of tho First National Uank, in tho
monthly review of the business nnd
financial outlook published by that in
stitution. '"They reallto that general
business will bo controlled In the future
by tho ordinary influences growing out
f supply nnd demand. The whole
world is Btlll trying to borrow money in
tho United Stales, and tho total de
mand Is 80 irrcat nn In forces Interest
r?,tM to an exceptionally high level.
iiicpe conditions arc the prouuet oi
world-wide influences and not tho result
of nuy financial conspiracy to make bor
rowers pay moro than the accommoda
tion Is worth. It there ever wcro cir
cumstances Justifying an advanco In In
terest rntes it has been thoso brought
about by reconstruction and the effort of
ull nations to set things to rights again.
"Itctall merchants in this district nro
doing a large business with Bales some
what larger than a year ago. Buying lg
more discriminating, however, and the
public is Knowing its old-time Interest
in getting good rnluo for what It spends.
This is a dgniflcant change from loht
year. It indicates that people aro re
covering from their orgy of cxtravn
gnnco and arc living a good deal more
sensibly than in the days when the low
est purchasing unit seemed to be a
llvo-dollnr note. Itctall merchants,
hero and in other cities, nro finding It
difficult to formulate a satisfactory pur
chasing policy, for manufacturers in
many cases are refusing to quote thu
reduced prices which would seem to be
Indicated by the downwnrd movement of
raw material. Some fall goods ore be
ing offered at advances over last year
and nro difficult to obtain at even those
figures."
What I a Lease?
As a result of the United Gas Im
provement nnd the Philadelphia Rapid
Transit controversy tho lease question
haB become a leading topic of discus
sion in market circles nnd banking
parlors. Up o this time little consid
eration was given to n lease agreement
after it was once mnuc, inasmuch as it
was nlways looked upon ns a settled
fact of the terms being carried out until
the expiration of the date of Its pro
visions. Recent experiences, however.
have seemingly put nn entirely different
nspect upon this once considered tin
breakablo form of underxtandlng be
tween the party of one part and thnt
of tho party of the other.
When tho Philadelphia Rapid Tran
sit lease with the Union Traction was
made it wa blue-penciled and blue pen
ciled by the lato P. A. It. Wtdcnor nnd
was regarded in legal circles as a mas-
1920
$7,000,000
Reserve System
517 Chestnut Street
Philadelphia
A brief resume of Grcene
Cananea's history and position
as to production, earnings,
financial condition and dividend
record is contained in this
week's issue of our Market Re
view. Among other stocks discussed
are a number of oil issues, in
cluding White Oil
Texas & Pacific
Coal & Oil
SkellyOil
Guffy-GiUespie
Scnf on request tor L-l
Hughes & Dier
Sl'hlln. Ptoek I
rituhnrch Htock
lilrnco Ilnnrd o
N. Y. I'rodace I
I'hlln. Stock Ihrchnnire
rituhnrch Htock Kxclmnii
r Trnde
Kichnnice
1435 Walnut Street
Philadelphia
Telephone
rilUburcli.
Pnrnce 813
Netr York,
Iture 10.1
ClerelnnJ
BRAZIL
In 1919 vessels with n net
tonnage of 952,989 cleared
United States ports for
Brazil and vessels with a
net tonnage of 40G.778 on
tered American ports of
Brazil.
ALL AMERICA CABLES
havo afforded means of
communication that nids
in tho development of trndo
between the Americns.
SAILINGS
Lading Itsued
S' 2- S,".,BJ0,...,.A!L Sent, sn
" " - v. i nil iiii,
. li
170 Broadway, New York
Corllanlj 7120.
terptcco. ItecoRnlicd lat lights a tew
years ago ho made a careful study of
the contract declared it wan both un
breakable and nonptincturable. Now.
there nre an equal number of the legul
talent who assert the seemingly iron
clad provisions can bo easily run orer
and busted wide open.
The United Ons lease ot the city gas
works was framed by some of the most
brilliant lawyers In Philadelphia and
was believed to provide for every con
tingency that should develop to affect
tho profitable end of it so far as tho
company It concerned. With tho con
ditions which have arlsea Incidental to.
war It is found to fall lamentably to
meet the circumstances and conditions
which now confront the company.
In other words, if the company is to
carry out the lease there must neces
sarily bo a radical adjustment ot the
provlolons or such amendments applied
as to make further life of the lease
profitable to the lessor. It is, of course,
hard to look ahead twenty-five to fifty
years, but from the unpleasant experi
ences in these cases it is reasonably
certain much more care will be taken
to provide for Just such unexpected
contingencies in future leaseholds.
A former prominent local banker,
who retired from active business soino
five years ago, In discussing the local
rapid transit situation, stated that hp
had mado a very careful study of the
present controversy during the sum
mer, while sojourning In Maine, nnd
and had about rcochcll the conclusion
that Mr. Mitten occupied a very strong
position.
"Sometimes," he remnrked, "you can
pet a clearer view of certain conditions
by a distant viewpoint. Of course, by
reason of my years' experience In the
banking business I wns nlways In closl
touch with tho Btrert railway situation.
While not having any Investments In
tho Philadelphia street railway securi
ties, I have always taken a deep inter
est In the development of the transit
sltuntlon.
"As I sold, I believed Mr. Mitten
holds what I would call a good trading
position. That Is to say, he is standing
on ground where he will bo In po
sition to innko a good compromise nnd
which will undoubtedly bo the ultimate
settlement of the present controversy.
The position U a good trading one for
this reason. Mayor Moore, apparently,
wants him to run the Krankford ole
vatcd. On tho other hand. Mr. Mitten
wants more money for his product the
car ride. Can't you sec the possibility
of a happy medium being struck which
will be ncceptnble to both sides. Both
have Rtrong hands and it is in my
opinion, going to be a draw."
Steel Conditions Quieter
Quieter conditions prevailed in the
atcel industry in the last week. "No
new Influences are .vet recoeulied,"
writes tho Iron Age. "that promise an
early return to activity, and both buyers
nnd sellers look to later week of the
year to clear up the present widespread
uncertainty as to prices. Not a great
deal of Impression hns been made on
crowded order books by cancellations of
orders for finished steel from automo
bile manufacturers, but it was noted
that each week .brings out further cur
tailment In foundry nnd other metal
jvorkiug operations because of the hold
ing up of machinery orders by automo
bile factories making parts or equip
ment for them.
"Track supply nrders are coming In
from the railroad, but new rail and
equipment orders wait, although men
tion ahould be made of an order from
the Baltimore and Ohio for 100.000
tons of rnllH and of on inquiry at Chi
cago from the Consolidated IUIlway
I'.qulpment Corporation for W)00 cars.
-That corporation, orgnnlzed by short
line roads, hopes to buy $20,000,000
worth of cars and locomotives with the
help of the government, it wns stated.
Field For Motor Trucks
W. C. Durant, president of General
V; , rfl Jorporotion, believes that the
J, nlted States will bo producing 1.500,
000 motortrucks annually within a few
years. Thnt American farmers will
lake a substantial part of this enormous
output is rcvealid in omc statistic
gathered by Ooodyear Tire & Itubber
Co. About -12,000 of all classes of
fanners in the I'nlted States were
reached by questionnaires Bent out by
the t.oodyear Co. It is believed that the
replies received were typical of 2,000,
000 out of the nearly 7.000,000 farms in
the country. Moro thnn 44 per cent
of tho farmers questioned stated that
they were considering the purciinse of
motortrucks. Applying this percentage
to the 2,000,000 farmers which it is es
timatcd the replies represented, thero
nre revealed nearly 1.000,000 prospec
tive motortruck buyers. Only 20 per
cent of the farmers who replied were
truck users, while 74 per cent used
horses. Iteosons why those who believe
in motortrucks did not buy them imme
diately indicate that 33 per cent were
holding back for financial reasons and
11 per cent felt that the highways were
not sufficiently developed.
THE TRADER.
LESS GOLD PRODUCED
Output In 1919 $8,313,300 Below
Previous Year
WMlilncton, Sept. 16. A Joint report
by the Mint and Geological Survey fixes
tho total American production of gold
ourlntr the calendar year 1919. at 2,
918,628 fine ounces, valuod at 160.333,
100, and silver 56,682.445 fine ounces,
valued nt JC3.p33.6B3, taken at the nvor
ajre Now York nrle of H.i9n7 n.i
ounce. This represented a reduction of
o.jio.ovju in Rum ana ii,il'7,69 In sil
ver from the 1918 output of the mines,
the report Bald.
California led among gold producing
states, with an output valued nt $17.
398,200, nnd Montana among silver pro.
ducera with M5, 012,258 ttne ounces.
LONDON STOCK MARKET
Quiet Buying of Homo Ralls Oil
Shares Brisk
London, Sept. 16. Renewed efforts to
restore poaco betwoen the coal miners
and the government made sentiment
mora optlmlgtlo on the stock exchange
today. Tho markets generally wcro
steady.
Th.0iTe wws " -revlv?l in specialties
and the gilt-edged section showed more
strength, foliowlnff greater stability in
the position of exchanges. French Iobjib
also were on tha mend.
Thero was quiet buying of home rails,
but dollar securities nnd Japanese
bonds reacted from tho top, American
Issues were Influenced nraln h ih.
movement of exchange, Argentine rails
were naraer.
Oeniings In oil shares were brisk and
had a stronger undertone Shell Trans,
port and Trading wa 7 IS. 16 and Mex
ican nagle 11 9.16. Industrials were
good in spots. Hudson's Hay was 6i.
Kaffirs wero cheerful.
GOVERNMENT BONDS
Hid, Aek
rnm coupon 2, 1030. . .
Panama reentered 2, 1038,
Panama coupon 'is. 1038,,,
ltnnmu rrslaterrd Sn, 103s
.10lI 10M
inn
(US
ia-i
.1(11
ld'J
8(1
80
8.1
8.1
l'anama coupon .'ih, 1001...,
Panama reKlxterrd 3a, 1001.
Phlllpplno U. 1034.. .....I
Philippine 4a, 1033 ,.
. TT
. TT
. T5
. T3
rnuippin , jus
To
83
u H iJovt coupon
tupon 2t, lt3t....,.l01U in:
ii.i,fi,i i. iJW "li.fl i: :
i. b uovt rt
U B Oovt coupon 4. 10J5 ''.' matt U,
OH
u B Oovt rlater
Dlat ot Columbia J
at wwi im-"? ioi
It
100
fl.1. 1ft
03
Hungary In Financial Straits
Itudnpest, Sept, 115. (Hy a 1 i
TTiinirnrv'n l,,,,1nt ...l.l.l. . "! .'.' .
to the national Assembly hero yester
day by M. I.aranyi, minister of finance
shows n deficit of 10.000,000,000 kro
ncr (normally S2.000.000.OOO w,r
dltures have been 20,000,000,000. ami
iim iniuuci HHVC 111110 llUCd 10 lllOC .
IV""', ;,,.", lu l" II) . I.IUITiy till MV4 B, Hit,'
istcr'H report. The deficit will be met byiVlctory Note aji'a 0.-..
a levy on capital and fonljn, loan, l.Vlctory Noto,4'a 05.
Veto York Bond
(BALES IN UOOO)
Tnm Opralnc Until 11 o (N. Y. Time)
Atnern At
Est Ten V
N'n Pacino 8
Cnm d 8
1 Bl
Oaortla en
3 81
8 644
1 644
2 64 tt
Aran Smalt's
En iXnl Men
r s
74H
74tt
1 74K
6 T5
1 40
Nil Pacific 4
15 4T
1 744
Kn II K t K
Ore a Cal 5
43T4
1 804
Rrw It ll e "
Orecon 8 1. 4
Amer'n Tl A
5 43H
5 43Vt
1 4741
1 70
Tel clt
2 70
1..... 76 VI
Orcaon H I, 0a
1 SO
l n
20 48
Orr-Waah'n n
Am Tel & I'.i
Co Nav Co 4
1 08U
cr 4U
5 83
Atmt'a Tai a
T.I Sa
2 70S
1 ?Bi
3 70 4
B 7UTt
Amer'n Tei
Ttl 0
a 0SU
3 95
1 B5U
KrU ltr Co 4
8 68
5 50
6 50
Pacino Coaat
Co 5
1 71
OovVt French
pc a a h s
nes 8 wt
2 744
1 74H
2 744
SO.... 101 tt
18.
IB.
21.
1014
1014
1014
101
1014
101H
1014
1014
1UI4
1014
Pao T a T 6
1 81
10...
2...
2...
8...
14...
50...
11...
50...
14...
10...
5...
13...
23...
70...
2.1 .
15. i.
20...
20...
10...
1..
8...
n'.!!
l...
65...
4...
5...
renna H H 5i
1 8B
1 804
Amrl'n Wr't
Penna 11 R 7
Paptr 7
1 77U
1.... 1024
B.... 103
1.... 1024
8.... 108
2.... 103
Anc-French t,t
R0.
100
101 "i
1014
1014
1014
1014
1014
1014
1014
101 4
1014
101 tt
22.,
S3..
as..
80..
4..
7..
10..
3,.
mo
100
100
100
Peoria a K In
0 8U
rere Marqt 5
00 13
iro i
4 r
1 81
no i.i
no is
00 1.1
Republlo Iron
& Bleel o
B 80
a.
Argentina n-
,Rlo Grand a
public S
Oi.... 1o
1014
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7
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17.. .. 554
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West'n 4
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84.02
88.42
85.18
05.42
05.42
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00.00
85.74
84.01
85.82
85.18
88,51
85.H2
05.42
Liberty 8s ..
Liberty 1st 1'h .
Liberty 2.1 4'h . .
Liberty 1st 4V!s.
Liberty 'M 4Vis. HS.L'O
Liberty M 44's. 8S.58
Liberty 4tli 4Mh. 8.1.40
4(1
48
0U.40
BUYINGPUBIJGSENT
DOWNWARD
Lossonod Demand Halted
Mounting Costs, Says Reserve
Board Vice Governor
DEFENDS CREDIT POLICIES
Hy flio Associated Tres
Charleston, W. Va., Sept. lO.Thc
buying public has "rebelled ngalnst ercr
montitllnB prices nnd haa.forced a period
ot readjustment of values," Vice Gov
ernor Plott, of the Federal Itcervc
Hoard, declared today In a pccch here
before the nnntial convention of the
West Virginia Association. Analysis of
tlio country's business condition with
respect to the, price situation discloses
a market lessening of demand, he said,
adding tlmt tlio refusal to buy wa
traceable directly to public sentiment
nj.'nlnt high prices. ,
Mr. Piatt's speech, the first since hli
appointment, wns designed oa a reply to
critics who had charged that the board s
credit restriction and rediscount policies
were responsible for the closing or part
time operation ot scores of manufactur
ing cstabllshmcnti. Such charges, lie
said, were without merit, as the reasons
for the closing ot many factories were
found to bp "deeper seated and mors
widespread."
Discussing the dron in prices of sev
eral consumable commodities. Mr. I'lott
Bald the courses followed by the markets
indicated a restoration of the old lnw
of supply and demand, but ho would not
forecast the extent to which price re
cessions would go. A lower range of
prices would materially "ease up the
credit situation." Mr. Ilntt declared,
expressing the fear that It also would
"Increase grumbling nnd criticism."
"The Federal lleservc net mny not be
100 per cent perfect," the vice governor
said, "but it works well nnd needs only
such minor amendments ns suggest
themselves from its administration from
time to time. No changes wlllbo made
In Its innin fentures for innny years, if
ever, in my opinion, unless boclniists or
some otber radical or destructive party
should gain control of the country."
Philadelphia Markets
WHEAT nccclnt. 103,080 buehel. Mar
ket nominal. Today' quotatlnna: Car
lot, new. In export elevator. No. 2 red
winter, 12.04ifr2.0tl; No. 2, red winter, anr
Itrktv 1. sjhi. Rft nthor erndea nuotml
at the followlne schedule of dlarounts: Mixed
wheat, lie under red winter; No. 3 .wheat, 1
So under No. 2; No. 4 wheat. 7o under No.
2; No. a wheat, llo under No. 2. Sample
acenrdlnit to quality. ... '
COnN Receipt, none. Turther declined
Sir. We quote, a to quality Hnd location,
S1..1.1fll 0(1. the latter for No 1 yellow. ,
OATH Receipt. 18.837 bushel. Aualn ;
lc lower. Car lots a to locution. No. i
white, 7874c; No. 3 white. 7273r.
rixiun Receipt, 3,4113.133 pound In
ck. Steadily held tmt quiet, rollonlna
aro tho quotations pr 100 pound, pneked In
140-pound Jute ack Soft winter straight,
western, 111.23011.30, do. do,. narliy,
S10.73O11.23; hard winter atralxht, S12.23
12.73. do, ahort patent. I1SW 13.23, FDrlii
Ort, I0.75011.23; do. pntent. J13O18 00;
do. short patent. J13.4OC13.D0; fancy
pnrln nnd cltv mill patent, family brands.
I14 30O1B. Rye flour. MO. 30011. 25.
PROVISIONS Steadily hld. We quoto:
Ilcef, In eeln. smoked nnd nlr-drled, 33c: do,
knuckle and tender, wnoked nnd nlr-drled,
B4o; pork, family, 147: hnma. S. P. cured,
looie. 8S38Hc: do. skinned, loose, 3'J(!J
SOHo: do. do. amoked. 41C41Uc; dq. boiled,
boneless. 04c; picnic shoulder. S. P. cured,
loose. SSVic: do. smoked, 24 ',4c: bellies. In
pickle, loose, 20c; breakfast bacon, 33c;
iard 21c. v.
HUTTER Asraln higher. Solid-packed
creamery, fancy, hlgh-seorlne. fresh Kouds,
timWOSfeo; extra, OOWo; extra !lrnts,
SBHc: first. BS'ttriOc: seconds, 4flWSlc: aweit
creamery, choice In fancy. 02'4 fftHVjc; fair
to Bood. SlComc; iirlnta Jobbing nt 0ll
72c for fancy and 38tF0c fur fair to choice.
IXJC'.S Pirn pbbs scarce nnd firm.
Tho following prices nro tho quotations:
In free cnic. nenrby llrst. (!0W(12c per
dozen: nearby current receipts, 39c; nearby
ordinary to fair, 34ifii37c; western extra
firsts, (MffflSc, western llrts. n8"i0c: sec
onds. 48 54c Inferior lota lower, fancy
candled revs Jobbing nt 71072c, fair to
choice. 03 It 70c.
CIinESK Firm with supplies well cleaned
up. Uucttntlons follow: N'-w Tork whnlc
mlik flats, current m-iko fnncy, 2n'B'2lti4c;
do. common to fair. 'J."tf2c, do, I-onxhorn.i.
2Hi7,29,c, do, Slnule Da'sles. 2n'J9Mc;
Johblnir snles nf fincv K"ods, .lO-Uc.
I.IVH POULTRY Fowls, not Leghorns,
via express I'ancv wciKhlno; 5 lbs nnd over
apiece. 40fiJ 12c. pceptlnnnl lnt.i higher: light
to medium. 3iltf?3h'C. wlilto Leghorn fols.
32fii34c. fowlH. heay. not Leghorns, via
freWht in carload lot 3SO'4i-: spring
chicken, fnncv ellow skin, not Leghorns,
weighing 2'j W3 I'M. apiece. 40W42C; excep
tlnnal lots higher broiling chickens, fancy
ellow skin not leghorns. welRhlnir 1H2
lbs. apiece. SilWSc. broiling chicken, fnncy
vel'.ow skin, not lx-ghorns weighing 1SJ114
lb, nplece. 34l&3.'o. while LeRhorn broilers,
3333c: old roosters. 24iW2.'io- ducks, old
30-; do, spring, C0 4j.l3e. plgtons, per pair,
28030c.
DRESSED rom.TRT Fiwls f resh-kllled.
dry-pleked In boxes, weighing U4 3 lbs
nnd over nplece. 43c; weighing 4 lbs.. 42c:
welithlng SHi lb.. 37irr3l'C, weighing 3 lhs.,
33(5 35c; fowls fresh-killed. In bbls., dry
plrked. weighing 4W3 lbs. nplece. 42c:
weighing 3'4 lb.. .llWasc weighing 3 lbs.
find under. 2l33e. b-nllers. western, dry
picked, weighing lVjiff2 lb, nplren. 43CJ
43c: do. western, smaller size. 4142c;
fryers, western weighing 2V4 3 lbs. aplc.ee
asWSOc: broilers, nearby, weighing m f2
lbs. nplece 4:,17c broilers nearhv. smnllor
alzes. 42440' old rooster dry-picked
western. 2c: do southern, 28 27c: prlnc
dutka, L. I.. 37c
Bank of England Statement
London, Sept IB Thp wpeklv stnto-
ment ot tne itntiit nr ljnuiand shows
thn following PhntiRPS' Tntnl reserve
IncrenBod. 7CO,(i00 ; clrculntlon dp.
crod, 744,000, bullion Incrpased,
16,nB3 ; othpr ppcuritlc-M :ncrenspil,7,.
050,000; public deposits decrtnspd, 1,.
299.000 ; other deposits Im-reaed, 5,
687,000; notes ro.sirw lncrpas. d, 746
000; Rovernmont nepiirltles decreased
3,025,000. Thp proportion of tho bank's
reserve to llnbllitv this week Is 11 89
per cnt ; last week It was 1170. Rate
of discount la 7 per cent.
Tell Us Which
Stocks You Arc
Interested In
We shall be glad to
keep you advised of the
latest news concerning
them. We maintain a
large news and informa
tion department for this
express purpose. Quota
tions and news given by
telephone or mail, or in
our board rooms. No ob
ligation on your part.
JONES & BAKER
SpttUdits m New Yirk
Curb Marttt Suuritiit
Widener Bldfr., Philadelphia
Phones Dell, Locust 4730
Keystone, Race 2290
Offices in 0 Principal Cltiea
Dlrsct Private Win
Gray Iron
X0
pi 1 Vl
V& mm tea
Lansdale Foundry
BTKAMHHIP XOTICIta
A trtn to Kurova offers tt
J--I elL- ....
j'vutv ucui ut iiiv 111
iMDiritirt J, vfMinMtwM
m-nwtli nt ,1-.'U ,...
.v.v-.a, Vg iffcw tUUft tUlfWilt'l
in it nit nn-, ,:.- ..Li. .L...
Travel on one of our steamers. Accommodations, general appointment
"iji vtiui LitiiiLir.f 11 nirii Nrt.iifi.iii. uu u i v a - . . .
and cuisine
gravis ., New York to Plymontli
Rirtr Araxei PruladeloliU " Piraew.
Verbanu
. .Palladelpbi. " London """', VK. 2
.... New York" Cherboarf and Sont.a-.ploa.Sepl.21 Oct. 12 Wot.
... .New York " P.trti, Datromik & TrieiL.Stpl. 23 - - jj ,U
....N.wYo,k"UmpooI SePt.2S Oc .23 WtV.W,
....New York" Cberboarg and Soatlimptoa.Stpt.30 Oct.ZS ---....NtwYork"
Ckerboarc and SontliaBiploB..Oct. 7 Not. 11 Ok. w
.... New York " Livttpool OcU 9 Nor. f-.J
Aquilnnia . . . .
Italia
Carmania .. . . .
Mauretania ...
Iraptrator . . . .
K. A. Victoria
Columbia
Saxonia
Pannonia
New York" Londonderry and Glaiow...uct. a '"- "-
New York" Plymontl., Cherbourg and Himbarg. .Oct. 30 VM.
New York " Patrai, Dubroynik aid Tritite Ucl"'w
rniarnirp nnd rrrliht Herrlres For Later Salllm Apptr to
Paneneer Office,
Freight Office,
LUCKENBACH LINE
Philadelphia to Rotterdam Amsterdam
S. HOMESTEAD (U. S. S. Board) Sept. 18
S. WEST POOL (U. S. S. Board) Sept. 30
Philadelphia Son Diego Los Angeles San Francisco
S. SHORTSV1LLE (U. S. S. Board) Sailed
S. PLEAIDES .Sept. 18
S. HATTIE LUCKENBACH . Oct. 2
San Francisco Philadelphia via Los Angeles and San Diego
S. S. FRED'K LUCKENBACH Sept. IT
S. S. ARCHER (U. S. S. Board) Oct. 3
S. S. HANNAWA (U. S. S. Board) Oct. 17
LUCKENBACH STEAMSHIP COMPANY, INC. .
phone Lombard 5340 328 Chettnut St Philadelphia, Pa.
COMPAGNIE GENERALE TRANSATLANTIQUE
FRENCH LINE MAIL STEAMERS
i Regular Lino Freight Service
PHILADELPHIA
To
LE HAVRE and BORDEAUX
S S "LA PEROUSE" (Fr.) 10,000 tons steel 100-A-l
And or
SS "NORTHERN" (Br.) 7500 tons steel 100-A-l
Scheduled to sail October 23th and mid-monthly sailings thereafter
AGENTS NEW YORK OCEANIC COMPANY, INC.
For llates and Space Apply
GEYEL1N & COMPANY, Inc., Philadelphia Representatives
108 South Fourth Street
l'lione Lombard 4207
S. S. "PANHANDLE STATE"
Sailing September 18
NEW YORK TO QUEENSTOWN. BOULOGNE, LONDON
Firjf Class Only
Outatda rooms only, beditead In all; bath with mot room; luxurious
accommodations, excellent cuUlne; apadoua lncloiod promenade.
Every modem appliance (or protection.
S. S. "SUSQUEHANNA"
Salllnc September 22. Cabin and Third Claas Onlr
FROM NEW YORK FOR BREMEN AND DANZIG
Pasanger Department 4 J Broadway, New York City
. . , , . Telephone 1200 Whitehall
Freight Department Boure Bulldlna
I- "-
PHILADELPHIA
to
Scandinavian Ports
Christiania,
Gothenburg,
Copenhagen
Regular Service
V. S. Nhlpplnr Ilnnrd Slfl Htmnifr
S. S. Lake EUsbury
Loading Sept. 16
(From Fier 7S, South Wharves)
The Charles T. Mtgee Co.
Agents for U. S. Shipping Board
Drexcl Building
PHILADELPHIA
liell Lombard moo
EARN-LINE
' Iororpornlrd 1(81
U.S. Shipping Board Steel Steam en
General Cargo
Regular Scrvico
Philadelphia-Manchester
SS "Lake Foxboro". . . .Sept. 16
SS "De Moinei Bridge". Oct. 15
Philadelphia -Havana
A Steamer SepL
For rate and particulars apply to
Earn-Line Steamship Co.
139 South Fourth St.
PHULADELPHIA. PA, .
Castings
Machine Molding Our Specialty,
Limited capacity for prompt
delivery.
Fleet of Motor Trucks make dally
deliveries to Philadelphia
and vicinity.
Call, writ r phon I.anadal 4B
Co., Lansdale, Pa
8TKAMSIIIP NOTIfKH
.. fiM. thrtt IS
cavi' ' -----. t
i.Moe mnn. I IlC Y0.771CI
- .;7 , at in A has OVCUed Up
HU UIV-HJ7- - - - -
u ikrt ottiffirn on inc ituuhu.
are unexcelled.
and tttrboarf.. . .Sept. 18 Oct.Zl nor.
S'alonlci. Conitintlnople tt Stayraa. .5pi.
1300 Walnut St., Phlla.
Bourso Bldg., Phlla.
From
Telephone 5417 tt 5418 Lombard
fUIVIMINC
-" I 1 TVH7 O
D 3 Salpplar Baard Stl Steinar
Regular Service
PHILADELPHIA to
Rotterdam & Antwerp
WSmMlM
SS "Arizpa" Loadiar
SS "Lake Harminia".. .Sepl. 161
irrom rier 34, South Whirrs.)
For Information apply
A. D. Cummins & Co., Inc.
H. P. DILKES, Manager
Ida south 4th 5L, Phila.
Lombard 41!7-UtA-507
Main 1MB
Atlantic-Gulf and
Pacific Lines
PHILADELPHIA TO
LOS ANGELES (Harbor)
SAN FRANCISCO
S. WEST AIWl'M . nbent HK"r 10
Ilrrvrl Hide
Iomburd 6101
I'lilladrlplila. !.
Main Ifija
Holland-America
LINE
NEW YORK to ROTTERDAM j
Via Plymouth and Bonlogne.tais.Mcf
Rnd,a SpL220ct27
Rottfrdan , Oct. 2No,
Noord,, 0ct.13lNor.lJ'
Hiw AutUrdua , i...Octl9!Hoy.2J
"" 0t. JMl WaJwtt wu run
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