; 18 TmjjissM miaiMJiuiip mi ''' IV I t? m ft if i M ffor One Day More t We mil Pay ' 102y2 Flat f for . Anglo-French 5 Bonds Due October 15, 1920 In exchange for current i attractive securities , Call Walnut S370 , , Frazier 6-Ca BROAD AND SANSOM STS. , PHILADELPHIA t5 DROADWAY. NEW YORK 19 SOUTH ST., BALTIMORE 827 15TH ST., WASHINGTON DOWNWARD TR N Tie e of tfie ? Printed Word N This is the age of tho printed word. Millions of tons of paper are need ed daily to minister to Democracy's God Pub licity. Canada has the timber, the water-power and tho enterprise to supply It. Ilers is the lion's sharo of this basic industry. Write for n copy of our current edition of In cestment Recommenda tion. It contains n list of con servative Canadian in vestments, rendered doubly attractivo to American" investors by reason of the premium on American funds. gg AGENCY OP Royal Securities x CORPORATION (CANASA) LIMITED 165 Broadway Now York ill PRONOUNCED Industrials Continued to Civo Grounds, While Low-Priced Rails Advance NEW YORK STOCK EXCHANGE TRANSACTIONS CURB ISSUES DROP IMv. In i Itleh ',W Recommend for Investment Penna. Water & Power Co. Stock One o the largest hydro electric plants in tho world. lonr operating coats. No coal required and minimum of labor. Furnlshlnc Balti more, Md , and Lancaster. . Pa., with electric energy. Dividend Increased Oct, JD1S. from 5"o to 6?. Dividend increased Oct.. 1920, from Ci to 7. Successfully operated for more than 10 years. Let us explain tho advantage of hydro-electric securities. JosepKW.Gross &,Co. 1421 Chestnut St. Corretpondcntj Aldred & Company New York. Sept. 2.1. Today's piuck mnrltct plainly showed the effects of the Increasing weight of the realizing sales anil short selling of the two pre ceding session. A reactionary move ment of a progressive character set in at the oiitct and gained in momentum and breadth as the day advanced. For a time It was sort of a tug of wur iw tween the lndtttrlal and railroad di vMons, with the former exhibiting In creasing setnitivcnt"", while the lntter, particularly the more speculative issues, made new high figures for the move ments. The line of cleavage was as distinctly drawn as yesterday and on Tiiem ay. Ilcforo midday, however, tlioy also showed signs of giving ground and ov tne early afternoon the whole was sllpplg back in all directions. There was nothing particularly dis turbing In the morning iiudgct of news to account for the sagging tendenej, which, to a large extent, was influenced by technical conditions within the jnai ket itself. In truth, mainly the result of the conspicuous lack of sustaining power, which was the natural outcome of tho elimination of the short Interest, which heretofore had furnished tho market's principal stabilizing power. Severe business condition adjust ments which have came to light dur ing tho current week, coupled with tho rather violent slump In the cotton inm ket this morning, virtually furnished an excuse rather than a reason for the market downward trip. The radical cui in automobile prices, aunounccd n few days ago by Mr. Ford, which Is ex pected to bo followed by other motor concerns, naturall made that particu lar group vulnerable to the bearish drives. In all paits of the industrial division, however, all the more prom inent speculative leadprs proved to no highly Mifccptible to pressure, and this applie das well to less conspicuous is sues. As a matter of fact, soft spots multiplied as prices sought lower levels, reflecting unmistakable technical weak ness, which inter nlso was disccrnable in the railroads, which had been im- pc-vious to rent tionary tactics. ii i .,..., jicreni eonnicimg movements were resumed at the opening. Hails of a spec ulative vuriel) advanced while most ot the industrial Issues were again icac tiouar:1. Trading during the morning wns on me largest scale of any corres ponding reriou for many weeks, more thnu JOO.000 shares changing hands in the first hour, which was mostly at tho expense of values. The market, how ever, lacked breadth, activity ccntcrin; niain'y In the low-price rails and ob- (cure coalers, embtaeing such stocks as Chicago if Alton. Texas & l'winr, I Kansas City Southern, Chesapeake A I Ohio, Pittsburgh Coal and Pond Creek i coal. On the other hand, as morning ad- vaneed the motors and their ubidl anes manifested increased weakness, with the steels and equipments, notably Kelly-Springfield Tire and Crucible and Republic Iron & Steel. High-grade oils were lower by 1 to 4 points with the, shipping shaies, metals mid chemicals. Around midday concentrated pressure was shifted to the food shares, with the sharp declines iu American Sugar, llcut Sugar el uorn lrouucis. -uosi oi iao. junior nuls held up wel. teauireu ny uie renewed active buving of New Huven. Sales 100 100 400 100 800 100 109 100 200 .100 100 100 293 700 100 1003 400 J00 1500 100 1700 400 1709 300 800 400 100 1000 1100 190 100 1390 890 2700 400 700 100 2C0O 103 100 000 200 100 400 00 100 300 103 18)0 3933 200 2300 3030 830 200 103 8300 1590 3609 030 500 100 100 22810 200 210 )0 8 JO nir. In f High . . Adams Express. ..... A7 Ajax Rubber 48 .. Allied Chemical Dye (0)4 7 Allied Chem & Dyo pf PI 1 Allls-Chalmers 34 7 Allls-Chalmers pf 77 R Am Agrlo chem 84 V, 0 Am Agrlc Chem pf... 87 8 Am Beet Sugar 7tS 10 Am lio?ch Magneto... 79 , . Am Can 35 7 Am Can pf 00J4 IS Am Car & Fdy 133 .. Am Cotton Oil 24 H o Am Cotton Oil pf C5 0 Am Kxpress 142 .. Am Hide & Leather.. 12J4 7 Am Hide & Leather pf 8? 0 Am Internat Corp.... 77U 3 Am Linseed 07 0 Am Locomotive PS .. Am Safety Razor 15V4 .. Am Shin & com 19ft 4 Am Smelt A Ret 61 J4 5 Am Steel Foundries.. 3Mi 10 Am Sumatra Tob 00 8 Am Tel & Tel 08J4 20 Am Tobacco .138 20 Am Tobacco D 132 . . Am Writing Paper pf 80 . . Am Zlno Lead Smlt 12JJ 4 Anaconda Copiioi- 64 li 0 Atch Top & Santa Fo 84 H .. Atlanta Blr & Atlantic 10 J4 10 Atl Gulf & W I S Q..150W 3.80 Baldwin Locomotive.. 1124 2:30 Net Low (Nltm) Chire. LOCAL TRADING WAS AGAIN LIGHT Lehigh Val. Gen. 412s, 2003 N.Y. Cen. 10 yr. 7s, 1930 Erie & Jersey 6s, 1955 B0ENNING, GARRISON & CO. bTOCK ECIINOB III II.DINO Direct Private Teleuhone to New York Members' I'MIa. Stuck lcliance Russian Gov. 62s Certificates of Deposit Bought Sold Quoted Morton Lachenbruch & Co. LAM) TITLE 111.1)0., 1'IIILt. Tel Spruce 3D1 Hacu '.usu New York Ch.i-aRo Dtrolt ritutmrzii Office interconnected bu prlicue wires Lehigh Navigation Made a Netu Top Price Storage Bat tery Slipped Back About the only features of the local market requiring comment was the con tinued strength of Lehigh Navigation nnd the further retrograde movement In K'eetric .Storage Ratterv. The former was onlv fractionally higher, but made a new top price at (!2. Tho latter on .miiM offerings dropped bark 3 points to 130. Ot'ierwle trading lacked nnlmatinn being likewise unproductive of essential price changes. Considering the depress ing surrounding influences tho general market stood up well, more particularly in view of the melting prices in the larger market. What llttlo selling did develop was s-pasmodic and of limited proportions. Little interest was ngaln manifested in the stteet railway shares and the other local utility issues. There was fractional shading of Rapid Transit and Union Traction, while United Gas Im provement and Philadelphia Klccttic were relatively steady. It was semi 'Jlieinlly stated a large percentage of the Philadelphia Electric holders hnd taken up the new preferred stock al lotment No ofliclal figures will be given out until after the (.losing of the subscription li-t. I'eniisi.inia Knliund continued to slip buck, rneding to I'J's. Leihgh Val ley was stiad., but only u few shares i hanged hands. Profit-taking in Ameri can Stores -eeniid to have bei n com plrtnl and the stock was 'j higher. 4830 390 200 030 100 100 700 2100 50 500 0190 499 3C33 1590 590 100 100 100 430 1193 200 203 3 ! 10) 1J3 o:i90 2100 100 too 3000 593 300 200 330 155)9 100 e 1500 2230 400 1090 1433 2109 100 1100 833 100 103 030 530 1500 2800 103 3100 403 422) too 093 50)0 109 433 309J 103 100 000 II 3 7U 400 400 0U1) 100 4(10 10)1 GOO 200 ino 400 109 Baldwin Loco pf 08 Baltlmoro ft Ohio.... 44 4 Baltimore & Ohio pf.. CI 6 Bethlehem Steel 70J4 B Bethlehem Steel B.... 73K 8 Bethlehem Steel 87o pfl04Ji .. Butte Copper & Zlno. 7'4 .. Butte & Superior Cop. 10JS .. Caddd Central O & R 17K 4 Calumet & Arizona. . . 57 0 California Packing-. . . 67 .. California Tetrolcum.. 20J4 10 Canadian Pacific 121 Central Leather 4CI4 4 Cerro de Pasco Cop. . 42 10 Chandler Motors fcOJi 4 Chesapeake & Ohio... 7 .. Chicago & Alton 12(4 .. Chlcigo & Alton pf. . 18K .. Chi & U III Iiq T ctfs 13 .. Chicago & Ot West... 13H 2 Chicago & Ot West pf 30Ji .. Chicago Mil & St P.. 38 H .. Chicago Mil & St P pf 88 5 Chicago Northwestern 70 7 Chi & Northwestern prlOSK 8 Chi Pneumatic Tool.. 80 .. Chi R I & Pac 40V4 fl Chi R I & Pao 6 Pf 07J5 7 Chi R I & Pac 7 pt 80 .. Chile Copper 114 l.co Chtno Copper 20H 4 Coca-Cola 33H .. Col & Southern 31 JS R Columb aas & Clao... 58 ft 1 Col Graphophone 24 7 Consolidated Cigar... 74 H 7 Consolidated Gas 80 2 Con Interstate Cal M. 04 5 Consolidated Textiles. 284 5 Continental Insurance. 7014 1 Continental Candy..., 10VS 4 Corn Products Ref . . .. 86 2.50 Cosdcn & Co 3BK 3 Crucible Steel 131 .. Cuban Cane Sugar.... 38 Ji 7 Cuban Cane Sugar pf. 76 7 Cuban Amer Sugar... 43H .. Delaware & Hudson.. 104 10 Del Lack & Western. .243 .. Dener & Rio Grande 3?J .. Denver & Rio G rf... C5 .. Duluth So S & At.... 5i .. Duluth So S & At pf. 10 .. Klk Horn Coal 25H .. Kmcraon-Brantlng ... 15 B Kndlcott !-Johnson ... 89 .. Rrlo 20 .. Erie 1st pf 28ft .. Rrlo 2d pf 21 8 Famous Players L. ... 71 J4 8 Klsk Rubber K4K .. Frccport Texas 23 . . Gaston Wms & Wig. . 34 0 General Cigar C4 8 General Electric 143 1 General Motors 20 6 Gen Motors 6 pf... C8 0 Goodrich B F 53 7 Great Northern pf.... 70JJ .. Culf Mobile & Nor... 14 4 Hasltell & Barker Car 08 Houston Oil Co 110 1 Hupp Motor Car ISft GO Indlahoma Ref 1 4 Inspiration Con Cop.. 47J5 .. Inter Con Corp ZH .. Internat Agrlcul 20 H 7 Intl Harvester new..,116?i .. Int Mer Marine 23 0 Int Mer Marine pf . . . 75J-5 ., International .Nickel. . l'H .. Inter Paper 70 fl Inter Paper pf Btpd.. 72J4 .. Invincible Oil Corp... SBJJ 7 Iowa Central G'a .. Inland Oil CJi .. Iron Products 43 .. Jewel Tea 7& .. Kan City Southern... 23 4 Kansas City So pt.. 47 2 Kennecott Copper.... 22 4 Kelly-Spc T 80 0 Kelly-Spg T 6 pf . . . 82J4 8 Kelly-SPK T 8 pf... 01 1.20 Keystone T & R HJ4 C Lackawanna Steel.,,. 0514 .. Lake Erlo West..,. 15 . . Lako Erie & West pf . 30 2 Lee Rubbor Tiro 21 Vk 3.50 Lehigh Valley 4BJS 12 Liggett & Myers B...140 7 Liggett & Myers pf.. 0 2 Loewo Co 21 .. Loft Corp 14J5 .. Loose-Wiles Biscuit... 4&Ks 7 Loose-Wiles B 1st pf. 03'4 12 Lorlllard Tobacco. .. .145 7 Loulsvlllo & NashvlllelOJfc 37 48 Pl SJ4 77 84 J4 87 704 79 H 35 now 133 23 K ?3 140 12J4 C0K 75Hi 07 94 15 1PW Hi 30 88H m 134 Y 131 J4 50 1V4 3 H 845 1014 147 now 08 3? 61 70J5 72 Kb 104 Ji 7 19 1014 87 CO 2014 120J4 4CJ 42 70 W 5H ll'j 18J5 13 12?; 29J5 38K 87 H 75 y2 105 H 80 rajs C7J5 70 H 1415 'W 31 X 3H4 67 34 23 W 74 4 80 ' 27 70 J4 105 HV 385 12815 3715 705 434 104 242 34 04 sh 10 24 15 00 ioh sS 21 715 23 14 2.1 8 04 142 j; 20 08 61 78 13 34 07 107K 16 75 46J5 3 ii 20J4 11034 "34 754 It. 77H 72J5 35 t 0 04 41 34 7 22 47 224 CI 3; 82 J i 91 15 t4!5 114 20 214 40 110 09 214 14 44 34 035 1134 1025 1 14 4 37 48 r.o4- 01 335 8(4 87 7914 7934 1H 35 - K 904 133 - 94 234- Hi 65 142 3 124- W CD34- 14 754 V 67 - 4 D3J4-1K 154- 14 19J4- 'A 014- 38 1354- 1814 59 124-63H-84M-10 148 334 1104- 8K 08 434 V 51 4 7055 . 73 - J4 1014- 1?4 7 - 54 10-1 16- 1 67 - 5 60 15 294 120H 453 - 42 794- 24 664 134 12 183 13 -12-305-384 10534 80 34 ?4 li 4 34 54 14 34 - S 34 Hi 5 94 34 34 14 J4 Sates 130 100 100 200 330 100 17500 300 4000 6390 801 2890 409 0309 2000 600 - 34 385- 1J5 G7!5 794 - 14 14 Vt Vi 'i 154 1?4 14 J 54 14 215 14 2 14 1 J5 32 31' 6734- 2354- 7i Ji -1 80 954- 27 704 105-f4J4- .-85 - 12S 8755 -765-4354 - 101 243 354 .. 634- 54 834- 54 1034 2534 1J4 15 002 1H- 34 275 34 21 - J4 715- 134 2t5 - 1 23 8 64 11234 20 C8 5155- 7834- 14 07 107?,- 15 -75- 465-334 2034 754 77M- 2H 723- 55 155- 134 6 154- 54 41 34- 24 !i 34 32 47 i24- 0134 8255 . 01 -1534 4 30 21J- 49 140 50 1434-1025 54 4 1 34 tf 1 1 4 15 3H 55 34 H4 ' H 1H H 534 254 1 1 1 r J4 5 1 54 4 54 1 14 100 100 509 300 100 100 100 390 400 loo 100 600 1200 81800 4500 1000 100 600 700 500 300 500 109 18500 300 109 2800 100 600 200 7000 390 100 6200 100 200 4600 2100 100 1600 100 290 509 109 8703 210 2799 7590 190 8309 400 f 303 7209 2000 300 "00 290 1001 030 100 309 819 12003 300 10103 100 10500 500 40 600 390 2300 20003 100 una 601 00) 145JS 6900 830 1000 1599 4390 100 2300 700 1400 390 100 1490 25J0 290 890 400 200 OHO 0)09 100 1700 1600 400 7700 110 600 300 21890 109 899 6200 100 533 10203 4300 230 200 5830 230 1390 100 100 730 5000 1000 403 400 14003 109 100 300 100 Mackay Cos ' . . Mallleon & Co II 11. . . in 7 Manhattan Elev guar. 2 Marlln-Parrv s' . Maxwell Motors 1 .. Maxwelt Motor lBt pf 1654 13 Mexican Petroleum. ..1024 t Miami Copper 20 1.00 Middle States Corp... t694 4 Mldvalo Steel ft Ord.. 394 . . Minn ft St Louis 174 . . Mo Kansas ft Texas.. 734 . . Mo Kansas & TexaB pf 1214 .. Missouri raclfle 29i, .. Missouri Pacific, pf. .. 50 .. Montgomery Ward.... 33 4 Mulllns Body 314 3.60 National Acme 3334 .. Nat Anlllnn A Chem.. 82 Nat An & Chem pf... 8934 Nash Chat ft St L....110 Nat Cloak ft Suit.... as Nat Enamel ft Stamp. 014 National Lead 775 Nevada Con Copper.. n New York C & St L. . 4655 2.50 New York I?ock 25 .. Nat R Rof Mex 2d pf 64 5 New York Central.... 785 .. Now York N H ft H.. 304 1 New York Ont ft West 2334 7 Norfolk & Western... 0034 0 North American 50 7 Northern Pacific 80 00 Nunally Co 14 40 Okla Prod ft Ref 54 .. Orphcum Circuit 284 .. Otis Steel 23 Owens Bottling Mach. o Pan-Amer Petrol 9334 Pan-Amor B 855 Parish ft Bingham... 375 Pennsylvania R R. . . . 4234 Fcoplcs Gas cnicago.. -an Penn Seaboard Steel. 204 Peoria & Eastern 1 2-30 Net Low (NYttn) Case. Pere Marquette 284 Philadelphia Co 37 Phllllps-Joncs Co 60 Pltrce-Arrow Motor.. 304 Plerce-Arrow pf 89J4 Pierce Oil 114 Pitts Coal 7254 Pittsburgh ft West Va 3534 Pitts Coal pf 8555 Pond Creek Coal in 54 Prefsed Steel Car.... 055 Pullman 1" Pure Oil Co 3V4 8 Railway Steel Springs 95 4 Reading 044 . Remington Typewriter 52 . Replo Steel f3i Republic Iron ft Steel. 81 Republic Iron & Stl pf 0354 Republic Motors .184 Royal Dutch N Y.... 8715 St Joseph Lead 105 St Louis San Fran... 254 .. St Louis Southwest... 354 .. St Louis Southwest pf 44 0 Savage Anns 3054 .. Saxon Motor "34 .. Seaboard Air Line.. .. 1054 .. Seaboard Air Line pf. 185 8 Sears-Roebuck 13034 .. Shattuck Arizona..,. 0 .74 Shell Transport 6355 .. Sinclair Oil 3334 0 Sloss-Sheff 67 0 Southern Pacific 075 20 South Porto Rico Sugl30 .. Southern Rail 3134 8 Southern Rail pf C4 20 Standard Oil of N J.. 051 7 Stand Oil of N J pf.. 10554 4 Stewart Warner Sp.. 32 4 Stromberg Carb 72 7 Studebakcr 015 7 Studebaker pf 80 .. Superior OH Coipn... 104 0 Superior Steel 52 .. Tenn Cop & Chem.... lo 3 Texas Co 15 .. Texas & Pacific 3934 .00 Texas & Pao C & O.. 404 .. Third Avenuo 12 .. Times Squaro Supply. 23 0 Tobacco Products 7094 .. Tol St L ft West.... 13 .. Tol St L West ctfs... 17V . . Tol St L West ctfs pt 23 .. Transcontinental Oil.. 13)5 6 Transue ft Wms Steel 47 8 Union Bag & paper.. 80 .. Union Oil 30 10 Union Pacific r 1224 4 Union Pacific p:.... 4 United Alloy Steel... 12 United Fruit .. United Jtwv Invest., , , Unl Rwy Invest pt. . 8 United Retail Stores. lUSCiri Fdy pf . 0 U S Food Products., BUS Ind Alcohol.... ..US Realty ft Imp.. BUS Rubber BUS Rubber 1st pf.. 0 U S Smelt ft Ref...., 8.80 U S Smelt & Ref pf.. 5 U S Steel' 7 U S Steel pf O Utah Copper 0 Vanadium Corp 4 Va-Carollna Chem... 2 Vlvadou Inc . . Wabash .. Wabash pf A .. Wabash pf B .. Wells Fargo Express. .. Western Maryland... . . West Maryland 2d .. Western Pacific.., 4 Western Pacific pf 7 Weetcrn Union Tel 654 3034 .202 '. 11 . 25 . ".254 . 41 . 5954 . 54 . 50 . S5J .10655 . 565 . 4355 . 8334 .10034 . C394 . 60 .. 044 . 13 54 ,. 114 . 32 54 2154 GO 14 pf 2034 34 54 .. 005 01 g Weatlnghouse E ft M 4734 Wheeling & L E 144 Wheeling & L E pf... 25 Whlto Motor 435 Wick Spcnc Steel Corp 2934 Willys-Overland 1334 Wilson ft Co 621 Wisconsin Central.... 314 Worthlnglou Pump... Co Worth Pump pf II.... 03 03 18 44 23 7 16J5 1845 20 154 7 12 284 49 325 314 3334 81 89 110 36 014 774 12 54 45J 25 0 7534 35 ?4 23 66 i 50 70 14 4 28 224 40 01 65 375 42 34 335 2054 144 27 94 37 50 35 89 55 145 70 34 94 8555 1854 84 112 395 05 92J4 605 "54 794 0354 31 54 87 34 105 284 3454 m 30 634 OH 18 13034 n 5234 324 06 055 130 304 034 651 105 32 0894 59 86 1834 61 04 6054 38 385 114 22 C85 13 15 215 12 94 4054 80 2954 Ml 34 0554 3834 20 i 1034 215 70 41 575 835 40 824 10055 65 34 43 mi 10034 334 6034 04 54 13 115 305 2154 60 13 20 3334 0055 84 Ji 754 134 4 454 20 124 42 '5 24 J4 10 63 UO 63 18 41 7 ' - 94 165- 4 187 - 334 20 9i 94 J4 '4 134 1 4 VA 1 J4 H 154 105 7 13 284 50 825 31 14- 3334 81 89J4 110 36 814 775 .. 124- J4 454- 4 25-1 54- J4 765 54 36 94 23J4 94 08 80 7P - 1 l- H4 .. 28 - 14 224- r. 401 0134 1 ?i 1 15 M 55 254 34 "4 'i SH 194 134 'i T4 54 14 34 4 2 14 14 V 10 LOIR LEVELS Asphalt and Whlto Oil Soil Off. Tobacco Products Ex ports Gain 54 54 355 855 274 2 34 3354-204- 15 2794 37 ,50 144- 724 355 . 855 , 194 0555- 112 395 05 2J4- 52 81 7054- 9354 3655 B734 105 29 30 - H 10 18 13634- 154 9 62 J4- Yi 8234- Hi 60-2 oo - 194 130 3034- 6334 051 -1054 32 0954- 59 - 80 - 184- 81 - 04- 604 38 3855-114-2255 174 23 1294- 4654 80 2054- 12234- 6554-3834- 202 1034 24C- 1034- 41 - 8734-8334-40 - 8354- IK 100 55- 4 855- 15 43 15 8855- r, 10034 34 6334- i 004- 154 644- 5 13 4 304 214 00 1314 204 814 TA 135- 24 1 454- 94 3034 H4 1255- Ji 6255- 4 344 54 00 - 1 03 New York, Sept. 23. Lower prices prevailed in the mnjorlty of issues on the curb market today, with some stocks In exceptionally pood demand nnd mak ing moderate advances. Among these were Tobacco Products Exports, which made a gain of 8 points. (loneral Asphalt was in supply, Mil itig from GOV, to CO, an Whlto Oil, which openc at 23, sol own to J3. Car Light was steady, selling at 3Vj to 'lA. High Speed was in fair de mand, with sgales at 31. United Retail Caudy was unchanged, selling at UW- KOJCSTniALS lUih Acme Coal 3 Cv.LUht 0 Kmulre Tube ,. "., OenerM Asphalt JON (loodyear Tire pref ...... 84 Nat City liank rt 107 North Amer Paper JS Perfection .Tiro ........ ft It J Jlevnoldii 11 (new) ... 4 Tob Trod Kxp 1,, Trlanule Film .w Tl u Itlvh Hneril Tool 31 . U S Steam 2 United Retail Candy .... 11 Wnvno Coal o STANDAKD OILS Oil of N T....885 Oil 300 INDEPENDENT OltS 1 Standard Vacuum 2 34 294 4 54 134 14 154 'l34 54 94 54 1 94 194 34 4 1 54 1 54 94 1 54 94 54 54 1 134 154 Allan Oil Allied Oil ........ Arkantai Nat CUn linona Oil c'nrlb Syndicate. .. Cuhln Poto Dominion uu .... UnKlneer Petrol . Kameralda Oil ... Ktdetal Oil m.ni-iu.1 Oil .... Homo Oil 1 Inter roiroieum l,one Star Una . Mtrrltt OH .... tlflitfit lief . . . North Amer Oil Omar Oil Pennok oil Prod & Heflners l'.jan Oil Iloy do Franco Halt Oroek Prod (timing Pit Skelly Oil Spencer Pet Un Texaii Oil ,... Victoria Oil (new) Vulcan Oil Whlto Oil MININO Alanka-Drtt Columbia .... Atlanta IJooth lloslon & Montana Calumet & Jeromo n.M.lapl, !ln .......... Cortcz Silver 03 CreMon Oold i.... 1 Divld Ext 32, UI Salvador 1H Eureka t,roesu Eureka. Holly 'it Uoldrleld Cons U Goldfleld Development .... B Uuldllcld SIlMT Pick ... 0 Uoldtlelcl .one 41 (Ireat Ucnd 1 Emma amer Hfcla Mining 4 A Jumbo Ext 12 Knox Divide V Louisiana L.o ;? MacNamara ' Marsh Mln ..., JT Mother usae Mother Lodo North Star . . Ophlr filiver ... Prince Cons . . Rex Cons Rochester Mines Uopo oroup Ban Toy Sller Kins Divide ... Simons K 1. S Silver Lead Tonooah Itelmont ... Tonopah Cash lloy . Tononuh Dlvldo .... Tonupah Ext tonopah Jim Duller . Tonopan .Miuwav . . . . Tonopah Minim; Tonopah Mlzpah Tonopah Montana , . . Tonopan uescue r.uia U S Cont United Eastern Victory u West End con Whlto Cups . . . White Caps Ext Wllbert Ycrlnston Business Liquidation evidences of which have been appearing for some time',' should tend toward easier money with its resultant effect" on sound investment bonds. We are prepared for this situation and will be pleased to (1) Furnish information regarding investments. (2) Go over your present list of holdings with the idea of arranging this to tako full advan tage of present market conditions. (3) Be .consulted on any of problems. your financial 94 14 "?4 "?4 hi 54 94 Allied Packers Ainer Tel (Is, 1U22 Amer Tel Cs. lVlil. Armour Co 7 AnKlo-Amer 754 s Anaconda Copper 0s Beth Steel 7s Cons Copper Mines Ooodrlrh T 7s .... Kew llaen 4s .... Pan-Amer Pet 7s... Seaboard tis Sinclair 714 a Southwest Hell 7s . Texas Co 7m Un Tank 7s West Eleo In Uerlln 4s ... FOR SALE is .nti:s Ideal Manufacturing Site Switches conno ling mill P R n and P. & H FUllwro on r"nprtv Hun- ninK water thrc nth pur'i n t pruierty 11 3Illr I'rom 1'liiludrlplilit Adjolnlnx Ton 11 12.000 Inh ib.tants I.SAAi t")t (,HT1 '. Jit 41 S. I'll i' Chi', Philadelphia Stocks Commodity Markets 411 Mi iu 1I.J Vj 1 i". 2W, BALTIMORE BOND SALESMAN An excellent opportunity for a man of experience and clientele in Balti more and vicinity to represent an established Philadelphia house. Replies will be held in stuct con fidence, but must be explicit and com plete. A 427, Ledger Office. Iyw r.o 01'. 105 .".ON IJVj r.2i I1-.-:i.-ii , 1 30 NVt p m. heo 50 Vi 130 :i r it i Vs-r :)', - 7S '"2'i.. 20A lj-r 2Ji'. handlers Company faAf i Franklin Bank BIdg. I'hiUdolphU KtrTo(k Ilonton PENNA. TAX FREE SECURITIES PAUL & CO. Memhrrs flilla. KtocL Uxcbant 2I CHESTNUT STREET IIlKh UO Am Str . ."O's lilt) I-It-f Stur i:u 2ls I. i'h N'uv. C. .-. I.rh Vul.. 200tMiJ Stl. ." I'a It It.. i!3 I'liilu Ins Wirn . -100 Ilillui:iec li do ur.. ."OItendlnK. 'jmi Ton Mlu 2:'.0 I'n True. :i.-j I' (i I... t t rh .nir made by c mujiiric n on .Sow Vork Stock Exi tianst- Su'.ln lUlMis SlIIIW IllKtl I.OW 1 Alleith V -U 1'J 71) 2 Hliv & I'co Tr Is.... TnYi GV'G I T-10 Mb Iloncl 2d -1 'x s . S." 00 s.- no 13 il -I'iK. RS.lt 1 SSSSSSSS.20 1 -1th -1'i.. hll 02 SO 02 Stl (12. 22 c 1 Vic -r'.h. . . 05. co n5.r.s fi."i.oo.:io 1 IVuplc's I'urt t c Ih.... 57 1.. I'lilln nice " 1st 5s.... 82 82 82 1 COTTON MARKET New York, Sept. 23. Cotton opened easy today and generally 10 to 21 point-, lower, despite unexpectedly strong Liv erpool cables. Tho selling wan mostly southern and was based on reports that 'there hnd been leas danger irom tuo gulf storm than naa oeeu exiiei-u-n. Local procure was also active, owing to nnnounccd reductions In cotton staples by two big Chicago mall-order Jiouhcs and by tho Amoskeag Co. I.lvur pool bought at tho decline. Later the mnrket acted heavy iu the face of trade buying and was about 40 points net lower. & wth lust 1 Oct .. V V'r nn-n Miy Test cioao 2" B0 y 10 24 SO 21 01 2J 3S (N Y time) 10.30 11 3D 1.30 n m 27 7S 23.70 24 10 21 411 Si S Open n m am. 27 00 27 .'.'J 27 70 2S 20 21 no :r no 21 0.1 21 hO 23 0 2141 . 2121 22 70 22 A5 22.03 1 30 P m 711 Nt :s 57 Vi Vt s.-..oo-)-.(;o .11 1 DIVIDENDvS DECLARED Amerlciin Shipbuilding: ' extra ." ui j- pr per GRAIN MARKET Chicago, Sept. 23. Notwithstanding reports that good sales hud been made for t-hipinent abroad duritig the last twenty -four hours, wln-at was weaker this morning. A leadiiig eastern shlp-nl- mnrern sold 500,000 bushels of 1 beecmbcr at the start. There was pur chasing by a prominent house. 'I he pressure against the market was puz 7II111F ns farmers in the United States were said to be holding and receipts line wore smaller, amounting to thirty cars. December oppiitd at S2.ii.M! to 5J..i,, acalnst $2.30i at the end yesterday nd after recAling to $2..14V5. rallied u!r March started at .2.30 to $2.23 and later sold at a net loss of 3c, at ) 07 .," . ..,, ...11, !,.. ulllnw lail Uorll Wll wan, Mini in" " i'nt on common and pref'ruJ .ill imvablo i receiving houses unu UPUrlsll inter .N.Hint..r 1 tn. Bt.k ot r.roril iirtoher 11 ".. ,. 1.11.in ,.ns hcuttered. The Norfolk nni inrn uaimin iu. uuir- cnm. ' Vi ...... ti-rly uf ) PT nut nn adjustim nt prefTrrd iwelplH were .117 cars. lavabie November 19 to Modi of record Oc-1 September started at $1 33 to $1.32, toner 80. ,. . . t,,t S1.351A at the end yesterday, it 75 on nnfdrred. payahlo October 1 to ,! declined to Sl.31M. December ttllK K 111 rcvuig nej..-iiii-. . .inn.a TirtiB. Tta Co auarterly BO oent nn common and 14 per cent on preferred 1 ..min.m 14 nnaLU Ootobor Ti ti utoi k of iwnA ord Kepieinw.r ai preierreu wiww i w : , ncnlnst 51 0.'j nt the CUU vpstorday. and sold off to 51.0.1 . .'.., . 1 ........ ests sold on large supplies. Receipts were 110 cars. Sentember oncned at )07Me to 07c. ngnlnfct J5078c at the end yesterdaj , and later sold at ou'Hc. ijpccmuer siarieu at 00c to 00e n"d later sold at a net Io.mk of lc nt ol)c. May was ouotcd at 01c to 04,ic at the outlet, against tWic at the end jesteruay unu ucciineu 10 03i,c. FOREIGN EXCHANGE New York. Sept. 23. Sterling- optneti this mornlnt; w'lth a rally ot 1 cent, but francs wcro off uj point, llro 1 pouu nnd marks 3 points. Quotations were: Demand sterling-, 3 49'4. cables 3.50; fianc cables 6.82V4. checks 0 81; llro cables 4.33, checks 132 '4; marlts l.b , Swiss cubles 16.23, checks 10.18; Hel Klan cables 7.14, checks 7.13; pesetas , .hi..- 11 7. cimekH 14 SB: Stockholm cables 20.15, checks 20 10; ChrlBtlnnla cubles 13 26, checks 13 20; Cop-nhagen cubits 13.60, checks 13.66; guilder cables 31 Hi checks 31. At the end of the llrst hour, Btcrllm; and francs showod rallies, but lire uml inarKs manifested a downward tendetuj Demand sterllnir was quoted at 34'j'i. cnblLS 3.S0; franc cables 0.89 a checks 6 83Vi; lire cables 1.29, checks 4 2U ,ind marks 1.02. Argentine was quoted at 119.10. YEaTEnDA-VB FINAIj quotatio.vh BterllnK Francs Lira Uu.ldtrn Demand .... S.47',i 6 0 4 30 ,10 87 C'nbla 3 48 0 70 4 3 J 3100 TODAY'S OI'ENINO QUOTATIONS Hterllnif Krancs Lire OuIMits Dfmund ,...8 4U1 0 SIV4 i 3i, .11 ou (.able 3 tiO .S2Vi 4.3J Jl 12 BANK CLEARINGS nank clearings today, compared with cor responding' day last two years; 1920 1910 11)18 Ilostnn.. I.14.BM.H18 I34.7S7.2R1 I8('J1821 Ilalta .. lS.r.bU,071 14.1S1 731 I'll! T. . MI7SJIIJ1 7r, 11 s 17" .(1 N York 072.778,731 762.070 00' SIO.C03 013 Financial Briefs Low Cloye 1b lsjf 84 84 100 107 , S It 01 St., I ft B i i 883 883 i 301 3C0 3 i iy .in 1 -" r. i. :::::12vi ll k I 18 18 , 13 Hi- i i 1 2 2 2 : nil? niK - 00 jii "-.- . 31 30J ao;f a . 144 14 14? ! .IDS 153 103 s '..5 : aw JW vt i m 1 21 21 -1 1 nW BU r.U u 82 82 82 ; 13 12T4 13 I 10t 10 0i ' lli 14''4 14? E U A ,A & 1. Hi IV 1 1 1. 5 23V4 23 23V4 i B B S I; 78 70 70 : (I Vi V g 01 3 1 B ao so B T4 1 A .AS IH 1A II 0 .1 S r, b r. ss 3 4A 4A, ' 12 12 I OIF Ulf uu. II (new) ft BTfc nrt .... OVi 6V4 0V4 ... U 0 . .... A A A 0 0 444 I'A !tt Iu a s h 2 1U iu i IH IH 1(1 IS 15 10 10 10. 1A 1A ,1A 11 11 11 12 12 12 21 21 21 7 7 7 3V4 8 8 I 1) 8 8 IU ltt l', 1) II 0 I Ill 4 4 4 .- 3 3 3 7 BONDS 6s S7 B4 87 0.-il tlSH 0S 1)2 112? 02y IW'i UU 06 O'lVi VUVi UBVi tJ- 02 02 I7'4 H7Vi 07V4 is... 00 OS 00 U-"; 2', 1 021 73 73 73 II IS 04 4 114 Ji S BSi BB 02 Ol'J 01H (U14 U2Vi 024 00 UU DO 071 075 07i OSS 8H 08I 10 15U UW Correspondence Solicited STROUD & CO. Member Philadelphia Stock Exchange 1429 Walnut Street MmM Exempt from All Federal Income Taxes 1 $350,000 City of Richmond, Va. k 4V2 Coupon Bonds Dated July 1, 1920 Due July 1, 1930 Principal and ecmi-annual interest payable in New York City or Richmond Price 91 and interest yielding about 5.70. Eldredge & Co. 7 Wall St. NEW YORK Eastman, Dillon & Co. 71 Broadway NEW YORK Baaing National Oil Company (of New Jersey) Its development and possibilities Send for Special Circular William W. Cohen & Co. Members N. Y. Stoc!( Exchange N. Y. Colton Exchange Chicago Board of Trade ' 67 Exchange Place New York City LIVESTOCK QUOTATIONS Clilenro. Sept. 23 CATTI.K Ilecelpts. 10,000 head. Very slow, new early sales about steady. Top, J1H.25; built, choice. 117 SP 17.00: medium to cood steers. S14O1S00; very dull, undertone weak, common kinds slow: butcher rattlo weik and uneen; cows, mostly 10.DUM7 BO; bolncna bulla, steady, JU7i veal calvna steady, I17W17.73 for choice! urass tahea dull, IU. 50011; best led feeders stoaJy, others (lravKy; western receipts, 2000 head, market orenlnc slow. HOQS Ilecelpts. 18.000 head. Mostly lBc to 23c lower than yesterday's averaue. Top. 117.40; bulk, llKht nnd butchers, 110 4(1 if 17.2S; bulk, p.iclilnw sows. 110.2S(iJ13.5U; plRS, 10s to 25c hl.'her. aiiici- -ivcveipi.. io.uuu neaa. mow. K About steady on cood native lambs 11 hero; fat ewes mostly lambs around S13.2.1. aillnK classes; feeders firm no; notnins I3.S0; best choice feeder We suggest the purchase of Southern Railway Company Development & General Mtge. 4 Bonds, due 1956 Approximately every $1200 invested will bring a return of $80 yearly. Full information on request. HARRISON & CO. .BANKERS 106 SOUTH FOURTH STREET PHILADELPHIA Members of New York and Philadelphia Stock Exchanges to stork of r"cord Heptemer 24 Mohiwk Minlin: Lo ciuartrly tl payable Noxiinber I to stock or t' oru ociocer 1 and declined to $l.:ilMi. ueceinucr lt J opened nt $1.01 to $1.01, aenlnat a SI OS1, yeiterdav'H last price, andsaK "' ced I toSl.O'-'Vj. Mov opened at $1.05 V Today's Rancje In Ontw tiirncd c3hv after a steady Mnrt Liberty .Tis ... Liberty 2d 4a . . , Liberty lt 4ViB. Liberty iM 4Ms. Liberty ad 4Vi. Liberty 4th 41ts. llluh I)l).:i8 80.00 87 .".0 fio.a i 80.01 Kll.51 05.00 Liberty Bonds (N V tlmi) 1 IB LOW 00L0 85.02 80 88 85 7H 88.82 80.0(1 05.50 n no.Jio 80.00 87.J10 80.S2 88.02 80.40 05.110 Application will be mudo next week to Hat the mock of tho Philadelphia. In aulated Wire Co. on the Now York curb. Tho fch.ireti were recently listed on the Philadelphia Slock Exchange, The New York Btock Kxchango Mao admitted to tho Hit Columbia Orapho phone Slunufacturlng Co. 60,492 shares of common mock on ofliclal notice of is Biianco as stock dividend. The New York Sulirrpnmtrv in.i tn 828,000 to tho bunks yesterday, makinc a cash net lobo slnco Fridav nf 10,1U,000. At a meeting of tho directors of tho Ilaldwln Locomotive Works today only routlno business wan transacted. The Virginia Blue Itldse nallroad Co. hns filed application with the Interstate Commerce Commission for authority to Issue a short-term note to the amount of $5000; also for authotity to Issue company bonds to the amount of $10,000 oh collateral to secure payment of J5000 noto. The average price of twenty active Industrial stocks declined 0 51 per cent yesterday to 87 45, while twenty rail loads advanced 0 04 per cent to 80.15. Money-lending ratfs PHILADELPHIA Tail. 6 per cent; time, C per cent; commercial pnpt., thro' to six months, C per cent. (Note Tlieso are merely nomlnnl quotations, as the legal rato of Interest In tho state of Pennsylvania Is fixed at 6 per cent. Plus premium and commls slon, time money for thirty to ninety days Is loaning nt 8 to 8ft per cent, whllo commercial paper, from three to six months, Is being offered at 8 to 8J per cent.) NKW YOKK Money on call, both classes of collateral opened todny at 7 per cent for lending nnd renewing Baldwin Financing Denied Wall street today again had rumors that tho Ilaldwln Locnmotlvo Works lb to do some financing. In reply to an In quiry, President Samuel M. Vaucla.ii said' "I do not know of any financing." The company has for years been able tn cet all accommodation needed throush Its regular banks in several oi tne largo Knst St. Inils. III,. Sept 23 CATTLE Ilecelpts. .1300 head, Stet.ni steady to 25c lower. Top stra. til, bulk. 10.00012: juarllnR steers and helferx Blends'; tanner cowb Bli-any at j , ,,'in -jr,; nulls steady; calves. TiOo to 7.10 hither, uood and choice vealers, SlflSOvn.O feiJer stcera ate.idy. HtXlS Ilecelpts 1300 h.Md; 10o to 16c lower. Top, 117 r,0 IlKht and medium welnhts. 117.2017. 00, bulk heavies, 110.70 iP 17.25 SJllKKP n-eloN 2200 head: 2.1o lorer. Top lambs. $12; bulk, I10.50&11. Top c.eo. 13.00; bulk. $1 7.'ipS 23. rittslriirgh, l'a Sept. 23 1IOQ3 ne relpts, 1S00 head Lower. Heavies, 117.23 017.40; heavy jorkprs. J18A1H.1J; lisht yorkera $17.2S17.B0, pits, 110.7311517. , SHEKP AND LAMII3 Ilecelpts, 030 head. Steady. Top sheep, JK 00, top lambs. $14 00 CALVES Receipts, 50 head. Steady, Top, 1U. NEW YORK COFFEE MARKET New York. Sept. 2.'l. liuyliirr miwct continued limited nt the openiiiR of tliol roffeo futures market tiiiN morning and prices ou tbc call were 12 to 15 points lower. There appeared to be moro desire to sell than to buy. Trade interests v,ero the principal sellers, with mod crato Wall sttect liquidation. Such features as Increased sh'pments of coffee to Kurope, coupled with an Im proved local spot demand, would, under normal market conditions, ho looked upon as bullish factors In the market. But Just at present tho tight money market and unsettled local affairs work against values In coffee. The general trend seems to be downward and there Is little In the local situation to en courago outs'dcro to purchase. Tilirht nftor 11 o'clock December sold off to 7.70, March to s 2d and May to, 8.00, or lo 10 21 jiuhiio uci lower. (N.Y.tlmo) Yes. closa Open 11 a.m. ,, 7.nfuu 7. iivsia 7 70 .. 8.07M08 T 00 !. 8.44W4B H20A.12 8.204P21 .. S.08J70 850008 ,. 8.841380 8.03 '8 00 INTERNATIONAL 1r,ORPORATION S REGULAR SAILINGS Through Bills of Lading Issued PHILADELPHIA to RIVER PLATE PORTS 1VM Munlmm Oct. 0 K. 8. Cot itl Oct. PHILADELPHIA to RIO JANEIRO & SANTOS . West Munlmm Oct. .1 H. A. Cotutl fL PHILADELPHIA to SANTOS AND BUENOS AIRES H. H. Nockun Sept. 21 liofrtiririilir PHILADELPHIA to FRENCH ATLANTIC PORTS R. S, Casper Sent, 21 H. 8. SaUntloit Lass Sent. :0 Lafayette Building, Philadelphia Lombard 3033 S. S. 8. H S ,S. ritv of Palrburr. N..N..M ma . . . .. . 170 Broadway, New Vork Cortland 7720 Ort. H (lot. 10 Pee. . . Jan, March May . . July ... Bid. CHICAGO BUTTER AND EGGS Cldcaio, Bept. 23. HUTTUn, Higher. Creamery, B4B7c. .-,X LCIUH, Lower. Itecelnts. 5748" casea. rirsts, B3WB40I orainary nr"is. iswana, vriwu, ni.iiuaiua, rj.-i'0ooc JOIUi L. MERRILL, Proi. Route your messages "Via All America," which uiords are transmitted free by all telegraph companies. BRAZIL In 1919 vessels with n net tonnage of 052,989 cleared United States ports for Brazil and vessels with a net tonnage of 4G0.77S en tered American ports of Urazil. ALL AMERICA CABLES havo afforded means of communication that aids in tho development of trade between tho Americas, cases Included, . tnnrU BlVici storage packed firsts BAR SILVER Domestic bar silver was quoted In New Vork today at 09V4cl I foreign. 9c, v,r,fVi nnehanced. In London tho mice Jwas Hd lower at 60 d. Njfrvy SAFE DEPOSIT VAULTS $5 and Upward Fidelity Truat Company Pl,l!,UII,t., Capital $5,200,000 Surplui $16,000,000 Anglo-South American T3ANK, LIMITED New York Anencr. 40 Vraai 23 Branches In South America One Branch in Mexico 8 OtUccs In Europe Direct Connection WUhMiS. k .1 lnapl at " moi lat I oner Co .juur , rnnimlsslou llOUbeu boUfillt Ut Orst, but VIC IOtCH 1718... lW.tH' Ui iA 7'ro 'tB rcf J'rt'oeto'BS'al' . 0fSppcK mM 5-00 w,oa cltloa- kv . h s yxzr! Ssv.. '"3
Significant historical Pennsylvania newspapers