fir ',-"" 1 ' ' ' . "il The Best Free Book for Wall Street Traders It clearly explains: The General Trading. How to Give Rules of d Broker Instructions. Brokers' Commission Chnrgcs. How to Indorse a Stock Certificate. How to Uso Collateral In Trading. How to Group Investments. The Deposit Requirements for Carrying Stocks on Account. Tlio Rights of Stock and Bond Holders, etc. Edition limited. Call, phone or write at once. Ask for No. T. U.-9G1 JONES & BAKER Specialists m Neta York Curb Market Securities Widencr Bldj?., Philadelphia Phones Dell, Locust 4730 Keystone, Race 2290 Office's in 9 Principal Cities Direct Private Wires riNANCIAI. Todd Shipyards Corporation Notice of Adjourned Special Meeting of Stockholders to Authorize an Increaio in tho Number of Sharoi and Amount of Stated Capital io Tiir. srjirKiinmKnH nt todo Miii'VAitns conronATioN Pltaaa tnk notice that iiumuint to an adjournmmt duly taken at tho apeclat mf inr of the atockl"liler or thla company, held at thn offlce ot the company. Si. iu 10th diy of September. 1020. auch awclal matln waa adjourned in and will bi beld upon the 2d day ot October. 1020. at 1J oilmK noon, at the olllce of tha ntmpany No. IS Whitehall at., borouqh ft Manhattan, city of New York, the ob ject of audi meetlnir belnir to vote upon and authorize an tncrcaeo In tho number ef harea which thla company may liaue. from ono hundred and aixteen thousand (110 0O0I to two hundred nnd thirty-two thousand (212.000) aharea. and alio an In-crfs- In the atated capital of thla companv from (He hundred and elrhty thouiand dol lara (I3S0 000) to one million one hundred unrt rUtv thousand dollnra (Jl.lflO.OfiO).. also loch Incrcaui to bo effected by amending the cerllflcato of Incorporation of this com- ay In tho manner provided by aectlont wtnty-two nnd alxty-threo of the atock corporation law of the atata of New York Datfl New York, September IS. 1020. WH.T.IAM K TOED. Prealdent. CATU. n. ntnORT, Pecreta-y. COTUi: IIOLDKKS OF 1HE HUNTINGDON ir,ui.u nil' .molMvi.n ltAii.ittiAD a 10 M lOVIl'ANY HUNT MOItTUAOU VTEMH.U 4 .COUl'ON IlOMIS Notice la hereby Riven that the nbovo laaua ef timd will, on t'ctob.r let. lOio. be -. tended for four and one-halt years or until Aorll 1 102'i. The principal of these bonds. amount'na- to J410.000.0u will be paid to tho prejent holders on Hrntrmbrr 311. 1020, en presentation of the anme to tho 1'ennayl nla Company for Insurances on Lives & Orantlnir .Annuities. 017 Chestnut Ht.. rhl!iidrliilil:i. after which dato Interest on eld In nds as at present wttcndtd wilt lnttfit coupons should b detached and crrKntel for raiment nn September 30th, W. it the omca of this Company, 1303 North American nulldlnir, Philadelphia mi. HUNTiNnnoN A, nitow) top Uoi.nt.vi.n KAii.noAn ft roAr. coipany A J 8ini.r:Y. Treasurer. Proposals ni.r,UTMi:NT or pum.io huai.th, U.reuor a Olllce, itoom Ami. City Hall, Philadelphia, tiept. 2J, 1UJII. Staled rrnposals will ho received ut this (Dice until MrdiiiMlny, Ortolirr 0, 100, li 'clock, noon hen bids will bo opened and scheduled an follows: nritiiAu or iii:ai,tiii Tor one Torcl 'Iruck 1IIKI.AU OP HOSPITALS: For the construction, erection, equipment, lastallatlcin, addltlona, Improvements or alterations to the following: At J 1th and Pino Streets: Mdlns, I.aboiatorlcs, rievatora, rireproof stnlrwnj. At Cltv I'urms llyborry: windoH-Buards: solid partitions, ihunses to doors, itc. Plpi Line At Id and Luzerne Streets: Hearrnnuement of amillpox. Hospital coltnues. Bperincitlons, blueprints, forms of pro posal and nil Information relative to tho window guards, solid partitions, chants to doors nc and sldlnc, may bo had upon DPllcutlon to Phllln It Johnson, Architect, Presr Ilulldlnff, Philadelphia: and spcctll 'i. ?n! hlueprtnta. forms of propomf and ail Information relative to tho automobile, I&Dorntorles elevators, flrenroof miiimnv. npo lino and smallpox hoapltal cottncea may r "aa u,,on. application to tho Director's Wee Room 084 Cllv Hall. ...An i?r?n! ,ler" thttn th0, oncaned or anabllsh'4 In business for which proposals Ku Jk'(1 .wl" not I entortnlned or con !.:.". Jml no 1,lrt wl b entertained un .,.in.4', cn Pflnted blank forms supplied in i Purpose. ... . J must i" accompanied by a certi y..K ''"" ,l10. cl(y solicitor that security 5?n,i.rfn furnished In nccordnnoe wllh tho Sral.a ?i" nf'hl), "'ilnanco of CouiicIIh up- i-i.- ;" - """ ruiua necessary for a contrset in i, n. aki.in"Ii0 ,ln1 !ho 90,t ot ,he """" moy he city so rUnr" 1,"'u'ry a' tho olllce of tho i iNroi.N nmnosir. ar d Dlroctor of tho Department. Dividends T! 11' rtw ..... . n.. .. ... once of V.;. ,, Wa V-i IVBffiVt5 co. Tini-i-,.,,.,... Iinnanr. Maine Thi1nUIV ST,ir,, OIVIDKNI). NO. 30 Hi fu.i t.W".J,'10. ot .'IP HaiiBor HI bo mail.rl HOWARD COnNIN'O. Treasurer. ri,-"KJt-A AND WESTERN 1,w,irtrr.toTi pi , fl(nt 11 inn CifwH o At. i' ;-.'.-. io dav e- " cent inV.M .i.one n.n" "n'"iuartar .rKTaC SO. 1U20 wctocii i;n VRonrcTs . ronronATioN ., , " " "-.Aftum, Treasurer ZS'.oil' r IT 1020. riilladrlolilii, i. et this cornoJa.inn4fcBecon.rt ''ref'rred stocks Wa Oitilr is ?," ?fi?? ,;""1" "i" P" "wrd Ottober i.V ' inrfn10 !.,1,clfh,ll1',.rP of Wlll lQUr lt, 1020. Chock will bo lIAnVRY I, HinST. Secretary rHli;itN PAoirm nAimau. r-r. fiwflnS ?o!ih,Ler,byielV?' hat the annual Eciac l?aiiroartH,?vJ,h0,aar of lh Northern IWuVi . iH?l.?0By1wl . b? .held on noon, at i m urr , JuUi nt is o flocu tora of R,, TO" ' leatlnir thlrtoen Direct !ia Unt I iir.?inp?njr t0 orv fur one your '' tfiS tran,nnri"UHlc"n.r "re. elacteJ and "' lawfully 1i2.r,.lulonL0'.lny busneaa that 'swiuuy bo brought before the meetlns. .' "', "" "-,or reserves the rluht to accept In iCi t??11 ,n Lwho18 or In part or reject In J..,. .1" h. m"y ''m ll," for (ho rreVa',?,?',. ,b. FJS., X'? W AW. i. tut, auiii ni I uu ic nnri.r.quar,crl5: A'J d"nl ' On" "ml Hire -S?"k,r0", 'h,1- f"t M,' '""A tli Pr forrV.1 it'll i, f ..,e !nVMnl' .Pay"!" Ortolirr 1st. I'lvutuer loin, ill.y. L iiecio ill1 mnnaii I.snnn rnniriCROV Troasuror. C..I..V ' 11 lorn Nftnt.mlu.. miirif r.n..... ..i. . ' ."."v. '" '"'" win remain . Annual Meetliita I .... ' i GOVERNMENT BQND8 it i.i Aak Panama coupon 2. 11)30., .. ,,101 10Z 102 103 1U 80 81) S3 81 83 102 Wl 108 100 runnmn rrainiareu i.nj 1UJU...1UI l'anamn. reslstr-rcd Sb. 103S..1101 I'jnami coupon n, 100 1 ..... 1 77 Panama rcaiatrred 3a, 1801. . '1 77 l'h'llpplno 4a, 1(U J 7S l'hlllnnlna 4a. inss in I J'hltlri'lno 4a, 1030. 75 ' II fl Oovt coupon 2. 1U10....101U I V H Oovt renlattrrd la. 180. .1011 U H Govt coupon 4a. 102.. ,,WV IU H Oovt reiistarrd 4, 102B..10V,1 Dlat ot Columbia 3-OSa. 1024., 03 I i t Service and Stability The Increase In tho rate of interest paid on our Saving Fund ac counts to four per cent offers tho business man n fnvornblo opportunity of receiving a profitable re turn on reserve funds. Our officers will bo glad to discuss this matter with you. Integrity Trust Company Fourth and Green Streets Capital $500,000 SurplvM and Profit. . .$1,700,000 The Foundation Co. has, since its inception, paid its stockholders over $1,792,000 in dividends, and in addition to money put back into the busi ness, has earned a surplus of $2,W8,000. In 1019 the Company paid $4 a sharo regular dividends and $13 n share extra dividends. Its stock was recently placed upon n regular dividend basis of $10 u year. Tho Company's present busi ness outlook is the most favor able in its history. This stock is offered on a singularly attractive basis. ParUculara on Request. A. D. CONVERSE & CO. Commercial Trust Building Philadelphia New York Ilaltlmoro LsjxajJsxajjjj RAILROAD BONDS Yielding 6Va to 11 Improvement of Incomo nccount posslblo through exchange of securities. .Special reports and recommen dations sent upon request. Fairman & Company Drexcl Bide;., I'hila. Kstabllalied 1003 3rn iiiuiaiiiiiLriMiiiiiiiiiiiii Tennessee Power Co. First Mortgage 5s, 1902 Portland Rwy., Lt. & Pow. Co. 1st & Rof. St Due 1942 &0MZ!arR$Gk IIAMCKKS 321 Chestnut St., Philadelphia Members .Veto York nnd l'Mlad.tpl,ta Stoik llxclianpcs Phila. & Garrettford St. Ry. 5s, 1955 French Gov. 8s, 1945 Panhandle 5s, 1970 Erie & Jersey 6s, 1955 Seaboard Air Line 6s, 1945 jMrCOWUfeCCt Locust 6101 Land Title Dlde.ltnc' 4U New Vol I; Ttl. Connection. Canal 48-15 Becker & Go. Bar.kcr3 and Brokers Memuera of Thlladslphla and Naw York Stock lixclianKcs N. K. COK. 0T1I AND CHESTNUT STS. Lawrence E. Brown & Co. CERTIFIED PUBLIC ACCOUNTANTS IfiSO Ur.AI, I.STATE Tltl'hT 1ILDO. InvratlKiilii mill adjust pirtiirralilii nml lornoriillnii urroiinta. Ainu preparo V, S. momp 'J ax lleturna. Vm(C&yi!fofflz4i5Sp EDWIN J.SaiOETTLECft BRBaxXMAliGTlJDES J33NQJ3Tiril7': vSlCEErT PHILA.. j r"TrninnnnnnrMwiHiiii Oils rf Naval Stores PENNSYLVANIA REFINING CO. I oinb. 7S Drlavroro Ayr. A Honth Ht. ninMTaV 'it ,ioTi rmrmnsTiiiissaiir' ' 1 1 m feWft THE MONOTYPE THOUSANDS IN DAILY USE Svery Qivilied ?h(ation Uses Them Svery One JtVade i?i Philadelphia 4 LANSTON MONOTVPR MACHINE COMPANY ' ' i ' f FEDERAL TAXATION . SYSTEM ASSAILED Responsible for Coritlnuod High Prices, Speakers Tell Cotton Manufacturers NEW SYSTEM ADVOCATED By llio Associated Prcsi BJnplevood, N. II..' Sept. 23. The present system of federal taxation was declared to have created "an intolerable situation" and to bo responsible for tbo continued high prlco of many articles by speakers at the opening session of the semiannual meeting of the National Association of Cotton Manufacturers. Suggested substitutes Included an em ployers' prlvllego tnx, outlined by Theodore II. Trice, editor of Commerce nnd Finance, of New York ; and n gross jialo tox, explained by William E. Corn well, of Now York. "The present method of taxation Is wastcfully destructive," said Mr. Corn well, "but It h only during the last year or so that the public has become alive to the fact. "Two Important sources of tho coun try's progress are being dried up by operation of the excess profits 'tax and heavy surtaxes on Incomes," he con tinued. "Thesp sources woro surplus capital nnd Intelligent enterprise. High taxes arc driving people with large In comes to Invest ns much as possible In tnx-cxempt securities Instead of fur nishing capital for now business nnd general commercial nnd financial devel opment. Extrn profits In business are being appropriated by the government instead of being used to strengthen bus iness concerns and to provide ngalnst losses In lean periods which are bound to come. i "The lcqulroments of a good system." Mr. Cornwcll bniil, "were that It be fair to all ; that the burden be univer sally distributed, nnd that the tax be ximplc instead of beins complicated and Irrltntiug. . "A tax on gross sales Is an Ideal development of these requirements," ho added. ' "It is passed along In very mall fractions nnd added through tho various processes from the producer of raw material to stnge after stage during manufacture, tho tax nlmost collecting Itself, accumulating automatlrally as It proceeds, nnd is finally pnld by the consumer practically without his knowl edge, nnd the additions arc so trifling as not materially to nficet prices." Mr. Price in his nddress declared the present surtaxes penalize success nnd compel an enterprising man to pay the. government nn immoderate share of his gains in n profitable yenr. leaving him to bear the losses of an unprofitable j ear alone. Explaining the employers' privilege tax which he proposed as a substitute for the present sjstcm, Mr. Prlco said a manufacturer or merchant whose monthly disbursements for wages, sal aries or pieccwoik totaled, $100,000 would at the end of tho month send n statement to Washington with a check for the amount of his tax. If the tax were 5 per cent his check would be $5000, which ho would Include In his overhead chnrgcs and add to the sell ing price of his product. "The price paid by the manufacturer of an entirely finished or market able product for the raw or portinllv finished material that ho used would havo been correspondingly increased by the employers' privilege tax paid upon tho wages of those employed in Its pro duction, nnd thus the price nt which the nrtlcle was sold for consumption would include nil the employers' privi lege taxes that It had to bear in Its progress from the first producer to the ultmntc buyer." CRUDE 01k ADVANCED Increase Applies to Product of All Kentucky Fields New York, Sept. 23 An advanco of twentv-flvo cents a barrel In Sortmaei nnc) Rnglaml, Ky., crude oil tends to dispel the impression that prices gen erally rto likely to go down. It Is point ed out In thla connection that th de mand for gnsollno Is felt moro In tho spring nnd summer seasons, nnd If con sumption did not fall below production In tho winter months, refiners would not ho nblo to nccumulate sufficient stocks to meet this heavy seasonal demuuu. Consequently, If prices were to be cut at tho beginning ot winter, It would bo necessary to increase them again when sprinir nrriveu. This would tend to create an unstable prlco market Advance In Somerset and Rnglnnd crudes applies to virtually all oil producd In Kentucky. Production in the Kentucky fields Is running at a record-breaking pace. In June, the state yielded 769,000 barrels, against 475,000 in January last. BRITISH TRADE SLUMPS First Eight Months of Year Show Adverse Balance London, Sept 23. Publication oi trade returns for August show dreat Britntn's ndverso balance of trade for the first eight months of this year to bo 292,000.000 In value, as against 460. 760,000 in 1919 and 72,600.000 in 1913. Somo concern Is felt over the fact that tho August figures show a slump com puted with the July figures. Imports In August being 12 per cent less, exports 10 per cent less and re-exports 26 per cent less, uncro is a rear ot falling bacit, particularly us to exports. tho incrcaso or exports line been a matter of much satisfaction hitherto. Total exports for tho last eight months wero 1,066,929,997, or 89 M per cent over mo corresponding period in 1919. Imports for the eight months amounted to 1,384,961,389. an Incrcaso of 32 per cent over tho 1919 period. No Change In Raw Sugar New York. Sept 23, Tho raw sugrar market continues quiet nnd about un changed at 9c, cost and freight, equal to 10 78c. duty paid, for Cubas. Sales yesterday were 1600 bags San Do mlniroes, for prompt shipment, at 9c, c. I f ; 5600 bags Brazil Muacavadoes In port nt 6Ho, duty paid, and 1000 tons Perus, Jnmalcas nnd Draztls on iot nnd for early October irlva!, at 9 Wc. Now York refiners were ngaln the only buyers Arrivals yesterday wero extremely light, namely. 1X00 tons Maurltus, consigned to the American Co., nnd 1175 tons Formosas, en routo to Canada. A slight Improvement is re corded In the demand fur refined sugars, but otherwise the situation Is unchanged both as to condition nnd prices. uati PHILADELPHIA PENNSYLVANIA ' i- 3 New York Bonds tniT.nfl tm ttnool Prom Optnlna- Until :00 t. m. (N; T. Ttrort Amar Smelt's Dupont Do N !... 100 Tia's Si Pow Co 4a Meiv i N ' 3 70 70 70 76 y4 70 6 05 llartu us B TT 4 7S 18 2 8 f i B0 Erla Uen Lien 1 47 10 48 0 48 N T nwys fa 1 A 20 70 Erie It It cv A A Tal ft Ttl elt 3 44 1 44 K V nr et 4s 3 13!t 3..... Z" 10 27' A Tal ft Tel 6a Erie 11 It ev U 3 80 !4 IB 62 N 1 Tele 4a 1 BOH 4 62 1 71 ' 1.1... BOK B 80 H 1 hi 1 81 7 B2 N Y Telt'a 0a 10 62 10 62 10 62 B.... B 11 B0'4 A 80 B 80 A Tel A Tel Us 2 004 1 00. . 6 OOtt 1 62 New TWO Erie fir Co 4a Boat 4s 1 40 4 48 10 40 4 57 B 67 'Gene' I Kleo Oa Ani-Frencli 6s 8 .00 N k A W cv 0a i 101 11 .100 100 Qove't French 2.. D.. 2.. 8.. 1.. 0.. 20.. 1.. rte publlo 8a N'n Tacino 8a 100 100 100 100 1Q0 101 H 10.,. l.il. IB.... 8.... 4.... 50.... 4.... 7.... 10.... 2..T. 6,... 6.... 0 1.... 1.... 8.... 3.... 4.... 10.... IS.... 1.... 23.... 0.... 10.... 1.... 10.... 1.... 8.... B.... 10.... 0.... 12.... 8.... 14.... 6.... 4.... 0.... 101 7....' 03 A 65 101 101 101 101 101 101 101 101 101 J01 01 N'n Taclflo 4a 8 70 N'n Paclflo 0a 1 7T 100 100 Ofegon S L 51 i 88 4.. Ann Arbor 4a Org-Waah'n II 2 67 1 67 Co Nav com 1 70 Atch Topeka A Pao O A B Ba 8 f 41 04 B 7T 6..... 70 to 77 0 4 70 V. 101 70 70 U 101 1.. 1.. 10.. 1.. a.. 101 101 101 101 101 101 101 101 101 101 101 101 gao T A T Ba 70 V4 70S 8 am 2 81, 1 81 B 81 701, 70 Atch T A B Ft Penna It n ! cv 4a '00 10 831,1 1.... 103V 2.... 103 Atch Topeka reoria A fci tat S Fa all 1 0 Ht I. 4a 1 7014 8 OOTi Pitta Cln Chi 25 70H 1 70V4 1 70S 101 101 5 0714 neadlns rty 4a 101 3 SOVi 11 80 6 80 B . 80 Atlanta Knox" vlllo & C 4a 101 101 2 71 101 101 101 101 101 1 71i B 72 Reading Co J CM Col 4a n .... 87 Atl C Line 4a 10 T4U nocVt Ieln'd A 1 7B 10. 101 A L 4 2 COVi 10 00 All Coaat h't O Bwtz'd rcta rcta 7a 1.... 103 2.... 102 1 00". San Antonla A Dalt & Ohio cv 1.... 102 a r ny 4e 2 oo Et L l'n Mt A S'n rty 4a 8 78 10 Oil, Orven D A Wn 1 07 rtwy D 4a 4 08 1 08 1 0 10 0 Bait A Ohio 4s 3 10 St L l'n Mt A B 68U 20 am i oavi 4 08U Hud A Man fd S'n my Ba B 83 1 69 1 60 1 68 3 68 St Loula A a Fran aj 1 07 O.t... 07 Dalt & Ohio 6a 10 08 4 08H l...i. 08 0 681 Hud A Man In St Loula A b 2. 28 Fran In Bait &t)hlo 0s 10... 8... 23 6. B7U 07 67 67 B7 B7H 67 57 37 67 57 2 80 23 10.. 10.. 8.. 7.. 1.. 0.. 10.. n o 1' L E 23 & W Va 4s Iff... 1... 23 1 03Vi 23 in na Ill Cen 4a 'B3 b os 1 CO d o a my 8 Via B 78 Ilia Cent 6a 8 00 Indl'a Steel 3s 6.. 2.. 1.. 1.. 8 7Btt 11 u Tul 4. 1 80 imouru M 4 67 57 l Mm 2 18 2 18 2 18 1 18 10 B4 St L A S Fran Lull nuel . 8 70 Scries A 2.... 12.... 6.... 5..., 60 60 60 60 60 Deth S 6s "in Intboru R '1 fd 8 78K 10... 10... 10... 10... 1... 5... ft... ,48 Ceiil'l iK 43 2 78S B 73S 48', 48 48 7.... 12.... SO.... 10.... B.... 6.... 8.... 50 BOS 50 69 60 C & O cv 4 Vis 2 76 1 7Stf 8 76i 48 48 12.. 48 C'k A O cv 6a 1 M Marine Ui 611 60 6 85 W 7 5 B 83 10. 82 1.. 4.. 25.. 5.. 10.. 82 St L A B i ran 82 Series u 10 84 82 10.. 3.. 20.. 1.. 2.. 10.. 73 73 73 73 73 73 73 10 83U B 85 82 82 10 85W 10 85 10. S Jap Uove't let 88 85tt 4 75 2 7B 25 85H 7. 5. Chlcaso & Al ton char Ba B 87 VI B 7B 73 1 74 18 76 St L A S Trait Series C 4 80 B 80 C U'n A Q 4s Jau Qove't 2d 6.. 00 0 75 8 73 1.. 6.. 1.. 1.. 20.. 1.. 10.. 2.. 05 00 05 U 80 00 054 StL A Swn cn Jap Uove't 4s 1 03 S 68 StL A Swn 1st 2 68 1 67 4 07 4 07 1 07 8 67 Kan C FI S M rtwy 4a 2 71 054 05 '4 Kan C A H 4s C 11 & Q 11 4s 0 70 Chlcaco A K'n 1 07 St L A Swn fts Kan C A H ss 1 03', 5 70 1 70 3 70 1 70 St Lou A Swn Ilia ct 4a 10 83 10 .... 81 gm 6a 1 82 Seab'd A L a 10 33V4 Kan City Ter'l B 30 10 80 8 80 2 SO'i 10 30 10 34 uwy 4a Chi A Own 4a 8..... 71 1 71 2 60 5 60 z 71 8 71 Chlcaso Mil S'n Paclflo M St V d 4a Keokuk A Dea 1 75 6 04 Chlcaso Mil A Moines Bs 1 70 S'n 1'ailfic 4 1 70 BtP 4a '23 1C Uelr fls '25 S'n Pao cv 4a 2 70 3 70 Chicago Wl A 6 02 10 78 2 03 4, 2 1, 7, 7, 3. 78 78 78 70 78 4 K Uelg'm 7 s fitP ev 4 Ha 2 08 B 71 B 71 6 71 0.... 5.... 1.... I::.-! 12.... 15.... a.... 4.... 4.... 08 08 08 07 074 07 07 07 78 Chlcaso Mil A S'n Puc cv ." St V cv Ba 10.... 100 B 72 8 72 S'n lUllWH 4 2 00T4 2 01 10 00 Chlcaco A Nthi Wn Ba '87 2 0B 07 07 S'n Itallws 6 Chi A Nwn 7a Lake Bhoro M 85 85 85 85 85 85 86 85 25.... 101 4.... 101 Chicago 11 I'd A Paa fd S'n 4a 2 82 Tt Lake Bhore M tf'n 4a '31 1 8: 08 8 2 08 Long Ial P. fd 08 M 08 08 08 08 08 1 00 1 5 B 1 B 0 L 1st It cn 4s TJplon Pac cv rS 82 Union Pao fd 1 01 Lou A Nash 4 s 1 80 1 78 2 75 LAN rcta 7e 08 l.... 101 Union Pao (Is Chi A W I 4a 1.... 101 08 1 60 Itldv'e Steel OKoIQ Llrlt Chile Cop'r 0a Ordln 6a 2 70. A I'd 1021 10 74 0. 08 Chinese Qove't MA8tLcn 5a 6... 43... 8... 80... 2... 08 08 08 08 08 08 08 08 08 08 1 OS 08 1 It-K Rya 5s 2 43 1 73 i, Mo K A T fit City N T 4a in An ' . .... in 10 40 May '87 10 00 Mo Kan A Tex City N T 4a Uwy fd ot 8 40 so.. 1.. 80.. 30.. 6.. 80.. Nov '67 12 00 Mo K A T 2nd Cty New York 10 40 4a '03 14 00 Mo K A T 4a 0 .... 00 4 ., . B0 2 00 4 00 4 00 VI City I'arla 0a U K of a llrlt 1 04 B 04 A I'd 1022 2 06 12 05 1 1 05 8 04 City Toltlo Bs Mo I'ao gm 4s 1 64 20 60 IVl.ti. uua u ii ot a urit fi 68 5 67 20 87 6 67 Cl'il Cln Chi A A I'd 1020 1 87 1 87 St Loula 4a 1 77 Mo Pao Ba '23 Cl'd Clnalhl A 1 80 U K of O lint atLdffl B 70 Mn Pao Ba '05 A I'd 1037 1 82 10 80 Col A S'n4He Mont Pow'r 6a B 82 8 78 10 70 Cona'd (laa 7a 3 08 Cuban C S cv 1 03 1 02 1 81 U S Mexico fts New O Tex A B 42 17 12 2 42 Mexico Ba 4 '58 2 58 U'd Rwys Iv't 8 57 Co Bs 2..(.. 00 1 BB Brkyn It T 4a N Y U ft II R Unt'd Rvve Co 3 03 R R 8a 1 68 of St L 4a 3 B0 Del A Hud 7a 1.... 102 N Y C A II II U 0 Realty A 4.... 102 1.... 102 R R 4a 2 77 N Y C A II II H R 0a tmp't Ba 1 70 1 70 Den A It il fd 8 60 10 60 8 60 17 61 B. ... 51 U Rub'r 6a 5 02 03 02 02 02 02 80 1. 4. 10 1. 1. 1. 0 80 80 80 80 80 10. 1. 10. 18. 8. D A n O 4e 2 00 Den A It (1 Ba 1 71 03 60 N y c a n U B Rub'r 7k Det Tun'l 4s R R ot 7a 1.... 100 4 08 4 08 1 7B Dlat'a Seour'y 10.... 1.... 6.,.. 2 ... 1.... a.... 100 100 100 100 100 100 100 101 10414 U S Rub 7a Corp n Ba 1 40 D Canada '31 0 80 3 60 Samlnlon Ho publlo 6a 2 08 1 08 0 08 U'd S ateel Ba 0 01 B 91 10..... 01 Uuut sa ''. GOSSIP OF THE STREET In tho opinion of the closer students of the economic situation, the action of the Central Leather Co. In passing the dividend on the common stock will prob' ably forecast dividend reductions of other Industrial companies. Recognized market critics, however, nt tho same time, point out that no one must loso sight of the fact that the big decline In the price of securities has largely discounted action of this kind. It Is always well to bear In mind, they state, that tho stock market discounts such radical changes In fun damental conditions from three to six months ahead of tho actual happen ing. In other words, tho nlinost uninter rupted decline In market values vfhlch took place from last November to the first part of August this jenr. Is now becoming understood In the radical re duction In automobile prices and tho recent heavy reduction In prices by the American Woolen Co.. followed by the 13 1-3 per cent cut announced by tho New Tnglnnd cotton mills yesterday. Not to speak of the downward adjust ment In other commodity prices, It Is generally felt, these radical ef forts to restore ante-bellum prices will go far toward bringing a quicker de llatlon of the ovcr-strnlned credit situ ation, ab a matter of fact it was really tho pressure applied to the de flation of over-oxtcnded bnnk credits that brought the avvennlnir nrlen reduc tions which seems to bo spreading like wiitiure in nil quarters of tho country. The retreat of old General II. C. I. mny not be pleninnt news for those who bought securities nt the Inflated levels, but, it means n prompt and forc ible elimination of the nhnnrmnl con ditions which hnve so long prevailed as me outcome of the wnr tnllucnccs. Remarkable It.iHrond rropngnndu It has been many years Nin.ce Wall street hasi witnessed such remarkable propaganda in the railroad stocks as has been carried out since the grant ing of the rate Increase bythe Inter state Commerce Commlnslnn. Almost each succeeding day some new "dope" Is spread broadcast to keep In terest on a keen edge In the rallrond stocks, uaeh succeeding day, like wise, some new combination or conxnl idation is hinted nt, and If one-fouith of me stores come to nass the railroad map of the country will undergo n similar transformation ns that of Europe as result of the world wnr. 'Curiously. many of these crcntlons hnve n ring of truth in tliein, when conditions sur rounding the properties are taken Into consideration. One of tho latest comes from the New lork correspondent of Ilecker & Co. It says: "We linve frequently called your at tention to tho reorganized rails ns safe speculative Investments for profitable results. Of theso the Western Mary land nnd Wheeling and I.nko Krle seem most favored nt the moment, and with good reason. There were some $1(1. 000,000 of new capital acquired by the Wheeling nnd Lake Iic in the reor ganization and $12,000,000 by the Western Maryland. The Rockefeller interests control both properties. It would only take about thirty-five miles of new rond to connect thesu two roads nnd thus establish a Great Lakes. To ledo anil Cleveland, Atlantic Scnboard and Baltimore route. A still more am i il a ,ii LU-L iu ! yj flM. ttiHPwnfflr, & . dm 'if r- m W I Vm&tfW i&r&Fti OneofikGmniryk latest jproJusexs emdmffne&afciil ,-'!.' , . . . , bitious scheme Is said to bo to connect with the Now York Central uh cngo nntl from there with tho Union Pacific to the coast, nn ocenn-to-ocenn route." Steel Ruyers Waiting The reported new financing plan of tho JJctlilcliem Steel Co.. providing for nn issue of $20,000,000 fiftccn-yonr bonds, bearing 7 per tent and which. It was stntcd, wis for the purpose of acquiring steamships to carry ore, brought the steel Industry to the fore grqund ns n prominent market factor. The new bond Issue, It Is understood, wns underwritten by some of the biggest banking institutions in the fiunnclal ilistrlot. According to the trade Journals, de velopments botli within nnd without the steel Industry In the pnit'weok tended to confirm bujers In their wnltlng atti tude. An easier tendency has become more apparent. "While tho election nnd the year end figure ns turning points In some calculations," wiltcs the Iron Ago, "more gmcrnl consideration Is given to the larger nspects of the readjustment now under way In nil lines." Output of pig iron nnd steel prod ucts Is reported on the Incrcnse. Price changes nre not well defined. There Is u disposition to incrcnse prices on the pnit of the Independents toward the schedules of the United Stntes Htccl Corporation. Activity In railroad In quires abroad Is noted, comprising Now Zealand, Houth Africa, Cuba nnd tho Netherlands, Chemicals From Gas 'Residuals Much Interest was nttnehed In pub lic utility circles to n rcceut report made by George 13. C'hnmheilin, Amer ican cou.Mil at Glasgow. Scotland con cerning tho Chemical Works Depart ment of Glasgow Corporation, which wns Instituted nbout eighteen months ngo, as nn adjunct of its gas depiut mont, for the purpose of manufactur ing chemicals from the gns residuals, which It is expected, will help to ic ducc the cost of gas to consumeis. It mi the custom until nbout n year ngo for the corporation to dispose of the re siduals to private firms, from which it receive! n sum for the use of the build ings and equipment nnd n certain nmoitnt for the mntcrlnls. When the chemical dennrtment wits formed ex periments woro enrricd out which re sulted t-a favorably tlint tho municipal ity decided to terminate the contructs with the pilvate firms nnd to undertake the whole of the work itself. It is proposed to center tho refining ptoccsscs ut the I'rovnn works nnd to enrry on crude illstlllntlon'nt the other three gas woiks and to considerably inoienso the existing plant. Refining will commence nt once. The principal chemicals to bo manufactured ure mo tor benzol, pure benzol, toluol, solvent nnd heavy naphthas, nnd carbonic ncid. The department will also consider the advisability of making dyes nnd inter mediates." Trom tho new installation nbout 100 tons more of tnr will be made per day. The revenue Inst year fiom tnr and ninmoniacal liquor was , Sl.-lDl.O.'O, and a conservative esti- mate places the net revenue from thrte ' sources for tho current jenr ut $!, I 040,000. TUP. TRADHR. Lafayette Opens With 750 Students Kaston, I'a., Sept. !. With n rec !nl breaking enrollment, Lafajetto College yesterday nftcruoon opened her eight) -ninth college enr, with eer (iies in Pardee Hull. Seven liunnrea nnd fifty students have registered for the vnilous coinbox. The college nil- j tborities limited the freshmen clus to I 1100. The only test of Gasoline quality is how many miles it yields per gallon. Crew Levick gasoline gives more miles it gives a smoother motor more instant acceleration it does not over heat the motor It hast in fact, all the ear-marks Motor Oil Cup Grease Gasoline e Crew Levick Company Philadelphia Now York Boston HS M i J WLcyil ri3j4MAivf ir hissss. mwi iw& wjjmmMmm?-z7 v i Msmmmx,' Wtm iir 11? I .At M mVaaaaaaaaaWiTUf ! 1 JIlllll II IIIIIII Fa" I VnT w it --jT-IJ C' t aVHaT"u T . AAVii!iMa:ias TsrmmE . a mM&Yrmn&ziAX -w&zsw iWxi&-awsE!B&'-rU w ii. cr fajj$s fsfeiw - I Liverpool Cotton Liverpool, EptV 23 There was only n fair Inquiry for spot cotton today with prices easy on tho basis of n decllno of 1 point for middling nt 21 63d. The sales Arranged for Customers The convenient locations of the business windows makes it easier and quicker for you to transact your business and be on your way.. The officers arc easily accessible and anxious at all time to give helpful assistance for the asking. In fact, everything is carefully arranged for the comfort and satisfaction of customers. Mail on al B anlc P fYmiTn rrn in PhiladelpKia 713 CJhLQstmit Street Nsthan T.rolwaU.Jj-oaidont bi gyj-'V.ffili.'jfyfijHyiify G1MBOTST COMPANV Capital and Surplus, $10,000,000 I THC modern man or woman ' I of affairs reallzea the nd- zA vnntnpes In n trust company ns sole or co executor nnd trustee Since 1836 the Clrard Trust Company has maintained Ha reputation of mnnuglng estates, In mo nnd email, to the ndvantage and satisfaction of Ita patrons. BROAD ( CHESTNUT ST3. Philadelphia Chartered 1836 1 1 1 "i mi i mi ii" ni 1 1 1 1 1 1 1 1 1 'i iTTiTTMiTTTiiTTiTiTiTTnTMMMiTTimTWiTTriiMTTfMT'W 1S12 Pennsylvania Company for Insurances on Lives and Granting Annuities TRUST AND SAFE DEPOSIT COMPANY Capital and Surplus - $7,000,000 Member Federal Reserve System iiko.m) stki:i:t otfick Chratn-it nml Juniper Streets of quality. It lends to the plea.rJ ure of driving and eases the ex pense account. Test it and see you can buy it and all Crew Levick auto-lubricants wherever you see the Crew, Levick diamond displayed. Syracuio Chicago St. M&?i?zr'Z?' :xrrf,i, '11 were 4000 bales, ItecelnU 'we Lisf&T bales. Including 700 bnlen Am Futures were quiet In the early de. spot prices were; American, mic fair. 27.78! good mlddllnc. 28.28di (lllrijr, 21.68d: low middling, 17.73dj ordinary, 14,28d, anil ordinary. IS I r 1920 THE 517 Chestnut Street Philadelphia Paul mu rosi;j$J31 ill SaSEzrr v?ifc? tY-yj ftii Si-ir 5Z-m f '$ "1 H ) I ft '351 I V; Mi J 1 1 "11 xok. uiitwViiVMr,unr' T'fSfV' 0.... rrrr- !.. Ul.' fJPSHfffrT'y ""ieVi i aariwo. .,s,vm '3fl&W , Av.y ftV- 'Ti'Tfal
Significant historical Pennsylvania newspapers