If WTi;vi'-'r.J
w.-ym
V S - J, f C J-, ,
..;-.,,- fM, r )rv. ,; .;; 7pjW."rT-, S-7 ?Tv7Jr,T,7p'
- ' , WW ' " 'n l'i' ',Mi
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Wh-iaVi ' Mi1
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t. im
EVENING PUBLlb LEDGER-pHILABELPHIA' FBii)AY SKPTEMBjr: 2i, lfe6
! M
iJ 1 1
V ' NJoffi
-i,
if
Acceptances
One of the safest
and by all means the
most liquid short
term investment.
6to6y2r0
may be secured on
accumulating funds.
Various maturities
up to four months.
Afk for lilt r-K-SSS
TheNaionalGty
Company
Philadelphia 1421 Cht.tnut t.
Atlantic City ChaMonte Block
1223 Boardwalk
HEAVY POUNDING
OF INDUSTRIALS
Wave of Commodity Price Re
duction Gives Bears a
Poworful Lever
NEW YORK STOCK EXCHANGE TRANSACTIONS
Long Term
Railroad Bonds
When the European War
broke out in 1914 high-Erade
long-time railroad bonds were
selling to yield "about 4.
Then followed the flood of
European liquidation and
heavy borrowinff by our own
Government, with the reMilt
ing steady decline in railroad
bonds to conform to the in
creasingly higher interest
rates paid on new security
issues. H'gh-grade long-time
railroad issues can be pur
chased to yield a return higher
than has been obtainable in
any previous year for more
than a generat'on. The enact
ment of the Transportation
Act of 1920, followed by the
increase in rates granted by
the Interstate Commerce Com
mission, has greatly clarified
and strengthened the railroad
situat'on. We recommend to
investors the purchase at this
time of long-time railroad
bonds.
Complete information on requeit
Harris, Forbes & Go.
rin Ft. Cor. Wllllom, New Yora
rillLADEI.riUA Ol'lICK
V.IUtNtR BUILDUiJ
Full Information Regard-
ing 0cr of Exchange of
Cities Service Company
Securities for
Kansas Natural
vias company
2nd Mtge. Bonds
AND
Kansas Natural
Gas Company
Capital Stock
HAY BE OBTAINED AT OUR OFFICE
Ttrmi of exchange are most Mb.
era' and the matter is 0 prrnt im
portance to all holders of Komaj
natural Gas Company Securities.
Henry L. Doherty
& Company
604 M6rris Building
Philadelphia, Pa.
Telrpbone; Locum 1410
New York, Sept. 24. Today's stock
market reflected more clearly the chnnse
i of sentiment in speculative circles nrls
' Ing from the latest campaign against
commodity prices. The wnC of price re
ductions which has arisen in the auto
mobile and commercial fields caused
further unsettletnent In the Industrial
'(vision, while the railroads continued
ri exhibit the same consistent strength
ultliout, bowerer, making much head
way. Price movement In consequence
was considerably mixed and uncertain.
The prevailing impression that the
pi Ice -cutting Is certain to extend to
, I other quarters of the industrial world
found reflection in the renewed wean
i ncss of the food shares and allied spe
cialties. Rather positive statements
were made of a probable sharp cut In
metal prices, particularly In copper,
! while on all sides It Is believed a re
vision downward In steel prices Is in
j cvltable. In some quarters reports were
! circulated freely that prices of crude
i oil were likely also to be pared down
materially. While these stories were
circulating, however, the prices of three
grades of crude oil were actually ad
vanced. i It is generally felt that all this
i liquidation in mercantile lines is a step
' in the right direction, because it Is
, getting industry to a normal basis and
3 making a sound basis for future pros
perity. Many critics voice the opinion
that the market has pretty well dis
counted commodity price deflation. The
1 ion; periou or declining security prices
j through which the market passed the
current year, liaci its sigmncance and Is
now better understood.
Nevertheless, as the day progressed,
It was quite evident that the falling
commodity prices had given the reac
tionary or bear party a powerful lever
not only In forcing lower prices, but
also influencing considerable selling in
many parts of the industrial division.
In fact, to such an extent as to super
sede as a market influence the money
situation and other factors which for
some time huve given Wall street con
:nrab!p bother. Money rates, it is
true, were relatively easy. The call
loan renewal rate uas maintained at
7 per cent, and new louns carrying
over until Monday were made easilv at
that rate This, however, failed to
, rally the market. a did the announee-
ment of the postponement of the
threatened big English coal strike for
I another week. There was a scramble
I of the shorts directly after the open
I ing, but the movement was short-lived.
' as the bear crowd found Iitt'e difficulty
in getting the stocks thev wnnted.
i-rcssure upon various issues, par
ticularly the motors, oils, shipping,
libber and copper shares, was actively
resumed at the outset, many of these
shares recording, further losses of 1
to 1! points. A few leodrrs. notablv thr
high-priced oils, rallied within the first
mlf-hour, which checked the reaction
for the time being.
Food shares and allied specialties
were Inter under attack, Wilson Pack
ing losing 2 points, California Packing,
l',j. and Montgomery Ward 1. Metals
1 continued to sag with motor, steels.
equipments and tobaccos. The latter!
1 foon rallied, however, with Mexican I'e
troleum, Baldwin Locomotive, Atlantic!
1 Gulf and several of the low-priced rails. I
St. Paul, Colorado Southern and I.ako
1 Erie and Western Preferred were I
J strong, gaining I to 3 points with such I
I seasoned issues as Norfolk & Western '
nnd Northern Pacific, but corresponding!
declines were made by Chicago, Great'
cstern preferred, Rt. Louis, South
western preferred and "Soo.
Rubbers, particularly tire
weakened conspicuously under
pressure. Fisk, Goodrich,
Kelly-Springfield nnd United
Rubber showed overnight
of 2 to 7 points. Crucible and United
States steels, Baldwin Locomotive nnd
Mexican Petroleum were comparatively
"tead with junior rails, notably New
Haven, Denver nnd Rio Grande pre-.
fcrred and Kansas and Texas preferred. '
Specialties added to their losses in j
the last hour but representative steels,
rails and oils made partial recovery.
FEW SOFT SPOTS
IN LOCAL MARKET
niv.
Silca In High
100 . . Adams Express !
M .. Alaska Gold Mines... H
"" .. Allied Chemical A Dye 0M
0 1 Allls.Chalmers ....... SV
8 Am Agrlo chem 8V4
10 Am Dooeh Macneto... ?9H
7 Am B Shoe &Fpf new 88V4
. Am Can . . 3s
7 Am Can pf BO
It Am Car ft Fdy 133
a Am Cotton Oil pr
10 Am Drug Syn M
A Am Kxpress 1"
.. Am Hide ft Leather.. 13
7 Am Hide ft Leather pt (8
0 Am Internat Corp.... 74 W
lsues,
heavy
Ajax.
States I
losses j
wai
: 1 ift'i
mm
An Attractive
Railroad Bond
We suggest for con
servative investment
the collateral trust
bonds of the New
York Central Rail
road, due September
1, 1930. Market value
of collateral amounts
to 125 of the par
value of this issue.
Price at the market
to yield over 7r'
Lehigh Navigation and Storage
Battery Run Off on j
Light Dealings :
ii'l
In! M$ Bonbright & Company
tKfJjmJ?'' " 437 Cno"n Street
ffiliF Philadelphia
MSmMi' New York Chicago
fflfSwri'' Bton D.trolt
KB! y. IL. WK -stronEy rec-
MlWfM i uR emmend the
PKjjnJj y "VLjP Purc'iaso of
Iwitlf'H X7I Louisville
My Zy ' Nashville
BWBI&to jCjt South East &
ffilra&?' jl "' I0"" Division
HKbIu i, vTf 2nd 3 " I080
Ulri u II Yieldln about 6 I
lalia WSl Brooke, Stokes & Co. I
HHiu HIIb ,stk & w',l"t I
HIBffll ffll Philadelphia I
IHIHHnB? L 1 '1 , jfll vrhltoo Baltimore I
j Therp was a sympathetic lowering of
, !irice in the local market without the:
I list developing any special weakness. I
1 In one nr two quarters prices were '
rather soft, but this apparently was the
result of the narrowness of the market,
I rather than because of Increasing sell-
ing prejsure. The action of the day's'
, omrations, however, was governed by 1
conditions entirely foreign of local'
character.
One of the more surprising turn was
the apparent heaviness of Lehigh Nnvl- ,
' gstion. which sustained a further de-'
dine to 00, or $2 under the top price
made a few dajs ago. The movement
came in for more notice by reason of
the recent pronounced strength of the
lock, and the knowledge of the im
provement in the mining situation.
The other movement to attract atten
tion was the rontlnued reaction in Elec
rir Storage Iiattcry, which yielded to
i2S'i. or nearly 10 points under the
Mzh level. The sellinx was relatively
Uht and ivas undoubtedly influenced by
the absence of official countenance of
-he recent stock dividend story.
Other than the further shading In
Pennsylvania Railroad arid Lehigh Val
200
2 sn
100
7J0
100
400
204
400
400
SOO
1100
2S0O
100
100
too
1003
100
1700
SOO
830
300
7)0
1810
3)0
roo
400
1700
3110
150
1000
103
5(30
200
100
00(1
100
3810
03
1401
100
10200
2S0O
100
303
200
3000
300
200
100
200
200
300
300
100
1100
409
2200
7400
100
20)0
2J00
3030
700
3100
4500
2600
9910
A40O
1100
5030
4)0
500
16 10
4 0
200
1031
3830
100
300
350)
100
100
20)
8.10
300
100
400
10600
100
600
4810
100
1100
500
200
100
2530
12810
200
100
200
100
303
200
200
6000
1000
100
1601
200
10)
4(11.1
340
3)0
100
203
225)3
20)
100
10310
210
510
310
700
103
200
5)0
100
170
40)
100
7510
1010
100
200
200
100
500
100
100
1330
32)0
3530
1710
200
COO
600
700
2)0
12100
103
too
7J0
1 Am La France Enr . . . 0J
3 Am Linseed SJ4
7 Am Linseed pf 83H
6 Am Locomotive C4
7 Am Locomotive pf....l00U
.. Am Safety Raxor HU
.. Am Ship ft Com 1
4 Am Smelt ft Ret 60K
7 Am Smelt & Ref pf. . (Oft
s Am Steel Foundries.. 37
10 Am Sumatra Tob 8JJ4
8 Am Tel ft Tel 08
20 Am Tobacco ...136
n Am Tobacco pf new.. BOH
20 Am Tobacco 132H
7 Am Woolen 78H
7 Am Woolen pf 0.1
.. Am Writing Paper pf 7H
. Ann Arbor 18
4 Anaconda Coppvr (3
.. Assets Realization.... fi
4 Asso Dry Goods 27
A Atch Top ft Santa Pe K4ft
5 Atch Top ft S F pf. . . 76K
.. Atlanta Blr ft Atlantic 11 H
.. Atlantic Fruit 20
10 At) Gulf ft W I S Q.. 140'
7 Atl Refining 7 Pf..l08
3.S0 Baldwin Locomotive. .110 Jt
.. Baltimore ft Ohio.... 44J.',
4 Baltimore & Ohio pt.. 1
8 Barrett 1J1H
.. Bethlehem Motors .... H
s Bethlehem Steel D.... 1H
8 Bethlehem Steel 8 pfl05
.. Booth Fisheries 7
Brklyn Union Oas.... 48U
10 Burns Bros H'A
.. Butterlck 10H
.. Butte Copper & Zinc. 7H
.. Butte & Superior Cop. 18VS
. Caddd Central O ft R 18J4.
6 California Packing... 64 Ji
.. California Petroleum.. 2BJ4.
10 Canadian Pacific 120H
Central Leather 46
4 Cerro de Pasco Cop. . 41
10 Cha'ndler Motors 754
4 Chesapeake & Ohio... CCH
.. Chicago ft Alton 18. .
.. Chicago & Alton pf . 30
.. Chi & E 111 Eq T ctfs 15 J
. Chicago ft Gt West... 13
2 Chicago ft Gt West pf 30 H
.. Chicago Mil ft St P.. 38H
.. Chicago Mil ft St P pt 0H -
5 Chicago Northwestern 74J4
.. Chi R I ft Pac SOU
6 Chi R I ft Pac 6 pf 61
7 Chi R I ft Pac 7 pf 8BK
.. Chile Copper lH
1.60 Chlno Copper 37H
5 Ciev Cin Chi & St L pf 67
4 Coca-Cola JVA
. 'Col ft Southern 34 H
4 Col & So 1st pf 51
6 Columb Gas & Elec... 7!4
1 Col Graphophone 73H
7 Col Graphophone pf... 384
7 Consolidated Cigar... 74 H
7 Consolidated Gas 80
2 Con Interstate Cal M.
3 Consolidated Textiles. 27U
7 Continental Can 7V4
1 Continental Candy.... lli
4 Corn Products Ref. . .. 85 K
7 Corn Products Ref pf.lOlH
2.80 Cosden ft Co 38K
3 Crucible Steel ISO!
7 Crucible Steel pr 04
.. Cuban Cane Sugar.... 38J.i
7 Cuban Cane Sugar pf. 76J$
.. Delaware & Hudson.. 108
10 Del Lack ft Western. .241 H
. . Denver & Rio Grande Zi
. . Denver ft Rio Q rf . . . 614
1 Dome Mines 11 H
.. Duluth So S ft At.... 5H
. . Duluth So S ft At pf . SH
2 Durham Hosiery 40
.. Elk Horn Coal 24 H
B Endlcott i-Johnpon ... 8 .
7 Endlcott-Johnson pf.. 084
.. Erie li
.. Erie 1st pf 18
.. Erie 2d pf 21 li
a Famous Players L. .. 71 H
7 Federal M!n & Smlt pf 33
10 Fisher Body US
3 Flsk Rubber 2;i
.. Freeport Texas 23J4
. Gaston Wms ft Wig.. 8
2 Gen Am Tank Car . . 64
8 General Electric 143
1 General Motors 1H
0 General Motors pf . . . 754
0 Gen Motors 6 pf... (8
0 Goodrich B F 51
7 Goodrich B F pf 87J4
7 Great Northern pf.... 78
4 Gt Nor Ore ctfs 84K
.. Guantanamo Bug Co.. 18
.. Gulf Mobil & Nor... 13
. . Gulf Mobil & Ncr pf 80
4 Haskell ft Barker Car 67'4
8 Homestake Mining. . . 46
.. Houston Oil Co 11014
1 Hupp Motor Car 15
CO Indlahoma Rat 7J4
4 InsplraUon Con Cop.. 46H
.. Inter Con Corp Sfi
.. Inter Con Corp pf . . . . 12J4
.. Internat Agrlcul 191',
8 Int Agrlcul Corp pf . . S0H
.. Int Mer Marine 23
6 Int Mer Marine pf . . . 75J4
7 Int Mo Truck 1st pf.. 75
7 Int Mo Truck 2d pf . . 81ft
.. International Nickel.. 10
.. Inter Paper 78J4
,. Invincible OH Corp... !!
.. Island Oil
., Iron Products 1H
, . Jewel Tea 7
.. Jewel Tea pf 15
.. Kan City Southern... J4
4 Kansas City So pf.. 47
4 Kelly-Spg T l'.
8 Kelly-Spg T S pf. 01
. . Keokuk & Des Moines 7
2 Kennecott Copper.... 2134
Jjoir
3(14
1H
MJS
S3'4
84H
IS
8BK
3414
SO
132J4
Ct
H
146J4
12
Ci!4
73 Vi
0J4
5H
MM
3V4
10014
14 J4
18H
SOW
80
3C4
86W
7I4
133V4
0W
1.10K
78 K
S3
lM
18
41 V4
2J4
27
HH
764
10
18M
U1M
108
10SJ4
3,4
51
133
K
72 V4
105
7
m
3 ft
to
7V4
18
16?
63
28V4
120 K
H
41
ni
12J4
is
13
12J4
3114
38K
"H
74
J8i
8K
7B
14 K
27H
67
32 W
3
52
57
Hi
1VA
24 J4
SO
s
2714
7354
ion
84
101 H
38V4
128
84
37 K
76
1(4
241 H
3
4H
11
54
OH
40
24
68
9314
1S4
7H
21 H
71
334
108
'OH
23
8
64
142J4
1BK
T3J4
CM
4854
88 5
!7i
34 H
IS
13
28K
67
. 46
10HU
14VS
Twlv't Net
Cloee Crice.
H
V4
H
W
V4
ft
H
H
m
H
3J4
34-
334 -844-7S
884 .
132M
05
BH-
146V4- 1?
(8 - 14
744- 4
0H- V,
(84- 14
884- IV
B4 - 4
1604- 1H
lM- H
IB
co4- 54
B0 - 1
304 H
87 - 14
07J4- H
1J4 - 34
BOH- 4
13J4- 4
37-1
S3 - 3
f5l-3
18
42-1
24 ..
27
414- H
764- H
1IH 1H
18K- 14
148i(- 1
108 - rt
1104
3J4
51
133 -5H-734
105
7
484- 1
824- 24
10M X
714 11
18H- H
1J- 4
64 - 14
28K ..
12014- V4
44W- 14
41 - i
7B14 4
654
124 20
15
U
504
.
t,n-
8U
144-
S2H
07 ?3
33
52
714
74)4
80 B
2714
1BIH
?8!4
128J4 .
B4
374
76 108
21K
34
8
H
54
84-
40
2494
68 -
144
184
814
BS
30H
81 H
.?
76H
I4
13
tin
SB
7C
48
374
114
i
3
2
n
H
Yx
' M
'A
rt
1
4
2
24
14
4
H
"h
rt
3
rt
1
H
rt
834- 214
H
H
'A
A
2
rt
7rt
3K
1214
1BH
80 H
23
75
75
61 rt
1814
7814
44
6rt
41 S
7
13
irt
47
55
91
7
34 H
1
21 n -71
14 -
34-
108
31 rt-
2Srt
H
64
H2J', H
mi rt
254 ..
48
40J- 1H
h?rt 4
'.7VS- IH
344 .
18
"a - X
30 14
C714 rt
46-1
1104 3
15
7J4 ..
an
34
124-
18M-
80H
23 -754-75
7614- 24
?14- H
414- I
7 - 4
13-3
32X J4
47
56J4- eji
Vl . .u,
7
14K- rt
Dlv.
Sstea In I High I-ow
401) 1.20 Keystone T ft R '3H
100 B.KreseeSS 138 135
810 0 Lackawanna Steel.... 85
.1411 .. Lake Erie ft West.... 17
3300 .. Lak Erie ft West pf. 384
1300 s Lee Rubber Tlr 20J4
3B0 s.so Lehigh VslUy 4B4
100 7 Liggett A Myers pf.. 1004
300 7 Louisville ft NashvlIUlOBH
i 8 Loewe Co H
300 .. Loft corp. 44
400 12 Lorlllard Tobacco.... 1484
100 4 Mackay Cos pt st'A
300 7 Manhattan Elev guar. 43H
400 s Marlln-Parrv M
1300 .. Maxwell Motor ?H
loo a May Dpt stores 74
1B8B0 is Mexican Petroleum... 1884
"J 3 Miami Copper 1JK
8930 1,(0 Middle States Corp... 18
1800 4 Mldvate Steel A Ord.. 384
1900 .. Mo Kansas ft Texas.. 7
1100 ,. Mo Kansas ft Texas pf 11 i
.3310 ,. Missouri Paclflo 28 H
1004 . . Mlisourl Paelfla of... 4S4
880? ., Minn A St Louis 18H
200 7 Montana Power pf.
M .. Montgomery Ward....
'809 .. Nat Aniline ft Chem..
100 1 Net An Chem Of...
380 7 Nash Chat ft St L.... 1064
100 Nt Enamel ft Stamp. 814
200 a National Lead
00 . . Nat R R of Mex 2d pf
o 1 Nevada Con Copper..
1400 .. n O Tex & Mex......
109 10 New York Air Brake.
0 6 New York Cchtral....
400 .. New York C ft St L..
13100 .. New York N II A II..
8800 t New York Ont & West 344
100s 7 Norfolk A Western... 874
10o 4 Norfolk & Western pf 87
4J00 7 Northern Pacific 81
00 5 Nova Scotia S & C. . . . 484
300 40 Okla Prod A Ref 4
200 .. Orpheum Circuit 27M
1(0 8 Otis Elevator 1294
100 1 Owens Bottling Mach. 48ft
500 s Paclflo Gas ft Elec... 464
100 4 Pacific Devel Corp. . . 33
192)0 e Pan-Amsr Petrol "34
2800 e Pan-Amer B 864
1300 Pennsylvania R R.... 434
200 ., Peoples Gas Chicago.. 33
3300 .. ptre Marquette 28K
330 . , Pefe Marquette pf . . . . 49
100 s Pre Marq prior pf... 6394
3330 s Philadelphia Co 374
600 ..Phillips Pet 304
3708 .. Plercc-Arrow Motor.. 35 V,
106 s Pieroe-Arrow pf 884
700 " .. Pierce Oil "rt
5790 b PltU Coal '3
100 e Pitts Coal pr 84J4
200 7 Pittsburgh Steel pf... 00
4600 .. Pittsburgh ft West Va 35 H
1300 1 Pond Creek Coal 10
109 s Pressed Steel Car.... 044
300 4 Pub Serv Corp of N J 55
300 s Pullman H
500 b Punta Alegro Sugar.. 79
1100 4 Pure Oil Co 394
1000 1 Ray Con Copper lrt
6800 4 Reading B4
100 3 Reading 1st pf 484
330 t Reading 2d pf 40
000 .. Iteplo Steel 80K
2800 fl Republic Iron ft Steel. 804
200 7 Republic Iron ft Stl pt 034
4200 4 Republic Motors 384
1300 8.20 Royal Dutch N Y.... 88
200 1 St Joseph Lead 1H
4300 .. St Louts San Fran... 30i
200 .. St Louis San Fran pt 43
30(0 .. St Louis Southwest... 37K
1300 .. St Louis Southwest nf 45
109 .. Saxon Motor 3
3990 ., Seaboard Air Line.... 10H
1009 .'. Seaboard Air Line pt !8
100 s Sears-Roebuck 1SJM
200 .. Shattuck Arizona.... B
400 .74 Shell Transport 83
8509 .. Sinclair Oil 33(
300 Slose-Shtff 6
3040 e Southern Paclflo B04
11099 .. Southern Rail 31
600 r Southern Rail pf 634
137 20 Standard Oil of N J.. 650
400 7 Stand Oil of N J pt. .105
630 4 Stewart Warner Sp.. 31
1400 4 Stromberg Cnrb 704
21010 7 Studebaker 864
500 .. Superior Oil Corpn... 164
460 a Superior Steel 41
15)1 .. Tenn Cop ft Chem.... 04
14399 8 Texas Co i0Ji
000 .. Texas ft Pacific 38K
770 ,60 Texas ft Pao C A O.. 39
100 .. Third Avenue 134
500 .. Times Square Supply. 2s
3000 0 Tobacco Products 714
110 7 Tobacco Products pf . 804
100 .. Tol St L ft West.... 14
2400 .. Tol St L West ctfs... 174
500 .. Tol St L West ctfs pt 244
2810 .. Transcontinental OH.. 12 Ji
100 8 Union Bag A Paper.. 85
1600 .. Union Oil 29
810 10 Union Paclflo 1134
200 4 Union Paclflo pf 65H
300 4 United Alloy Steel.... 384
SOO 13 United Fruit 201
600 ,. United RwT Invest... 10(
lono .. Unl Rwy Invest pf... 244
12609 3 United Retail Stores.. '3i
800 .. U S C I P A Fdy.... 144
100 6 U S C I P ft Fdy pf.. 41
200 .. U S Express !4
170U BUS Food Products... 58H
1200 8 U 8 Ind Alcohol 63i
400 ..US Realty A Imp... 0rt
13100 8 U 8 Rubber (314
309 8 II 3 Rubber 1st pt... 1054
400 BUS Smelt A Ret (54
16800 a U S Steel 894
2590 6 Utah Copper 6311
53)0 a Vanadium Corp 674
200 4 Va-Carollna Chem.... 644
200 2 Vlvadou Ino 13
70)9 .. Wabash 12rt
4700 .. Wabash pf A 31 Ti
600 .. Wabash pf B 214
S7M .. Western Maryland.... 14
700 .. West Maryland 2d pf 20 H
SOO . . Western Paclflo 34
100 4 Western Paclflo pf . . 0014
600 7 Weatlnghouse A BrakelOlrt
1500 4 Westlnghouse E ft M 4714
4300 .. Wheeling & L E IH
1100 . . Wheeling ft L E pf . . . 25
299 4 White Motor 444
930 . . Wick Spenc Steel Corp 31
97)) 1 Willys-Overland 12 )
200 7 Willys-Overland pf. . 11 rt
000 s Wilson ft Co JSlrt
200 8 Woolworth F W I00IS
4 JO b worthlnglon Pump... C0U
TodaysNet
Clots Chge,
18J4- H
IBS
e H
184
38
14
aii
lBW 304- IV
1004 100J4 14
Ei-dlvldend.
t Ei-rlihti.
100
103
siH
14
143
804
42)4
23
m
74
184V4
194
184
87K.
3H
11
28K
484
17
95
30
81 rt
88
106
604
784
K
17
85
88
784
434
864
24
984
r.7
7B?
44 '
4
27
1384
48J4
40
33
111
84
414
3.1
27K
484
63 H
30K
364
35(4
884
It
71
84
B0
35
18
84
54
inn
78
394
15
834
484
48H
79K
794
934
344
(8
104
70
43
3BH
44 rt
6
10
18'
133M
9
3S
324
60
9594
30 rt
3
(39
H'4H
304
G84
68
18M
504
9M
1014
37J4
38J4
1214
224
08H
86
14
16K
23
1214
85
28
122 X
05 rt
384
200
1014
24
71 J4
14
41
014
874
P3rt
6014
Mrt
10514
844
88 H
12
60H
64
12
11 H
si
204
1354
20
r2
004
100H
464
14
244
44
30
124
71 rt
0)4
1004
10
108
31M- H
11 - rt
1444- X
8BU- rt
43-lH
33 -t 1
Wz 11
187 14
1BJ4- 4
18 . rt
8854 l
8H M
11 - M
28K rt
484 li
184 1W
BS
304- m
814 rt
8BJ4 rt
163 1
80rt- H
704- 14
Itt- 14
- 4,
704-
'SM - lrt
804- H
24 -
871
87
80JI 14
45 - 34
4
27K- '
120 rt 3
48J4- J4
46-14
33
CURB LIST SHOWS
POOR RESISTANCE
General Asphalt Sells Off.
Large Offers of Indian
Packing'
New York. Sent. 24. -The market
tone on the Broad street curb was gen
erally heavy, only s, few lioues mow
Ing any degree of strength, among them
being Sweets, which made 8 fractional
advance. .
General Asphalt, which has been in
supply since its recent upward mov
ment. was ono of tho weak features,
showing substantial loss. There wsre
large offerings of Indian Packing, re
flecting tho pressure brought against
that indtistryby the government.
Petroleums, generally, w(r quUt,
although there was a moderate demand
for White Oil and Spencer Petroleum.
Submarine Boat atid United Retail
Candv were without change and were
traded in on only a Small scale. '
INDCBtRIALS
12J4
f4
rt
lrt
rt
rt
4
85
424
38 28
484-
63H 1
374 114
3614- IS
35 H
884-144-71H
35V4
18
84 rt
54 111K-
78 -
394
,15 -
93H
484
48K ,
804
164-
2B4
43
36 K
Vt
1
rt
1H
a
2
rt
K
H
1
1
'4
rt
Acme Coal
Aetna Kxploalvea
Chleaso NlDPls
Cleveland Auto .
Orntral Asphalt
Orape Ola
Orape Ola rrrf
MAri.nl piMr . .
Heyden Chemical .
Indian Tacklnc ...
Mtreer Motore ...
Nat City llank rts
North Amir Taper
rerrection Tire
Itndlo Com
Radio Com pref
H J rUrnolds (new) D.
BLtimaririe woai
1:30
Hlsh Low p. m.
"::::::: 4 l H
:t:::::::0J iU iU
' 2U 314 24
....,... ?H 8H ?
25Vi 24H 2SH
::::::: 1h U U
19 s 0
lOfH 1071 101
QH OK n
1H IrV
-H a
U 3H
i 42
11 12
162 h
.s
1A
3H
42
13
Bweeta Co ltt
Tobacco Prod Exp 18.,
U 8 Steamehlp .214
United ntall Candy 12,,
Wayne Coal ...1 8H
STANDAItD OILS
Standard Oil of N T 282 282
CfDErjBNDRNT 01L8
i
214
lS
H
444- 1VS
6 y
1014 . .
184-133H-
s
83H
60
05K
304 3rt-
638 -11
1C4J4 ..
304- 14
7014 rt
Brt
184 41
0M-
504
38 384 .
124
224-
08J4- lrt
004 5H
141
17rt J4
2414 1J4
.. 18
Mining 10
Allied Oil ...' 25,
lloone Oil !
r.otton Mexico
(.'rib Syn
CitlM StrvlM "D" otte.
Cuthlrs Pete
Dominion OH
Knatneere Petroleum ..
Kederal Oil,
Ollllland Oil
Ourfey Ollletple 82V
Inter Pttrol 24
Kay County Oas. 11
Tyme Star Qai SI
Mldwett llennlnc 164'
Nortn Amtr uu 4
Omar Oil
Producers a ntnnrri ....
lied Hack Oil
limn Oil Cone
Hoy de France
Skttly. Oil
Bnencer Fet
Victoria Oil (new)
White Oil
MIN1NQ
American Mines .
Doiton & Montana
cui-a
Calumet .A Jerome
Candelarla M H H
Cone Vlrslnla 4U 44
Cortex Silver 64 61
Creion Gold I '
Llvlde Cxtrnxon 81 31
Dundee Arizona 1 1
Rureka Croesus A A
Kurcka Holly IS 1A
Onldneld Florence 14 14
Oold Zone 41 40
Kmma 8llver 4 4
Hecla Mlnlni 4H 414
Iron Oloiaom H 4
MacNamara ..H ..A
llareh Mining- 17 17
Mother tiode 69., On
National Tin 1U 1H
Ophlr Silver H
I'rlnce Con H rV
rtocheeter Mines 0 0
Seneca Copper IS.. 14,
H Silver Lead U Si
Tonopah H(-lmont Ill 111
Tonopah Dlvld 1 IK
Tonopah-Jim Ilutler 10 IS
Tonopoh Mlnlne IK IrV
U H Contla 7 7
I10ND8
Allied Packer 6a ftT.
124- rt
851
281
173
65H S
384 - H
200 2
1094 14
S4J4- rt
714- 4
144 ..
41
8rt- 4
58H 94
34- H
50rt rt
81M- m
1054- 1
544- 1
88 rt
424- 1
CO -
4 - H
12K- H
J1J4 ..
31 - rt
214 rt
20 H '.'.
32 - 14
095 ..
101 1
47 - rt
"14 rt
244- 14
445 rt
30J4 H
12 M- rt
71 rt- 3
"rt- 14
1094 ..
t0
An'er Tel . 1022.
Amer Tel 6a. 1024.
Armour 7a 80
lleth Sl'el 7a. in85 vr I.. 9'(
Morrla 7 97H
New Haven 4a 74
Pan Amer Fet 7a OiH
Reopoard 6a Mi
Sinclair 74 01H
Union Tank 7a OTS
West Electric 7a 08 U
Berlin 4a 16
Hamburc4Ha 1DH
Lolpslir 4i a is
5
oavt
02H
Philadelphia StocJes
HlSh
51
33 M
liOff
fiO
33
44
Net
CJoaa chge.
CI 1
83V4..
42 ffl
8fl
20
Htf..
52
Close
Net
cbge.
Commodity Markets
COTTON MARKET
New York, Sept. 24. Trading In cot
ton this morning was decidedly mixed
at the start, owing to favorable TJrltlsh
mining news on the one hand und weak
ness in spot cotton nnd reports of gen
eral price cutting on the other. First
nuotattons were steady at a net de-
UUP Ol mV POIIUB "" .r ..V.U.V:. JIUO.
ley. the movements In the other local tlnn, . rn advance of 30 points on the
Hurt-', wiifl iniuum c.iwi .u.i-ii-si in jltfln mnntnS
i.-. ri. ,,.iii. ...it., aistani m"i"". ..,,..
There were ncuvy nveruigui nciuug
Significance. The utility group contin
Jed to hold ground well, receiving, how
vcr, inrlllfercnt attention.
The frank reply of Van Horn Kly,
orders in the market at the outset, but
onhloq. rcnorting the outlook for a
sfttlement of the British coal mine dls
.ive
nd
the president of the American Hallway " , ,0 bo favorable, brought in actlv
Co.. to the criticism of the management, r"i.. r, i,,.Tlnt. fnr n rrnrilnn anrf
which sprung up during the controversy, Hhortiy after the opening, prices showed
over the refinancing plan, came in for " '. impr0vement, although the near
considerable attention. It should remov.i .iiv,rieg failed to regain all of the early
any lingering doubts from the minds of ''""
the bondholders who nave not acceptca m, . wcnthcr was unfavorable
l ..,.K.ifr4n trrt(nl ttaa'a lilnn I --- .
the protective committee's plan.
Demand for Wool Erratic
tloeton, Sept. 21 The Commercial
Bulletin tomorrow will say. The ua
msnd for wool Is still more or less er
ratic and of small volume. Prices are
more or less at variance and generally
a little easier. There Is rather moi
interest reported In goods, however,
some fine woolens now finding a moder
ate demand, while some of the larger
worsted mills have sold a very consid
erate proportion of their output for the
yeason. The primary markets have been
hardly cliangud nuslness In the West
Is of small proportions.
Prices Weaker on Paris Bourso
i'ari. Sent. 24. Prices wero weaker
on the Bourse today. Three per cent
as unfavorable over
the central belt and In part of the east
ern districts, but satisfactory else
where. , , ,
Southwestern spot, ourrings were emu
to be on n New York tenderable basis.
The market turned firmer in the early
afternoon on covering for over the
week-end. Demand was not brood, but
there was n dlstiuct falling off lu of
ferings, both from the South nnd from
speculntlvo sources. Low temperatures
just north of the western belt led to
predictions of cooler weather for the
Southwest, nut no one ventureu 10 pre
dict frost.
Heports were nt hand of low Texas
spot quotations, but from the eastern
belt advices were received stating that
ki.nrii nern taklnr about one-nuarter
of the receipts and the remainder were
boles. Including 41,501 to Great Brit
ain. 22,822 to France and 11B5 to the
Continent. Total exports thus far have
been 344.055 bales, compared with
(191,340 bales for tho corresponding
period last season.
GRAIN MARKET
Chicago. Sept. 24. Additional sharp
declines occurred lu wheat today. At
first there was Influential selling by
commission houses, Induced largely by
extenslvo publicity ou general cuts for
commodities, but the market rallied ou
buying, presumed to be against export
business. The advance was hard to
maintain nnd the undertone became
very weak under selling by Northwest
ern houses which are believed to be
hedging cash wheat.
Itecent big export totals were ques
tioned by some, notwithstanding sales
have been liberal. Clearances 01 wneat
from Argentina for the week were light,
amounting to only 312,000 bushels, but
forwardlngs from the United States
were heavy at 10.074,000 bushels. A
dispatch from Kansss mty sam mat
elevators had bought more wheat there
In the last twenty-four hours than for
any day lu a month.
Corn was feverish and unsettled, with
sentiment mora mixed around the dollar
level for Decembor. There was nothing
In the news to lend encouragement to
holders. Crop nnd weather news re-
mained excellent, receipts continued
heavy and offerings from the country
were large.
September was under pressure, but
later months exhibited a better tone on
buying by shorts, although the late
break in wheat induced fresh selling.
Tho caab article was 10c to 12c lower.
Shipments from Argtntina for the week
were ;i,o-,wu ousnets.
These same concerns sold ou hard spots
later. No pressure from first hands
was in evidence. Receipts were light.
Wheat
December March . . .
Corn
SeDtembar
December &'
Oat
Decomber Mij
Open
2 S2
2 20
1?4H
My
Pitrk
Feptember
October . .
Lard
October . .
Jnnuary ..
nibs
October ..
01
20 0O
IS 10
Hlih
2.84
2.24K
1 ooti
! 8
24.45
24,45
20.00
18.10
Low
2.23
2.1S
1.28
97H
Close
2.2A
2.15
1 2614
07 H
snt
SIS
24.40
21.40
10 75
17 77
24.40
24.10
10.87
18.00
10 00 16.00 16.70 18.70
MONEY-LENDING RATE8
NEW YOBK Money on' call, both
classes of collateral, opened today at 7
per cent for lending and renewing.
PHII.ADKI.riHA Call, 6 per cent;
time, 6 per cent; commercial paper,
three to six months, G per cent.
(Note These are merely nominal
quotations, as the legal rate of Interest
In the eta' of Pennsylvania Is fixed at
6 nor cent. Plus lire ml urn and commls-
slon, time monel for thirty to ninety
days Is loaning at 8 to 84 per cent,
while commercial paper, from three to
six months, Is being offered at 8 to 84
per cent)
LONDON Money Is quoted at 514 per
cent. Discount rates, short and three
months' bills 6 11-16 per cent,
Kelly Sprlnrjflold Issues 8tock
New York. Sept. 24. The Kelly
apringneia Tire uo. nas authorised "
Iseue of approximately 882.000 shares of
common stock of a par value of 125 toi
00 onerea to homers or common shares
of record October 16, at 150 per share,
payable 50 per cent November 10. 1020,
ana wis Daiancs or ou per cent Decem
ber ln. 1920. Common stockholders will
112 Am Strs.
70 Am Gas..
30 Buff & B
t c pref 45
701 El Stor,.130!A 128
200 I Co N A 28 28
100 Lake Sup 11 11
077 Lch Nav. 01 A 00
440 Leh Val.. 40i 4fVi
022 Pa R R. 42 42
63 Phila Co
cum pf. 33 33
602 Phil Elec 20 20VI
40 do war.
350 P R T. . 14 14
15 Phil a Ins
Wire.. 52 52
lUUTuenuing
2d pref. 48 48 48 . .
400 Ton Bel. 1H Ml 111..
400TonoMin 1 VA 1U rW
20 Un Tract 24 24 24 1
210 UG I... 30 35 85..
tNt change made by comparison with last
aale on New Tork Stock Bxchantre.
Ralea In BONDS
SinOO Hlsh Low
i isiec & rco
Tr 4s 51 51 61..
1 Fr Rep 8s
w I lOltf 101 Vi 101 Vi..
11 17-20 Lib Bond
1st 4Vis... 87.10 87.00 87.04. 65
4 3s 00.16 00.10 00.10 .18
8 2-5 2d 4Vis.. 80.80 S0.80 80.80. 00
10 4-5 3d 4V4s.. 811.05 80.80 80.80--. 02
171.20 4th 4V4s 87.00 80.70 80.70--.36
- . . . - ...... -I -i --.
4 Vic 48. . U0.08U0.08 03.68. 08
1 l'hlla isiec
1st 5s.... 81 81 81 1
0 Read's g 4s. 80 80 80..
FOREIGN EXCHANGE
New York, Sept. 24. Pronounced
weakness In the major exchanges was
shown at the opening of the market
for foreign exchange. Demand was off
2 He francs 8 points and lira 84 points.
Marks showed a decline of t points.
Quotations ware:
Demand sterling 3.47 Vi . cables 1.48;
frano cablea 6.71, checks 6.70; lire
cables 4.184. checks 4.18: marks 1.55;
Swiss cables 18.21, checks 16.16; Bel
gian cables 7.14, checks 7.13; pesetas
cables 14.65, checks 14.63; Stockholm
cables 20.10, checks 20.05; Chrlstlanla
cables 11.40. checks 13.35; Copenhagen
cables 13.70, checks 18.65; guilder
cables 81, checks 30 4.
The market was generally steady In
the morning trading, with some Improve
ment In sterling. Demand sterling was
3.47 ',4, cables 3.484 ; franc cables 6.73,
checks 6.72; lire cables 4.19 Vi, checks
4.19; marks 1.56 ; Argentine at 118 was
higher.
Central European exchanges were
quoted as follows: Austria, .48; Hun
gary, .34; Cxech-Slovakla, 1.83; Poland,
.44; Finland, 2.70; Rumania, 1,97; Jugo
slavia, .82; Greece, 10.75,
YESTErtDAY'B FINAL QUOTATIONS
Sterling Francs Lire QuIMere
Mpody's Rating Books
for 1920
Two New Volumes Now Ready for Delivery.
THE INDUSTRIAL EDITION:
A combined Manual, Analysis and Ratins; Book of industrial cor
porations and their securities. Full information and statistics,
including statements and balance sheets, analysis of eornlnt
power, descriptions of bonds and stocks, margin of safety, per.
centages earned on stock, dividend records, nveiriment ratings
and a ten-year price range of all quttfablo issues these are some
of the features covered. v
THE PUBLIC UTILITY EDITION:
A combined Manual, Analysis and Bating Book of public utility
corporations and their securities. Full information nnH statistics
on the electric traction, electric light and povrer, water power,
telephone and telegraph companies of the American continent,
including alN financial statements, analysis of earning power,
descriptions of stocks and bonds, margin of safety, percentages
earned on stocks, dividend records, investment ratings and a ten
year price range these are some of the features covered.
Both volume! art supplemented throughout the
year with monthlg bulletins of current earning
and monthly records of new and revised rttlngs.
These are the only financial publications In existence which
classify and Rate industrial and public utility stocks and bonds,
and thus enable the investor and dealer to distinguish between
good, bad and indifferent investments.
Over Fifteen Thousand Bankers and Investors in this country now
use John Moody's Ratings in judging the quality of investment
securities. No investor used to own any but "Halt Marked Securi
ties" if he makes use of these exclusive Ratings.
The price is $16 per volume or $66 per set of four volumes,
including bur Steam Railroad and our Municipal and Government
editions. In all four volumes over 80,000 security issues are
described, classified and rated.
File your order for the full set and insure prompt delivery.
MOODrS INVESTORS SERVICE
1124 Real Estate Trust Bldg. Philadelphia, P.
John Mbed. Prealdent
Founders of Moody's System of Investment Ratings
CITIES SERVICE
A Combined Oil Producer
and Public Utility
Operating in twenty-two states
in which it serves over 375 corn
munitfes, and also in Mexico,
South America and Canada
Controlling twenty-six sub
sidiary corporations in the pro
duction of oil and eighty-one in
the generation of power, gas,
water, electric light and "opera
tion of local transportation fa
cilities, in addition to owning
extensive oil lands nnd leases in
four countlres Cities Service
Company forms a complete self
contained unit of industry.
It haB the distinction of pro
ducing from the resources of
nature not only its saleable
consumptive products, but the ,
motive force for its own pro
pulsion into the higher grounds
of businoss supremacy.
Tho current number of our
Market Review contains as a
supplement a complete analyti
cal outline of he business and
financial progress of this com
pany and its various issued to
curlties, showing the derivation
of the so - called "Bankers
Shares," by 'means of which a
wider distribution of stock hold
ings among investors is attained.
Thin Utut e tht Harktt Kevins
tclll os nl en reaueir tor L-m.
Hughes & Dier
Member' ( h(r" Brftrdef Tra3
( t. v. Fjednee Kxthaare
1435 Walnut Street
Philadelphia
Telephones
Sprue 818 Re IMS
M Tork. nttslrarsh. Clslo4
Demeud 8.S0'
WE TAKE PLEASURE IN ANNOUNCING THAT THE
UNDERSIGNED HAVE THIS DAY FORMED A
CO-PARTNERSHIP UNDER THE NAME OF
Charles E. Brickley & Co.
Members if the New Yerk Sleek Kichaat.
61 Broadway, New York City
Telephone Bowline; Oreen S70O.
TO TRANSACT A GENERAL BROKERAGE BUSI
NESS IN STOCKS ANP BONDS IN BOTH LISTED t
AND UNLISTED SECURITIES
CHARLPS E. BRICKLEY.
W. J. McGHNN.
J. RUSSELL BUTLER.
WARREN ACKERMAN.
Srpttrabrr SO, 1020,
e.88
1.38
81.12
rente, were quoted at 64ft ."ehanse "t "c "V " , I Eastern houi bouibosts and ran
S?a.OBd!wVoM W.ted 00,478 tb, market up "ftera-ler start.
re J.USJ.uuu Dusneis. accordingly be given privilege to sub-
Eastern houie bouit;oat and ran scribe' for 8 per cent of their holdings
ui common, at ou per inare.
Cables . ,., . 3.D1H 0.85 4.2S 31.34
TODAY'S OfKNlNO QUOTATIONS
Bttrllna Far.ca I.lrj (Julldere
Demand 8.47.i 8.70 4.U 80.87
Cable 8.48 6.71 J.li'i 81.00
NOON QUOTATIONS
St' illnar Francs Lire Qulldera
Demand
Cables.
8.41 . 0.70
4.10
8.48U 0.71 4,70
I
BANK CLEARINGS
risnk cleartnca today, compared with cor-
rssponoina oi
ay last two yeara:
'"i"1. . ... it'v
Nil. I
1018
Nrwe&d;!.? Mm dxim
8 Dividends with the Opportunity
to Share in Profits
We offer to discerning investors in 8$ Cumuladve
Preferred Stock, with the privilege of pijrcbaJWg
limited number of Common ihare, bued by a Urge
and old established Mwuficturing Company whoie
products are world-eitendili.
The affair, of the Company are directed by men of
strong financial IntereiU and of national reputation
in the Industrial Field.
Ask for Folder No. P. P. L. S85
HollisteiWMt&Co.
ittaera.a
North American Building
BOSTON PHILADELPHIA NEW VORK
iraiNoritLD raoviDyscs riTTmsto roAni"
V'
eeeeeftBeuL ..;
"" ?-
fik; r" '
. ,
L'.aa..'i..
.ltt