:Uhr-
-. "',
J!i,
YV-.'i!
,V-
.V !.:
1P' 7
. ,JW
v r " v : '&; x
-i '-. V"
EVENING UBtilC LEDGEl?tolJAt)feljtHIA;
tfiisti
S.J
.
i t r
16
J . i
E?
l-
k
IT
Si:
ra
tl?
v
I TOME OF CLOSING
f MARKET STRONGER
NEW YORK STOCK EXCHANGE TRANSACTIONS
Dl
In
Widespread Prico-Cutting Move
merit the Dominating Factor
of Market Situation
New York. Sept. 25. There was
a marked improvement In tone of day s
closing market after the Irregular open
ing, which apparently to n large ex
tent was made on free covering of the
abort interest The dealing In the ab
breviated session were confined almost
Exclusively to the professional traders
representing to a large proportion the
familiar week-end evening-up opera-
- The uncertain trade conditions as In
dicated by the country-wide price-out-ting
movement answered for the un
settled Initial movements. Most of the
Industrial with the exception of the
.oils manifested further reactionary ten
dencies. The selling movement, how
ever, was of short duration, as efforts to
force the reaction evidently dislodged
little stock, wlilch fact influenced n
charp about-face turn of position on
part of the traders nnd was followed
by hasty covering. In the meantime
the rails and oils exhibited tho same
persistent nnd consistent strength.
Realizing- sales on the recovery brought
some fresh shading in the final trading.
There was a sudden shifting of scenes
In' Wall Street this week from the
money market worries to sudden wave
of price reduction. While this trans
formation of conditions in commercial
fields came like n bolt from the blue It
was not unexpected and was not
altogether viewed in a wholly pessimls-tic-spirit.
It served, however, to start
the market community thinking in dif
ferent channels than they havo been
accustomed for some time, and like all
sudden and radical changes, produced
more or less unsettlement. This was
largely due to the erroneous impression,
held by many, of there being no end to
the abnormal state of things which were
produced by reason of the war condi
tions. In other words, a great many
labored under the hallucination that
high prices and immense profits were
everlasting.
The trouble has been, possibly a wise
policy, to produce a commercial de
flation by easy nnd slow stages. This
served in a measure to temporize the
rather flagrant extravagant policies nnd
keep matters, generally speamng, wun
ln due bounds. That perhaps was
necessary to avert a smash -up of things
this fall when the strain of the crop
movement fell upon the money market.
From all Indications, the crisis has been
safely passed and the juncture has been
reached whereby more radical steps may
now be taken to enforce, or produce,
more progress in the deflation of com
mercial credits.
Undoubtedly, the wave of price reduc
tions which has arisen In the automobile
and other industries and commodities
may cause further unsettlcment In in
' dustrial prices and force a new order of
things generally from an industrial view
point. What has occurred was inevi
table. The question to be still answered
is how much of it was discounted by the
long period of declining security prices
which the market passed since last fall.
When this question is satisfactorily
answered in the minds of all concerned,
then the measurements of the immedi
ate future of the market may be safely
made. At th" moment, the outlook is
entirely too complicated to permit an
Intelligent diagnosis.
OCAL TRADING
AGAIN LIMITED
Peek's Movement Indicated
Jrominent Shares Had Found
a Stable Foundation
The week closed with a quiet and
featureless local market. Dealings were
on a small scale, nnd price changes,
with the exception of Electric Storage
Battery. were confined to insignificant j
fractions. On small sales Electric Stor-
age Battery dropped back 2 points to ;
128, the low price of the week, and 10 t
points below the top quotation, un
small transactions Vnitcd Gns Improve
ment wan fractionallv under lost night's
closing level. Philadelphia Unpid Tran
sit was steady. 1'nion Traction was
higher. Philadelphia Electric held
ground well. Pennsylvania Ilailrnad
was a shade lower.
Taking the week's movements as ..
criterion the local market apparently
has reached a fairly firm foundation.
The week produced a number of inter
esting developments concerning the lo
cal transit situation, but these were re
ceived with the same striking degree of
complacency, indicating that the ma
jority of the local trading element m
still satisfied to stand bv the side linen
and await the final decision or vermci
In the tranMt controversy
It is quite generally admitted thai,
most of the seasoned dividend paying
snares are selling under intrinsic value
nnd this undoubtedly is the considera
tion which is guiding those who me
picking up their favorite issues as they
are offered donn
The limitations placed upon stock
market operation by innnev conditions
remains, of course, a big drawback in
promoting extension of market interest
Sales
00
1600
i 110
100
200
too
w
390
J 00
200
1800
300
too
1000
00
500
100
100
fl&O
SW
TOO
1JW
400
1500
ina
20)
no
oo
20J0
4l)0
9S100
3104
308
W
400
JIN
300
1300
700
400
390
3J0
loo
200
1110
4400
100
010
7M
100
1300
0700
2100
3300
2600
100
4000
600
100
20
80
701
1000
100
300
S00
100
100
4300
4600
1100
too
400
100
100
800
3700
100
200
100
2S01
1200
700
100
100
1300
100
100
100
300
MOO
100
S00
100
600
100
100
100
too
1600
100
100
j on
100
700
500
200
200
700
1600
500
200
700
700
200
400
100
.1(00
20J
1701
10J
400
500
200
500
)'
Adams Rxnreaa. . . . S0V4
.. Allied Chemical A Dye 01i
T Allied Chem & Dye pf 00ft
7 Allls-ChAlmers pf
Am Agrlo Chem MH
10 Am Bosch Magneto.. i '4
.. Am Can K
11 Am Car & Pdy V4
80 Am Drug Syn H
a Am Express MH
7 Am Hide A Leather pf
3 Am Linseed to
a Am Locomotive V&
6 Am Internat Corp.... S
.. Am Safety Raior H
.. Am Ship A Com
4 Am Smelt A Rif H
7 Am Sugar Ref V4
10 Am Sumatra Tob S7V4
5 Am Tel A Tel H
to Am Tobacco U4
to Am Tobacco B UOH
7 Am Woolen "
.. Am Writing Paper pf
4 Anaconda, copiwr MH
.. Assets Realization.... 3ft
B Asso Oil 04 W
5 Atcli Top A Sunt Fe H0K
0 Atch Top A S F pf . . . 77
.. Atlanta Blr A Atlantic UH
10 Atl Gulf (WIS S..140J4
3.50 Baldwin Locomotive. .112 H
.. Baltimore A Ohio.... 44 H
4 Baltimore A Ohio pf . . 51
8 Barrett W V
. . Bethlehem Motors'..., Vi
0 Bethlehem Steel B.... 7 to
a Bethlehem Steel 8 pflOe
.. Brklyn Rapid Transit. UK
. . Brklyn R T ctfa of dep 7
10 Buma Bros Sto
.. Caddd Central O A It 17
.. California Petroleum.. JKto
0 California Packing... 65
.. Case J I
10 Canadian Pacific 1114
Central Leather 45Ti
4 Cerro de Pasco Cop.. 41)4
10 Chandler Motors 1to
4 Chesapeake A Ohio... !
..'Chicago A Alton pf. . 20ft
.. Chi A E 111 Eq T Ctfs 14K
.. Chicago A Qt West... Uto
5 Chicago A Qt West pf 3H
.. Chicago Mil A St P.. 3H
.. Chicago Mil ft St P pt HK
6 Chicago Northwestern 75
.. Chi R I A Fao 30
S Chi R I A Pao 6 pf 68ft
7 Chi R I A Pao 7 Pf 80
.. Chile Copper 14 H
1.S0 Chlno Copper 27ft
4 Coca-Cola 33ft
.. Col A Southern li
B Columb Oas A Kleo. . . 58
7 Consolidated Cigar... 75to
1 Consolidated 'Oaa 81
t Con Interstate Cal M.
7 Continental Can 75
4 Com Produota Ref. . .. 85
3 Crucible Steel ISIts
. . Cuban Cane Sugar. . .. 8814
7 Cuban Cane Sugar pf. 76ft
7 Cuban Amer Sugar... 43
.. Davison Chemical Co. 40
.. Delaware A Hudson.. 105
.. Denver A Rio Grande 3A
.. Denver A Rio G jf... 5H
.. Elk Horn Coal 24 U
5 Endlcottl-Johnson ... 68
7 Endloott-Johnson pf . . 03ft
.. Erie 1K
.. Erie 1st pf 2A
.. Erie 2d pf tlft
8 Famous Players L.... 71 H
10 Fisher Body 108ft
S Flak Rubber X2
. . Gaston Wms A Wig. .
a Ceneral Cigar 64 K
7 General Cigar def pf . . 81 y,
8 General Electric 143
1 General Motors 20
Gen Motors 6 of... 68
Goodrich B F 4054
7 Goodrich B F pf 86ft
7 Great Northern pf.... 78ft
80 Green Cananea Cop.. 28H
.. Gulf Mobile A Nor pt 30ft
.. Gulf State Steel 48ft
4 Haskell A BaTker Car 67ft
.. Houston Oil Co 113
1 Hupp Motor Car 14 ft
.. Hydraulic Steel Co... 30
4 Inspiration Con Cop.. 45ft
00 Indlahoma Ref 7ft
.. Inter Con Corp 4
.. Inter Con Corp pf.... 12ft
6 Int Mer Marine pf . . . 70ft
. . Internat Motortruck. . 42
.. International Nickel.. 18ft
.. Inter Paper 70ft
.. Invincible Oil Corp... 36
.. Iron Products 42
.. Island OH K
.. Jewel Tea Oft
.. Jewel Tea pf OX
.. Kan City Southern... 22ft
Kansas City So pf.. 47ft
High l.ow
Kelly-Spg T 50J4
2 Kennecott Copper. ... 24 H
l.to Keystone T A R 14
6 Lackawanna Steel..., 60
.. Lake Erie A West.... 17ft
. . Lake Erie A West pf . 32ft
2 Lee Rubber Tire 2034
3.50 Lehigh Valley 49
38
60
Oft
76
Mft
78
34
133
H
141
64
eft
I4ft
-7SH
14ft
It
H
101 ft
8ft
18
lSlft
Itaft
76
96ft
tft
v
M
BO ft
77
"ft
148
110ft
4ft
soft
184 ft
M
73 ft
106
11
K
83ft
17
28ft
05
0
120ft
44 ft
41ft
79
rsft
toft
13H
12
29
SSH
"ft
74
38 H
68ft
80
"ft
26 ft
33
34
68
"ft
80ft
a
75
84ft
m
37 ft
K
43
40
105
3ft
4ft
24 X
68
93 ft
19ft
37ft
31
Hft
108ft
tlft
8
84 K
81ft
14tft
10ft
68
49ft
80 ft
78
28ft
30 ft
48ft
67 ft
111ft
14ft
30
7ft
3ft
12
70
42
18ft
77ft
35
41ft
6ft
4ft
H
22 ft
47 ft
55
24 ft
13ft
C6
16ft
31ft
20ft
9ft
Today's Net
Cloae Chre.
39ft 2H
00ft ft
90ft- ft
76-1
84ft H
78 - 1
4
134ft -f 1ft
.i
C4ft- 1H
05ft ..
4ft ft
75 X
15 ft
19
eoK 54
109ft ft
87ft ft
98ft ft
lit - 3
0ft-3
1ft- W
56 1
I3H H
2ft ..
94ft ft
80M ft
77 ft
11M H
149ft 1
111 ft
44 ft ft
51 ft
134 ft ft
8ft ft
74 H
Sales
300
1IJ
500
too
100
1114
too
11300
400
Dlv.
in I
It Liggett A Myers 145
t Loawe Co 21ft
.. Loft Corp 14 ft
f Louisville A NashvlllelOlft
10 Manatl Sugar ltft
.. Maxwell Motors...... 8ft
. . Maxwell Motor 1st pt 17 .
it Mexican Petroleum.. ,191ft
s Miami Copper "ft
Itlih Lew
106 1
llft 1
7 4- ft
I3ft ft
17 ft
28ft- ft
6 1
0 - 1
120ft..ft
45ft ft
41ft
79 -5ft
20ft
14ft 4-
13ft
29 -38H-59
ft
75 4
39 ft 4
flbft SO
14-
som
33 ft 4-
34 4-
58
75ft 4- 1ft
M 1
9
75 - ft
t4ft-t- ft
I30ft4- 1ft
37ft ft
76ft4- ft
43 ft
402
105
3ft ..
5
24J4
68 93ft .
19ft .
28 4-21ft-71ft
105ft 4
22 8
"H4- 34"
81ft- 1ft
143 4- 1
4- ft
ft
ft
H
ft
lft
ft
ft
ft
ft
ft
ft
ft
3390 2.60 Middle States Corp... lift
Miavale Steel A Ord.. If. ft
.. Minn A St Louis 18ft
Mo Kansas A Texas.. 8ft
.. Mo Kansas A Texas pt lift
.. Missouri Paolflo...... XI
.. Missouri Paolflo pf... 80
.. Nat Aniline A Chem,. 81ft
7 Nat An A Chem pf... 89ft
.. National Con A Cable 7ft
. . Nat R R of Mex 3d pf . ft
..NO Tex A Max ft
8 New York Central.... 70 H
.. New York C A Ot L.. 45ft
.. New York N H ft H.. 36ft
1 New York Ont A West 34 ft
4 Norfolk A Western pr ft
7 Northern Pacific-.... 81ft
a Nova Scotia s A C. .. . 44ft
2.B0 Ohio Body A Blower. 19
40 Okla Prod A Ref
.. Orpheum Circuit 38
.. Otis Steel 33ft
5 Paclflo Oas A Elec... 47
a Pan-Amer Petrol 93ft
o Pan-Amer B 89
8 Pennsylvania R R.... 43 ft
.. Penn Seaboard Steel. 30
.. Peoples Gas Chicago. . 33
.. Peoria A Eastern 16M
.. Pere Marquette 28ft
5 Pere Marq prior pf... 63ft
3 Philadelphia Co 37ft
.. Phillips Pet 7ft
.. Plerce-Arrow Motor.. 86ft
.. Fierce Oil "ft
B Pitts Coal 71ft
.. Pittsburgh & West Va 3 ft
4 Pub Serv Corp of N J 55
8 Pullman Ulft
B Punta Alegre Sugar.. 77ft
4 Pure Oil Co 39ft
4 Reading v 94 ft
t Reading 3d pf 48ft
. . Remington Typewriter 58
.. Replo Steel 81ft
0 Republlo Iron A Steel. 80ft
4 Republlo Motors 35ft
5.90 Royal Dutch N Y.... 69ft
1 St Joseph Lead 10ft
.. St Louis San Fran... 29ft
. . St Louis San Fran pf 43ft
.. St Louts Southwest... 39
. . St Louis Southwest of ft
.. Saxon Motor 5ft
. . Seaboard Air Line. ... 10ft
.. Seaboard Air Line pf. 19ft
s Sears-Roebuck 132
.. Shattuck Arizona.... 9
.74 Sliell Transport 4 ft
.. Sinclair Oil 33ft
6 Southern Paclflo 96 ft
0 Sloss-Sheff 07
to South Porto Rico SugltB
.. Southern Rail 31 ft
B Southern Rail pf tsft
7 Stand Oil of N J pt..l06ft
10 Standard Oil of N J.. 638
20
68
49ft-
86 ft -
78
28ft4
30 ft 4
48ft 7ft
112 4
14 ft
30
45ft-
7ft
4 4
79 4
42 4
18ft 41ft-0ft
5ft- 134
934- 3ft
22ft - ft
47ft- ft
56ft ft
4 34 4- ft
14 - ft
66 4- 1
17ft 4- lft
32ft - ft
2034 4- ft
40ft4- ft
lft
ft
ft
334
34
ft
lft
"ft
1300
09
300
390
1700
600
590
100
100
100
100
1090
390
5100
600
100
700
200
190
200
100
190
100
9600
600
1000
199
200
900
1800
100
100
100
700
300
600
1400
100
100
290
400
8900
100
200
300'
1800
800
3600
800
3600
300
3800
700
100
700
1400
200
200
1100
4709
3210
100
100
163)0
700
700
30
390
5310
100
500
53)
6390
700
300
too
1000
100
200
170
100
600
800
200
400
100
310
2700
100
300
800
3400
200
100
100
3810
300
R03
32)0
too
700
15)0
000
1400
100
3400
300
230
500
7 JO
1400
103
1300
43)3
800
200
4 Stromberg Carb 71
7 Studebaker 59ft
.. Superior Oil Corpn... 10
6 Superior Steel 51
.. Tenn Cop A Chem.... 10
3 Texas Co 51ft
.. Texas A Paclflo 38ft
.60 Texas A Pao C A O. . 38ft
.. Third Avenue lift
6 Tobacco Products 09ft
.. Tol St L & West 15
.. Tol St L West ctfs... 17ft
.. Transcontinental Oil.. 13ft
B Transue A Wms Steel 46 ft
Union tll 28ft
10 Union Paclflo 123ft
4 Union Paclflo pf 65ft
1! United Fruit 202
.. United Rwv Invest... 10ft
.. Unl Rwy Invest pf... 34ft
8 United Retail Stores.. 71ft
..US Express Oft
6 U S Food Products... 58
8 U S Ind Alcohol U
BUS Rubber Mft
BUS Rubber 1st pt,..106
6 U S Smelt A Ref 67
8.50 U S Smelt & Ref pf.. 43
5 U S Steel 89ft
7 U S Steel pf 106
0 Utah Copper C2
6 Vanadium Corp 68
4 Va-Carollna Chem.... 64
.. Wabash 12
.. Wabash pf A 31ft
.. Wells Fargo Express.. 61
.. Western Maryland.... 14
.. West Maryland 2d pf 20J4
.. Western Pacific 35 ft
4 Western Paclflo pf . . . 70
7 Westlnghouse A BrakolOO
4 Westlnghouse E & M 47ft
.. Wheeling A L E 14 ft
.. Wheeling A L E pt... 25ft
4 White Motor 46
. . Wick Spenc Steel Corp 31 ft
1 Willys-Overland Is
.. Wisconsin Central.... 35ft
8 Woolworth F W 100ft
145
tlft
14
lit
101 ft
I."
187
lift
..ft
".
hi;
38ft
ft
81ft
89 ft
7M
ft
lifts
71ft
48ft
ft
tlft
lift
80ft
44
II
38
33 ft
47
3 ft
86
43 '
30
83
lift
17ft.
lift
17 ft
87 ft
3ft
"ft
71ft
ft
55
111ft
77ft
30 ft
13ft
48ft
5t
81
79ft
35
esft
1 ft
29ft
43ft
30 ft
43ft
ft
10 ft
18ft
ISt
9
53 ft
33ft
95ft
7
138
30 ft
63
105
(37
70ft
68ft
18
61
9ft
Mft
374
S8ft
lift
68ft
15
17ft
12ft
40ft
28
2 ft
66 ft
200
10ft
24ft
70ft
Oft
7ft
83
81ft
106
57
48
88 ft
105 ft
"34
6634
64
lift
80ft
60ft
1.3 ft
20 ft
Sft
70
100
47ft
14
24 ft
45
30ft
12ft
35 ft
109ft
Today's Net
ciofe unsa.
145
21ft- ft
14ft ft
103' ..
19ft ..
7H ft
161
19Sft 4- lft
"ft- K
II
H14 1H
ft ft
ft
sy
ft
ft
INDUSTRIAL GROUP
FAVORITE ON CURB
Swooto Moves Up on. Large
Trading Asphalt Jpnly
Active Oil
18ft
u
11 HV
39
4IX
81H
89ft-
7H
ft ...
lift
lift 4- a
lft 3
31ft ..
24
lift- H
MM'- ft
44 - ft
II
4
?9 ft
sift ..
471
I8H ft
81 ft
4ft4- ft
31 - ft
33
1IM lft
38ft ft
lft ..
S7H ft
7ft lft
34ft4- ft
14ft ft
71ft
3ft
55 4-111ft-77ft-39ft-04
4
48ft 83 4-
81ft4- lft
80ft4- ft
35ft4- ft
89 4- 1
10ft4- ft
39ft 4- ft
42ft- ft
89 4- 3ft
"ft 4- 1
ft- ft
10ft ..
19ft4- ft
132 - 134
I
4- ft
33ft 4- ft
90ft 4- .ft
67 4- 1
138 3
8lft4-
3ft .
195 4-
637 -71
49ft
10 4
61 10
8834 4-11ft-69
4
15 4
17 ft .
13ft 4
46ft 4
28 lt-
200
10ft-
24ft4-
71ft .
Bft4-
47ft-
3ft4-
Mft4
106 4-
67
43
89ft4
10534 4-
62
(8 4-
64
13 4-
31ft4
0ft 4-35344-70
100 4-47ft4-14ft
I5ft4
45 3t
12ft
35ft
109ft
New York, Sept. 2fi. There wn a
BUYING
NWEST
IS
ON BASIS OF NEED
Disposition to Qo Slow Until
Trend of Trade Is Cloarly
Defined
Chicago, Sept. 2,1 The general at
-,-. i .in. Anrmun. n tu, tltudo of business in the West is ono of
I 1 jtAHAAmtstlsfH ii It'll A fllllMAalilAM Am ijmA
Broad street curb today, most ntmt VntM th' trend ot commercial a.
being attached to the Industrials, and
the petroleums were neglected.
Sweets, in which there has been
steady accumulation recently, moved up
to 2 on large, trading, and National
City Hank rights moved up 3 points to
the new high. 111.
Tobacco Products Exports was
steady, selling at 10, nnd Retail Candy
ranged from 11 to 11. Indian
Packing was steady at 4. Niplsslng
was In supply, selling down to 0.
Genernl Asphalt was the only active
oil, that Issue advancing from C8Hi
to ouva-
Aetna ctf ,,
Allied Oil
Allied rackers
City 8 Dkri ctfs
Clovtlintl Motors .......
Condtn A Co
Crtmp (old)
Curtlm
0nerat Atphalt
Olllftte Tutor
OllllUnd Oil ,
Ollilland Oil pref
Olenrock
Ooldwjn ?
Intl retrol (rMv
Lflhlih Valley Coal Sales
Msrma Copper
Merntt Oil . . . ,
Mldct life
Mother 1-ode (new)
Nat Oil
North Amer PAP
N Y Hhlpbulldln
PeerlMS i...
RuMlan AUs
Rueelan OH
Hlmmn Petrol
Submarine
Tob Prod Ex
Union Carbide
Ur Mining Mex
United Motor
United Itrtull Candy
United Verde Ex
White Oil
Wondburn Oil
Did
.. 11
.. 23
.. 7
.. 8434
. . 4l
,. 40
.. a.
.. B8H
..140
.. 20,
.. 03
,. 2
.. O
,. 33
.. HO
. . 27
. . 14
. .lul
:: ft
.. ou
.. 33
.. 20
.. 21
. . 22
;; B
::
.. no
" IX .
..20 '
., 23 U
.. 3
(N.T.tlme)
ivlta a.m.
Allc
1IU
2(1
10
.14 'i
BO
8
80
8
M'H
1B0
30
OS
2H
II
at
XR
an
IB
133
n
7H
CH
40
32
2.1
2.1
13
12H
in
70
1U
nn
12
31
2.1.
3V,
Financial Briefs
fairs Is more clearly outlined. The ten'
PRICE CUTTING
D01NANIFACI0R
Only Modorate Progress Has
Boon Made In Liquidating
Commercial Credits
New York. Sent. 2.!. The . Evening
Sun in its weekly financial review yays:
The week closing today was dom
ncss and Industrial situation reflected
In r,.l..iiilftn and riFPSsIona in food
menu j""" "-" ..-.:. '.7.. :-..u
is pronouncedand retail buying reflects na otter common ty E -
factorcw have long been MibsUnmn..
above those of the United Btates'fitJa't
Cprporn,tlon and recession will $l.
blyV confined for a long Hm to eS
to making them more nearly uniform
This is thy more nrobable in view "? the
heavy booking of molt 6f the Uel com.
panics, large nnd small, and the .tin
heavy requirements of the nra.
trade. The financial community, hnw
ever and this undoubtedly Ih ten, "i
nil the large centershas become 'n ,
way reconciled to business rendimtment
nml to thcinevltable depression i accom
panylng it. It Is something that cannot
well be avoided if true economic prln.
clple8 are again to become opratl
It Is desirable that they should b
brought into play nt tho earliest n,...
tlcable moment.
dency toward further frlce adjustment
i'hfi aplfU a'S en7i rc Anoncemt thejord and BVnnkUn
of wholesale and Jobbing houses indi
cating tne nil ik ot present miying is on
n basis ot immediate needs only. Cuts
In leading commodity prices made by the
manufacturers, and which In themselves
reflected low raw material costs, have
not been fully recognized by the retail
houses, but' .buyers are showing more nf
a disposition to demand a readjustment,
taking into consideration, recent devel
onmenta in this direction.
In tho automobile industry there Is
the greatest uncertainty. Tne drastic
rut In Ford rni nrlces. followed bv a
substantial reduction in the price of the
Franklin, is expected to lend the proces
sion of other reductions. The effort of
these reductions in the business world
is of far-reaching importance.
Furthctmore', there has been a tro
mamrnna shrlnknee in eralri nriccs. es
pecially for corn and oats. In effect, the
iirnn in ivim t tr, limit tho buvlne pow
er, in a measure offsetting the ..larger
crop. However, the crops have been so
uniformly good, and above nil so wen
distributed this year that the country
hns n vast reserve buying power, tne ex
tent of which is difficult to estimate,
Railroad condition! nro Improving.
rrl, .U.tritiiiHnn nf enrn linn been fair
ly satisfactory, and with the smaller
demands from manufacturing Interests,
ti.n nni thnrtnirn i beine overcome, nnd
before cold wenther seta In fairly nor
mnl conditions nrc expected to prevail.
The mail-order houses report n falyl
-...!.. ..M.imn nf hllulnPKH. bllt tlllS
trade, which is one of the best indices of
ceneral trade conditions, has slowed up
materially. Collections nrc still good.
New York Bonds
ft
'ft
ft
H
ft
ft
2ft
"ft
ft
ft
1
"ft
ft
ft
ft
334
ft
1
ft
ft
1
ft
1
'h
Swiftness rarely equaled has shown
Itself this week In the descent of prices
for grain nnd provisions. Likelihood
of a huge yield of corn safe from frost
led tho way, and extensive slashing of
merchandise values waa also largely
responsible. Compared with a week
ago, wheat th's morning was down lBMi
per cent to 22ft por cent; corn 3tfc
12or oats, bmrmc to 6 He, and pro
visions 82c to 11.60.
Harry B. Slaughter, formerly of A.
O. Slaughter A Co., Chicago, has become
associated with Hughes & Dlcr.
The .New York Stock Exchange hns
stricken from the list International
Motor Truck part paid subscription re
ceipts, second Instalment 60 per cent
paid, and bat, admitted part paid sub
scription receipts, third Instalment 75
per cent pa'.u, for common stock.
Application has been made to tho
SALES IN 10001
Imir'n Arr Ar 1 S3
Chem d B Gene" I Eleo 0
B 03V,
Amer Bmtifa
Ilo'r B
10 70S
10 .... 77
1 .... 76;
A Tel A Tel B
0 fiOK
A Tel A Tel Ms
4 00T4
4 .... ni!4
1 .... U0T4
Anx-Krcnch Be
09 U
Cove't French
Ilepuuuc e
10..
ll.
10..
4..
tin is
oo is
. no 'i
no is
on is
on
Amentlno lfe
HUbllO Bs
b ... nn
B Ollh
4..
100..
2..
10..
s..
B..
101 U
101 s
101H
101U
101H
101H
3.... 101U
7.
1..
4 ,
S,.
a..
10.
101 Vi
iom
mi H
iom
iom
101H
Philadelphia Stocks
Net
High Low Close che.
BO Am Phip
& Com. SI r.l fil . .
r.O Am Gas.. 32 32Vj 32 Vs -?i
l.W Elec Stor.130 128 130 . .
lOV-i lUVa lU'i Mi
110 Erie
4 Key Tele
pref ... 211
20 Lake Sup lll,
5 I.eh Nav. 61
100tl.ee Rub
ber R.. 201.
fi7 I.eh Val.. 40
3O0tMidvalo.. 30
2.-2 Pa It K.. 42
.r).-. I'n Salt.. OTi
40 I'hlla Co
cum pf.. 33
lW I'hllaElee 20i
MOPhilaHT IS
W) Itcadlng
2d pref.. 4
.iijii lono .iin i ft
r?fl In Trim 'J4Ti
240 V O I...
W
20
11
COVa
204
4nt
3R
42
ft")
33
201,
Ws
4Ri
lfs
24
35H
20 ..
01 -f-20
V,..
40 Vfe.
an -
42 .
(W . .
33 . .
20Ja
14..
48-i . .
1A
2J
35
Vj
Commodity Markets
FOREIGN EXCHANGE
New York. Sept. IB. Foreign ex
change rates opened Irregular this morn
ing, with only slight changes from the
closo yesterday. Sterling showed nn
Improvement of ftc francs were un
changed and lire made another reces
sion of lft points.
Quotations were
Demand sterling 3.47, cables 3.48ft ;
franc cables 6 68, checks 6.67; lire
cables 4.16ft, checks 4 16; Swiss cables
16 21. checks 16.16. Belgian cable 7.06,
checks 7.05; pesetas cables 14.72, check's
14 70; Stockholm cables 20.10, checks
20 05; Chrlstlanla cables 13.50. checks
13 45; Copenhagen cables 13,65, checks
13.60; guilder cables 31 1-16, checks 31
,MrB,,DAs fnn" VOXJLJ November, which sold at 23.80 on
Demand .. . 3 47- O nn 4.16 SO 7
Cable . 3 4Si n 08 4.18 3100
NOVEMBER COTTON OFF $5
Tone of Market Extremely Nervous
and Unsettled
New York, Scfit. 23. The cotton
market showed renewed weakness at the
opening today, owing to the declines
reported in southern spot market yes
terday and n continuation of the price
cutting movement throughout ine
country.
First prices were 110 points lowpr
h l'e 4
10 70S
ID.. .. 74
0 .... 'nit
1 70
Atl C Line elt
S 00 ft
All Coait L'e
reta 7b
1 .. 100,
Bait & Ohio cv
2 .... 07 '
n a o b Wn
niy sua
2 .... 75,
llrk U E'd lt
1 .... S8
lluttnlo IV r &
rilt'h 4tt
1 7874
C & O cv 4t
10 73i
2 7SH
1 .. 7B
C'k ft O cv fi
4.. .. SOW
C ft O Ulch ft
A Ulv lt
2 00
C ft Alton 34
2 .... 38
Chicago A L"n
III ct 4
TODAY'S OPENING QUOTATIONS
I Sterllnit Trancs Lire Oullrter
I Pomani 3 47S 0.07 4 16 31 oo
' Cable . . 8.484 0 08 4 104 31 OS
ti clam' mad., by comparison with last
ViTUIIa .I..- ,l.nu nn, L.am tn k. anv ' t" n
,, U11C ItlUI t '!".". 41"' r"'r,,, H. Mr .,,it,
MONEY-LENDING RATES
IMIII.ADr.LrillA Call. 6 per cent;
time, 6 per cent; commercial paper,
tlnee to six montns, t per cent.
Ni York siork Exchange
material telief In sight in thi chiui.i jjnoo High 'Low cioie
tion. yet It is generally admitted by in- j Lehigh Val
nurntiai nanninc nirrenin uiui in" ucn 41 reE 1-1 it it .. . . ;. . i .in j
worst of the monev situation has t.t. ; 0 Lib Bonds , ! rlon. time money for thirty to ninety
successfully bridged over, which in duH 4ti 00 ,r0 00.30 DO. 301.34 1 dlv i loaning at 8 to 84 per cent.
time will find leflfctimi in the lettin, J14 4th 4"4s RS.Sb S, ,H 5 S 1.1)e, while comm'rclal paper, from three to
chge I (Not These are merely nominal
" j nuotatlons as the legal rate of Interest
I In thi state of Pennsylvania Is fixed at
the call, nnd from !i to 45 points lower
on the more active months. Near po
sitions were relatively weak, while there
was n good deal of covering in the later
I inontliR and scntten'rl buying for a ir
' nation nfter the big breaks early in tne
I week.
I This proved sufficient to cause rnltif.
I of several points after the call, but the
tone ni me marxpt was extremely
nervous and unsettled. October con
tracts sold at 2.1. MO on the opening break
and January at 23,03. all later positions
making new low records.
New York Stock Exchange to list tho 1Atch Topeka &
.-National city uanK or New York. J15,
000.000 additional capital; Texas Pacitio
C.ial anO Oil Co.. $162,400 additional
capital stock, and Middle States Oil
Corporation, $2,000,000 additional capi
ta' stock.
Tho average price of twenty actlvp
Industrial stocks declined 0.57 per cent
jriiirraajr 10 8d.hu. wnne twenty rail
roads declined 0.17 per cent to 79.07.
The Central Ilallrond of New beiscv
reported yesterday for the. year ended
December 31, 1919, net corporate In
come of JB.095,626. equivalent to $18.57
a Bharn on the S27.4.1S snn "nnimi .tni
Excluding $935,230, Included as 10 per
........ ..1 iu , run hi compensation, wnicn
Was unpaid In 1918, the surplus for the
stock Inst year waa equivalent to $13.16
a snare, compared with $13.13 a share
T,Me' J" YiX- Crediting 1918 lnco.no
witu the 10 per cent unpaid com,wn
sntl'in would bring earnings for tlint
year up to 16.54 a share on the stock.
CLOSE ANOTHER BANK
Cosmopolitan Trust Co., of Boston,
Fifth to Suspend In Five Weeks
Tr!!?)"'? SVh..2S TTh0 Cosmopolitan
TJm SJR?ii0f thls cl,y' w'lth a savings
and banking department and agencies
abroad, was closed by Bank Lomm s
sloner Joseph C. Allen at 9 o'clock this
morning.
.hEhMO8.m0ollt,an L""6 "f,h ban I"
aii1c )l S b.6 el0Jd by Commissioner
Allen In tho last flvo weeks. The first
Of these Wan the Hlnnv.n T,,n, r-
which went to tho wall with the collnpsir
of tha BCt-rlch-quIck scheme of Charles
u..i. nn uircesi inniviauai depositor.
The Prudential Trust Co. wns closed
later, aa were two smnllcr prlvato banks.
The commlsslonei' gave no reason for
the closing, and tank oUclals rcfuhod
to comment. At the stato house It was
said the commissioner would later Ifbub
a formal statement.
The state has $500,000 on deposit with
tho Cosmopolitan Trust Co., It was an
nounced by Stnte Treasurer James Jack
son. Ho added "there Is every reason to
suppose, thnt tho money Is absolutely
safe.
The Cosmopolitan haa advertised lu
capital nnd surplus as $3,000,000. and Its
resources aa $20,000,000 for tho com
bined genernl hanking and saving de
r?.1?',1?18' . Tno President Is Mux
Mitchell, n lender In tho credit union
movement In the ntnte nnri eAmai.,
an ottclal of organltcd charities activ
ities. The hank hns specialized In the nc
counts 1 of members of the several foreign
colonies In the city, nnd has conducted
thrift nnd Christmas savings clubs for
persons of small means. It hns ndver
tlsed a list of correspondent bnnks In
nearly even- capital and large city In
Europe, Ael nnd Africa.
II..
80...
1...
2...
1...
10...
Chi &
S...
1
down of the bari wilHi for so long
restrained market operations of nil I
kinds This belief ha bien greatly I
strengthened bv the widespread ehar-
acter of the prlre rutting, which, in '
turn, in the opinion of recognized ex- ,
perts. will hasten the progress of rredlt
deflation.
1 I'enns It R
temp rtfs.l03ri 103'
12 rhila Elw
1st .is Rl M
SI .
BANK CLEARINGS EXPAND
Local Exchanges for Week 8.5 Per
Cent Ahead of Last Year
Philadelphia continues ti koep well
up in thf forefront in bank Hearing",
being first among eastern ntien during
the week with a isnin of fi per epnt.
The total was S40s.347.mn. ncalnst
f370,41 S.2R0 for the ''orrespondlug
week in 1010 New York declined
2.7 per cent, while Unston hnd an iu
Crease of R 4 per rent.
Totals clrariv nf nil the clearing
houses in the I'nlted States for the
week were ,S.4.'i."i 0'J2.040. compared
with $S.10!).374,S4S the same week last
year, or a gain of 4 3 per cent.
Comparisons follow .
1020 mm pt
Kw York 13.677 200 642 J3 7n.071 0'I2 .' 7
Chicago ss 531 725 4ns 72 nvi s n
PhilsdelrhU 4nj.14710 370 41.1200 f)
notion 24 m2 an 20 704 :m s 4
ins son iin .'ov inn 3ns i s
I3.s ant 2sii lsii sat iik -ii a
132 son nno iso ijj ,107 i 7
t7 7ni 7es io n ma :n 1
lionir.iin 7 n.17 04S 30 4
70 401 502 72 331 710 0 N
IMPORT TRADE EXPANDS
six months, j being offered at 8 to 8'i
per cent).
LONDON Money Is quoted at 5K
per cent. Discount rates, short and
! three-month bills, 6 11-16 per cent.
Eight Months' Total Was $4,000,
627,445 Wanhlnftnn, Sept 25 Americas im
port trade Is expanding at a more rapid
rare than Is Its export trade Detailed
flzures made public today by the De
partment of Commerce Hhow that im-
Reserye Banks' Discount Rates
Official rediscount rates at the twelve
Federal Reserve banks are as follows,
, Hoston
1 w York 1
I Philadelphia
(Cleveland .
nichmond .
ports for the first elxht monthB of this dl'."1
.!. ... . WA&A1 Al efcsABA 9 (Hi, 141'aa1'
caien'Mr yrnr v ""w "i "
twelve months of 1919 by approximately
$100,000,000. Imports In 1519 catiin
llshed a new high record
On the otnir nana exuorm ior ine
Kintm Cllr
Bt. L.oul
fin franclaco
glthbursh
ftrolt
llslftmnra.
Dcrea,
BAR 8ILVER
.. 9f alver was quoted In London to
ttaar at BJUd, up Ud.
x
eight months' period ending with August
were $2 437 I1I.86I less than those 'n
the twelve months of 1919. and were
onlv $211,000,000 greater than the ex
ports for the first eight months of Inst
venr The total of exporta for the eight
months was $6,483,254,121
The (otal of imports for the lght
months wns $4.000.627 445. as compart d
with $' 261,560.440 for the corresponding
period In 1919 The excess of exports
over Imports for thevlght months In this
vear was $1 483.000.000, which represents
;u- A Haianre In favor of the I'nlted
States The trnde balance for the first jrrom January 1
elahl months of 1919 exceeded $3,000.-'
000,000
fhlcagn . . .
Ht Louie
Minneftpnll
Xanana City
Oallaa . . .
San Franclacn
Treaa.
ctfa.
...r.H
.. 5H
,..ts
. n,
..n
.t
, . .fl
, . . '.s'4
. . ni
tR
to
Mb fom'l Hkr.
flnnds rarer.Accept.
7
0 7 0
51 n at,
s. n nH
ii a n
si a si
070
514 a s4
0 7 0
SI, O .M4
0 8 0
Plve and one-fourth nr rnt on rarer
eeured by tVt per cent rertlfleatea. snd 3
per rent on paper aeurd by 4i per cent
and 5 per cent certificate
tDlacount rate enrrenponda with Interest
rata borne by, certificate pledaed aa collat
eral with minimum of S per cent In the caae
nf Philadelphia. Atlanta Kaneai City and
Pallaa, and 54 per rent In the cane of Ulch
mend, Chlcaco nnd San Franclico.
RAILROAD EARNINGS
ntTFALO. nOOHESTKR PITTSBUROH
Third week Sept
NEW YORK COFFEE MARKET
New York. Sept 25 The market for
coffee futures opened nulet today, with
cnll prices advancing 2 points. There
was moderate trade covering, transac
tions being confined to a few lots of
December apd March. The cables were
considered autand-off.
DIVIDENDS DECLARED
Indiana Pipe Mne Co
payable November 13 to
United Alloya Hteel Co quarterly Jl, pay
able October 18 to nock of record Octo
ber 5,
Vulcan Dellnnlnx Co , nujrterlv 14 per
cant on preferred and preferred "A," Pay
able October 20 to Hock of rteord Octo
ber 14.
GRAIN MARKET
Chicago. Hept. 25, Deflation In com
moditles generally continued to be the
factor in the grain markets hero todav.
It was the prevailing belief thnt
cereals would have to follow other
markets, notwithstanding the supply
and demand conditions in wheat con.
tains elements nf strength because of
foreign needs. Trading in wheat was
active and a good deal of nervousness
was in evidence, Iteceiptn were forty
cars.
December opened at $2.2316 to $2 22
ngainst $2.23 nt the end yesterdav!
March started at $2.11 to $2.12. com
pared with $2.1(1, yesterday's laht
price, nnd later hold at $2.10.
Corn lost further ground, with busi
ness through commisslou houses mixed.
The Weather Ilureau called attention
to the fact that tempsratures through
nut the rom-growing states had con
tinued abnormally high for (he season.
Iteceipts were 428 cars.
Hrptember started at $1.2.1 to $1.22,
against $1.25 nt thp end yesterdav. DP.'
cember wns quoted at 07c to 0(l;c at
the outset, against 07c at the close
yesterday. May opened at 07p to
07c, ngainst 08e at the close yes
terday, and later sold at 08c.
Oats were easier ut the start. Scat
tered buying took the surplus off the
tnnrket nnd tradn hennnin Rinnll Da.
TcTof "record ipts were eighty. eight cars.
September opened Vic lower at
f37gr, and rallied to 54V4c, but lost
the gain. December started at 57V4r to
BVc, against MTbc- at the end yes
terday, and later sold at 57c, May
opened c lower at OOJsc.
as
. 3HH
,. S7s4
,. a7
, . a7H
, . 87,
Own 4 a
.. 50H
.. 80S
Chicago Mil &
StP cv 4V4s
3 71
2 72
Chlcaxo Mil A
FtP fd 4Hs
25 ... . 06 '
50 03H
2 OStt
C A Kwn aa
1 OTTi
Chlcaxo II To
it pao la
5 0R'4
2 SH
1 6R14
5. . . nsn
Cty New York
4a '50 rex
28 81
City Parla 6
10 05
1 04
Cuban C B (
1 03
7 03
Pel It. Hud fd
R 70
Del i. H'ld 7
1.... 102
Ci it " '
1 .... 05H
0 . . . . 00
D Can 614 '21
10. ... OSI,
R 08;
Dominion Ite
publlc 5a
i 112'
Hrle n It rv U
53 .... B2
2 52H
2 52
10 ... 53
1020
$514.74
15.400 307
Increase
1247 14.1
4,770.300
STATE OF TRADE
'Trice readjustments, past, present or
to come ' eays Uradstreet's. "havo
seemed to hold the center of the stngn
this week nnd Impart nn unusuallv lr
"gular appenrnnce to trnde distribution
Wholesale and Jobbing trade has natur-
settlement vlslblo nnd reports from IhW UH" "y c2,i!
1 ne are not erentlv rllrTerent frnrvi .1 - ol w
week ago, whereas retail buslnesh shows 1
a shade more activity, whllo collections
also have slightly Improved. 1
"Industrial reports naturally mirror t ihertv .TAs
forth the effect of the price reductions ihertv lst4V4..
nnnounced in the rathir quieter tone of 1' P"JJ oa dU
reports submitted. On balance the sltua-1 J' ?J r'J il"
klUIl i fc IIIIUIU
a fair trade d
uncertainties
3.... 10m
is.... iom
1.... 101
8.... 101H
4.... 101H
Hud & Man fd
1 58U
Hud & Man In
1 23H
1 23H
A 24
3 23T4
InU'uro R T tu
35.... 4RTk
10 4R
10 4S
1 M Mrln h
5 R2H
Jat Uoe't lit
74
Jap Oove't '.M
3 7414
Kan C 4 R S);
2 54T4
2 . . . . 33
4 84 V,
Kan City Ter'l
Iwy 4 a
1 .... 71S
3 7IH
K Uels'm 7ia
10 OS
1 .... ni'i
18 OH
1.. .. OS
Lack Steel '23
8 00
Leh V en 4'Ja
3. ... 70
Lou A Naah 4a
5 ..SO
Mldv'o Steel A
Ordln oa
10 78
5... . 78
3 ... 78V
Mo KITH
3 SO
A . . 50
O ... 80
Mo Kit 2nd
4 .... 40
Mo Tac em 4 a
5 .. . 5'
1 57 H
2 . 57 4
10 . .87'4
Mont Cent" I 6a
05
New O Tex &
Mulco 5
1... 58
nctun
n n oa
1 ... 03
5 . . . . 03
1 03
3 03
ru y c ft 11 rt
n n ct 7
1 ... urns
1 . 100
2. .. 100,
2. 100H
New Y N II a
Hart'J 6a
4 7?'!'
1.... 77W
N Y Tele 4'i,i
1 ... 77'
New Y W C 4
Itoit 44e
23 . . . 50
11 .. 50
2 . 80U
Norf'k 8'n 8a
4 84
1 .. 34'4
N'k A W'n 4
1 70U
1 7H
N'k A W ev Hi
12 ... 102
1.. 102
N A W im 0
, 1.... 10Hi
iN'n TaclOo 3a
I,.... son
N'n Pacific 4 a
1 7flj
Oreson S I 4a
2 TUN
Pa II sm 4H
1 so
20 80 !i
Pnna B O '
2.... in-iv
1.... 103V
14.... 1034
Pere Marat 5a
0
neadlnir Hy 4a
I
8t U l'n Mt a
B'n Ry
10 7SS
10 734
St I, I Mt A 8
n A Q Dv 4a
1 71
St Louie A 3
Fran aJ
5
10
Gt Louis
Fran 10
68
68
A 8
38
88
68
10 ..
7...
St li A S Fran
tierles A
2 80
t .... 80'
1 80 H
1 80
61I. A Swn en
1 01
Bt L A Own 8a
1 3
1 113 V
St PI A K C
Short LIU"
1 COS
Seab'd A I. al
1 30
Scabd A 1. fd
1 43W
B'n Pacific fd
1 TO'i
B'n Pao ov 4
1 TO
B'n Tso V 6
4 .... '
2 0UV4
S'n Hallwa 4a
5 l
1 Bl'
mntnernr comnanles. nf cotton and tex
tile mills, nnd of two large mall-order
houses were symptomatic of the timet.,
although tho specific- reduction nlludeo
to seemingly were made ratheb In de
fiance of the laws or economics, isevor
tbelrsa, from several points of view, It
might be regarded n fortunate that
some interests were in a position t6 af
ford to do this sort of thing. Irrespec
tlve of tax and other business' factors
which most industrial concerns cannot
safely or prudently leave out of calcu
lation, It might well be that ultimate
benefit from artificial .stimulus to read
justment will accrue to all since It ban
been qulto unanimously agreed that
the commercial tree must undergo prun
ing before it can once more flourish on
nourishment derived from the soil it
self nnd not from too expensive ir
tlllzcrs. The sooner this can be accom
plished without accelerating the process
to the point of acute business depres
sion, the more promptly ran rebuilding
do utuiertnKen on the unsis of a tirm
nnd logical foundation. Viewed In this
light the cventa of the week were un-
notibtpdly constructive, nlthougu rt
could scarcely be supposed thnt tho
process of their development would fall
to depress securities values or deter the
public from active participation in
stock market trading. In ita broader
nspects business was characterized by
liquidation of industrial descriptions
find no inconsiderable speculative activ
ity In rallron.d issues, more particularly
tho lower-priced shares, of companies
wliieh might be supposed to be moro'dl-
rectly affected by the inn ch-discussed
merger projects as yet in n nebulous
state.
Hall Merger Talli
What mny come of these proposition
no winny tninea nnout cannot be more
Jinn conjectured nt this. time as noth
ing at all definite lm heen vniirlmnfed.
To lend color to nnmlhilltlns In Hint linn
there stnnd the zoning provisions of the
r,Kcn-uuinmins law of Inst winter,
which nro looked at largely In the light
nt superseding the provisions of the
Sherman law with rrsnect to combina
tions in restraint of trade. That some
thing of the Kind will eventually take
place nnd that It will accrue to the
benefit nllke of the carriers nnd public,
few would venture to deny, but the dif
ficulties attending such huge transac
tions at this period of credit strain
would seem to preclude early consummation.
But this has little or nothing to do
with the speculative movement In rail
road htocks, since those Interested In
stimulating surh speculation ren,uir!
only the discussion of possibilities to util
ize them to the full. Industrial share
have been worked by them virtually tc
n standstill nnd even the spectnclc f
temporary easement In money conditions
wns not readily conducive to their re
vival. Hut the conjunction of easier
money rates nnd merger whispers were
more potent in the rnilrond list because
Interest U Growing k
in Canadian Pulp
and Paper
Canada has two thindi
that therm of the world
mutt have They are
pulp and paper. J
You know perhaps that
Canadian pulp and pa
per share hare rUen
phenomenally in ralue
during the patt few
months. This advance
la a good Indication of
tho Bound Investment
qualities of pulp and
Eaper Bonds and Deb
entures, for they rank
senior to both preferred
nnd common shares.
We can ofleryou ound Bend
and lMbrctureaof Mtablttliad
Canadian pulp ao4 paper so.
terprtee to yield American
I nreetort from H to .
Weaugaett you write for oar
current edition of i'nrotfnwnt
Rtoommtndatlon. o
AOINCY Of
Royal Securities
N 'corporation
(CAMABA)
fc. I M ITE D
166 Broadway Nsw York
BOBB
ACCOUNTANT
and OFFICE MANAGER
Whnrton School Graduate. Ate SO
Private and varied public experUne,
can Inatall avatema, prepare rtporta. at
present manaser of mercantile ortanlit.
tlnn. dealrea connection with manufac
turing concerns will conalder other mer
cantile buslneaa: location not particulars
hlghcat credentials.
A SIS, I.KIX1F.R OFFICE
Lawrence E. Brown & Co.
CERTIFIED PUBLIC ACCOUNTANTS
1630 REAL KSTATE TRUST BLDO.
Invcatlrote and adjuat nortnrrahlp anj
corporation accounts. AIo prepare. C. S.
'nrnnie iu uciurna.
u
FINANCIAL
Todd Shipyards Corporation
Notice of Adjourned Special Meeting
of Stockholders to Authorize an
Increase in the Number of Shtrea
and Amount of Stated Capital
TO THE HTnrKU01.nKR"."F TODD
emr-YARD corporation
Pleaaa tatae notice that burauant to aa
adjournment duly taken al toe apecial maaf
in- of the etockholdera of thla eomraar.
ma rgmoiDf,
120. I1M
held at. the otnea of
Ion the lth day ot September,
IT. POJDUI
values In thnt nuarter have not yet uorn'.',.7 ..,in w.a adjourned to and lii
ornlnltrd in he nmi extent. Tnpnmlnir 1 b held upon tha 20 day or ocipi
sold and yieldlnp commodity price- were ;ntmP5ny,."cl?fot. 'liTVhitehai
Hlrh
00.50
88..r)2
8R.44
OO.ftO
1..... now
Union rc c
2 83
Union Pao fd
2 . . , . TO".
Union Tao i
8 ....
2 OfiH
U K nf Q llril
t, I'd 1021
4 DRl.
OKofO IJrlt
It I'd 10Z2-
tl OS
0 0RM.
R 0S'4
UKntO llrlt
4 va iv.ii .
1 HT
2 S74
U K ot O Brit
it I'd iimi
12 .... M
a sa
3 .... Mli
2 .... R-'Hi
n s'i
ao .... 83H
U fl Rub Til
a on
1 08V.
1 HSU
1 084
a .... or
T"d S Steel M
10 .... 02'4
4 H2V4,
Vft Ttallwe Ha
1. ... 801.
Wea'n Pae lt
82
AVeat Bhore 4 a
.... 70
Wllaon Co rv
7 81 ;
Wllaon Co lat
2. 80
WlaCen'l Sup
A Duluth Dlv
It Term lat
. 3 78
N. T. Hmel
11 13
Iyiv e pi
oo.nn 00.50
KS.00 RS.52
R7.R0 88.44
on.ao tio.fiii
0 may bVea.d tS .how'on.; Wberty .' M 8?SO 48
olnB, with nddltlonut price l.lberty 4th 4Vi. 88.48 87.80 88.48
re-enforced by continued ' Vie NoteR 38- w-n. m- n,1-"
warm wtnther. tendlner to hnld rinwn
buylna; In the faco of the growing neces
sity of making declvlona aa to fall trade.
Immediate needs eeem to govern pur
chasing In the mnjorlty of InMnncea, al
though the apparently excellent flnlah
the corn crop la making hns imparted a
slightly more confident tone to country
merchant' buying In sections west or
the Mississippi. On the other hand, the
quieting down rf .some Industries ha.i
rather tended to color the reports re
ceived from leading Kastern center,
Past and present price reductions at
wholesale, nnd the probability that these
wilt be followed by lower prices nt re
tall, act as a bar to buying all along tha
line, however.
"Regarding thlB matter of price
chniigefl, It might be said that cuts In In
colored cottons, which seem to have reg
istered sharply on public consciousness
this week, were really made by the mills
and lnrite Jobbers 'ast week and werrt
so announced then, ruts in automobile
prices have, however, seemed to catch
the public eye, and the response of mall
order houses to the cuta In cottons and
other textiles have made marked Impres
sions, tending to dwarf the known fact
that BsDtember has seen a rather ranld
I and widespread marking down of quo-
1 tations in otner iints.
Vlc Note 4a... 0000 00.00 00.54
Hold Wheat for Better Price
CrlcnRo, Sept. 25. Replies to ques
tionnaires sent to 200 grain elevator
companies In middle western states In
dlcnto thit farmers are holding wheat
for higher prices, according to a state
ment today from the Farmers' National
drain Dealers' Association. These re
plies showed, the statement said, that
wheat shii-ments this year were much
lower than last and that elevators,
which normally were filled to capacity,
now were only about one-fourth full.
The statement Bald farmers were hold
ing their (train "because they cannot
make a fair profit at present prices."
LIVE8TOCK QUOTATIONS
nttelmrth, Pa., Sept. -Jt HOUH Re.
rnlpti. 1200 head Higher llenvlea, 17 118
W17 78: hoavy ynrKers, iib.hivi is.nu, light
yorkea, M7 2.1W17 7RS pls. lfl IS0W17
eHEKl AND LAMPS Recelpla. 400
bead, mead)-. Top aheep, 18.80, Top lamba,
in
CALVEB HtetlpH, 1300 htad.
Top it 8. SO.
tho principal factors in boMerlt . tciII
nrgumenta and yet urgent rep, iiantn
tiotiH were made to the Federal Reserve.
Board at Washington on behalf of rot
ton growers nnd fanners in the West of
the tinanelal need which both were ex
periencing. Liquidating Commercial Credits
This, of course, wns rclletlve of sea
sonal demand and will pnts. hut the
poliit impressed upon them wns that thn
board could not see its way clear to give
direct nld to cither. The cotton growctn
wen. told to organize associations under
the terms of the Kdge law to finance their
exports nnd the farmers were given such
comfort as thev rould see in tho ordin
ary banking facilltleo nt their disposal.
It mm- he unsullied, therefore, that the
B'n liy Mobile I eotto" powers nnd the Brain inrmew
c,"nftu I will not be wholly out of the woods
for n month or two et, it inaecti neioro
the close of the enr. Meanwhile only
v?ry moderate progteps has been mane in
liquidating commercial credits.
However, there i one aspect to the
changing conditions in Industrial and
mercantile lines which should not be
overlooked, nnd that Is the increasing
purchasing power of the dollar, already
rather markedly enhanced as compared
with only a few months ago. The ulti
mate effect of this phenomenon on stock
nnd bond values cannot but be alluring
to the farseelng. Without doubt some
such consideration was behind the im
proved tone In bonds, particularly rail
road and government Issues. Yesterday
and the day before Liberty bonds ad
vanced in notable fashion, to take a
sneeific cntie. a few days ago the 4',4
per cent bonds 01 tne lourtli issue were
selling below 85. while yesterday they
sold as high as 87. Apparently It h.ts
occurred to not n few who have been
contemplating purchases of those bonds
in order to even up on iosrcs nireany
sustained in their nrevImiH depreciation
that time is not to be lost in putting
through tnelr transactions.
Announcement of prlco reductions
wns a direct spur to tln thought ond to
action. Tho same thing may he said
of railroad bonds. They nrc still sell
ing cheap, and they were cheaper n
eek ago than they are now. They rep
resent the fundamental Industry of the
nation, nnd thaiv Industry under no cir
cumstances can be permitted to languish
If the country is to go on. Hence, thero
can be little question of their Intrinsic
value. Formerly prospective purchas
ers have been deterred from buying in
some measure by tne nope, not alto
gether groundless, tnnt tney wouin re
cede still further, invents of the cur
rent week, however, have put a differ
ent complexion nn the situation. As the
iiurchahiug power of the dollar In
creases, the price of premier securities
will naturally advance. This is a mat
ter primarily of investment and not of
speculation.
Shifting to the Ralls
I'nder these circumstances it waa not
strange that speculative interests them
selves should seek to utilir-o this changd
situation for their own ends. Hence the
shifting of activity in stocks from in
dustrials to rails. Rut whatever tho
Diiblle may be thinking with regard to
investment possibilities, It has not yet
beeu brought round to the view that It
would be wise to take a plunge Into the
speculative arena. Nevertheless, the
market broadened materially for reasons
not directly associated with the attitude
nf the public. Attacks were launched
with vigor against the motor shares and
kindred Issues like the rubbers, tires
and accessories, representing the Initia
tive and. It may he, the necessities of
the professional element. Discussion
nf readjustment in steel prices wns
widespread, and thla likewise was fullv
utilized In the same quarter, although
there was far less ground for bearish
conviction than in the case of the mo
tor". Price? ot the independent steel manu-
itobar, ism.
office of th
tehetl at., bflrouffh
rit nf New York, tha ob
ject ot such mealing, oeins 10, -row upm
iv,f ."thorite an Incraaaa In tha numbar
of Manhattan,
such
hnrlaa
aharta which
this company mar liaua,i
ana aixieen inouiann
ana mirir-iwo
am nn nunnrea
;..V.aa m a fciinrireil
thousand (282.000) ahares. and alio an la
rreaae In tha stated capital ot this company
from n hundred and eighty thousand dol
lars (1580.000) to one, million ona huadral,
i"j. ...... k,,...M dnlin (II. 100. 000). lIlO
-ieh Ineraaaea to bo effected by amtnaing.
the certificate or incorporation
...... in i.m manner trovldtd
-.ntv.two and atxty-tnrea or ine
f thla com
by section!
' Ttfw tSS
.tL. .. TnrV Hentembar 10. 1930.
WH.T.IAM IT, TOED. PrealdiBL
CATU. D; TUrcnKT.. Peeretarr.
n TUT. TIOLDIUIS Or TIUS 1IUNTINODOX
roll. COMPANY FIRST JIOBT0408
EXTKSDra 4 COUPON BOND ,
Notice la hereby given that the above liioa
eorr-oratlon law of the state of New Tot
ndd for four and one-half years or onUi,
Awl! 1. 1028. Tha Principal of thta boada
amount'na- to 418,000.o will be Mliii
th. anient holders on Peptember JO. IM?.
H5""K
tha Preunt holders
on
anl
nra
tl,ll,i
saia Hinui
at prataat aitaai
ia m
eatnot ,8L.
iniaran va
"'.. - .h..,M K. d.laAhed al
miere.i """.:."- n..imh7p lot
lor aVUrilisriifc VI "' "" -."j
ftortn American ntitldlnr. FhlUfalphfa.
Tin? iipNTrNODON A nitoAb Jgr
HODAIryKAn.BOAi.COACrt
NOTICE TO HOLDERS OF IIOAN COUXTt
T.IOHT AND TOWER CO.
Flrat Mortraao 8 Oold Bonda
ttnder the Sinking- Fund provlilona of tha
oi?Ie sealed off era will be received until
rt, m VptVmber 80. 1020. at the offlea of
tiT; Pennajleinla Company for Ininrenre.
In Tltea and Oranttns Annultlea. Trmtee.
J?, ih.. ale to It at tha lowait price not
for.i5inJ ? 105 arid accrued Intaraat. of n
Proroaal. for Rlnkln. Fund. Lo.an Countf
I.laht and powsr -o.
FilOPOSAI.8 FOR CRAVAT8-OFFICE 0t
1 ':: r.i.1 Ouartermaater. U. B. Aiill
Phd.rpM. 1U1B". WVaber"
rifFnI. MOT0K8 COKI'ORATION
the common stock without par rd ,t
RSiSSSHsv:
number! ot ttr'rnE,vsKT. Trnurr,
Sentember "2S. 1Z".
.wieir CiV TOE
United Gas lvtoyemLj'
The IJirec'orp ..... ,- rf,t. Ill ."
aMiSSS
nnsiriiariv nivinniiu
V t a that Cnmm
nnv.bl.Oct.ln:iM0,
fctrx of record at
I. W.
September 80,
tho ''".,S'..DV .'
ilrtRia. Treaaurar.
FOR SALE
IS ACRES
Ideal Manufacturing Site
Swltchee connectlna T'Mhf'.Vy, Ri.
nfna&wanur"th SjggJ.-
...in notlflllTEN, V'
1 Bo. Bth St.. Phlla.
A,.
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