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JflVJ&NJLNi PUBLIC LEDQEKr-PHlLADELPHIA, THURSDAY, AU0UST 4 1921
6 t
ni
B
I.
M
A
-
4
tV '-
M
s
J!
11
Publit UtiKty
Bonds & Stocks
in the following markets:
Atlanta
Augusta
Baltlmoro
Boston
Buffalo
Charleston
Chicago
Cleveland
Cincinnati
Columbus
Denver
Detroit
New Haven
New Orleans
Milwaukee
Minneapolis
Philadelphia
Plttabuif?
Savannah
St Louis
SprlnRilcid, 0.
Toronto
Washington
Wilmington
Havana, Cuba
Reached by our Private Wires
A. A. Housman & Co.
Member
New York Stock Kxeh.
New Tork Cotton Exch
New Orleans Cotton Kx
N.T Coffee ft Sugar i:x
New Tork rroduce 13x
Chicago Hoard of Trade
Associate Members of
Liverpool Cotton Ass'n
20 Broad Street, New York
nn.Ncn omens
IS Writ 33d Street. New Tork
Liberty lliilldtnr. Philadelphia
Woodward nulldlnr. Washington
Amsterdam, Holland
MARKET BACK INTO
VERY NARROW RUT
Both Sides Disposed to Mark
Time Ponding Some Now
Incentive
lON'T SEND FOR THIS BOOK
of Graphic Charts
UNLESS
you've made up your mind
you wish to take advantage
of the present ne cr-to-come-ngain
opportunities in tht
STOCK MARKET.
While the edition lasts copies toll! he
gladly sent upon receipt of too in stamps
ta Astray cost of mailing, Write tor L-iO.
J. F. McGOVERN & CO.
Member of rhlln. Stock Rxehnnt;
1430 South Peso 8a.. rhlia.
prn.ee 6416 Bute .1188
Order executed In all Markets
, New York) 32 llroudwny
Pra?tl 5 of 1903
A direct obligation of
the U. S. of Brazil also
secured by specific taxes
on customs revenues.
Yearly income 86
at present rate of Ster
ling exchange, and over
11 at normal rate.
If called at par with
Sterling exchange at
present rate, profit 64,
and at normal over
120.
Descriptive circular on request.
$ame, Wtbbtv
& Company
ESTABLISHED 1880
Members .V V. Stock Excftanoe
1422 So. Perm Square
PHILADELPHIA
New York. Atie. 4. Today's stock
I market was heavy at the dart, but be
I fore mid-day braced up niniii ntid re
trieved virtually all the. lost ground.
In the meantime there wiih a pro
nounced contraction in the volume of
dealings with every indication of the
market working into the same narrow
apathetic rut It occupied the jsreater
' part of last month.
I Yesterday's realizing movement ap
parently took a K"wl bit of the wind out
! of the nails of the bull campaign. Yet
on the other hand, the reactionary party
following the traditions of the Street
were Indisposed to extend short commit
ments in face of the increasing dullness.
In consequence the bulk of the opera
tions reverted to the smnll-fry traders,
theicby restricting violations to nnr
row limits.
Hither side found little encourage
ment In the overnight developments,
and for the want of something else to
talk about, discussion centered largely
around the possible dividend changes on
certain industrial stocks. The month
is likely to make some interesting his
tory in so far as dividends are con
cerned, for u number of meetings are
scheduled, among which are quite a few
In which there is considerable misgiv
ing as to whether the current distribu
tion can bo maintained.
Kffort to make some capital out of
the reported further drastic cuts by the
Ford people was anything but success,
ful and the Incident was promptly elim
inated as a market factor when em
phatic denial of the reductions in tho
different classes of the cars was made
by the I'ord olllce. Effect on the motor
group was also counterbalanced by tho
renewed strength and activity In Stude
baker. The opening market was Irregular,
tut with an easier tendency, which be
came more pronounced In the first half
hour. Selling orders did not follow
prices down and the market began to
show a little more stability In sympathy
with the confident absorption of the
motors. Domestic nnd international
monetary conditions weio regarded fa
xornbly, the large lnllux of g)ld hero,
nnd strength to foreign remittances,
sterling rising I'.jc, causing a check
to speculative selling. Short covering
was an obvious factor on the rebound,
but there also wtro signs of renewed
accumulation of representative rail
roads with pool cporutlonH in e-ome in
dustrials. American Sugar recovrred
fully and the rcncral list got back to
a parity with yesterday's close or abote.
SLIGHT CHANGES
IN LOCAL STOCKS
NEW YORK STOCK EXCHANGE TRANSACTIONS
, Profit-Talcing in Pennsylvania
! Railroad and Electric
Storage Battery
I Diversified dealings again marked the
I operations of the local market. Tho
1 volume of business was not large nor
, were the tirice chanci s of much conse
quunco. Altogether it might be said
' the market moved along on a pretty
! even keel and what few exceptions oc
' eurred were generally confined to ob
i scare or inactive Issues,
i Continued nrotit-tuking was In cvi-
i denee In Pennsylvania Hailroad. rnus-
ntv.
Sale In t Hlh
10u .. Alaska Gold Mines... H
00 4 Allied Chcm & Dyo... 31 H
100 4 Allls-Chahners 31 Ji
100 . . Am Agrlc Chcm pf . .. 60
00 .. Am Can 28H
00 7 Am Car & Fdy pf . . . . 109 )'
100 . . Am Hide A Leather pf 3
10 6 Am Ice pf 63
1830 .. Am Intenmt Corp.... 35
100 .. Am Linseed 3JJa
10 0 Am Locomotive 84 ft
830 .. Am Safety Raior.... A
11310. t Am Sugar rtef 7
100 7 Am Sugar Itef pf 88J
'0(1 s Am Sumatra SO
100 B Am Tel ft Tc! 105ft
100 12 Am Tobacco 123
200 q Am Tobacco pf new. . . 00 H
7200 7 Am Woolen 71H
mo . . Am Writing Taper pf . 2.1
100 .. Am Zinc Lead & Smlt
300 . . Anaconda Copper ....
100 . Assets Realization . . .
100 4 Abso Dry Goods
13J0 o Atch Top A Santa Ke.
300 Atch Top & S P pf . . . .
100 7 Atlantic Coast Lino. ..
10000 .. Atl Gulf & W 1 S S...
1300 . . Atl (Julf A W I S S Df 23i'2
100 7 Atl lleflnlng pf 107
500 .. Atlantic 1'et 13
4300 7 Baldwin Locomotlvo.. 78H
'io . Baltimore A onto
100 7 Bethlehem Stcol 7..
2000 8 Bethlehem Steel B....
00 . . Brklyn Rapid Transit.
100 .. Butte & Superior Con.
100 .. Butterlck 2014
300 ., Caddo Central OAR. lift
500 a California Packing ... 03
150 2 Calumet A Arizona... 8
1100 lo Canadian Pacific ll?i
300 .. Chesapcako A Ohio... id Ji
2300 .. Central Leather 34
1500 .. Central Leather p.-- 9C'A
OSOO 6 Chandler Motors 49
500 . . Chicago Mil A St P. . . 2SH
100 .. Chicago Mil A St P pf 43H
400 a Chicago Northwestern 0SU
2000 .. Chi R I A Pao Sift
100 . 0 Chi R I A Pao 6T, pf. 00
100 7 Chi, R I A P 7 p c pf. 77
2J0 .. Chllo Copper 104
200 .. Chlno Copper 23ft
'too .. Colorado A Southern. 38ft
l'jflj .. Col Grnphophona .. 4
100 . Col Graph pf 18K
100 4 Comput Tab Records 32 ft
500 . . Continental Candy ... V
2300 s Corn Products Ref . . . 09
17002. SO Cosdcn A Co 2SS
8
3714
1ft
30 ft
88
78K
87
24'
30 ?
DO
62
12
12 M,
1400
800
100
100
25
300
200
700
1100
2700
100
200
1000
100
9000
NOO
900
200
3300
100
300
300
300
200
210
1000
2600
100
100
1100
100
600
200
300
700
200
1000
4 Crucible Steel SOH
.. Cuba Cane Sugar.... lift
.. Cuba Cane Sugar pf.. 27ft
2 Cuban Am Sugar 10ft
10 Del Lack & Western . . 203
.. Denver & Rio Grande. ?i
.. Denver A Rio Gr pf . . I'i
5 Kndlcott-Johnsoa .... 60ft
.. Erie 1H
8 Famous Players L. . . . 8
4 Federal Mln A Smlt pf 21
10 Fisher Body 89ft
.. Flsk Ruhber 0ft
. . Gaston Wms A Wig. . . 1ft
.. General Asphalt '3ft
8 General Klectrio H8ft
1 General Motors 10
.. Goodrich B F 33
7 Great Northern pf . . . . 77
Greene Cananea Cop. 20ft
. . Gulf Mobllo A Nor pf . 20
.. Gulf State Steel 35
4 Haskell A Barker Car. 58
. . Homestake Mining ... 67
.. Houston Oil SSft
60 Indlahoma Ref 24
7 Int Harvester new. . . . 75ft
.. Int Mer Marino lft
6 Int Mer Marino pf . . . 5?4
.. Intornat Motortruck.. 32
.. International Nickel.. lft
.. International Paper .. 62 ft
.. Invlnclblo Oil Corp... 10
.. Island Oil 3.
.. Kansas City Southern 20ft
4 Kansas City So pf 50
4 Kelly-Springfield Tire. 43ft
Low
H
88 Ji
31J4
60
28
109
S3H
63
33 Ji
23 ft
8334
4ft
S4H
88 ft
49
iojh
123
90 ft
60
23
8
37
1ft
30 ft
83 ft
77 ft
87
22 ft
20
tov
13
78
39ft
90
61
13
124
20 ft
lift
01
48
114 ft
60
33 ft
65ft
48
2Sft
41ft
03
33
60
77
10 ft
23 ft
38
4ft
18
33 ft
68
28 ft
65
10ft
27 ft
10 ft
203
lft
00 ft
14
40
21
88 ft
Oft
lft
63
118ft
10
33
75 ft
20 ft
20
33
57
67
55
3
73
10ft
4S
31
14 ft
f2
0ft
2ft
20
40
42 ft
ft
'ft
ft
1
lfti.
it
1:30 Net
p. it. Ch.
ft
37
31J4-
00
2Hft
109 -S3-63
35
35J4
84 -
4 14
67
88ft
60
105 -123
-9011
71 1
23
8
31ft-
1ft
-78-
87-1
24 ft r Hi
22ft 314
107 - 3ft
13 ..
78
39
90
61 JH
13
12
20 ft
llft 2
4S
115
-Sft
-48ft
28ft -13
ft-07-33
(10
77
10 ft
23 ft f
3S -4
18-
32 ft
f
08
28 -56
ft
10ft 202
lft
47 ft
ft
Oft -lft
.
54 -118ft-
10
33
70
20 ft
20 -35
-
55 -57
53ft
2 ft
75 lft
10 ft
45
33
14 ft-32-
9ft-
3
36 ft
50 -42
ft -
Vt
ft
ft
ft
ft
2ft
1
ft
V
1
ft
ft
ft
!'
ft
ft
ft
Si
ft
t!s
ft
ft
6ft
ft
'
ft
ft
ft
lft
ft
1
',;
Dlv.
Sales In I
100
ato
1100
300
190
100
200
100
6500
100
1
Illrh
8 Kelly-Sotr Tire 8 Df. 81
.. Kennecott Copper ... iH
.. Keystono T A R 14ft.
. . Loewo Co 12
1 Loft Candy Oft
4 Mackay Co pf 65
10 Mnnntl Sugar 33
., Markot St Rwy 3
12 Mexican Petroleum .108ft
2 Miami Conner 21
1000 1.60 Middle States Corp... 12ft
200 .. Mldvalo Stocl 25
250 7 Minn St P A S St Me. 71
100 .. Missouri Pflclflo 21
100 .. Missouri Paclflo pf . . 10ft
100 . . Nov Con Copper 10
1000 5 New York Central,,.. 73 ft
100 n N Y Chi A St L 2d pf. 01ft
100 2.80 New York Dock 33
100 5 New York Dock pf... 51ft
00 .. New York N II A II.. 17ft
500 7 Norfolk A Western... 97
S600 7 Northern Pacific 70ft
00 . . Okla Prod A Ref 2
300 7 Otla Steel pf 60ft
21)0 8 Pacific Oas & Eleo. ... 60
2000 . . Pacific Oil 37
600 6 Pan-Amer Petrol .... 60
400 n Pan-Amer B 48
200 , . Penn Seaboard Steel. . 8
3200 2 Pennsylvania R R.... 38
800 .. Peoples Gas Chicago. . 65
100 .. Peoria A Eastern 11
200 .. Pero Marquette 20 ft
4000 .. Plercc-Arrow Motor.. 14ft
1600 .. Plercc-Arrow Mot pf. 32ft
800 .. Plerco Oil 7ft
100 8 Pierce Oil pf 40
100 .. Pittsburgh A W Vu. . 27
200 8 Pullman OS
100 .. Punta Alegro Sugar.. 30ft
500 4 Pure Oil 27 ft
100 .. Ray Con Copper 12 ft
3890 4 Reading 70ft
109 2 Reading 2d pf 41ft
100 . . Replo Steel 23
300 .. Republic Iron A Steel. 48
1000 8.20 Royal DutcJi N Y 52ft
300 .. St Louis San Fran. .. . 26
100 . . St Louis San Fran pr. 38ft
200 .. St Louis Southwest Df 37
100 . . Santa Cecelia Sugar I 2ft
000 .. Sears-Roebuck 65ft
700 .74 Shell Transport 37
1100 .. Sinclair Oil 20
2000 6 Southern Paclflo .... 79ft
400 .. Southern Rail 20ft
400" .. Southern Rwy pf 47ft
200 4 Standard Oil of Cal.. 73ft
200 s Standard Oil of N J.. 137 ft
200 7 Stand Oil of N J Df... 107 ft
100 7 Steel Tubo Df 70
10o . Stromberg Carb 31
32300 7 Studebakcr 80ft
300 1 Submarine Boat Corp. 6
100 .. Superior OH Corp.... 4ft
200 .. Temtor Corn A P "A" 7ft
1000 s Texas Co 30 ft
700 .. Texas A Pacific 25ft
100 1 Texas A Pao C A O.. 10ft
300 (1 Tobacco Products .... 89 ft
100 7 Tobacco Products pf . . 85
1600 .. Trans Con Oil 8
100 8 Union Bag & Paper. . . 02
300 .. Union Oil 20ft
1300 10 Union Pacific 122ft
100 4 Union Pacific pf OSft
1700 8 United Drug 50
200 6 United Fruit 104
300 3 United Retail Stores.. 64
700 . U S Food Product. . . 17
200 .. U S Ind Alcohol 51
300 .. U S Realty A Imp.... 60ft
1700 .. U S Rubber 64
300 8 U S Rubber 1st pf . . . . 97
0400 S U S Steel 75
200 Utah Copper 4Rft
400 . . Vanadium Corp 30ft
200 . . Va-Car Chemical .... 23
2300 . . Vlvaudou Ino s
400 .. Wabash pf A 22ft
100 2 Wober A Hellbroner. . 11
300 4 Westlnghouse 13 A M. 43 ft
200 C Western Paclflo pf . . . 03
100 . . Wheel A Lako Erie pf 7ft
100 .. White Oil Corp h
1400 . . Willys-Overland 7
X00 .. Wright Aero 9
Low
81
10
14 ft
11
J4
68
32
a
107 ft
21
"W
35
71
21 .
40 ft
10
72ft
01ft
33
61ft
17
7ft
78
lft
68
65 ft
30
60
43
8
38ft
55
11
20 ft
14ft
30
7
40
27
04ft
30 ft
27ft
13ft
70ft
41ft
23
47 ft
61
34
38 ft
37
2ft
OSft
31
20
78
20
40
73
137
107 ft
70
31
79 ft
5
4ft
7ft
30
25 ft
10 ft
68
86
7
62
20ft
122
CO ft
54
104
54 ft
17 ft
60
80 ft
63 ft
97
75 ft
48 ft
29 ft
23
7ft
22
11
43 ft
63
17ft
8
0
9
1:30
P. M.
Net
Chire.
81 ft
19- ft
14ft ..
JU H-
ft- H
ss
32 - 3ft
3- ft
10' y
21 -19
-
28
71
21 -'40
ft
10 -
73 ft
01ft lft
33 -
61ft
17 -
07ft
79 3
68-8
601
30
60 -43
-
8
38
65 -11
20 ft-
14 ft-
30 - 3
ft
ft
"
ft
"V.
ft
ft
ft
ft
'ift
7 -
46
30 ft
27J4
ft -
41ft lft
1.3 2ft
48 ft
82 4
24
38ft -37
2 ft -esji-
37
20
78ft
20
137 ft
107 ft
70 -31
79 ft
6
4ft .
7ft-
36
23ft
10ft
68 -88
-
7 ft
63
20 ft
123
06 ft
65 ft-
104
ft
83 .
07
75ft ,
48 ft-29ft-33
-
8
23J4
11
43ft
08 -17
ft
0-
9 -
MOTORS
CONT
IE
DECLINE
ON CURB
Locomobilo Selfe at Fifty Cents.
Market, Generally, Shows
Botter Tone
New York, Aug. 4. A better tono
was shown to tho trading on the New
York Curb market today, although an
increasing demand was confined to n
few issues, wuich have been steadily
held for some time. Tho motor stocks
continued weak, some of them reaching
still lower lcvlls. This was the case in
Locomobile, which sold at CO cents a
share. ,
HwcqtB Co. of Americn sold at 2
and United Itctall Candy at Hi, both
falling to maintain slight advances re
corded in yesterday's trading. G'cn
Aldcn Conl was unchanged nt 34, ns
was Chlcngo and Kastern Illinois at
14. Commonwealth Finance yielded
to 47 and preferred reacted to OVA.
Goodyear Tire moved up slightly frdiu
yesterday's final price, selling at 13.
nud Ilcydcn Chemical made a fractional
Imnrnrimnr nt 2.
Several of the petroleum stocks
showed Btrengtu, prominent nmong them
being Standard Oil of Indiana, which
gained more than 1 point to 719. later
reacting to 71. Anglo-American Oil
was steady at 15 and Atlantic Lobos
ranged from 12j to 124. The in
dependent oil stocks were without ma
terial change in their trading position.
Gllllland Oil Fold at 1 to 1V5 nnd
Slmtrm was traded in at 7.
Cities' Scrvico common yielded to 118
nnd tho Bonkers' shares were 13.
INDUSTRIALS
Bond prices are advancing
It is still possible to obtain sound invest
ments and high interest rates in the following:
Price
93
Approatt'mafe
Ohio Power Company
1st St Ref. 7i, Jan., 1951 ,
Libby, McNeill & Libby
lit 7t, May, 1931
French Government
Non-Callable 7yji, June, 1941
General Asphalt Company 8s
December, 1930 100
H. Q. Wilbur & Sons, Inc.
1st Sir Jupe, 1930
9514
96
99
Yield
7.60
7.70
7.85
8.00
8.05
ELKINS, MORRIS & CO.
LAND TITLE BLDG., PHILA., PA.
Members New York and Philadelphia Stock Exchanges
High
,1(10
, 12H
7
Acme Coil .
Amer Leather
uetn -Motorn
(.tilcaro
uom
Com
Durant .Motorn .n
aro & i:at 111 14U
Finance 4J?f
rinftneo pref 12n
KniDlre food
Cllen Ahlen Coal
Goodyear Tire . .
Htilnoa Knlttlnr
11 Libby McNeil . . . .
74 Locomobile
31Vj
aiU
,8..
11 VI
Commodity Markets
GRAIN MARKET
Chicico. Aug. 4. W heat started un-
Pennsylvania Hailroad. cans- '" ' a.P i wer for September and , ""2r- "
ing n recession to M or , under yes- 1; "T. - (or December, with general c" and f
i... .......-. vaiiia nitpiiuini - . . 11 ..,. iiiimu
lie, ton
Albany
New York
Chlru:
Hartford
1 tenia s ton nriep. Some attributed
the selling to misgivings concerning the
outcome of the controversy over the
1 vote question of the employes. The
! fact, however, that the stock at yester
dav's top price was nearly 7 points
above the recent low level invited profit
taking bv thoe who had the temerity
to pick up the stock when dividend
prospects were gloomy. Furthermore,
thl represented un unusually wide
movement for tho stock. In addition,
the incomo return nt the present price
..; i.nimo. o,.lllnc nt the outset
There were indications of additional
liquidation through a leading commis
sion house. Receipts inspected yester
dav were 2."b cars ; last year lt4 cars.
The cash market was firm with basis
.c to y.e higher compared with fu
tures. Milling demand was fair, but
.Titnrt tnnnlrv WHS slow.
--!:."- . -".;.. ...i -
The seaboard mie yesivruuj - u-
. LIVESTOPK QUOTATIONS
riitmiro, Aub 4 CATTLE Kecolpto,
0000 bead, lleiter eradea brel eteers atroiiK
to 13c lileher; other iradea nnd clause alow,
etcudy. 1'uw prime jearllr. siO.fiO. load
loo, Slll'S, bulk beef stoore, J7 2300.75.
hulk fat .h. Mtnrk S4.riO?f H.7iV Cllltier. and
cuttora mostly. $2.3003 60, bulk bulls, 14 30
veul caie tamely, iudu.ju, siogi.
feedern atronir.
IOUS Iteceli'ts. 31.000 head. Markot,
ISc to i.'3o lower than yesterday i aveniBo,
racking grades slow, others (airly active.
Practical top, 111.30: bulk light and Heht
butchers. $1U.85W11,L'5, bulk packing sows.
19.. W0. 75: pigs slower, and bard to move.
SHKi:P Receipts; 18,000 head Hheep
nnd native lambs about steady, ueittern
lambs strnrur to higher; native lamb top,
early $10.50 to city butchers Practical top,
110, Western lambs. 110.73, .Montana
wethers. $3.33: bulk natUo enes, UiH.'ii,
few at (5.
x
.,nrt..,i T.idilliiff 4',.l' over September. nttsbuirh, Aur. 4. upas Receipts.
','., ".i'.V.j ...1.1, ..ralnns nles on 2300 head. Market lower Heavies. Jlli
jjw. n,i fc.....r. - - . l
which compared witn prcwuua '""" n.40; heavy, light yorkers and pigs, $1
is less attractive than some of the bonds basis o ' " uuu, xi,iinBP AND LAUBS-n.ctlf. 600 head,
"",', ........... . ,.... fnr ' Steady. Top sheep. 18.00, top lambs, 111.
Corn opened l! to 7C ww ior , CAIA.ES aecelpts. lbo heaj. steady,
September, and 'gC higher to 4c off for , Top. Jll.BO.
December, lth a small trade hell ng Au 4.CATTLE
was not important, lucre nun mui ncoipti, 423 head, stcsdy, cles. ra-
.lomnn.l I cflpts. Bioneaa. Bieaay; orio.
CONSERVATIVE
I INVESTMENT
Duquesne Light Company,
Pittsburgh, earns nearly twice
all interest charges. It has paid
dividends at 7 or more since
1913 and has now outstanding
$18,226,000 of common and
$5,763,000 preferred stock.
i
We offer Duquesne Light!
Company 15-year T'z'Jo Con-i
vertible Gold Bonds, due 1936,
at a price'to yield 7.65.
I Tex Free in Pennsylvania.
p Circulars on application.
HAHPER&TURNER
Investment Bankers
Utmbrrs of PhlladslpMo Slocfc Eirtanje
Stock Exchange Building
Beranton Philadelphia Heading
of the company, quotations of which
offer a bigger return.
Klectric Storage Unttcry after its un
interrupted rise of the last three or
four weeks ulso met realizing. Some
profit-taking win likewise accountable
for n slight shading of the Philadelphia
Electric preferred. T. G. 1.. after
opening at ,1l'a. fell back to 33"-i. All
hands are watching City Councils and
the Administration to see what form of
relief Is to be granted the company. In
the interim trading In the stock remains
perfunctory.
Philadelphia Stocks
Financial Briefs
aay
eiimiiu. . . , j . i i.... HL,OS Receipts. 2400
Oats started unciiamjeu 7V lower. Heavy. Ill.Bonil. 75
- yrtntanihor nnd iinnnanceci to vm; mi i 12.2a: vorkr. Ilul
for December, with selling of the latter j CJ-a" f", h,aa
by 8 leading comnnsaiuu ukuj. Bteady, unenancea.
head: 80c to 7Be
m x-a. J 12U'
orkers, light yorkers and pigs, I12.2B
Low
1.18
P. SI.
Net
chge
nigh
R Am Stri
1st pref. OVf
'Si Am Sugar aWn
lAm Onw.. 3'J
111 LlecStor.llO'ri 10934 110 ..
4T, do cashtlOO 10!)i 100" . .
in r..n tnt IOtZ 10T' lOTi U
nrivs
ono's
3:
031 i
0.V-S -00
COTTON MARKET
New York. Aug. 3. The cotton mar
ket opened firm today nt an advance oj
12 to 15 points. Tho South continued
its active selling pressure at the 13c
level for October, but heavy T all Street
and commission house buying absorbed
n, ff..rlnffR and carried that delivery
to 13.10c In tho ilrst ten minutes pr
22 points abovo yesterday b close. The
BANK CLEARINQ8
Dank clearings today compared with cor
responding dar last two years:
iikm i(i:j 1910
. .tOl.OOO.Ono 170,821.101 $72,000,103
.. 82.738,047 67,713. 60S 68,701,700
rhlla.
Bolton
SHAW TAKES FUNG AT U. S.
PROPOSAL TO TAX FILMS
..iT!"1 .vfr5e P.rlcJf Jf.tw'n,y otlve Indus-
rial stocks declined 0.24 per cent yesterday
to CO 71. wh le twenty railroads were oft 0 70
per cent at 74,42. ,,u
..''A,.SoH,h fort? n,co Sufar Co- ' under
rf.t0 bK r''nntng som. sort of financing,
directors havo resolvod upon an Increase
In the 8 per cent preferred etock. which may
fe ofTered to presont etockhoJdora with a
iMU.,i cn?mon. Details of the plan are
etlll under discussion.
Rock Island's net operating 'ncom. nt
$1,180,238 In June wa, tbe largest for any
menth of tho year to i i,h .1. J."
Hon of March, and contrneted sharply with
1620 K11 ul -u-,-oo in June,
Vhat fa nerliRTiq a (rti. ln.iniAn ..
mrked Improvement In the general oredlt
situation in seen In the enormous subscrln
""..V th rco!J.t iues of B'i per cent
nnd BU per rent Treasury certificates of Tn-
?s.:v..,iiitr:Li!lh lha low,r mon,y
In July, the first month of the new fiscal
year, there was a reduction In war debt
as represented by Liberty Honda and Victory
J,,1,T8..V.l2O'.809'.n50' whlcl compares with
$14M47,40B In June and with $49,814,600
In ray.
Mercer Motors
Hweets Lo r '
u H.Hhip corp -1
U B Hteam 33,,
United ellt Candy O'.i
AVIIlys Corp- 60
STANDAIII) OILS
Anclo-Vmer Oil 13J4
Atlantic Lobos i-?
Ohio Oil 20
Stand Oil of Ind 71"i
INDEl'KNDKNT ICI3
Allied Oil B
Allied Oil now 80
Moone Oil 20
Boston Wyoming SI
Onrlb S'nd 4S
Cities .Service (old) lis. 3
Cities Hcrvlce "U" ctfs... 18V
Cities Sen Ico pref 43
Cushlng I'et 10.
Ollllland Oil pref 1'i
Ulenrock OH 02
Hudson Oil 18,,
Int l'etrol ll'l
Staracalbo Oil 21
Merldni, 18
Mexico Oil 84
National Oil N J pref 8H
Noble 18.,
Omar Oil l'.i
Red Rock Oil 33
Sapulpa Ref 3
Slmms ret .,
Hkelly Oil 3T
Texas Ranger 4
Texon 01
Vioodburn uu
MININO
Alaska I3r Columbia .... 33
Arizona i'atagonla 68
iioston & Montana, .-
Creeson Oold Hi
Croscent SlacNamara .... B
Divide Ext 13
Eureka Croesus BO
Uoldfleld Florence 48
(loin zone 11. ,
Hecla Mining 4 Si
MacNamara 10
Magma Copper 1".
National Tin 03
Nevada Ophlr 28
Rex Cons 0
Silver Mines lrV
Hllver Kli.v of Utah 2
Tonopah Divide 77.,
United Kastern 2V
West End Con 73
Wllbert 1
200
7i
Canadian Securities
WE take pleasure in announcing
that we have opened, in connec
tion with our general investment busi
ness, a department specialising in the
purchase and sale of Canadian Securi'
ties. Close wire connections to Toronto
and Montreal, as well as our Canadian
banking facilities, enable us to render
prompt and efficient service.
Correspondence solicited
Chandler & Company
New York
njooxroxAno
Philadelphia
Boston
iionds
Allied Packer C . .
Amer Tel fli t024
Anaconda 0s
Anaconda On
Anaconda 7a 1020. ..
Armour 7s
Ueth Heel 7 103.',..
Ueth Steel 7s 1023..
Chicago Un Bta UHs
cotM uas B
,104 104
Copper Export 8
Copper Export 8j
uulena 7s
100 100U
1022....1O14! 101
1U25.
The annual report of the Missouri. Kansas
and Texas Lines for the year ended December
... ,., uu.h iu cuniuna&iea reaerai and
corporate Income account, shows a net loss
HUM. I..t
as com:
year.
n Increase of $11,080,800 as compared wltri
-. ...vuuiw ni;vHjuni. snowa a net loss
last year's operations of J7.301.870.
npared with IS.102.084 In the previous
uross Income aggregated $73,014,787,
purchasing was stimulated by flrmneivs Sayo American Audiences Must Be
H-
7415 1
20 U..
03 ..
.-.3 1
43
01 )a .
Late
Developments
Each issue of our Market
Iteview contains timely
information concerning
numerous companies and
conditions in the various
lnduatrles. The current
number includes:
Elk Baiin NlpUiing
Qtiet Service Midwest Refining
Anglo-American Guffey-Gillespie
Swift Internacional
Ask for N-eiS
E. D. DIER & CO.
Stocks Bonds Grain
1435 WALNUT STREET
PHILADELPHIA
Itnroce 0818 Rure 6001
Hm Vork
30 Gen Mot 10
2.'i Int Harv 74Va
10.'. I Co X A 20 Vi
4.- Key Tele. 8',,
120 f.eh Xav 03
3D I.eh Vol.. 53
15 Lit Bros. 25
5 Pa Cent'l
LiP p( 43
814 Pa K It.. Z$t
100 rhllu Co. 3t
245 do cm pf 31 "j
222 PhlloEIee 22'1
130 do i.ref. 20a,
200 PhllaUT IfiTi 107 (17-f
100 Tono Mln Hi K Hi
125 I' O I... 31'... 3f3; 34 ..
iMiiianr.M'inA iionds
1200 Mbeity 2d 4is '42
100 Liberty 4th 4i '38
10000 Liberty 4th 4Us '38
20OO Liberty 4th 4',s '3H
1000 Liberty 4th 4'i '3s. .. .
500 Victory Pi '22
200 Amer las A: Klec r.s. . . .
1000 Amer (Jas A Klec 5.s
1000 Klee & I'eo Tr 4h
1000 Lake Superior Ine 5
1 1000 Lehigh Valley 0S '23
1000 Lehigh Valley cons Cs '23.
1000 I'cnna H H temp cts Os.,
, niMi I'enna 41 it temp cts us
4000 Pennn 'II It
107
74 V,
20 M,
8H
Phi
53
25
13
38"!,
31
31 'i
224
20o;
107s
IV
3f3;
;ij jq. 1C Dcembr
( 1 Ll -i. J. "' uo ' '
2lT ij
ta 4 ,S
-". .
.i.is.'.B " "- " , ' - . .......
( ln,. 1 Ivnrnnol adVlCeB 8n(l UUIUSil
crop news from Texas. The otter was
tabled to Liverpool and doubtless ex
plained the sharp upjturn in thut mar
Uet ot tne time of the opening liete.
The receipts at the ports for the day
are estimated at 10.000 bales, against
n3 507 bales n week ago. 4151 bales
a ear ago and 13,533 bales two jears
"S0, Prevtom
Close
in .1
Aurvi" ,T, n,
epteintei i" hH
IS 34
13 27
March
Oc'i'ber
Open
13.13
18 37
IS 40
18 77
S7 74
SS 02
S7.vl
ST.M
M7.SI
lis 01
I'lttsbarth
t'lei eland
tomn cts Or. ,
lOOOPhilo City 4s '07
10000 Phlla Llectrle 1st 5s
1000 Philn Electric 1st 5s
1000 Vnlted States Steel Bs
1000 Welsbach Co 5s
35
1)8
1)8 Mj
00',
0M4
(104
85
8Si
88 l
05
!)0
NEW YORK COFFEE MARKET
xw Vnrli. Auk. 3. The local coffee
future market opened 3 to 0 points
lower with no special character to the
trading, there being a few selling orders
around the local ring v,ith an absence
of aggressive deinund.
There was a late morning downward
nation which carried September to
(1(15 and December to 1 .10, or 7 to
points below initial flRurt'S. At this
evil the decline wns held in check by
demand believed to be for New Orleans
account, offerings of September being
nromntly absorbed at ti.u.i
?eptrn,ber
rwcniiter
Sr.l rch . . .
May ... .
Uu'y
Preloue
Close
(I 74
7.18
7.64
7 74
Open
fi.7172
7 IB WHO
7.B1M58
7 71U72
7.oSJSll
RAILROAD EARNINGS
CANADIAN I'AfiriC
1921 Increase
Tourth vek July JR,003,0(,0 I637 OOO
Jan 1-July 31 . 07.641,000 0 001 OCX)
MISSOURI. KANSAS AND TEXAS HV8TE.M
June gross ... l4.S4O,0(il 000 8S()
Net oper, Income Ml. 720 1 003,272
Six months' gross . . 30,820,341 a.JIB 074
Net oper. income . 2.001,073 6,189.003
Decrease.
-i iJ
Lawrence E. Brown & Co.
CUITIFIED -PUBLIC ACCOUNTANTS
KM MEAL IBTATK TBCST RLDO.
kita aaiaa oorporauoa ana
MMHata fco4 prepiue lueeme
Bank of England Statement
London. Aug. 4 Tho weekly statement of
the Dank of England shows the follow ng
changes Total resere decreased 1401,000,
circulation Increased 410.000. bullion In
creased f 12 808; other securities decreased
710.0001 other deposits increasen (2,274.000
nubllo deposit Increasea ivti
rt.:i!
th bank's reserve) 10 1
14.60 per nent. . ixwt
peroeoU Rate
l,000i notes re-
MONEY-LENDING RATES
both clessQS
, Vf.it IT Mr.nAV on call
llaterai. opened today at 64 per cent
M.
r, nl Dl
for lending and renewing
PHII,Al)EI.riHA Call. 6 per rent! time.
f per oent, commercial paper, three to six
months. 6 por cent. ...
Vote Thiso are merely nomlral quota
tlcni. the legsl rate of Interest In the State
of I'ennsyHanla being fixed at 0 per cent.
Plus premium and commission, time money
for thirty to ninety days Is loaned at (1 Iu
l"a ir cent while commercial puper from
thirty to ninety days, ts loaned at 0 to tt
pgr cnt.
fAS'llON Money ts quoted, at B per
rent Discount rates, short bills 4 T-io per
cent three months bills 44 per cent.
French BanK Statement
Paris, Aug 4 The weekly statement of
ih liank of France show the following
?G ii" niMr in tJnnil Increased 200.000
"i"""1 ..r""- . t Ji i.... .it nni
VVaniV' silver In hand Increased 230. uoo;
iot?s In circulation i Increased. 423.148,000:
?reury deSSlts Increased. I.00j000l gen-
m.hiirt itMnnelta lncrea
""" .--'::'.-. ,.,A.nA. rt... ...... . i i :. . ...
tiSV&srwmj&KswK vzri hFE 5nMmi'n .Sc.: s i .FJ ,."?aZrS
IXar ,"w.. -IS.ax lVmjmm -h. bank ..... ------ y
gfl
Sick of Home Productions
Special Cable Dlcvntch. Corvriuht. istl
London, Aug. 4. "The Ameiiran '
audiences must be deathly sick of seeing
nothing but cowboys and American sob
stuff, close-up, make-up and all the
rest of it," writes George Bernard Shaw
In the Itcst issue of tho Incorporated
Association of British Kincmatograph
Manufacturers' publication, oucnt the
proposed American tax on imported
moving -picture films.
"They want French films, Italian
films, English films and Scandinavian
films for variety. If they do not get
them. Amovlcan films will drive the
American public out of the American
theatres, and the glory 01 lob Angeles
will PASi out as that of Babylon
passed. I think the tariff is a rtductlo ad
absurdtim which will soon cure itself,"
Sir Arthur Conon Doyle said retalia
tion was the only weapon of free trade.
Sir Rider Haggard, commenting on
the tax, said:
"The proposed American film duty, if
enforced, will prove disastrous not only
to the United States and Great Britain,
but to the whole world "
RAISULI OFFERS TO AID SPAIN
Former Outlaw Will Pacify Morocco
Rebels If Made Sultan
Madrid, Aug. 4. (By A. P.)--
Ruisnll, former outlaw leader and
chieftain of rebellious tribesmen in
.Morocco, is reported to have made an
offer to Spain to pacify the entire
Spanish zone of Morocco on condition
that ho be appointed Caliph und Sultan
of the territroy in ipicstlon.
There have been reports that the
town of Xador, south of Mclllla, has
been evacuated by Spanish troops And
occupied by Moroccan rebels, but it
Is declared in official circles that there
Is no confirmation of theso rumors, An
official statement issued last night de
clares fires continue nt Nitdor. Tho
Moors are again bombarding Mount
Arrult, where General Navarro nnd a
considerable body of Spanish troops
havo been surrounded by the tribesmen.
General Xovnrro is said to have sent
word to his superior officers that he
hopes to defend his position if re-en-forcementa
arrive without delay.
KVmhn. nnd Zeluan. two tOWOS In tllO
battle zone, are reported to be burning
.. 9.0l5J? . "out;a V the mlnta of the
United States during the month of July were
standard sliver dollars to the value of
?i2?X000 "n(J mnr coins to the value of
$48,080.
8t Efo',1 ,oul "vnu loadings last week
wero 20.481 cars ngatnst 80,080 a year ago
and loadings for the year to date total 702.
870 agalnet 1,003.422 a year ago.
.hH clSf,i rlSwJFr,:5lt?r ,c.nimlttee announce
that with deposit of claims approximately
100 per cent of a I outstanding obligations
have boen filed with It It Is understood
that final draft of reorganization plan pro
vides for funding company's floating debt
and Issuance of new securities to general
creditors.
For the year ended June 80, Utah Power
!? tin f 5LnCo' Hl".w, n,t oixratlng revenue
21 Ji0"0, Toul Png costs were
$1,700,600; property Investment, 18.080,006,
rate of return on Investment. 4 04 per cent.
accoramg 10 statement to the Publlo Utlll-
"" -uiiiiiiiBiun. tares now 7c cash
umo in uuoks ana 40
.102
. 0Si
. 001
. US
. 08
. hi)
,.1014
. oa'i
. 95
. t3
. 68
. 07
. 00
. nnu
N Y 7 1020....I02 102H 102,
N r 7s 1027... 162 1021 102i
N V 7b 1031... 104t 104I lOfil
M v nu . 100U tool; KlO'i
. .. 00 00' 00'.
. .. po'I 00I Oil.
...1014 101U 1014
...1004 1004 1004
Clrand Trunk 04s .... ,
Gulf Oil 7a
Humble Oil 7a ,
Interboro 7s
Ill Cent 04 s
Kbnnecott 7s
Libby McNeill 7s
Nat CloaK Ss
N Y N II & II 4a
Seara Roebuck 7s 1023
Solvay 8s
Houtnwest lien 7
Stand Oil
Stand Oil
stand nil
Stand Oil N Y 04 a
Swift & Co 0s ....
Toxas Co 7s
Vacuum Oil 7s ....
West Hlec 7s
102
034
004
OS
08
704
-014
034
06
02
68
074
00
084
Pertinent Information
As a result of special analyses we have prepared
circulars giving pertinent information on
U. S. Steel Corp., No. 285
United Fruit, No. 295'
Sears Roebuck, No. 305
Miami Copper No. 315
Endicott Johnson No. 325
Copies free. Please request by number.
WALTER J. SCHMIDT & CO.
Members Consolidated Stock Exchange of New York
Philadelphia: 1323 Walnut Street
rbonei! Bell, Walnut 4000 Keystone, Race 8781
New York: 30 Broad Street 319 Fifth Avcnuo
or
fn. irthnnl lf.lr.tB
During the year 38.787,840 passengers were
carried at an average of 6 S3 cents each.
arose Income of Air Reduction Co.. Ino.,
J;r.?So1d W" J 10:!1 amounted to
11.887,784. Net profits available for out
standing stock before nllowAnr fn, Tru.l.
eral taxea weie 1184,814.
Holders of 93 per cent of Chicago. Terre
Haute and Southeastern Incunre bonds and
024 Per cent of etock approved the proposed
lease to tho St 1'aul.
The New York Central Railroad has been
granted authority to Issue $4 426. OOO 4 per
cent consolidated morteae bonds In ex
change for like amoutt of New York Cen
tral and Hudson Rat road 34 per tint Lake
Shore co lateral bonds, v '
i,."?J.,tIf-piSw5?ISW'L ""Hut
FOREIGN EXCHANGE
Xew York, Aug. 4. Thcro was a
better tono in tho principal European
exchanges at the opening this morning.
Sterling was up 7-10 cent, franc ca
bles 3 points better, Belgians 2j
points up and lire was Improved a like
amount. Msrks, however, were oil n
point.
Tho quotations were:
Sterling cables 31.C7V4. demand
a.ri0?4 ; franc cables 7.07, checks 7.00;
Belgian 'ables 7.30, checks 7.35; Swiss
cables 10.48, checks 10.-15 ; lire cables
1.22V., checks 4.22; peseta cables 12.S0.
checks 12.78; guilder cables 30.57,
checks 30.52; Stockholm cables 20.40,
checks 20,35; Chrlstlania cables 32.70.
checks 12.05 ; Copenhagen cables 15,32.
checks IB 27; marks. 1.22.
The rate of premium In Montreal to
day on Xew Tork funds was 12 1-10
per cent. The rate or discount In Xew
York on Canadian funds was 10 25-32
per cent.
Central European exchanges were:
Greek, C.47; Rumanian, 1.25Vj; Bul
garian, .85; Austrian, 1.18; Czccho
Slovaklan, 1.25; l'olish, .059; Jugo
slavian, .50. B
YKSTUHDAY'B FINAL QUOTATIONS
Btorltng Francs Lire Ouilders
Demand ...8,604 7.824 4.204 80 40
Cable 3 604 7.03 4.21 30.63
TODAY'S OI'UNINO QUOTATIONS
Sterling Francs Lire Qullders
' 7.00 4.22 80.32
X T AT A .,,,1 .... -Z
i.v, an ou.07
for rvnA ' maturity tbe outstand
Inr 10. 173.600 three-year 0 per pent secured
gold notes due Februory 1. 10227 clears off
a part of the rednanolng nroerrm hih
the oompany must carry out during the next
'Vv Sa "I41"0" 1" Jhe three-y?ar notes,
which have been called for payment on Oe-
inoer i hi iuu-i . ine company has an u.n
of 10.704,000 ten-year 6 per "en.! dJb.mur'e
bonae tailing nue May l, 1023,
BAR 8ILVER
Demand
Cables .
8 50',
3.674
' 100,000,000 franc t th Btata.
D,ir. I'ir!l w unchnd In London to-
Qty t).l SD7I Ui
PRIVATE STILLS RAIDED
Boys "Tip Off" Police Authorities In
Allentown
Allentown, Tn., Aug. 4. "Tipped
off" by several boys, local police an
thorities raided Bcveral homes and
obtained seven large stills, fifteen
barrels of "white mule" nnd large
Quantities of mash.
One man was arrested and warrants
were sworn out for five others. The
police expect an early arrest of tbe
tinsmith who mad tb.aUUi.
Raw Sugar Market Unchanged
.. Is!e,w Jork Au- ! yesterday Ar
buclcle Ilrothers announced that they had
disposed of about 16.000 bags of refined
eugar for shipment on or before Autuet 16
at 6,06c, less 2 per oent for cash. Which
was quickly taken. The firm Is not accept
ing any business today. At the opening
today the Federal llertnlng Sugar Co an"
nounced Its re-entry to tbe market at 6.83c
less 2 per cent for caih. This Is the lowest
price named by nny of the local refiners,
the American. National and Warner con
panles continuing to Quote on the basis of
lift, lean f nr on ft, n.v. mh. ...
. . . . V "' " v... A,. rw mar
ket Is steady and unohanged on the basis of
84 0. cost and freight, for Cubas, eaulva
lent to 4.80c. duty paid. Thore wero no
"f'SV'??;? J!"uriay.- Importations It,:
eluded 24,000 bags Cuba and 6000 bags
Porto Rlcos to the National Sugar Refining
CO;! 83 000 bags Cubas and 18.000 bags
Porto Rlcos to Arbuckle Hrothers and 13,000
bags Cubas to the Warner Sugar Reflnlng
(U fifil tr4
II BONDS TO
YIELD OVER
8
WE SHOULD like
!l V w 1 1 I
j TT to submit to you a
I list of bonds yielding III
II up to 8, which wc I
believe meet all the
1 equirements for safe
investment.
Kinthj writs for Circular K-i l 1
CASSATT V CO. j
Eitabtithtd 1872 j
COMMERCIALTnUSTBLDG.
PHILADELPHIA
lllll NIWYORH, I
IJJJI eALTteiORE-PlTTaaunOH-SCRArlTOM JJJ
mSim
I n
Duqueioe Lifbt 7 lit, 1936
98V; Yield 7.65
United Drag Co. 81, 1941
100 Yield 8.00
f . are lYosg suiAsirw.kf. P-
m i
EQUIPMENT BONDS
N. Y. CENTRAL 7
1928. to yield 6.50
PACIFIC FRUIT EXPRESS
1925. to yield 6.50
STANDARD TANK CAR 7':'.
1923-29, to yield 8
HARVEY FISK & i
(Incorporated)
NEW YOKK
CHICAGO
BOSTON
BUFFALO
LAND TITLE BLDG.
PHILADELPHIA
DIVIDENDS DECLARED
.J.'ua0.WrnM,n.,urc,urlr,.lf. A'snelalcs, quar
terly $1.60 and a, special jl. payable Sen.
,"SV.er i ,0 ,t0k ' record Auguit a!
Nlles-nement-Pond Co., quarterly 1 i.r
cent on common nnd quarterly 14 p,r cent
on preferred. Common s payable September
20 to stock of record September 1 and pre!
ferred August 20 to stock of record 5K-
Homestake Mining Co., monthly S3 cents
XuMit'otU,,t ' t0 ""' cSrd
rwys
I .TT
To Net
8.3Of0
Comolidited Text, lit 81, 1941
99 Yield 8.10
Producers & ReEneri lit 81,
1931 96 Va Yield 8.50
Widinir Bitnr.PriiutitifmA
MmLmmtaVMsami
. aiWYosg auiAsiTM.ki.
C. S. PATTON & CO.
3D ti CIIF.HTNUT HTH.
BANKERS
HucCfi(ir to
NAIf.KIl a (iTir.vi'Vflnv,
Ilnnds nnd Stocks liouxiit and sold
Members IMilln. Stock Kxrlmnge
V
First Mortgage
Serial Gold Bonds
Due 1924-39
Tax Refund in Penna.
Full information upon rcqutil
Baker, Ayling & Young
JOSEPH W. SWAIN. Jr.. Manwel
Land Titlo Dldg.
Botton PhiladelpM
1 aniwiari oniiern Itr. Kqup... 0's 104-UO
I'l-iin I'ublle Hrrilia Corpora loii ..o'a 10S0
I'lilladelphlu Ilnuld Trnnalt Co. . ..fl'I ion!
Mtranton Uullwai. CompnnrT. "...a'. 103J
l'ortlund llwt.. Light & I'ouee fk a: .n'l.t
Samuel K. Phillips & Co.
U,nrcnrSrlrHkKgl.eh"nM
DANUKltS
Dealers in
Investment Securitiei
.Ueiuters New Yorh and AaeHlJ
Ctocta KxchaniHI
321 Cheitnut St., PhIUJ'ffe
-
't-CVSW
ji
V
T
(
.M
.--:-
a. .'ft ' ,'
j-eto,a.KVl,..
.X-Am,.! ..if.'Wii.li
'iWm. psmiiir .,
T-hXrxmsmmMZ'1"' '""'
rjfWft3tCft;!f
W31f1!SBapJ
tJV----e inW i isisWw-ffiV
Ym