' ?r ' . V'jMfr" ' - EVENING PTIBLTO TDBR PHtTADELPHIA, TUESDAY, 'AUGUST 9, 1921 " T1 -"!! aT- . -tt at - - - - v . - -" . - r J il - s W-. n v How to Grade Investments A BOOKLET that tells how to grade and classify investments in vfcgard to their safcty- A booklet that explains the firt principles of in vesting money in plain ?Vnd simple language Such is our booklet, "Common Sense in In vesting Money". It will be valuable toyou.Writc for it today, and specify ' BOOKLET 704-Q ARE NEW YORK STOCK EXCHANGE TRANSACTIONS . Trading Touched Low Lovol for Yoar and Was Meaningless S. W. STRAUS &, CO. ftS I Ifrnffrtnimn . trinr taiisr ! it Stock Exchange B1dg Phlla Ttltphr.t Srii'ct 56:8 39 year without loss to any investor Copjrlsht 1011, by S. W. Striui & Co. tirat iww. w w ., . w j j -jugjjjjjuujL I I j W V 'll I SAFETY AND 7 We recommend the 7e Equip ment Trust Certificates of the Indiana Htrbor Dclt R. R. Co. d"e sml - nnnunlly iip tn Pebruary. Will 1.U"1 under tie Plilladelnhls P an." Secured by neresa-v lnromo 1l'es and tender?, with eah equity of 331. The Company operate t07 nil'es of terminal traclt in the v'elnltv of Chteiso The capital etoek of t'e ra.I road It owned hv 4 icadlm; trunk lino railroads. Price to Yield 6.75 KtnHlu nfc for Circular K3-S2 CASSATT V CO. Estabhthtd 1872 COMMERCIAL TRUST BLDG. PHILADELPHIA mw vcnn DLTIMOBt-PlTTSBUBSM-SCP ASTON iii; , i e Nerr York. Ann. 1). It wni another lull tiny in tlic utock market, but what It Inrkorl In brradtli nml iictlvlty It more thnn mode up in ntrrtiKtli. The llfrlev chnrryter of the trading ran bo better opnrpclnted from the rnct thnt during the flrat hour, nautili? the humect period of the dny, the turnover was bnrcly 00.000 shore. Thl reflected a utrict adherence to the watting policy on the part of the professional trading eon tinirent, rr-nsone. for which remained still unexplained. Out more the -nCri" (I'.' n -n. the htnbili-.lng Influence, and had the market b tt u ir ,!, in ire i 'thv tiii-r would be ground for atiapit'ion th.lt the renewed Mrenitlii of tlie group vn ce;ng adroitly emp oyeri to wirilitptP tllatritiiition in tin- IntliiMrlnl quarter The alertne(. however, with which virtuallj nil the rnll. more enpeeially the high grade iMiri. responded to re newed demand. etiiplioviJii'd finite clenrlj It nt it much ea'ler task to sell rather than to buy theie particular 1iuipi. About the only definite explanation fir the relived Interest other tli-m tri nieal conditions was the unoflicliil re tort of the Railroad Labor Hoard Iihv- p reversed the derision record tin tin- ballot of the Pennsylvania Itnllrond em ploes. The report was said to have been made by a high railroad official, but there was no continuation of it from Washington. Nevertheless there was a broad de mand for all the railroad stocks around midday Great Northern preferred, Northern Pacific. Canadian Pacific. Southern Pacific. New York Central. Reading, Chicago Northwestern, I.ouls ille and Nashville, Misoitrl Parlttc preferred and Ualt'unoru and Ohio pie ferred moved up 1 to ln4 point Otherwise the movement was mean-iiijle-v and to sumo extent inroii'-lsteut with Individual lntluuiccs. American Locomotive, for iir'tanoe, in fare of the remarkable good showing for the first half of the year, ran uff a point. Desultory short covering brought mod erate rallies in some of the industrial Issues recently under pressure and drib bling selling caused others to run off. A cancellation of more tliHti half of yesterday's wild udvanre in sterling exchange revealed to what a large ex tent tiiat movement had bet n of spcu laliie orizln. At the same time call iiuno. couiinuel tirin at ti c, cut Mini ivports that the demuud trom the m ! terior fur agricultural need- was in creasing. LOCAL TRADING AT STAXDSTILL Province of Alberta Guaranteed Thirty Year G Bonds Issued by Lethbridge Northern Irrigation District Due May 1st. 1951 Principal and Int Tost, payable In New York. The Government of the Prov ince of Alberta has by endorse ment provided for a full and un qualified guarantee of the pay ment of the principal and inter est of these bonds. Price: 87.52 and interest Yielding 7 (rarment tn United States Funds) Write for Circular P-S9 Wood, Gundy & Co. inrorpora'd 14 Wall Street, New York Toronto Montreal london. Kne. Wlnnlpes Pennsylvania Failed to Re spond to Flare Up in Other Rails Spruce 8200 I BOUGHT SOLD QUOTED United States Government Securities All Issues SKCritlTIES DKr-ARTSUSNT Commercial Trust Company Member Frdr.il Itrsrne Mmm City Hall Square Wet Local stocks showed litt'e life in to daj's market anil price change nrr liicons.'iiuentlftl. With the dspui;i,ir, to mark time in virtinll. all the lead lug security markets the itidoleivc o the IocmI outfit w.is nether s'ir.irisiii r unin'ural. Trad ng was aim ist en tirel perfuui tun, ulioUMUo Intevc nf the lowest ehli witnessed In a l.im. time. About the onl. seniblaiiie of interest was supplied in the dealings in Penn sylvania Railroad and wlilth contrasted with re.-cnt sessions were considerably curtailed. The Rtock made a poor re sponse, to the brief spurt in the rail road shares on the big board, which was more -surprising inasmuch as the in fluence behind that movement was prompted by the reported reversal of the labor ruliug affecting that particular company more than others. Another illustration ol the thinness of the market was given In the two-point drop in PennsTlwimn Su't from the previous ate to 17. hHi nm made on ut limited offcing. Dei-lurntion ol the ii Html ijuarterlj diwdeud-, on the Philadelphia Klectrie 'hares was with it effect. Little, howevet, was done In cither the common or preferred. With no transactions In Electric MoraBe Battery, L'nlted Obs Improve .nent, Philadelphia Rapid Trnniit. Le nigh Valley and Lehigh Navigation during the first hours a better Idea, is obtained of the pronounced character of the stagnation. Considerable interest was manifested mi the street regarding a reniirt in cir culation of the. paper of one of the mora prominent local manufacturing concerns being hawked mound and offered at 10 ei cent, with a big bonus. A careful anvuss of all the leading banks and oilier loaning Institutions tailed to con lirm this report and in better informed Irvlos, when the name of the con ern was mentioned, it was dibcredited. Dlv. Sales In I Hlnh Low 3M .. AJax llubber 33)4 23 Vi 2'J Alaska Juneau G M... 1 , 1ft '0 4 Allied chtm & Dye. . Mi 37 200 7 Allied Chom & Dye pf . 80 80 900 4 AlllB-Chalmers 30 3K 30 13 Am Car & Kdy ltJU 13 300 Ani Cotton OH 18Vi 18 300 . Am Internat Corp.... 3JH 33J4 "0J 0 Am Locomotive 85 814 "00 . . Am Safety naxor 4 4 JJ Am amelt & litt 3H 3H 1800 Am Sugar Ref T'2 BOH 0 7 Am Sugar Hof pf . . 8S'i 88H 100 a Am Sumatra ... . 48?a 4H 100 o Am Sumatra Tob pf. . 7SJi 7t 1300 0 Am Tel A Tel . . .IOSkj 10'W 400 l j Am Tobacco . ... IMJi 12.1'4 300 13 Am Tobacco n ltSJ-i 13JH 100 7 Am Woolen 10'A toft 109 . . Am Zinc Lead & Smlt 7J4 7Ji oo . Anaconda Copper .... 35J, 3S54 M0 l Atch Top ft Santa Ke. 84? 854 100 o Atch Top ft S P nf . . . 70J4 79'4 100 .. Atlantic Fruit . . .. 44 p 4 40 . . Atl Qulf ft W I S S . 334 2?H 400 . Atl GUlf A W t S 6 p 3214 33 100 7 Atl Heflnlng pf . . .107 107 Son g Auto Sales Corp pf . 3i ni l-!.-1 7 Ualdwiti Locomotive . 77H 704 '"" r. Bethlchf m Steel B. . . M 0'4 300 Bethlehem Steel 8 pf 93 08 'i 10 i Baltimore & Ohio.. 3s4 .I1"' 3J0 4 Baltimore ft Ohio pf . l 'j -I ti 100 Butte Copper ft Zinc 4'i ii loo s California Packing . . 00'i OoW 100 3 Cal Zinc & Lead 4', 4t', 1000 to Canadian Pnclfle . . ..1I4H 1143 MOO .. Central Leather .... 31 33 100 8 Chandler Motors ... . 402 4814 1000 . Chicago Mil ft St P. . 37 Vi 27 800 . . Chicago Mil ft St P pf 4M4 41 V M0 5 Chicago Northwestern 7 V4 lion . Chi It I & Pac 33 33V2 100 Chlno Copper 23 U3 mo Coca-Cola. 334 33?, 500 . Colorado Fuel ft Iron 24 34 100 . Colorado & Southern. 30 30 4 100 4 Cot ft So 1st pf 88 M 803 .. Col Oraphophone 4JH 414 300 Col Oraphophone pf . . 18!4 18 300 7 Consolidated Ga 88J4 88 1000 s Com Products Ref... 7U 01'A 400 2. B0 Cosdcn ft Co S7V4 374 700 4 Crucible Steel 8R ' 300 2 Cuban Am Sugar 15)'j 13i 200 .. Cuba cano Sugar .... lO'-J 10 000 .. Cuban Cane Sugar pf. 25 244 400 .. Denver & Itlo Or pf.. 1H 1 IU0 s Endlcott-Johnson . . S0'4 59!i 100 7 Kndlcott-Johnsan pf . . 35 05 6J00 8 Famous Ptayom L. . . 81i -M'i 800 Flsk llubber 10 Onj 5.100 .. General Asphalt ... . 5H'a "0?b 5100 s General Klectrie .. ..118',! 110H 1400 t Genernl Motors 10?i 10H 100 Gtn Motors deb 6 . . 04 84 3101) 7 Great Northern pf . . . . 75 74Ji 1400 4 Gt Nor Ore ctfs 23J4 30 400 4 Haskell ft Barker Car. 5BU 5S4 280 Houston Oil 81 4 51 2 100 1 Hupp Motor Car.. .. 10Ji 10JJ 1100 60 Indlnhoma Ref 3H 3 200 .. Inspiration Con Cop.. 33"i 33Jfe 200 .. Interb Con Corp 3J 3?4 100 7 Int Harvester now. . . 7S 7.T too 8 Int Mer Marino pf . 44H US 100 nit Motortruck Id pf 58li 5S',i 200 .. International Nickel . 13'i 13lj 400 International I'apcr . . 51 50Te SOI) InMnclblo Oil Corp. 8)'j R HOT Island Oil 3 2'4 20.1 . Jewel Tep .... ' nl 41S Kansas Citv Southern 2J 3.1 ' 1900 I Kelly-Springfield Tire 4t;8 41'h JOO ,. Keetone T ft U I2i f..a 200 Lackawanna Stel ... 30',i 39 100 . Laclede Gas of St L . 5''i 53U too 3.00 Lehigh Valley " 100 ..LoeweCo 1 " 100 1 Loft Candy . . . . i 4 100 lioosc-Wiles Biscuit . 3SK2 3.1 !4 100 7 Loulsllle & NaslnillellO 1J0 100 7 Manhattan Kiev guar 40?8 48H 700 Marlnnd Oil 13J 1011 Maxwell Class B ... 10 1 Commodity Markets iilf i .nn Net P. XT. Chse. 28 j4 yt 14- ' 87 - H 80 soH - ri 125 1 18-14 331 ' 8414- 1 4 UK 7i4 W 88H H 48H- H ISM,- 2J4 10Hi- ' 123 H 128 Vi r V 09)4- 1 7Ji- A 35J4 4- V, 84)4 W 79)4- 14 4 324 - )S 22 - V 107 3 ' 774 J- 504- , 08 14- Vi 3S4 '4 81 '-4 4- Hi 414 C0'j- !4 4)4 liiJi- H 31 4814- V4 27 - !4 41 M J- Ji 07 -f- Hi 32 Ji 4 V, 23 -r 33?4 4- H 24 4 1 384- 14 58 Hi IS - 1 83 !4 - )i 01 'A- !i Ii V 544 . 1514 4- U 10 J- ti 25 4- '4 IS 4- !i 5'.- (S 31 Sl!i4- 's 0V - 14 51 )i- i 117 - H I0H 04 7414 1- 3i 291j r -i 50)4 J- H 514-'- 14 10J4- 14 3H- i 32)4- sj 3Js Bales In t U'l, 3000 g Mexican Petroleum pfl0&4 oun 1.00 Aimuie Htntes corp... t-t-yi .. Midvale Steel 2H .. Minn ft St Louis 11H .. Missouri rnclflo 204 .. Missouri Pacific pf.. 394 .. Montgomery Ward ... 17H .. National Acme 14 7 National Biscuit 114 . National Con ft Cable. 14 7 Nat Enam ft Stamp pf 484 . . Nat R It of Mex 2d pf 5 New York Central.... 714 .. Now York N H ft H.. 17 1 New York Ont ft W. . . 174 7 Northern Pacific 774 8 OtlB Klavator 88 .. Otis Steel 101 . . Paclflo Devel Corp... )4. S Paclflo Gas A El to. ... 58 .. Paclflo Oil 85)4 0 Pan-Amor Petrol .... 74 0 Pan-Amcr B 414 Pennsylvania H It.... 37H .. Penn Seaboard Steel. . T'A . . Peoples Gas Chicago. . 54 . Pere Marquette I9H .. Phllllps-Jones 74 . . Phillips Pet 10 . . Plcrce-Arrow Motor.. 144 . Pierce Oil 7 8 Pierce Oil pf 40 . . Pitts ft W Va 37 Pressed Steel Car ... 89 8 Pullman 01 J4 . . Punta Alegro Sugar.. 304 II Uand Mln Am Shares. 19 .. Itay Con Coppor 134 4 Beading 70)4 .. Remington Typowrltor 204 .. Republic Iron ft Steel. 474 . . Republic Motors 0 .20 Royal Dutch N V 5t?4 . . St Louis Snn Fran. ... 24 . . St Louis San Fran pf. 374 . St Louis Southwest. . . 354 . . St Louis Southwest pf 334 . Santa Cecelia Sugar., 3 Savago Arms 11 Si Saxon Motor 4 Sears-Roebuck 004 .. Seneca Cop Ccrp 104 .74 Sholl Transport 37 Sinclair Oil 114 78 44H - 58)4 -13 '4 811, J- s!4 -3', .'534 It 1 it 1 ' 334 -53'4 -52 114- 8 14 . 334 ' 110 4-48H4-11 10 !4 ' t '4 i, H i i 1? H 700 100 300 100 100 100 100 100 200 100 1009 1400 100 4800 100 100 100 300 2000 1109 800 2500 500 1300 500 100 100 500 100 too 100 ino 100 200 400 s 100 22O0 200 100 400 400 S 700 100 100 100 100 200 300 500 500 200 2000 100 3100 600 100 800 100 5100 700 300 1200 030 300 300 100 1400 1300 too 700 1800 400 100 200 1500 100 800 300 .. Sloss-Sheffleld 34 0 Southern Pscfllc 78 Southern Hull 204 .. Southern Rwy pf 40)4 7 Stand Oil of N J pf . . . 107 H . . Stromberg Carb 3f 4 7 Studebaker 78 y .. Superior Oil Corp.... 4 . . Tcnn Cop & Chem . . . . 7 3 Texas Co 354 .. Texas ft Pacific 234 1 Texas ft Pac C ft O.. 184 (1 Tobacco Products .... 58 H 7 Tobacco Products pf . . H9 .. Trans Con Oil 74 10 Cnlon Pacific 12014 4 Union Pacific pf 65 5 United Drug- 1i4 6 United Fruit 105)4 3 United Retail Stores.. 83 . . US Express 5j .. US Food Products.. 17 !j .. US Ind Alcohol 49 V S Realty ft Imp ... 40 , U S Rubber 524 I U S Rubber 1st pf. . . 97(4 100 3. BO U S Smelt & Ref pf . 37 5709 BUS Steel 74 'j, 100 7 U S Steel pf 109)4 8:0 S Utah Copper 4054 100 Vanadium Corp .... 204 100 .. Vhaudou Inc 5 200 2.50 Wella Fargo Express. 58 100 Western Pacific 3334 500 . . Western Union 83)4 230 4 Westlnghouse E & M. 43Jj 100 4 White Motor 334 100 . Whlto Oil Corp 8ifc 100 . Willys-Overland 06j 300 8 Woolworth F W. . 112 14 100 Wright Aero h2 Low. 1044 114 24 11 H 20)4 ' 394 1754 14 i 114)4 Hi 484 4 70K 17 174 704 88 104 !4 85 384 48 Ji 41 374 '?. 63)4 194 74)4 10 HH 7 40 37 59 94 29f4 19 134 8J4 20 47(4 5I&4 21 37)4 2584 334 3 114 3 la 064 10 37 10)4 34 774 301-4 40)4 107 30)4 78!e 4 74 35)'a 23 H 18)4 58? 89 7 1104 054 53)4 104 H 61 'A 5)4 17)4 48 , 49 51 !4 97 37 74)4 109 Vi 40 i.j 29 1 4 J 5S 23', 82)4 43 , 324 8) H 112 84 ONS'J 180 Nat P. Jr. Chse. 1044- !4 114 214 - ll- V 204 A 394 4- i 174 - H 144 4- ? 1144- V2 li 484 4 H 70 4- Ji 17 H 174 704 4 88 104 4- 94 86 - !4 35 i- !4 47 - 4 41 - 1 . 374 844 Hi t994 4- '-i 744- "M 19 ' H'(- ' 40 - 6 27 59 - 1'i 29?6- "4 19 - 4 134 oo?4 -J- 54 33 4- U 474 4- 14 I) 5154- 31 374- 3'4 254- !i 334 3 - i 1U44- y 4- Ji 004 4- K 16 - 4 37-54 19)4- ?4 31 7754 4- V, 204 4- i 464- 4 107 - i 30)i-r 4 78). "2 4 - 4 74- s 35(4 sin 4- a 1SH 8K - 14 SI 4- 3 7)4 - '4 120 x i (154 534 f 4 104H- 5 5354 4- 54 54 17)4 4 'i 184 f i 40 - '' 51 14- 4 97 37 - !4 74 Jo 4 , 109)i-i- )i ' in ?i - y, 29)4 i- 4 7 - 4 6S - 1)4 234 r 54 824- 1 434- 4 33H4- 54 ' 113 - J4 54- !4: Stoady Buying of Glen Alden. Farroll Moves Up Mines Without Change New York, Aug. 0. The price move ments on the New York Curb market were Irregular today with somo Issues showing a rallying tendency from low levels that wcro reached yesterday. Coal stocks, as n group, were in better de mand, Southern Conl and Iron reflecting steady, buying and ngnln selling at 2 and n, and Glen Alden Cool, In which there has been accumulation" In evi dence for some time, sold at 35 to 30. possibly on buying by some of those who had put out short llnej of the stockii and are now approaching the period when deliveries must be made, iurrcll Coal was another sttong feature, mov ing up from 13 tr 13i. 'P.ie tone in other groups, however, was' hardly stendy and movements were without special importance. Swift & Co. sold nt 08, and Llbby, McNeill A Libby was again traded In at ll'i. At tention was attracted to Colombia Emerald because of increased offerings, on which It yielded to the new low record of 03c a share. Dnrant Motors held firm, with sales at 28V4, but there were steady offer ings again of Republic Tire, which sold nt 35 cents a share. United Retail Candy continued heavy, chiefly as a re sult of the cutting In rates by candy makers, selling nt CC and 5. British American Tobacco was quiet, with small amount or business nt 1-'. Cities Hcrvlcc common was the fea ture of the petroleum group, making a good rally from yesterday's low level. The bankers' certificates sold at 13 and the preferred shares at -MMi- In ternational Petroleum was traded in at lO'i and KK-f, and Maracalbo nt liO',4. "Ininis Petroleum was steady, with sales Mining blocks were nctlvely traded In, but without important chnngc in their market position. INDIWTKIAI.NS Acme Coal ltrlt Am Toh coup . lolumbla Emerald torn I'lnnnce . . .. Jom Finance prcf Uurant Motors . ... Farrell Coal CJIeti Aldon Coal l.lbby ilc.Voll Nntlonal I.oather . . . rerectlon Tire . . . Hudlo Com Republic Tire Hub Southern C I Hwlft International . U SI,J U H Hteam . . United I'rodt shorln HlKh IM . . . I'.' .. ill .. 4S ... (i3H ::.:?& .:::'& . .. 8 03 . ... m 8S . 08 . . U . 31 H Low us 4H 1,314 HHVj 111 SB 014 8 81 l' .TI l'i r. 1 3D r m II." ti' it:. 4S Pt 13S 80S si 8 87 14 35 S 9H 1H JI STANDARD on.S Stand Oil of Ind . ... 704 INDEPENDENT OILh Allied Oil 4 Hoston Wyoming 70 Ilraios Oil 1 Carlb Synd 41, tiKiiioerj, 1 ciroi ........ 41 70' 704 Philadelphia Stocks ":lppMmfni r.riiiii CL. Hill 11 Rich 14 Am Cos . 35 3 I Co N A 2r)s5 lfid Pa U It.. 37-j Id Phlla Ins Wire... ,"0i-, :'l Pa .Salt tl7L. o Phlla Klee 'JL'-ls lml r prcf 2tPt lnUeading. (IIHK KHltSeum- Roebuck 004 10tU S Steel 74''4 15 204 37 U ."OW, (17 " ', (l!ts 714 1 IB P. M 35 20 a a-,- riou, Net chco GRAIN MARKET C'liic.iKo. An,' '.'- Wheat titli September undianged lilBher and December iC tolc with scattered commission house buy ing and limited offerings. Receipts in spected jestcrday were 525 cars; lust year S72 cars. The cash market was firm with a good demand and offerings moderate. I Official reports on the Russian situn tion confirm previous advices telling of the dire needs of that country, with I 'JOOO.000 tons of grain needed in tlm famine area immedlatelj . The Argen- ne surplus is now officially cm. mated nt 1 vmt.OlKl tiins and private? imI- viled at 1 .0110.00(1 ton-1. both belli;: much smaller than Inst previous re pons. Count ty ofterings to ann.' aic mnjlnrn t P Corn opened with Septemtx r un changed and December s to n. higher. Offerings were light and the demand limited. . , . . . Oats started with prices c higher for both September and December. Trade was light and featureless. RiTAunN iRcrn S IN TAX ON UTILITIES 1 (llenroclt Oil Jiuir-on oil . Int Petrol . Lyons J'ct . . . Maracalbo Ol! Merldan Pet Mexico Oil Halt I'rcek Prod HetiuoMih Oil 1 snim Pet Kell 011 FOREIGN EXCHANGE New Yul.. Aug. !!.- The opining foieign exchange nmrket this morning '.H' -lht di.sc'oso nil the Kurojienu rntes con-I sideraoly below last night's close. Re lations him- affected all of the issues. Quotations were : Sterling cables :Ui7, demand S.GGHi : franc cables 7.00, checks 7.89; Belgian cables 7.C0, checks 7.50; Swiss cables 10.38, checks 10.b5; lire cables 4.42, checks 4.41V.; peseta cables 13.05, checks 13.03 ; guildor cabsj-s 31.00, checks 30.115; Stockholm cables 20.08, checks 20.03; Christlania cables 12.SS. checks 12.S3; Copenhagen cables 15.55, checks ,r mi . -i... . 0,1 itj.uu, mump, i.i-j. ' The into of premium In Montieal to- tiaiisuen. president 01 iiii ; uuv 011 .sew 1011. iitnils was ll's per 83 17 ?. IS Til in', 12 ! as M 1 Philip H. Gad3den Wants Pub lie Service Corporations Put in Clas3 by Themselves BUSINESS IS REGULATED discussing yesterday the propofed In 1 reiue of the corporation tax contem plated bv the Wnys and Means Com mittee of the House of Representatives, declared such a move would be un fair to public servlco corporations. Mr. Gadsden, who is vice president of the United Gas Improvement Company of this city, as well as an executive of the American Gas Aei.ocln.tlon and the Nntlonal Electric Light Assoclotlon, smrireated that nubile utilities should be ,, placed in a special class for taxation, COTTON MARKET Herbert Lloyd, president of the Elec- New York, Aug. 0. Yesterday's ' trie Storage Battery Company, also yes- wllers of cotton were in many instances icrimv nisciisneu iue huh Hhuiiiii Pl.Hi!) H American Klectrie Railway As-oc'.ntion, , cent. Tu rate of discount in New York Ml.MNfl Alaiika Jlr Columbia. nr. Vrlzona Pat .iconl.i . . .',7 Caledonia Mlnli-s in Cundeluilu llnlnu 30 Divide Kxt ., 83 i:i Salvador 111 Kureka Croeiua 44 Ooldfleld Florence 43 Oold Zone 12 nvun .iiininK 4 jiuwo oouna Kerr Lake Kr."0Jt Dlvlds .MaeNamaru National Tin Nevada Ophlr Hex Com . I Hller Mine, of America. 80 Am l'io Tonopah I)ld TnnopHh Midway . , I 1 niTnu uahiurn 1 West End (.m ulion Go.il 4 70 1 4V4 41 SO 10 fS Til 10'i 12 11 S. .15 ;,7 n ao 32 1!) 42 42 12 4 n 1$ 12 13 17 17 (T.) 63 28 23 0 (l li I A SO 70 13 13 2'. 24 70 To 4 70 1 4H 41 ba in iok 2nft 18 7U lu4 12 n 1 31 :i7 0 3D 33 111 42 42 12 k 13 17 08 28 0 1V 4i fill 13 . To .. .... hah- n,i ,AMinvA.i rnmr ,1111.1,1. tT Tin rii.nnn SleSrK" whiT P utilities coaVdei.thnincreasVin Ae marltri an" irregu'ar start,, irst con.ora Ion a, : was much m i..b M,-n. 1- ... miiii.n ..ua. ,..... i..v -- wrf 1 . ... ..- .... ... .. t--.. .A J v,n Iimra u """..- uf .,-,,:. .....l lower 1 ne caon-r ' .:" weather conditions In the belt over night were rather unfavorable. Includ ing reports of further rains in the Extern belt. After the opening lie list was eobier. and at the end of the first fifteen minutes showed about .. points' loss on active positions. The receipts at the ports for the day are estimated at IS.OfK) bales against 10 4S2 bales a week ago. 0l bales n year ago and 8200 bales two years ago. 07 2 JIW.-.- ooi; Prevlou ..oee 12 TT 12. H ir,.is 13 113 13 Vi 74tt- if JSt WE OFFER an Equipment Trust fer tlflcate covering tanl; cars at about SO"", of their aluo on a basis to yield oer 8 v WlDINIR BLM, PlIIUDUPHIA NIWTO DJIAUTH. NJ. N'it cliansu mad" b c"mpar!sgn ith sale on New York Stoslc Klchins. rillL.DELPinA IIONDS 1000 Liberty 1st 4'is '47. . . 1B000 Liberty 3d 4Vis '28... 87 SO ViV 0... . lll. 1000 Liberty 3d 4Ws '28 91.88 4'is -H3 87.80 87.00 88.00 8000 Liberty 4th 250 Liberty 4th 44s '38 (500 Liberty 4th 448, 38 150 Liberty 4th -JV4S w Open 12 lT 13 22 1 3 .1 13 r,T 13 on is li 1 1 nfp A M 1R 111 111 Ii'! l r, .it 1 on p l I I i i I.I TI 13 73 I V J V I I k I M 100 Liberty 4th 4Us '38. I 20000 Liberty 4th 4,s '.".S 40(1 Vlrtorj 4-'. s -2.". 5000 Victorv l '2:i 20IKI niecfir- fc Peo Tr 4 20f)0 Pernio R R temp nt 0V '.01 10 Pennn R It temp cts (ILjs -IIMIO Philndelphiii Elec 5s. 5000 Philadelphia Elec 1st 5s rn U. S. Certificates and Treasury Notes 87.09 67.801 S7.S0I 0s 40, OS 00 55 1. not:,1 OiUj SS1A S85 Western N. Y. & Penna. Gen. 4s, 1943 1MORLEY, WOOD & CO. 333 Chestnut Street Mrmbers N. V. & I'lill.i Hlork r,rh' Rate IT r Sept Repi . Oct Oet.. Dec . Feb. Mrcli, Xlrrh t'&rt June. ..Kl. In. 51 June Maturing Date 1021 1021. fS'I 1P21. . 1021... 1021. . 11)23 1A22.. . inn. w. Aked Yield 100 8-82 4. DO Hid 100 loo i-aa ioo n-2 4 411 no no iij n.is 4 r,n 00 7-32 4 no oou 4.fia 01U snn 100 5-10 IOO T-16 8 02 loo JonU s na 23. 1001. nntl r. 11 1(122 , 100 Lie ioni( r. 1 1024 loos loiiti n tr, Exempt from normal Federal income tax tAcceptali'e for psment of Income tax due 'ate nf niaturlo .10QJ4 100 T. .lOOJi 100J4 .JOnH 100 V.18UBI soptemtr f iriulAT Wero nhe- lununr- rebruarj Marcn -Mil- Bid NEW YORK COFFEE MARKET New York. Aug. 0. The coffee mar kct was quiet this morning, but prices were easier under scattered liquidation by commission houses and opening prices were 0 to 8 points below last nlstht'f c'oslng quotations. September liquidation wos tignin the depressing feature, and toward mid day prices were working to a lower IiafIs. September having sold off to (1.44 and December to 0.00, nt- 3 to . points below initial figures. Hie Wo market ins reported unchanged to 100 reis ',,er This led to a uenei tun' me situation nt primary points was still uiiKottled. September was switched to .lulv at 123 points and to December ut 40 points, the differences widening. I'reviou Close September S'W December i-SS A;eh. ."..: :::::::: ?" uly 41 5f I SWIFT & COMPANY yi 7S1931 A wmn L0WIER STOKES Big Cut In Expenses The mo'ithly r.purt f v,p IveMiione TV e- ion foinp'iry fir J i.v n.nua null lurthor rirei In lhe reducttrn of operatlns x- nei Wh le thd arora r-'ienue i a tew idiara more than met In Jul)' a year aan the xieiis are ilO 0'I3 le than July, 1020 The r.ifli-waler mirU of iimum waa leached lat December. when , tha nur for the month waa U00.387, In April, Juat before the ohatuta.to KUtoiutU, tb (Wnra waa Ufiaj?5' lt .month lh rmom war month pwrUsl. LIVE8TOCK QUOTATIONS Plttabunh, Aue. 0. HOC18 flecalpt;. 500 h.nd Market , h'.hrr " v" 1 , V 11 .10. heavy yorkere and llsnt yoriiera. I13.no r3?i,ipSn W?UBi?n.lW.. 1000 head Market steady Tod heep 13 50 top in inr-s 111 ' A' jleadv il KH Re 'lull r ip III' (" 80 head lat IlurTalo. -J 0 -r- CATTLh He retptu 323. StenJi 1 .llvee. rjcolpts. 10(10 head I'lf 'ills lower. JMifll IIOOB-IVcelpte SOOO rer.d Twonty-tla cent hleher Heavy. Jll 11.80; inlxe 1. iI7512V,1, sorlmre. lluht yorken.und r'-i, 112.23. ro'JKhi, IS.30U0. ktasa, tl 50 bHEIU AND L.A1II1H lUcelpU. 1000 head. Blow. twenty-five oajti Jowjr. Lamb. 55ll.30l Trnnjri. I.6067.60) wathar. 8.604; awe flo mixed ataaep. H4M new tax would not proie a dctiiraent to business generally. Reasons for Change Explained In n formal statement esterday Mr. Gadsden said on the question of taxa tion of public utilities: "Public utilities should be placed In a special class for the purpose of tax ation, so thnt the burden of Federal taxation to be Imposed upon lliem maj be determined in the light of the fact that they are regulated industries Pub lic utilities arc nlreudy by law treated as n special c'ass for everything except taxation. "Hut when It comes to taxation, nillili'' iltl'itlo-, have, up to this time, been treated as any other lmines mr poratlon, notwithstanding the fuct that n public utility's icturn on its invest ment Is limited by law. whereas the or dinary business corporation is free to mnke any profit whlih business con ditions will permit. "The American Electric Railway As sociation, American Gas Association and thn Nntlonal Electric Light As sociation earnestly protest against nny Inercnse in the normnl Income tax on gas, electric railway, electric light and power companies, and urge that the normnl income tnx on public utilities be kept ns at present at 10 per cent and not increased along with business cor porations genrrnll ns hai been proposed. Suffered Heawly in War "The reason for this dhtin'ttoii is apparent to any one wno Is conversant with the history of public utilities during the last four of live jeurs. It is admitted that of all classes of business enterprise, the public utilities have, suffered the greatest Injury as a result of the war. "Hore Is an opportunity, however, for Congress to show Us appreciation of the plight of the public utilities of this country and afford them some measure of relief. In speaking for business outside of public utility clicks Mr. Lloyd, said: "The straight lncreuso of the cor norntlon tnx as n substitute for the ex- Market cos piofit tin Is much more preferable, 1 think, to the b.isincss world I do not tlilnl; thnt it will proo 11 detriment to business, but renllj. think it will prove to be n benefit." The tax bill will be discussed today by thn Executive Committee of the. Chamber of Commerce. It could not be determined yesterday ns to whether the majority of the members of the Chamber of Cotmnwie wew In for of tho nw Untlofcblll. i) 1 nundiau tiniili wus lO" per cent. Centrnl Europeun exchange-, stronger. Greek. 5.00; Rumanian, 1.33; Bulgar ian, .00; Austrinn, .115; Polish, .055; Czecho-Slovskinn, 1.273; .Tugo-Slavia. .015. TEBTERDAY'S FINAL QUOTATIONS stJr'nr Fjf"108 Mm Guilders Demand 0.00H ft. 00 4 63V, 81.13 Cablea .. . 6,701,4 8.00Vi 4.58 8l!l8 TODAY'S OPENING QUOTATIONS Sterling Franca Mrs Guilders Demand S.OOVi T.sft 4UV4 30.0,1 Coble 8 07 7.01) 4 12 31.00 MONEY-LENDING RATES NEW YORK- Money on cull, both claeeea of collateral, opened toda nt (I per cent for leniTlns; and renewing riillDBT.rillA Cull. 0 per ci.nl , time 0 per rent: commercial paper, ihreo to tlx months, fl per cont Note -Thai ore mirol nominal quota tion the legal rate of Intercut In the Stnto of Pennsylvania belni fixed at 0 per cent Plus premium and cnrnmlaalon. tlma money for thirty to nlnoty daia t. loaned n ii flV per cent, while commercial paper, from thirty to nlntty days, la loaned at 0 to OH per cent. IXINDON' Money la quoted at 4 per uiir DUcount rate short billn. 4 per nit three months' bills 45, i,r nt BANK CLEARINGS Har.k riiarlni.-' tndn 1 .- r m r. ,i ,th ror 1 H.tor.dlnir U'i 'nst two iarb 1021 1020 1010 .! fir, 1101, nno 570 7-,.' ,3 7l,a.,o,il2.' r v mi i.t.iki ijo-i s.i2 int i4ii 1 oni .-,r,o.ns:i llOKlon J," 4lil) l',2 .IS Old (t3 74 D90.S7II IIONDS ...;.; now Ta 011 '4i : I177J Allied Packer. n Amer Tob T 11123 Amer Tel lie 1H24 Armour T . Dnrnedall S Doth Hteel Ti lbss Can Nat Kwj ei 7 Chlcauo Un St 64 a Cltlia Service 7 ecrlp . Cone Oaa Sa ., Copper Export Hh 1D28..! ui,,i-f i.jiyaii on jyz-i uueiiv le CiOOdrtch Tlr. Grand Trunk fl'4 ,UI1 Jtl ,1, lle'nr CI ?i Humble Oil 7 Irterboro 7a Kennooott 7a Llbby-McNelU 7, I.lssott 4 Mern 0a MrirU & Co 7'. Nnat I.eathei Si, Southern Itwv iw giittliMest Dell T Strnd Oil N v 7, 1031 Stand oil N Y 7), Hwlft 7s 1H3 1 Swift 7b 1025 (twine 34 h .. tin True fis Vucuum Oil Wlnchietir 71- 4.1 lf 45' 4.1 lun lonii lon'v I'TS 7ii 1-7 S P7i H7Vi H7U 114 04 04 05 1)5 93 IOJU 101". 101V4 103J1 103V? 103 04 54 514 100H 100H mos 100U lOOC 100C inOl .An ..nir O0V4 II04 oivi oiVi IITU 07 J DT. U7i nn;. ini'i fins 07 H7i 07 K TSH 78 4 7hS Ii8 113 V, IMV ,01'. IM unvj 1110 MO 100 Ul'Vi llli'j nuu 03 03 03 07 H7 97 "':) "' 7u 014 1011 1044 ipot 100;, mow 7I 1171 07 8 CTS OTV. HTt H7! S7Va R7V, M0 100 Mil m'4 'SV- '! .ioi; DIVIDENDS DECLARED t.A "',"' ?r(1 ra": Tea Company ouar 10 n?5 1. .Tr c,clS.nun' a"bla rteptemler il;,i?hJ , "r:..""' . n preferred, payanl. 1 both to etork of record Au- Opn R 47 040 6.04(300 T.81934 T.B0O55 7 83071 BAR SILVER I .' l'or was l"d lown In London today at 30 Ud New Listings on Local Exchange There hua b"ei adnill'ed to the regular Hat of tho Philadelphia Stock Exchange 11.251.400 additional capital stock of the American Telephone and TVlmraph Company, laaued $20,700 In exchange for (25,400 con vertible 4Vi per oent bonds due 1031. II3,500 In exchange for 163,600 seven-year 0 per oent convertible bondu due MM, canceled, and etrlcken from the Hat of the oxchange. and tl, 187,200 being part of SSfi 810. 600 covered In company's application dated July 7, 1021 to he listed upon official notice of maunnce and payment In fu I, arc mm of elock allotment auth nz-d Mu 10 11121, making lhe total amount of inld a:oc' listed 4' this dite $.113,206 700 and leduclnir the nni'Mnt of convertible m per rent liands 1 nt, I nt this date m til ss7 (1 i'i hoc! the amount of cnniort.bie 0 pci c nt bond llsiod uj - :io, suu Reserve Banks' Discount Rates Official ledleeount rale- at tho tv.o:i Fed cral IU'fcero llanos are no follows. Tread I.lb Com'l nkra ctrs, oonat paper accii September s.ur is A.ltlS lowl,V r'KUlar dl denda have been declared bs ulmu1i,rU,B of th Middle "stntt-i Oil Corpoiatlon Texas Chief Oil ill LI T..,m.ontn"v ""'"Inlon Oil. l r.ar4 cv0 monthly, Rnntrr Toxhi Oil, 1 per eo it momhU au nr, navai,i fi,,.JK!. r"lt 'rMrrnl III... T ,- .".',''"--'-"-l August .S"t"n,'r ''' 0 "l,ck of cenls. record H !.lnn'Tr. ' , f'Klstemd August Id. dlt Si 'nd"orh itcM'- .r""U'nv. .uart.r'y o Unl r ?J.. . wr t,:nt "'ion common and of leconl Hoptember in ' '.. Vk.'.V., "um . Pauui A........ .,. w DiMinttumuH 4.UI.UBL II, t tober .y",n"oltl TP and. Die Corporation, nuir- fly 2 per rint on preferred, payuble fjo oUr 1. to stock of record fc'epteinbir 1.1 GOVERNMENT BONDS it. Doston oj on nw nv. New York . . 64 3.7 J 8V) Ihlladephla 6'i JV 6V4 6'4 Cleveland 6Vi 6V4 llVi 8V4 Uichmond . . . n s 1 n AtUnta 'I 8 a 9 Chicago r,'4 6Vi 6V4 6V4 Mt. IXIUIB . . o t ii nu, ovi 0 nvj . 0 H 8H . o n o o . 8V4 5V4 64 6V4 with Intere.l Minneapolis Kansas uny . . Dallas San Francisco. Discount eral rale corresponds per cont rule borne by rertincates plergfd ua collot- wnn iniiiumuni or P. F. Kernan Recovering P V. Kernun. who bioko hi.-, thigh more than two months ago. lias been removed from the Medlco-Chlrurgicnl JJoPiinl to the Mliurtcordla Hospltiil, Kifty-fouith street and Cedar avenue, for convalescence, where ho is occupy. Ing the room endowed by htm as "a memorial to the late Eleanor C. Don nelly, the poetess and sister of the late JJ""UU nneuy, wno tjied some ytnra o. f Panama cou 2n 1038 Panama reg 2s 1080 I'anamn con 2s 11i3S Panama cou 3 mill , ' ' ' UHr,',""? "" 3l ,nnl I'hlllpplna 4. 10.14 Philippine Is ipii Phlllpu'ne 4s 1li3il I s (om cou 2s 103(1 t S Cot reu i I h (1( VI cnu t jhji.h t S (lent rcj 4h 1U2.1 V of Columbia 3 Ii,",, M2 Asked lot ini Hid mm. 1001'. inovs joivl 1 ,1 76 TK TS TS Hill'. 1001 iot'4 104', 03 lni1 101 i M.1 1(5 bUIlD UUML lOOUCO IN BETTER DEMAND Bad Debt Losses Hurt Most Now! If there ever was a time when manufacturers and wholesalers should protect their re sources against abnormal, unforeseen credit losses, that time is certainly rigit now! More and more firms every day arc reali zing that they simply can't afford not to carry the American's Policy of Credit In surance, This is the famous policy" which guarantees to prevent, else pay, bad debt losses beyond the normal. In any emer gency of credit accounts, there is nothing so strong or so safe. All we ask is an opportunity to lay the facts and figures before you. This won't obli gate you one bit and it may open your eyes tothe wisest investment you could pos sibly make at this time. Paymentt to PolicyhoUtrs ever $10,000,000.00 AMERICAN CREDIT-INDEMNITY CO. of NEW YORK E.M. TREAT, president ISSUES STANDARD UNLIMITED POLICItS t W. J. Morphy, Manager J. F. McFadden, General Agent 1011 CHESTNUT ST. Phone Filbert SS02 Philadelphia, Pn. Pertinent Information As a result of special analyses we have pre pared circulars giving pertinent information on U. S. Steel Corp., No. 285 United Fruit, No. 295 Scars Roebuck, No. 305 Miami Copper, No. 315 Endicott Johnson, No. 325 Copies free. Pleate request by numLer. iiERje Schmidt &u0a Mtwtbtrr COnroUdafd Slock Exchange oftftwYork. PHILADELPHIA 1313 Walnut Street I9cmiiBcn,'VaInut46&Ot Jfeyvtone,Kaeo 4080 NEVYORKt 30 Drosd Street 1 319 Fifth Avenue Market news summarized for you 12-page weekly. valuable to investors and traders, given on request. 'ulwvEST0B a Trader if Thu Wecl'i Iue Cealiiss Articles mi D uslnoss anil market conditions. Helpful Informa tion on sccurltlcr) traded on Now York Curb Market. Raw Sugar Market Steady Ji; -?ha ra.rsf'o: duty paid, for Cubans The Cuban n,.. i ninnH inmrn taa m...., I-S..T - . ""'j' .(! iuuu torn of Cubas for August shipment nt 3.1 Oo" f. o. b., ancouver. n. C and 18 000 tiaV. freiSht1 .V ,,Wi7.aeJp,h,. ' e coat and irelffht tn a Phiin,itniii. enAH u., "1 uncontrolled sugars Included 23.000 baas full lunFl!?'??" .Htt2 Domingo, and Costa lllcos) In port and afloat nt He ,, i i, i. " "url Bn" anoat at Be. r,. I t ilon. -included" 3.1 6oT V..T cJuW".?0' ?, Ameilcan Hugar neflnlnic Company in Mm hBB Cubaa and 30,000 hairs Pom., rim, " S'tl!?l Huaar Ileflnlmf CotnfVany 12 0110 hass Cuhaa to the Wurner Hu.-nr He El!'?? (!"n.1Lnv ",.00f, l'a Cul.as't, Ar hu, kle llrothere and 1400 baus Costa ItlVus en iimle in Canada Tho locnl refine I " ,i kot Im unchntip, t nc t, il 13c le, ' ! , r cmt fur i ash " r Liverpool Cotton Aeh for TU-1,77 Givo us an opportunity to execute your brokerage orders. Call at our Board Room or telephone or write us. PHILADELPHIA OFFICE WIDENEK IIUILDINO Telephones: Bell, Locust 4780 Keystone, Itace 68S1 BALTIMORE, OFFICE 4J3 EQUITABLE DUILDINQ Telephone: St. Paul 8451 Direct Private Wires New York Chicago Boston Philadelphia PltUburgh Detroit Baltlmora Cleveland Jones & Baker Members New York Curb Market nANKKBS Dealers in Investment Securities Ifnnbtu A'etu York and PilUnlefphlo ktocli Kxchanott 321 Chestnut St., Philadelphia f ' C. S. PATLTON & Ca 3I & CIIKHTNUT HT8. BANKERS MeARTALSSOaOOOOOU H SURPLUS (EARNED)) II $2.ooo.6oo.oa JI 1871 to 1921 The successful manage ment of Estates requires knowledge of the law, information regarding values and a careful sys tem of accounting. THE NORTHERN TRUST COMPANY has all the desirable qualifications of an Exec utor fidelity, ability, ex perience, financial respon sibility and perpetual existence. 50 YEARS of continuous conserva tive banking experience is AT YOUR SERVICE vih','w"iiB. c8lnnr Cooi . VlrKlnl.i II, . i pUWPr j,. Hjrracune I.lii it & Pijitrr Cn ?,"fl"flf''' "fr mnt,r,.n"' lujlor Minrtun Iron i steel liel.on lloel. t i:.. ic. i w., I.lirrprKil, Auit. 0 Then ,:. .,,. . , "' "' ....'.uiiiis tuuBj,, uu. iiricea were eater. Th uiu mand for spot cotton oruthe baala of a d.-iin. 11 I1I11IIIM fll H J J ,1 -J. v 1.1,111 ' - :m - " mi ii iiiiiiuiiiiar rnrtnH Itlll rtrOsaa rsas-A ...I.. mC " Of Ui, all American. ?Tu(uro wr uldv ntOI UflftBH wrai AmAl. niiii "Tz ? lU.'H y iikii A'n IUAI f.'e III'.''! I'H IUIJ Samuel K. Phillips &Co. .Mllil'jrr Phl,iielili,i Htvr', I i I' m 11117 lll'.,T 'V S'l Kl'.l T '" " FOREIGN BONDS Before the war the External Bonds of South American Gov ernments were in large part Issued in sterling and negoti ated in London. Now sterling is down and the bonds can be bought at less than 50 of their par value. They offer investment merit and good speculative oppor tunity. x We invite inquiry regarding then 'jonda. HARPER &TUHNEH Investment Hankers lembera 0 Thilwlelpnlo EtocU KicAasK Stock Exchange Building Vl 'ill 1 .. ... H-ranln,, I' II 1 IJ1 fl f I II II 111 Ills.'"- IH.L.SMITH&C0. STROUD & CO. .elf(l INVESTMENT SECUKIliw 100!) Land Title fildE. Spruce 6721- l.awranra P.. Ritovn & LO, CERTIFIED PUBLIC ACCOUNTANTS 1080 HEAL K8TAT1! UST "'"".i InvestUat and adjust 001 poratloa "J ; partnership acoounti fJiO piP' '"-""Ty, Tx Itsturna. Jk t- ..ja.V, kmL risAyjIhj. ii.. .
Significant historical Pennsylvania newspapers