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A
EVENING PUBLIC LEDGER-PHILADELPHIA, TUESDAY, AUGUST ,16 1921
A
18
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if
If
F-TjpiKrg r tf-sn.Tr?7ig? -
:irrErOTi
WHY?
Why is it easier to make
money than to keep it?
Why do bo mnny make
unfortunate investments?
Why do great numbers of
people fail to distinguish
between sound and un
sound securities?
Our booklet, "Common
ScnseinlnvestingMoney'J
tells why. Write for it to
day. Ask for
BOOKLET 713-Q
W. STRAUS &, CO.
lNConronATUD kstauusubd 1SS1
Stock Exchange BIdg., Philn.
Tiltfhtnt Srnuct 5613
39 years without loss
to any investor
INDUSTRIALS AGAIN
FOUND VULNERABLE
Whole Market Practically With
out Support Excopt In
Rail Croup
7t1"H-4wbJTjmgpgltit-l.M-.,'- .aMsM
Copjrlsbt 1021, bj S. W. Straus A Co.
Underlying Bond
of
No. Pacific Ry.
Legal for Savings Banks in
Thirteen States
St. Paul & Duluth
First 5s, 1931
represent a closed first
mortgage at the rate of
56,000 per mile on the
road between St. Paul
and Duluth.
Offered at the Market
To Yield about 5.90
Bonbright & Company
437 Chestnut Street
Philadelphia
New Tork Chicago
llostnn Detroit
II' aj
Tjyjyju-j b-utjuj, s5?u-jaiHrcj!roSj5r
CHICAGO.
NORTHWESTERN
EQUIPMENT TRUST 6r
CERTIFICATES
Series "J" and "K"
Muturlnx Annually to March
nnd April. 108'J
'ssued under the "Philadelphia
Tun" far the Cilcago a North
western Railroad.
Series "J" secured by 30 loco
motives. 800 ore cars, 5i
caboose cara.
Sorlea "K" secured by 40 'oco
tdIIui, ISO refrigerator cars
pprovrrt by dovernmenta1
authorities havln Jurisdiction
We recommend these bonds frr
nve.tmeni
PRICE TO YIELD 6.30
IUndly ask for Circular
KS-S3
CASSATT V CO.
EuabUihed 1872
COMMERCIAL TRUST BLDG.
PHILADELPHIA
HtW VOHH
BALTIMORt-PirTSBunOM-ScnAMTON
New Yorli, An. 10. The railroad
snare, were nicnln about tlie only stocks
able to hold ground In today's stock
market. Almott every other brunch of
the Hnt, during the forenoon especially,
I iiifferprf further Impairment of prlcon.
The continued dribbling liquidation nnd
I professional selling wns again without
I'rfinlti explanation In o far as direct
' new or developments were concerned.
1 A lot of Interesting stories were nlloat
J nnd mnny titiiiii theories were nd
i vanced for the unchecked me. tins of
M-cuilM values. The two outstanding
features, however, were, first, the con
spicuously anemic condition of the mar
let nnd, Kcconrfl.v, the luck of buj lug
power.
In some nunrtcrs Hie Mtpplnz condi
tion of the market wan charged to en
forced liquidation of the holdings of
thoce responsible for the orgy In 1010.
llv others it wns traced to growing un
certalntlcH concerning the dividends of
several prominent Industrial concerns.
In fact, the name doubt prevails as to
the entire industrial division. The di
rectors of ono lnd'ixtrlal corporation
which piled up fabulous profits (luting
the wnr period are expected to pass thp
umimm dividend on Tliurmlny.
Then thete wan some disappointment
In the tax-revision program. In its
weakened technical position, the entire
li"t vvus more or less susceptible to
selling pressure. About the only en
couraging development was the over
whelming bearish sentiment and the un
mistakable overcrowding of the bear
ranks. It p-ohably would be no exag
geration to stnto that more than 00 per
cent of the traders operntlng, profes
sinnnl and semi-professlounl are ar
rayed on the short side. Experience
has shown what happens when either
side of the following gets top heavy
nnd this appears to be the sole salvation
of the current market. In other words,
unless surface signs are misleading, an
iiveisoid condition is being rapid! np
pronched. Wlille there wns nothing particularly
disconcerting in the news or develop
ments to account for the heaviness of
the market, on the other hand, there
wns the same dearth of influential de
menti to inspire adherents to the con-
! structive side.
The gcnernl characteristics of tho mar
let verj stionglj suggebted the awaiting
of the settlement of some unsolved prob
em. Just what this was cverj one re
mained In the dark. There were In
timations, however, ot n very Important
. conference being held ut which the fu-
ttire destinies of n prominent financinl
institution would be decided upon. It
I is only fair to state there were no nctuul
facts to substantiate this statement, but
I certnin conditions nnd fncts which hnve
long oven the knowledge of some of the
better-informed placed it In the category
'f po-sibllitv.
! Selling of all the active speculative
issues wns resumed at the opening and
prices continued to yield all during the
morning session. Little bupport wut
irecn except in the high-grade rails am'
industrials. Bethlehem nnd Crucible
SteelB were heavy, and losses of 1 to 4
I ,iolnts resulted from moderate offerings
of American Steel Foundries, Hallway
, Steel Springs. Pressed Steel Car. West
' inghouse Electric, General Electric nnd
New York Air Brake. Pan-American
Petroleum "U" was weakest of the oils,
oslng almost .'1 points. Chandler,
Sturtebnker, Industrial Alcohol. Inter
national Paper, American Woolen,
'American Sugar. American Internn
tumnl and National Lead forfeited 1 to '2
points.
1 LOCAL TRADING
i
WAS COLORLESS
NEW YORK STOCK EXCHANGE TRANSACTIONS
3
."Vo Attention Paid to Rapid
Transit Earnings or Bald-
ivin M-jxican Order
NJi Spruce 8200 j
IMHVVzSi
Particularly
LIBERTY BONDS
VICTORY NOTES
TREASURY CERTIFICATES
WE are able to give
on immediate net
price on any amount.
BOUGHT-SOLD-QUOTED
SECURITIES DOTAUTMENT
Commerce Trust
Company
Jfclorcior Federal Hxttm'3ntm
City Hall Square-West
i n i fc 3-v-s it v othes- j . Ar.'t tm i m i
m
Swift & Company 7s,
l'J31
West. X. Y. & Pa. Gen.
Is 1043
Atluh Powder 7'zs, 1SJ3G
Standard Oil of X. Y.
Gijs, 10.33
Macon Tcrminul lot on,
PJfij
WiojHtR Dldc, Philadelphia
I jviuriTiTUfflATnuraw
txaiin
UIAatTK, K.J.
About the onlv notleenble effect of
the sinking New Yoik market from n
ocnl vlewjiolnt wns to lnfiunnce n still
further curtnl'mcnt of dealings. This
would seem hardly pnv-siblc in view ot
xlstlng lov fbb. Aside however, from
three or four shares, the- triicllnc was
I'l'solute'y pcrfunctorj. The liMcis nnd
unresponsive character of the current
nrkot was forcibly exemplified In the
isunplete Indifference shown toward both
'he Ptpid Transit earning statiment
nnd th Mexican orders secured by tin
I (InMin I.ooomntlvo York.
I With tho surrounding unsettlement.
' of course, no one expected nny grent
nmount of enthusinsm to develop con-
, kerning the slow moving locnl shares,
I Out two such interesting events would
not be expected to be whol'v ignored
r!ier' wns nnlv one small trnnsnctioii
n Philadelphia Hnpld Trnnsli. vvhiV
'jr.t n snle wns made In Haldwin I.oco
ui'itive Price rnrlnt'nns continued entlrelv
c't sninll frn "lonnl considerntions. Gen
eral Asphnlt was ap exception, but this
as nurelv a rellectinn of the movement
"n the New York market, w'icre the
stork wns among the softe- spots of
the list In th" other locnl shires Elec
tric Storage nattery railed to in I
I'ennsvhnnln Iinilrond with moderata
leulings Pijvancpd to .'I7ai. but (Id not
etain the full ncaln. T G I was
"can taken nt fl.T... nnd Phllndt 'pliln
I rnttion (ontinued pegged nt Ti't I Un
(ted denllngs were made In American
Stores. I.ako Superior, I.chlgh V.ivlin
t on nnd Pliiluilelphin Insulnt(s Wire
Philadelphia Stocks
Rat s
100
109
101
200
100
700
300
1100
200
100
200
1000
100
300
100
2.100
100
800
&00
.100
300
2000
3500
100
MO
43(1
1300
100
200
501)0
900
200
800
000
200
200
JJOO
500
200
too
0200
400
1G0
100
100
100
100
500
4R0
700
2200
400
2500
200
700
700
4100
100
600
700
100
6400
1011
,i,300
too
100
700
1000
031)0
7000
400
400
1000
100
100
tZ 100
3100
100
300
11400
200
9100
3100
100
200
1700
1300
500
100
300
200
100
5S0O
200
200
100
100
soo
1200
100
000
100
1400
(.00
330
.110
079s
35
07 V
73H
36 V,
51
. 41
48 y.
mi
Dlv.
" . HUIi
0 Advance Itumcly pf. .. 30 H
4 Air ntuetlon 31
. AJax llubb.r 20
.. Alaska Oold Mines...
.. Alaska Juneau a M.. IVi
4 Allied Chcm & I)yo . 35H
7 Allied Chcm &. rye pf . 84
4 Allls-Chalmcrs I.30U
.. Am Agrlc Chem 81
.. Am Aftrle Chem pf... 55
Am Can 24
1 Am Car & Fdy 123 J4
.. Am Chicle 11
.. Am Druir Syn H
.. Am Hide, ft Leather pf 47 H
Am lnternat Corp.... 2S.H
Am Linseed 204
0 Am Locomotive 8.1
.. Am Safety Razor 3Ji
.. Am Ship ft Com &
Am Smelt ft Ref 33V4
5 Am Steel FoundrWs.. 3JH
Am Sugar Ref 2
7 Am Sugar Ref pf 88J4
8 Am Sumatra 44
0 Am Tel ft Tel 1051',
12 Am Tobacco 117H
0 Am Tobacco nf nw. . HtV,
1 'm 'rouncco u. .
7 Am Woolen . . .
. . Anaconda Copper
0 Asso OH ...
a Atch Top ft Santa Fe. 81 H
.. Atl Gulf ft W I S S.. 204
. . Atlantlo Pet 13
8 Auto Sales Con) pf... 13&
7 UaMvvln Locomotive .
.. Baltimore & Ohio.. .
4 Ualtlmore ft Ohio pf.
. . Harnett Lcnthcr. . . .
8 Uethlehcm Steel II....
7 Rcthlchom Rtci tc
B Hethlehem Steel 3 pf &7H
. . urown snoo a
. . Butto Copper ft ZIno. . 4
. . Caddo Ccntrnl O ft II. 10
0 California Packing .. S9J
. . California Petroleum . 30
2 Cnl Zinc ft Lend 4ft
10 Canadian 1'aclflo 114
.. Central Lenthor 20 J8
.. Central Leather pf , . . 5I)V4
0 cnnndler Motors .... 45
.. Chi Mil ft St P
. . Chi Mil ft St P pf . . . ,
8 Chi ft Northwestern.
.. Chi It I ft Pnc 3tyi
.. Chile Copper 10
.. Chlno Copper 21 JS
.. Coon-Cola 31!4
.. Colorado Fuel ft Iron. 22fcl
.. Columbia Orapbla.... 4
.. Col Oraphophono pf.. 15
0 Colum QnB & Elec . . 53(4
.. Consolidated Textiles. 14H
7 Consolidated Oas .... 854
7 Continental Can 35J6
8 Corn Products Ref ... . OC
!.80 Cosden & Co 28?i
4 Crucible Steel 3);
.. Cuba Cane Sugar 9',
.. Cuba Cane Sugar pf..23K
2 Cujan Am Sugar 13 V2
.. Denver & Rio Or pf.. 1
1 Dome Mines 16 Ka
8 Kndlcott-Johnson .... 58
8 Famous Plnyers L ... 404
4 Federal Mln & Smlt pf 53
.. Gaston Wms ft Wig.. 1
.. General Asphalt .... 43 U
8 General Asphalt pf . . . 70
8 Ocneral niectrlo 113 J,
1 Gen Motors 10 U
7 Gen Motors deb 7T,.. 70 yA
.. Goodrich B F 30
7 Great Northern pf.... 74
.. Houston OH 40
1 Hupp Motorcar 10 Ji
60 Indlahoma Ref 334
.. Island Oil 3J
.. Inspiration Con Cop.. 30J4
.. Interb Con Corp ... 3&
7 Int Harvester new.... 00 M
.. Int Mer Marine UH
0 Int Mer Marine pf ... 40 J,
. . Intemat Motortruck . 30
. . International Nickel
. . International Paper ,
.. Invincible Oil Corp..
. . .Taw1 Tn
,, Kanras City Southern 24 Ji
4 Kansas City So pf.... 40;
4 Kelly-Springfleld Tire. 38
.. Kennecott Copper ... lt!4
. . Keystone T & R 12
251
39ft
Ottyj
13H
4314
7&
10J.
Low
38J,
31
20
34 i
84
39K
30
55
34 J4
133
11
4H
47 4
27 H
20 ?4
8214
3 J.
OW
334
33
01'
882
43
105 U
117
8914
un
00 h
34H
07Ka
83
20 J4
13
13
72 K
30 Hi
51
41
47
89
0 t
35
4
10
60 K
39J,
4H
113J4
3 Ke
50
44'A
25?4
38 Vt
05 li
30 M
10
3114
3114
u
15
53 n
1494
S514
34J,
05 a
3414
51 K,
1314
114
loji
58
484
33
1
421,
70
11014
in
70tf
30 J,
73J4
44
1014
3J4
394
30 y,
3k4
oh
40 JJ
30
13J4
43
714
10J4
34J4
40)4
3714
18
13
1-30 Nt
A. M. Chae.
K.1014- 3
31
20
84
30 -30
55 -
3494-
133 H-
1194-
4H-
474
a
334
34 -
l!3 -uati
X
43 - 114
117 -
8914
110 -06
M -344-0JJ4
f
84 -
r-o 14 -
1) -
13 -r
734-
30J4
51
41
17'4
8ft 14-97J's-35
-
4 -
10
50J4
30 -
494-
113)4
20J4
50
4414
25J4 -394
0514
30J4
10 31K2
3114 224
M-
15 -
i39J-
14 'i -
5'
14
li
94
1
..Si
1
w
1
394
14
'l94
14
34
'"14
H
194
14
1
94
194
v,
94
14
14
14
14
1
'
94
4
a
H
1
li
"n
y
Va.
14
14
94
394
J4
"l4
Dlr.
Sales in I Hlah
100' t Lee Rubber Tiro 35J4
00 .. Loewro Co H
100 1 Jjotl Candy H
100 7 Louisville ft Nashville 109
1009 . . MarJand Oil 14
30000 12 Mexican Petroleum .. 9314
isoo l.oo Middle States Corp.... 11
34J4- 114
H
1
214
C5J4-
3494-
51f-
Bl.i
2394 14
1314- li
114 ..
1014 ..
s - K.
40 &
33
1
4294
79 1114-
10J4
7014-
30;-,-
74
44 -
1014
334 294-
30J4-
314-00J4-
09a t
0J
30 -f
1394-
43 -
714
10 y, -
2434
40 94
37 A -18
13
Vt
?4
14
li
2
14
y,
y
'A
H
34
H
H
14
94
!,
'A
"l4
94
400
100
700
200
3500
100
300
1200
100
100
100
100
100
1500
3500
100
100
100
100
0000
100
11500
2500
700
100
100
100
500
100
200
1000
100
100
100
300
3100
100
100
300
2500
1200
300
310
100
1400
100
Mldvalo Steel 3314
.. Minn ft St Louis 1114
.. Mlssoulr Paclflo 10
Mo Pacific Pf 314
. . Montgomery Ward ... 174
7 National Biscuit 1U14
7 National Biscuit pf.,.108
4 National Lead 72 14
. . Nat R R of Mex 2d pf 4
.. Nev Con Copper 10 J4
N Y Air Brake 63
.80 New York Dock 29
1 New York Ont ft W. . . 1794
7 Northern Pacific 7014
.. Okla Prod & Ref 174
2 Orphetim Circuit 20ft
8 Otis Hlevator 88
.. Otis Steel 934
.. Pacific Gas & nice. . .. 65
.. Pacific Oil 3494
.. Pacific Tel & Tel 48J4
a Pan-Amer Petrol .... 4394
0 Pan-Amer B 38
3 Pennsylvania R R. . . . 3734
.. Penn Seaboard Steel.. 714
.. People Gas Chicago. 63
.. Pore Mnrnuotte 1894
3 Philadelphia Co 20
.. Phllllps-Joncs C8
.. Phillips Pet 17U
.. Plcrce-Arrow Motor .. 1334
.. Plerce-Arrow Mot pf. 3834
. . Pierce Oil 034
5 Pierce Oil pf 46
.. Pittsburgh & W Va.. 30
. . Pressed Steel Car 60
4 Pub Serv Corp of N J 08 '
8 Pullman 0314
.. Punta Alegre Sugar. . . 3034
4 Pure Oil 25
8 Railway "Steel Spring. 74
.. Ray Con Copper 134
4 Reading 07 J4
. . Remington Typowrlter 20
.. Republic Iron ft Steel. 45 4
Republic Motors
1400 8.20 Royal Dutch Amor.
100
300
100
300
100
100
10900
24400
3800
too
300
300
200
9000
100
1100
11900
2000
1000
500
700
700
200
700
100
300
4400
500
500
100
4100
200
8400
1100
10400
100
000
000
1700
400
1600
100
700
100
100
3300
100
400
400
1000
100
0
49 K
2334
24
114
St Louis San Fran. ,
.. St Louis Southwost...
. . Santa Cecelia Sugar. .
.. s.ixon iuoior 14
. . Seaboard Air Line. ... 0
.. Seaboard Air Line pf. 014
.. Sears-Roebuck 034
.. Sinclair Oil 1SK,
0 Southern Pacific 7794
.. Southern Rail 1914
7 Stand Oil of N J pf..i07J',
7 Steel Tube pf 70
.. Strombcrg Carb 3814
7 Studcbaker 71 JJ
1 Submarine Boat Corp. 434
.. Tenn Cop & 'Chem. . .. 7
3 Texas Co 3334
.. Texas & Pacific 3374
1 Texan & Pac C A O.. 17
fl Tobacco Products ... 55 J4
.. Trans Con OH 0J4
.. Union OH 1034
10 Union Pacific 120
8 United Drug 5574
0 United Fruit 103
.. United Rwy Invest... 714
3 United Retail Stores.. 4094
.. U S C I P & Fdy 13J4
5 V S C I P & Fdy pf . . 43
..Us Food Products.. 1014
..US Ind Alcohol 404
..US Realty ft Imp. ... 46
..US Rubber 4774
8 U S Rubber 1st pf.... 85J4
6 U S Steel 7414
7 U S Steel pf 109J4
2 Utah Copper 4474
. . Utah Sec 0
.. Vanadium Corp 3774
.. Va-Car Chemical ... 3394
.. Vlvadou Inc 04
.. Wannsh 734
. . Western Pacific 23
Wistern Pacific pf.... 6194
Western Union Tel. . . . 8O94
Westtnghouse Eft M.. 4314
White Motor 33
"White OH Corp 8
Willys-Overland 0)4
Wheeling & L 13 HA
Wright Acoo SJ4
0
7
4
4
Low
2514
1114
814
100
1314
90 94
109
2314
11 y
19
3874
1694
11414
10s
71
4
1014
63
39
1734
75 4
Hi
3074
88
934
56
314
4614
40 74
3574
314
714
63
1834
2874
08
17
1394
2834
034
46
26
8414
OS
0314
2034
2494
7074
13
0714
20
45
0
4894
2334
24
3 74
3J4
0
974
0194
1034
7074
1014
10774
Oft
3814
7094
434
7
33
2.134
1014
5514
0?4
1074
11934
6134
103
774
4074
1314
41
1074
45J4
45(4
40 74
8474
734
10074
444
814
2fi 74
23
0J4
794
21
6194
80 34
4374
S3
8
074
8
1:80 Net
A. M. Chge.
3514 ..
1174- 14
14 -.
109 - 1
1374 r
03 hV
11 ..
2314- 14
10 - 14
3874- H
1094- Ji
11474- 14
10S -
71 - 1
1074 y
53-1
29
173t Vi
70V4f
Ui-
2014-
88
OH
85
.isy4 19
464- '14
4074- 314
3574- 334
3734- H
714 .-
63
1834- 14
2874- y
08 - 14
17 - 54
I3J4 ..
2834- 14
09 14
46-1
30
8434- 314
08
9374 ..
3694- K
3494- xi
704-
13 U r 14
0774 n
20
45J4- 34
91
4894- 114
3334- 14
24
374
374 6
nt..
6174- 374
17 1
77 .
1974- 14
10774 ..
09-1
2874- 74
7134 ..
434 ..
7-74
3374- in
33 74- 74
1014- 34
6614 - 94
034- 74
1034- 74
120
SELLING PRESSURE
DEVELOPS ON
CURB
Midday Rally Falls to Bring
Prices Back to Opening
Levels
14
y.
84J4- 174
103 -
7 74-1914-
1374
41 -ml.
57i- 174
4574- 74
14- 7e
8174- 174
714- 74
100 74 - 74
4474- 14
874- 34
2074- 1
23 - 174
674- 74
734 ..
21-1
0134- 74
8094- IS
A3T4- 194
33 94
8 - V.
074-
8 -
614-
94
14
14
2,
BOND SALESMEN
rruailnriit arid luiiMTvithe I'lillitdrl
nlilu Inteittiirut lloutr lion uiirnlnn
tor tnu eipfr rnred bond ilfmrn
with, rlirnlle In riill.idrl)lilit add aur
round nit trrrlltrj All rcpllr "III h
held In cjnlMomr. Klndlr Nlnte ,1.
perlencc, nhut territory you Into roi.
rrd. and re rfrrnct .
II 407. LEDUKB OmCE,
(
2"
oso
201)
111'
2."
'II
KS)
2"
1."
200
l
100
noon
1000
17OO0
(1000
2000
1000
2000
MOO
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HOT
iriKii
Am Str. "
Am Gns !l."
Elec Stot 104
G. n Asph 12' !
I nke S1111 7ni
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Pi It It .
I'M a Ins
Wire
Phlln r(. 22 v;
do pref 20 'i
Philn I(T Id's
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I'hortv 1st 4V4
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PeiinsvU-iitiln C,
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1 11 Nt
L I'. .M cl lit.
11'. 3" 7.
103' I 10.: ', 1:
42';. !2Uin,
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20"", 20 .V. . .
I 1'1's 1ft';s..
.".'! ."3 . .
IV, ,,t ,
33- 331...
II OM)1
s '17 Ks-.OI
- W.N 01 SI
s '3s ... s7 vi
is '3S. . lots S.7 SS
7s lots 101
It Ss HO
!' .h !ifi i
!'( .. . ,l'U,
I'd Steel II, 1)5 "
LOCAL MINING STOCKS
TONOrAlI STOCKS
Caah Doy W
Jim Ilutler 0!)
iUc.Narnnri 14
Crusient W
Midway 1J
Itllpah Sit OH
Montana 11Q
rth star m
Keacue bula 21
Tonopkh Kxt IV,
West Kad 77
Wt TunoBUh . U3
OIVIPB 3TOCK8
Allied Dlld 0074
Alto Divide 12
llcichnr 01
Us chur HUt 0-
Urn Hur ., ,
Drouth Divide OH
DUIJo Ilxt 30
DHIdo Con 03
Dividend 04
Hunt Divide 01
Harmlil 17
lUaowuck DlvldVi II-
HlEh Divide 02
Knox 11
Kevin Divide (li
Hano Divide 01
Roatta .02
liter Klnir 01
utherluml . l'j
lonopa.i Divide 7
Tonopah lUi'bio-JCk 02
Victor Divld 01
Verde Divide 01:
Zone .11
OOLDFIULD STOCKS
llooth 03
Comb Fraction
irackerJacK OS
Dlamondneld Blue Bull ... .01
Florence St
lloldne d Con I'fl
Gold Dev 01
Uoldfleld Deep "1
Orenl llend "-
Jumbo Kxt 'M
Kevanaa (-
I.om Star ol
uro
Itej Rlil, 1
Silver Tick II
23pun oad .... 2
JllriChl.lvNKora
Amparo 1 10
Arizona fnltod '
i alLdutila OS
K.i n Hi
Umma b.ittT u-
Eu-el(A Croesus 31
EureUu Holly ."1
II'OS JH
MrtMer Ixide 5's
Not d 1 Hills "1
.NewiU Wonder '
u - j 0-
1 1 1 i.tt .MlnliK "7
Ask
uO
.OK
.111
.11
.15
.11
.07
.07
.:s
.Ml
.05
.01
.03
0J
K3
.OllU
US
..'
o
on
i-
.1U
III
.111
.13
.nj
.0 J
.01
lU
'
.03
OJ
.03
.U
.nt
(lil'i
Ot
,0J
I'.'
07
"J
ii.'
ii-l
'J I
ou",
1 1
.03
1 3n
Id
12
I'D
III
33
flVt
Ik
IIJ
.03
0J
Commodity Markets
GRAIN MARKET
Chlrnco, Auk 1(1 Wheat started
with September Vic higlier nnd Decem
ber also ViC better thnn on the previous
rlos?. Trade vvus light, with nil trans
actions in smnll lots. A New York
message says there is n good export de
mand for both whent nnd rye this morn
ing. Corn opened with September un
ehnnged and December 'sc higher.
Trade wns light, with lack of helling
pressure responsible for u firm under
tone. Onts stnited undinnged to 'C higher
for September nnd unchanged for De
cember. Commii-sion houses were on
both sides in n smnll way.
MONEY-LENDING RATES
NUV OHK Mon'v on iill. both elamea
rf collateral opent-d today nt (J per cnt
tnr l"ndlnx und renewlnc
1'IIII.AniXriIIA fall 0 per rent, time,
It tr cei.t onimcrelal paper, three to Mx
months 0 ;or tont
Not Theee nre merely nominal nuota-
tl r,n t!n lenl rato ot Interent In the Ht.tte
of Pe'irejlvanla belnic tlifrt at n per cnt
plus tirrni'um and coirrmlmlon time money
f. r tlilrtj to r.-lnety day la loaned at 8 to OVj
per -'(t while coinm-rfUl paper linnj
thlrt to ninety daya, li loaned at (1 to OH
tier cent
BAR SILVER
Iirr ellver v.a unchanged In Londun today
nt l""d
Liverpool Cotton
I.lvprmnl. Au 18-.ti't e,.tl,.n , nnirt
...day w'th price, utecrly on e hnila of
i ( Ino of 2 nnlntef r m'.ldllr at RSI
ln ",!.?..' .nf";ft ''l'" The r.r.i,,,,
"" 8l!2n. ,"ll'" 'hoiudlnt ion bale. Amerl
-an Fulurea vvere uulet in the early d -Irjir.,
Spot nrW. ,. Arerlca:i. mid
dlfnu fair 10.BM- rood middling-, ft,28d.
fu.'i!:,imJ,,J,i'&8':2i lJft'"l'. Mid; low
mldlllnr, TtlMl Mod ordinary, 6.S5J, and
WU4II VWVM
WILSON TO REMAIN HOME
Former President's Improvement !
Said to Be Phenomenal
Washington. Aug 1(1. Senator
Overman, of North Carolina, wns noti
fied .vesterdny by John Randolph Poll
ing netlng sirretnrv to former Presi
dent Wilsnn, thnt Mr. Wilson hnd de
iliuid nu invitation of S. I). Hodges,
of Ilendcrsonvlllc. X. C. to spend the
rest nf the summer ut Lnkc Kiiiinga, a
ii ,rt In the ltlue Ridge Mountains,
re it Ashcville.
Mr Ilu ling wns dirertiHl to hij that
Mr. Wilsnn was Improving nhelv at
his S Hi eel home ami would remain
there
.eordlng to recent visitois to his
h'line, the fiirmer President's Improvo
nci't sinee !.! left the White House Ii.ih
been phenomenal..
Mr Wilson Is devoting his tlnio to
his family, Ills library and Ills health.
For recicutiou he driven and goes to the
theatre. ,
Toilav a 1
op n P M
13 oo not
1:1 in in is
13 45 13 43
117'
l'im91
COTTON MARKET
New Yoik, Aug. HI. Commission
rouBu selllnu, based on poor cables mid
cooler weather in tho Southwest, weak
ened cotton prices 4 to 5t points nt the
start today. There was also u renewal
of Southern hedge selling, whilu Liver
ool sold the near months and bought
the lnte. Demand was scattered mid
partly local, but absoibeil the offerings:
so thnt the market i.eted steady nfier
the opening, ut about .1 points nit loss
on October.
Tho recoil ts nt tin pint- for the d.iv
me estimated ,t 2.1,00ii baits against
K1.2S0 bales a vwdt ,i . S127 bales u
j(-ar ago, nnd 10,0.13 bnlcs two jenis
ni:o.
Yect
( loe
Octobor 13 OH
DicemKer 1.1 I
January 1 H
.vwircn i.i ,.i
My 1 i 75
NEW YORK COFFEE MARKET
New VotU, Aug 10 The lucnl cof
fee futures mnrket wns witliout cubic
information fiom ltrn.il this numiing
owing to tlie holid.ij there, but th"
trading started off well nt C to 7
poit.ts advance u i unior ilmt pihnce
cables reei ived in the nude reported
fit in lnnikets at primary mint h '1 he
Improved demand for spot coffee at
tontln lull ndv.indng puces .items to
be lellected in futuies.
At iniddu September was holding
up well on tinde deurind, deiiite li
quidntinn In thnt option, iind pi ices had
advanced II points or so. There seems
to bo n feeling thnt this market will,
sooner or Inter, have to do better and
more close!) meet prices of the pilmnry
marietta n thcie seem to be no signs
of weakening there.
I'rev Clone Op-n
September a',rtn nmtins
riecemutr i ni'iin i n,' ii
Mnrcli
May
Now York. Aug. 10. After car y
Mondiness. with speculation on n fairly
active scale, selling prcssuro developed
in some of the hlghcr-iiriced Issues,
which carried vnlucH. down mnterinlly
from tho previous closing. Iiter the
selling extended to thlHow-prlced Issues,
which also suffered In proportion,
nround midday, trading subsided con
Hidcrnblv, and what little buylne np
penrcd brouffht nbout slight rallies.
Glen Aldcn was one of tho principal
features, nnd on rnthcr heavy offerings
declined 2 points, rallying only slightly.
Llbby, McNeill & Libby wns another
heavy feature, yielding nearly 1 point.
Ilcpubllc llubbcr ylektcd 7c. Acmo
Packing continued heavy, whllo n slight
icccssion took place in Goldwyn Pic
tures. Arkansas Natural Gas declined
. United Profit-Sharing and several
of the lowcr-rrriccd issues ruled nround
jestcrdny's level.
Cities Service common, on smnll of
ferings, yielded 2 points. Cosden ft Co.
declined 1 point. Slmms Petroleum, In
ternational Petroleum, Skelly Oil nnd
Salt Creek new stock wero down frac
tionally. Standard Oil of Indiana, after
declining 4, subsequently recovered
Cnrib wns also heavy, selling down be
low 4.
Mining ahnrcs were also decidrdl
ensicr, with some pressure In lloston
nnd Montana. Kureka Croscus and u
few of tho other lower-priced Issues.
INDUSTRIALS
ui.h
Amer Ieather lIW
Car Llcht 1
Carlisle Tlra 4S
.102
(ii
B3
80..
JMVi
33
Celluloid Co nref
Columbia 1'merald
Com Finance
Empire Food
eilen Aldcn Coal ..
Metro Btorea
North Afflar Paner
reerless Motor 2
ltiuuo com ...
Radio Com nref
Itenuhlle Tiro nub BS
Houthern C & I 24
Tob Prod1 Kxp (I
U B V ft It IS
U a Steam 02
United I'tont Sharing ... 1A
United net Candv sli
Wayne) Coal 1H
Willys Corp let pref . ... 18
STANDAHD OILS
Ohio Oil 2B0
Stand Oil of Ind OsK
1:30
Voir T. M.
iiv4 11V4
41 4V
102 102
no ei2
BS 5d
29J4 20J4
H29 32i
83 , 33
SVi 3
SOU 20
11 1
1 1
28 2S
2W 2V4
C 0
1H IS
31 31
1
13 13
20U 20U 20 '-j
IH 1I ifi
1 l 174
290
osV
2)10
OSVi
. 7 43U Ift 7 lnll-,2
.OJJ71
7 O'.Oil 7
DIVIDENDS DECLARED
Federal Minim and .Smeltinu quarterly
preferred 1 per cent pauble Heptembei IB,
to etoek of record Auut 2(1
William Wrlnley Jr ( o tUn reifular
monthW SO cent" on cnmmun and tv,o nuar
terly 11 on preferred ('imninii d v dendi
aro pajuble fieptemter 1 uci l(r N'
mtnUr 1, December 1 and January 2 ti
etock (f rodird Aunuet 2.1 J-e,,tenilor 2B
Ootober 23, November 25 and I) i ember 24
reapeetlvoiy and preterm I Oeiul r 2 ami
lanuarv 2 to stock of record Septeinbir 21
and Docember 24
F.rlo and I tubursh Hnl way quarterly
S7V4 cent" payable Septemhor 10 to mook
if rixord Aujuil 31
Ami'rlenn Telephone and Tcifurarh 'iiiar
terly 12,2.1 payablo lA'tober 15 to aluik of
retoril September 20
BANK CLEARINGS
Dank clenlnK t d-o n rmed with cor
leapondlnir daya laet two ara
1021 llijd 10111
I'hiia. 157,000000 iso.doi.oni tn7 ns7 52
lioaion . 58.S2IIIHI (19, "32 73." 011178,78s
N. York.. 612.(00 000 7ft. 210 324 7.11,020,1138
llaltlmora l8.18,r,S3 10,IO,444 .,.,..,.
Chloaa-o.. 102,700.000 107,770,082
LAUD JAZZ IN HIGH PLACES
Its Aid Starts Johns Hopkins Sym
phony, Relloves Tedium of Court
Baltimore. Aug. 10. If the "jazz"
has caused havoc at the Pennsylvania
State College, it hns hnd quite tho con
trary influence nt Johns Hopkins Uni
versity, nccording to the observation ot
Dr. John C. French, professor of Eng
lish. Dr. French believes "Jazz" music hns
been helpful In creating more interest
in music nmong the students nt the uni
versity. It was on! last ear, he
pointed out, thnt the undergraduates'
organized their first s.v lupliony orches
tra, and this spring thlr first band.
"It Is intcreting." he said, "to note
thnt tho student who organized our
orchestra had previously been leader of
the special jazz orchestra."
Furthermore Dr. French said that
he failed to observe any tendency to
ward impropriety at the university co
tillons. He believes the students con
duct themselves with more propriety
than nt colego dances five venra or
mon ago, when the "turkey-trot" was
introduced.
nzz 1ms cut forty .vcars from the
age of Judge William M. Dunn, of
i , t """",, v " '" "rcor(iing to the
Judge himself, who, nlthough today he
is celebrating his siu.v-fi.th birthday,
confesses to "onlv tuenrv.rii.n ......
the theory thnt one is never older than
ho feels.
"Since I learned to dance about a
year ago, said the Judge last night,
"I have found that a session In u
ballroom and a study of the Intricacies
pf the latest steprt go far to aid In
keeping one fit to maintain dignity In
court and to keep Hlnekstone and the
Hcviscd ( ode from becoming n bore."
BATHHOUSE FILM VETOED
N. Y. Censors Say It Depicts Viola-
tion of Atlantic City Law
., ew,y,,rl. A"K, II- -3'l.e new Stute
movie eensois hnve I'.me it ngiiin
Their officlnl nx hns fallen this tline
on u scene from n red of "cuneiit
events," submitted h "eduentlnnn!."
It Is n bench scene in Atlantic Cltv to
demonstrate the use of th,. (k,o.i '.
of portable bathhouses. Incidentally,
Miss Hope Hampton, movie star np
peais In u one-piece sealskin bathing
suit
Tho producers of the film, the Pnthe
I.xchange, Inc might hnvo won np
provnl lor tin. plctine if ,ia. tltL. i,(
not read "Atnintle Clt.v," for tho cen
sors' objection to the picture, nccording
to the "certificate of disapproval, "
which is nil the produc rs bine to show
for their trouble ami a $: f,., s t
beenusc of the biithlug suit, but becnusu
wearing such a suit is "evldcntlv in vlo
lntlon of the AtlniUleClty lnw.'"
The Atlantic Cltv ordinance meielv
bnrs one-piece suits from the bench
nnd bonrdwnlk, not from the surf. The
portable) bathhouse, in thcori nt least,
carries the bather to the water's edge'
BOY LOSES TWO FINGERS
Atlantic Cltv. Am- in 'i',.ti....
grains of powder he hnd picked up in
wiu wmiin un nip oi a stove In the
kitelien of his home. William Cns,eitn
twelve enri, lost two fingeis nnd otlur
wise intitllntcd his rlsht hnnd .vestcrdnv
Do was rushed to n saiiitnriuin near h'is
home nt Ilnminoiitim wheio the shrsls
of the fingers weri) nmpututed. It is
ucuercu iiie povvuer wns uroppeil from a
wagon employed In blowing up tret
'muir vii laiflll,
INDKriWDENT OILS
Allied Oil new OS
Arknnsaa Nat uae H"i
uoone oil
Iloeton Wyoming'
Carlb Sjnd
Cities Service (old) ...
Cities Service "If ctfs
Cltlee Service pref ....
Cushlrir Vet
Elk Basin Pet 0
Federal Oil
Cllenrock Oil
Hart Oil 2
iiuaaon Ull
Int Petrol
I.J one Pet
Muracalbo Oil
Mex Inv
Mexico Oil
Mountain Products ...
Omar OU
Producer t Refiners 3'i
Halt Creek Prod 10i
Slmma Pet (I'i
Skelly OU 3'i
Texnn 43
Y Oil It,
MININO
Boaton ft Montana 6R
Creeeon Oold 194
Creacent MacNamarn .... 0
Kl Salvador 10
Emma Silver ... 1
Eureka Croeeus Ill
Ooldfleld Florcnc 40
eiold Zone It
Harm-Ill Divide 18
1 1,0 wo Sound , 2V(
Kerr Lako 8Vi
Knox DlvliJrt 11
Magma Copper 174
Natlnrnl Tin BO
NlPlJHlne 414
Hex Cong 8
Silver Mines of Amor.... 0O
So Am P 4 a 4i
Tonopah Helmont 1A
Tonopah Iteeouo Eula .... 18
I'nitta cjantern "l
White Caps 0
iinvns
AH'ed Packers fls 45
192.'
a 1V20
mer Tel tin
Anaconda 7
Armour 7n
Heaver Hoard S ....
Heth 8teel 7 1031....
Heth Steel 7a 1(123....
Can Nat H eq 7..
Chi t'n Sta 0V4
CoDner Hxoort Sa 1054
Copper Export S 1023.... 102
uuuui icii tirn is nu.
Orand Trunk OVja 07'4
31 38
874 874
. 211 20 20
. 07 00 07
.4 4 4
.118 112 112
. 12'4 12J4 124
. 44 447j 44V4
13 in 19
O O (1
1A ,1A 1A
R 78 7S
2 2
14 14 14
inTi 1074 10T4
ljV 1 l
inH io9i m4
is is is
M 05 05
12 12 12
IV 1(1 IV
8H 3S
10H 1094
o al
3.i .174
45 47
10 10
65 00
114 U
0 8
18 111
1 1
30 31
38 40
11 11
17 17
2'i 2'i
37j 37j
II 11
1774 1774
on so
4 474
8 8
SO 00
47! 4i
1A 1A
13 15
274 2i
4 4
45
3 J
tlslj
70
. (3
. 0H
. 70
. 05
. II8S
.101U
1(H1
.101
Quit on 7a
Humble oil 7a
tnterbnro 7e
Llbby-McNelll 7
(inlo ( IiIom 7 10'J-i
Sears-Hoebuck 7 1022...
Seam Itoebuck 7a 1023 ..
Soivuy 7e
Southwest Hell fa . . ..
Stand Oil N Y 7a 1025
Swift 7s lOJ.l
Swift 7a 11131
Texae Co 7 .
Unltid Oil Prod 8m
Vacuum 7
Western Elcc 7
i7I
. 07.
. 78
. i5
. PS'l
P
. n7i
. 00
. 07
IOjH
: m
.100
.100
.101U
.100H
08K US'?
ion? mm
1011 un".
1IIU'
101'i
no'!
07 Vi
till.
117 i
77S
II4S
ns'!
n8i
074
08
117
111."
117'
l7,
100
lllll
1011.
100V4
45
(I3
ns4
70
114 -
101
10.'
nn'i
071,
!)7,
77"!
04
II'
ns'
II 7
OS
117
111 t
7
07 ,
100
inn
HU'4
100'
The Uncertainty of
Credit Accounts
You manufacturers and wholesalers who
have been deliberating as to whether you
really iiceti the American's Policy of Credit
Insurance, read this letter from one of our
policy-holders, a leading Manufacturer:
"We acknowledge with thanks your draft
for $ which your Adjuster has
just given us in settlement of a loss we lately
sustained under our policy.
"The loss was on a customer who had a
capital rating of $ , with a first
grade of credit, and who otherwise enjoyed
such a reputation that the most careful and
prudent credit man would not have hesi
tated to sell him an account even larger
than our own.
"This but proves the uncertainty of credit exxen
siort." Can you afford not to investigate this broad,
protective service, which guarantees to pre
vent, else pay, bad debt losses beyond the
normal? Write or phone today.
Payments t PtEcy holders tver $10,000,000.00
o AMERICAN CREDIT-INDEMNITY CO:
of NEW YORK E-M. TREAT, piesident
USUI STANDARD UHLIMITID POLICIII
J. Morphy, Manager
J. F. MacFadden, General Agent
1011 CHESTNUT ST.
Phone, Flbcrt 6502 Philadelphia, Pa.
The Stock of
Standard Oil Company
of New Jersey
is now within reach of every in
vestor because of the reduction in
par value. Our circular PL-434
gives a description of the com
pany's securities and their present '
market position. Free on request.
ijer J. Schmidt L Co.
Hmxbtr Consolidated ftocM Mxcfianfr offttv YbriL
PHIIADBIPH1A
1523 Walnut Street
KcmtJ'iBe7t,'Valnut4660i Ibystonr.Rac 4080
NEWORKt 30 Broad Strecti 319 fifth Avenue
;;
FOREIGN EXCHANGE
Now Yorle, Aug. 10. There wns a
wenk tone nt the opening of the foreign
exehnnge mnrket this morning. There
were declines in all the European ex
changes, except the Scandinavians,
which maintained tho show of strength
shown nt yesterday's crose. Mnikswcre
the weakest feature, with a decline of
over (1 points, apparently due to wide
selling in the London market.
Quotations were:
Sterling cables .l.fifiW. ilemnml
3.05'fi ; frnne rubles 7.711. checks 7.7h ;
llelglnn enbles 7.(10, cheeks 7.M); Swiss
cnblcs 10 01, checks 10SS; llro cnbles
-l.no. checks -l.a.'i'i ; peseta cables 12.02
cheeks 12 DO; guilder cnbles 31.0'!.
checks .1100; Stockholm cnbles 21.25,
cheeks 21 20; Christinnli' cables 1.1.00,
checks 12 05; Copenhagen cubleb 10.20,
checks 10.15: mnrks 1.00.
The rutn nf premium ln Montrcnl to- I
dny on New York funds was 11 fl-10
per cent. The rnte of discount In New
York on Canadian funds wns 10 1-10
per cent.
Centrnl European c changes were;'
Gieek. 5.00; Rumanian. 1.188; Hnl
gnrlnn, S5; Austrinn, .12; Polish, .05;
Cs-M'ho-Slovaklan, 1.155; Jugo-Slavlan, i
.fun. i
TODAY'S OPKNINO QUOTATION'S I
Hterllnr Francs Lire (lulldera
. . M . 7 78 4 35V4 81 1)0
3 ilftl. 7 70 4 30 31 03 .
NOON QUOTATIONS I
Satc.f!inB rr,onc" I'lre Guilders
S J 7.72 . so no1
3 5 7 73 an in .
LIVESTOCK QUOTATIONS j
1n(Mm'"?'hAi", v' fATTI.K Hecelpta.
1(1 duo C hoice beef cterra nnd ehe tek
V"- SV'rr, Brnrt" ',;111 ' rly sales,
1','n , :,!c l?wcr part of oad earllnBH
' '', l'. 0 50 (ulk beef M?ers. 7
TilO. fat she etock ninety Hffiu cnnneii
nnd cutters JJ 25 flfl 26; bulls and ve ,1
!?.1i",4.i,"",Ji-,M0r" Rn(1 fdra itroni,
LUto'AUl-'r, ,1P." -S.l.'lPht voal.a H.'
IlfiOH neielpts 2.1 rioo head. 21c to lne
Inner tlnn yesterday's iivernite liuhta nrt
tu,1-, ,r'S ,'i.T,y un' iretl.al ion
M u,'-k ,,u "? ,' Eht" Tnd llKllt butchera. Ill) 21
'., U.K ,""''"? "W" SHSKlSn
(h II 7 II "ii, Bum, (ireiraiiiei, 0 nu
HIIUKP neelpt 20 ooo he.id Killing I
rae.ee o ened Kenerallv stead), packer m
HIinKl' JNI) LAMjifi nerelpia M)0
'.d Hteudy Top sheep, $5 us S.,, u,,
, ',,, io1" "-colpt. 200 head, steady '
V.Hht IliuTnln, N. V. Auir 1(1 .citti i-It-iept.
2.10 hovl si o,f7n HWimln
Htrei. Tnree load. shlppln..tr Jl't) 75
ealv... ..celpis loi) Ie, .VI, hlVhVr 7-
' HOOH rtecelpts 2100 head slow pk
5(ic to 75e lover Mia , 110 SneWi -mixed
111,23 1 1 ,60 . yorkor. and liht
vorkera, 111 soij 1.7.11 mT liissi! '.k
h,?r.adAr7,uc,hi1nVid! ""''""
Stabilized
Investments
The Pennsylvania - Ohio
Power & Light Co. operates in
the Youngstown industrial dis
trict north of Pittsburgh, its
territory serving an area of
about 600 square miles with a
population of over 300,000. Its
gross business has more than
doubled since 1916.
We offer this Company's
Mortgage 7'z Gold Bonds,
due 1941, at a price to yield
7.85.
Penmylvania State Tax Refunded
Circulars on application.
HAHPffi&TURNEB
Investment Bankers
Jfembera of Philadelphia Stock Exohangt
Stock Exchange Building
Philadelphia ""
Scranton
Demand
Cublea
Demand
(.'utiles
Province of Alberta
Guaranteed
Thirty Year 6 Bonds
Issued by Lcthhridge Northern
Irrigation District
Due May 1st, 1951.
Principal and Interest
Payable) In New York.
The Government of tho Prov
ince of Alberta hns by endorse
ment provided for a full and un
qualified (guarantee of the pay
ment of the principal nnd inter
est of these bonds.
Price: 87.52 and interest
Yielding 7
(Pnyment In United States Funds)
Write for Circular P-81G
Wood, Gundy & Co.
Incorporated
11 Wall Street, New York
Toronto Mnntreiil
London, I.nir. Ulnnlpri:
tfSSfa
ft
a. li sr to
'STttf?
$25,000
Erie & Jersey
Railroad Co.
First Mortgage Gold 6 Bonds
Due July 1955
Secured by first mortgage on 38.60
miles of double track, low grd,
fast freight cut-off lino from Hlgn
land Mills to Graham, N. Y., over
which practically tho entire throagh
freight traffic on tho Erie Syrto
is routed.
Authorized
and Issued $7,400,004
Retired by .
Sinking Fund 138,000
Outstanding 7,262,000
These bonds wero assumed by
Erie Railroad in 1915 and suffltjo
amount of Erio Railroad Refunding
and Improvement Bonds were re
served to retire amount outstanding,
Price 80 i and Interest, to net 7.60
Harrison, Smith & Co.
INVESTMENT SECURITIES
121 SOUTH 5TH STREET
PHILADELPHIA
LOMBARD 6100
CTS. PATTON & CO.
sn rnroTNTT nib.
BANKERS
Hiirrcssors to
Memnera mini.
Stork Kr!iniJ
Opportunity
Philadelphia company neid urni
lonn, $10,000 Cnn furnish ample
lt Will pny fair tonus, investi
invltnrl ..
Invited
11
iuorM'
itlKMlOB
410, MCIH.l.lt
ni'lrlTK.
j a - - --
.oiinii viumuu mill 10 jtura' pructlcal
liMMnraa experlenre In vnrlnua llnr, f
rlerlrnl work Incllldlnr ndvertlslnr nnil
telephune aollrltullon would like !fl S
Add esa " Halnry $20,00.
B 235, LEDGER OFFICE
H.L.SMITH&C0.
INVESTMENT SECURITIES
Sprue C?V
1009 Land Till DUf
iT
Girard Point Storage
3V,s. 1940
MORLEY, WOOD & COf
333 Chestnut Street
Memberi N y. & l')ia. Block Kirh'a.
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CERTIFIED PUBLIC ACCOUNTANTS
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FINANCIAL HOUSE
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