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20
EVENING TUBLIO LEDGERPfllL'ADELPHIA, WEDNESDAY, AUGUST 17, 1921
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Tax Free in
Pennsylvania
Free From Federal Income Tax
Commonwealth of
Pennsylvania
Highway .?' r Bonds
iri2 jfi.v i nisi
if price io yield about
1'treuUtr oil rrqueit for ft' jij
The National City Company
rhtUdttphU U21 Chestnut St.
Atlantic City Chntfonte Block
1325 Boardwalk
SAME DRIBBLING
LIQUIDATION IT
Duquesne Light Co.
(Pittsburg)
Flftcen-Yoar
7V&
Convertible Gold Debentures
Company opcratra directly or
through subsidiaries .1 compre
hensive electric light and power
system serving Pittsburg and
adjacent industrial districts. To
tal population estimated to ex
ceed 1,100,000.
These Debentures are the direct
obligations of the Company and
arc followed bv its 55,763,300
7?'o Preferred Stock and $18,
226,000 Common Stock paing
3 dividends.
Price 99 and interest
Yielding 7.60
Complete circular on request.
Harris, Forbes & Co
Pino St., Cor. William
NEW YORK
PHILADELPHIA OFFICE
Widener Bid?.
Telephone Spruce 7040
Strong Demand for
Good Bonds
While it was to bo
expected that at a time
like this good bonds
would find a ready
market, bankers and
the investing public
have been surprised
at the way every new
bond or note issue of
a conservative char
acter not only has sold
quickly but has been
very heavily over-subscribed.
Bond prices
are naturally reflecting
this demand.
Write or our recommen
dations of appropriate
investments.
Hemphill, Noyes C& Co.
Members New York Stock Eichanfe
Franklin Bk. Bldg., Philadelphia
New York Boitcm Scranton
Buffalo Albany Syracuse Baltimore
B!
PIHH
Spruce 8200
Particularly
LIBERTY BONDS
VICTORY NOTES
TREASURY CERTIFICATES
WE tre able to give
on immediate net
price on any amount.
BOUGHT SOLD QUOTED
SECURITIES DEPAHTMENT
Commercial Trust
Company
Member Federal Rocro'&Vrtam
City Hall Square-Wtt
GRAIN AND STOCKS
Facts and figures relating
to securities or grain
cheerfully supplied. We
specialize in
Odd Lots
Boureau & Evans
Mtmoers 1 '''i""- Stock Kxchann
I Chicago Board of Trad.
130 South 15 th Street
Philadelphia
Locust 5182 Race 1731
Foreign Exchange Explained
Ath for Free Boohlet F-2
Wm. H. McKcnna & Co.
221 South 15th St., Phila., Pa.
I till riiunrj Limit 1778
How York Paterion
Moro Unpleasant Dividond
Changes and Chilling Forolgn
News Intensified Unsottlomont
New York, Aug. 17. Todny'n Mod
market differed but little from tho im
medinto preceding boss-Ioiis. There
were no severe breaks, but the entire
lit continued to display the snine con
.pleuoiiH lnrk of sustaining power.
There wot the tame voftne" in the
' imltntriol division, nml the rnlK while
1 dniiig little were ngnin well stistnlned
Hodden contending with the increasing
'onni of the trailing ('(immunity the
market was confronted with ndditional
dixlilcnd disappointments. The Cuban
Ainericnn Sugar passing the quarterly
tlNtrilititlim mi the coniinon stock, while
. the directors nf National Sugar Com-
1 pnny reduced the dividend on that stock
I from Si.' .".0 to $l."r. The New York
' Air Hrake directors meet ufter the
close of business tind rntlier drastic
action is looked for.
I other contributing depressing and
I uiiH'ttiii'g influences were supplied in
the f Hgn advices, imluding the
I troubled It .t-Ii sitimtlun and the -tock
M"irkef ((iirlitions tit Ilcrlin. Privnte
indviies ft Dm hnmloii nlso tuld similar
iiiiplensnnt situation among the large
i.porttii! firms in the South Americiii
i luilddlv. There ,n some cold tmiifort
ill this Iii'miiv there was u glowing
i iipre-si.m American banking interests
1'iid been holdliii' the bas, while I'urope,
becau-o of its long experience in the
foreign e.xclianie ifame, had em-npid the
trozen crtMlit disease. Reiterated nil
favorable reports coneernitig the Mexi
can oil situation was still ancthcr wet
llankt. Thin, ngnin. additional dis
cppointmeiit was to lx found in up
parent inubilil to :iss the Hiiiliimd
Uevciie Hill before I'ongfe" iidjiutrnx.
Although it w.'o. decided to rrmirl the
I riiiieiid Uallroad Heltef Hilt o'lt of
the lommirtci-. it is belieeil us i 'on
lgieH decided to adjourn next Vedncs
jii.lj. the eh. in. ms it overcoming th op
'position in bofh the Senate mid iliiic
I ifnrc llmt .late were slight.
I Selling of oil shares was resumed at
I the opening Traders evidently m-cd
their operations on more unfavorable
initio's concerning thai indiixm fiom
.Mevk'o. Leading xhnren added to their
losses during the morning. Foreign oils
continued heavy. Shell Trnnsnnrt Ins.
ing almost four points. New low rec
ords weie mode by hulf n score of
I stocks, including Houston Oil. ('hand
l .er. Industrial Alcohol and Amerlc.in
I. indeed preferred ut declines of one and
"lie-half to three points. Equipments,
nu'thnls ami chemicals also were lower,
but sugoi were only .slightlj affected bj
the cut lu the National Sugar dividend
.mil the Mis)enion of the Cuban-American
disbursement. I.ow-grade oils
nillii'd the llt for a time, but jiriccj
rviKIcd again before noon.
LOCAL TRADING
NEAR STANDSTILL
Promises of Easier Money Mar
ket Conditions Fading
Away Fast
1 railing In the local market came
almost to n ocmplete standstill. There
us nothing in the home of develop
ments of a striking character to relcas"
the natket from its letlmrgv. On the
other hand, all surrounding conditions,
circumstances, news nnd predictions
combined to increase the cautiousness
manifested on nil sides. The market in
consequence, was extremely narrow,
then by depriving whnt few price varia
tions occurred of any significance.
uriously the only dealings of cone
quencc occurred in either inactive or
obscure issues Thl. l.,..l...l.i r i..
... . -"s llll-IUIICU Jjll
Hrothers. which changed bauds at L'3Mi.
or ' under the previous sale. On the
other hand. Tnlted Companies of New
.i-iv) Kiiuwen a gain of :: points for
the last quotation. .1. f, Hrill was
taken In smnll Inf.- n, oc .....i ,i. (,,,
pjiin Company cumulutive preferred nt
Pennsrlvnnin Ttnilrnn.t J,.i...i . on.'
and there was al-o fractional chipping
I 4.VHIKU in ey unu i.enign -Navigation.
Philadelphia Trnction remained
pegged at Ci. Small lost of U. G. I.
wcrn taken nr n:i hut iTnlnn T.ti
advanced Vlt to 30Va.
Promises oe a nuiterial easing of
money market conditions seem to l
fading nway fast. There is very little
of u'hnr miv K.. f.linfi r.. -.
--- j "" s..iisu iicu muiicv
ai-ound. while the rates for ninety-day
unu i muiiuis money Btays iirm at OVfi
Per eeor nnrl it lu .nl. iA..u t, i
the highest grndo of collateral that aro
"Ken ai innt rate, iitiort was made
tOllllV t.) Iilripn n tnnn .iP ".O ..n.. ........
,-.. .. ...... it, ,,w M- (-(.'III
margin 'onLiing the very cream of
folluternl "ndrr the U'i per com rate
ut was unsucci-RsfuI. As a matter of
fuct, mor of the loaning institutions
ine reluctant in making term loans
bur desire to keep funds ns liquid as
1" ssible in order to meet all emergen
cies of the situation.
LIVESTOCK QUOTATIONS
lilrnro, Aus 17 I'ATTI.K u.r.ni
11 nno ha.l. Jloef ate.r. an, J ,h " V.oVk
xt-aily to ISc lower others itAdy ton
if,r"5". ''' '"75. i-ome held hghVr
Hulk bf-f ..-r. 710. hulk fat h itnek.
. -, , i' in niiij uneii, 'VL A 2T lull'- I
-i'sr;. ;,ow" bulk "K"1 v;"' l,l--'"ii'!
IliV.n !., H,pi, HI 00n hetil Mmili (ivl
i . i. k.wor ih.tn etrdn s aeruK' 'I ou
.',:' r"'h, ,V'iM ",.ht '""' l",hl t.ul'herB'l
li lij( In iMllk pi( lilnu ..own. XS 7ifi j) js I
i.imi .'.'.( t" .in. lower bulk ! tlrablei. Y.i
HKKP llfinlptn. IS 000 head Mnatlv
seine Natlo IiidiLh uront (Puis -,o Miihor
T..p SKi -.0 to ,-.t l.ij("hT- b'Hk to pj.-Kor.
!.'. 10. iult .'. sn&n VMtcrn iambi
Kt(..nd top. HO T.1 rnnmnn down to 110'
ahcen steid bulk fat ruthc. iJ.'SiSllsn '
I'ltUliureh, Auir 17. IIOOS RecplotB
25 000 head I.owr Hornln. 10MO''1
'' nttl" M11 UKht yrkCrS' 8-25.
Hitr.Ei' A.vr i.s.Mus ne, -iptH 6no hevi
MarltHt uteaily Top nheop. $3 IS, top Inrnbn;
''Ar.VES rtcii'ipta. sou head Hlnlier
NEW YORK STOCK EXCHANGE TRANSACTIONS
Dlv.
Slen In t
100 e
00
200
100 ..
100 4
100 4
400 ..
200
200 4
200 ..
noo ..
200 7
00 11
100 7
200
000
100 o
1S00
200 1
100
100 7
800 fl
100 4
200
Kon
300
200 7
12C0 3
1500
200 7
000 8
100 o
noo i2
100 12
4900 7
400
200
100 4
ioo e
400 a
.'i00
fiSOO 7
moo
1700 ft
200
too
:oo
M2 ft
230
100(1
1.100
200
200 s
71000 10
noo . .
itoo
00
3300 0
300
200
f,no 8
100
100
1000
100 7
600
100
200
100 4
.100 (I
1100
100
AOO 4
1S0O
' 300 7
3100 a
1700 4
3200 2.00
1300
1100
2.100
200 4
100
100
40, fi
fiOO
100
000 8
100 4
000
000
14H0I)
300 e '
12200 8
14200 1 i
800 7
100
S00 7
SCO 4
100
100
son i
.100 60
510
300
7200 7
700
1400 0
100
800 ..
lll.h IOtr
Advance Itumely pf. . . 3B as
AJax Rubber JO 1
Alaska Gold Mines... H y
Alaska .Tunenu O M.. 1$ 1H
Allied Chem A Dye.,. 3S 34
Allls-ChRlmcrs 30 .10
Am Aprlo Chem 20 i4 20
Am Atrrlc Cnem pf . . . Ui KH
Am Bank Note SOU W
Am Bosch Magneto.. 30 2tt
Am can as 24K
Am Con pf in ?8K
Am Car A Fily 12 120U
Am Car & Fily pf..,.10ti 109yi
Am Drue Syn tt 4
Am Hide & Leather pf 47 0!$
Am Ice S3JS M&
Am Internat Corp.... 29 27H
Am-I.a Pranoo Kng. . 8 8
Am Linseed 20H 20$.
Am Linseed pf 4 4S
Am Iocomotlvo S3 82
Am lladlntor 08 08fi
Am Safoty Hnjtor 3J' SJi
Am Ship & Com 0J4 !4
Am Smelt & Itof 3314 33H
Am Smelt & lief pf . . 70 1 J 7tlJi
Am Steel Foundries.. 23 U 2214
Am Sugnr Uef 63 02Ji
Am Sugar Bcf pf HSJi 88ft
Am Sumatra 44i 444
Am Tel A Tel 10SH 105H
Am Tobacco 118J 118
Am Tobacco B in?. 117?.
Am Woolen on. 06H
Am Wrltinfr Taper pf. 22 32
Anaconda Copper ... 34 ( 3454
Aeso Dry Goods 2TV4 27(4
Aeso Dry Goods 1st pf It 04
Atcli Top A Santa Fo. 84 83 Ti
Atl Gulf 4WISS,, 21 20H
Baldwin Locomotive . 72 H 71 H
Baltlmoro A Ohio.... 37 38 J4
Bethlehem Steel B.... 4Ri 47J.
Booth Fisheries 3' 854
Brkln H T ctfs of nep 7 7K
Bruns Term 'Hi 2ai
Buffalo noeh A Pitts. S3 C2
Butte Copper A Zlno.. 4
Butterlck 20!'i 2J'
r-tdiio Central O A It. 0'A i
fnllfornla Petroleum . 31H 3t
C'al Zlno A Lead 4H 4H
Canadian Paclflo 112J4 1U
Chesapeake A Ohio... 43 42J4
Central Leather SB ft 26
Central Leather pf. .. 49 J4 .'iH14
Chandler Motors .... 44 Ji 43i
Chi Mil A St P SSJ4 24
Chi Mil A St P pf 38 38H
Chi & Northwestern.. OS 04J4
Clilcnfro A Ot West... 'K 74
Chi A Or West pf.... 10 10i
Chi R I A Pac 3154 .10 V,
Chi R I A Pac 7"c pr. 74 74
Chile Copper 0 OJi
Coca-Cola 3154 3154
Colorado Fuel A Iron. 33 22 54
Col A So 2d pf 44 44
Colum Gas A Klec 435 43J4
Columbia Oraphla. ... 354 3J4
Col Graphophono pf . . 15 IS
Comput Tab Records. 3154 31
Consolidated DIs Ins. . & 4J
Continental Can 3054 36
Corn Products Ref. .. . CO 0454
Cruclblo Steel 43 5154
Cosdin A Co 34 34?6
Cuba Cane sugar 9 54 054
Cuba Cnno Sugar pf. 34 224
Cu.ian Am Sugar 13JJ 1214
Davison Chemical ... 32 31 i
Denver A Rio Or pf . . 154 154
toncrson-Brantintr ... 4 4
Kndlcott-Johnson . . . . 4S 57 54
Erie 13 54 13(4
Erie 2d pf 1354 13J4
Famous Players L. .. . 40 4S
Federal Mln A Smlt pt 32 23
Frceport Texas 13 f 13
Gaston Wms A WIb.. 1 1
Gennrnl Annhnlt .... I9U 4211
General Cigar 54 51
(lonpr.il nipi'trln 11114 110
Gen Motors 10a BJi
uen Motors deb 7... 70jj 70
Gray Davis 10 10
Great Northern pf. ... 7354 73J4
Haskell A Barker Car. 6014 50
Houstqn Oil 40 44
Homestake Mining ... 414 5754
Hupp Motorcar 10JJ 104
Tndlahoma Ref .. .. 3M W
Inspiration Con Cop.. 30 Ji 30 H
lntemnt AbDcuI . . . . OH 054
Int Harvester now. .. . C9H C854
Int Mcr Marine 054 1'54
Int Mer Marine pf. .. . 40 33 54
Intcmat Motortruck . 30 so
International Nickel . 1354 13
1 .so Nt
r. r. eh.
3 - H
19J4- 54
54- 54
IK ..
35 - 54
30-54
29 - 1
44 1
4054- 54
3954- H
34 h H
i54- 54
13054- lf4
10954 ..
H4- 5i
47 - 54
4354- 54
37- 54
8 ..
20M- 4
44-3
83 54
0954- 14
3J4 ..
BJ4
3354- 54
7054- 1H
22 54- 1J4
63 f 1
8854 ..
4454 !4
10&H 54
its 54
117H 154
07H 54
32
34M4- 54
2754- 54
64
84 ..
20K 54
73K 54
37 54
48H 14
3 54- 54
7 54 r 54
3M- 54
43 -13
4
24 !4- I
OK 4- 14
31K-1- 1H
4H- 54
113
5214- 14
26J4 H
5954 54
434- 54
2SJ4 14
38H- 54
044- 54
74-f 54
1C- 54
3114 54
75
0,'i- 54
3154 -i '4
2354- 54
45- 1
43)4- H
354- 54
15
31 - '
4?-
30 54
en !4
4254 54
24- !4
054 ..
:,i -
12-
14- 214
1 14 - 54
4
57 54-
1314- 14
1354 54
49 14
23 J.
13 ...
1
42 54-
54-3
111 14
9J4 - 54
70 - 54
10
7354- 54
48 - 54
45 i J4
57 54 ..
1054 ..
29.- 54
304- 54
05-4- 54
0t . .
014- H
30 H- 54
30
13 - 14
Dlr.
Mutes in f Hlsh Iow
3200 .. international Paper . . 3J4 4t
300 .. invincible Oil Corp... 754 '54
800 .. Island Oil 3 3
2400 .. Jewel Tea 10J4 1054
390 .. Kanran City Southern 34 J4 34
100 4 Kansas City So pf.... 4954 4954
590 4 Kelly-Sprlngfleld Tire. 37 37 4
200 . . Kennecott Copper . . . 8 18
J00 .. Keystone T A R 114 HJ4
100 . . Lackawanna Steel ... 38 38
800 a.60Lehlgh Valley 51 41
300 .. LocwoCo UK "54
MO .. Loose-Wllcs Biscuit .. 83 33
100 io Manatt Sugar 31 31
100 .. JMarland Oil 13 12
80400 ij Mexican Petroleum .. 9154 88V4
00 i.ao Middle States Corp.... 11 10M
00 .. Mldvalo Steel 3854 2354
100 .. Mo Kansas A Texaa.. 3 3
M0 . . Mo Kan A Texas pf . . . 8 8
300 .. Mlssoulr Pacific 18J4 18 J.
1300 2 Mo Pacific Pf 8854 88
100 .. Montgomery Ward ... MJ4 18J4
100 7 National Biscuit 113 113
' 100 7 Nat Knam A Stam 4SJ4 43J4
110 7 Nat Knam A Stamp pf 9154 8954
300 4 National Lend 71 71
100 .. Xcv Con Copper...,. 8J4 9J4
100 5 N T Air Brake 53 53
800 8 New York Central.... 70 70
100 . . New York C of St L. . II 41
100 .. New York N 11 & II.. 16 10
100 o North American 8854 S854
3000 7 Northern Pacific 7554 7454
700 . . Okla Prod A Ref 1J4 1H
600 2 Orphcum Circuit 30 18
MO ..Otis Steel K
340 .. Pacific Gas A Elec... 8454 S4H
000 .. Pacific OU 3514 34
14100 o Pan-Amer Petrol .... 4154 30
3100 0 pan-Amer B 3554 3454
1100 j Pennsylvania R R.... 37 37 54
400 .. Penn Seaboard Steel.. 7 7
700 .. Peoples Ons Chicago.. 43 414
100 .. Pere Marquette- 18 18
300 .. Phillips Pet 1754 "54
3400 .. Plcrce-Arrow Motor . . 14 13
300 .. plcrce-Arrow Mot pt. 28 3854
1330 ..PlercoOll 04 6J4
300 .. ritlsburKh A W Va. . 35 3454
100 i pond Creek Coal 1454 W4
400 .. Pressed Steel Car 44 83
000 s Pullman 93 0154
4700 4 Pure Oil 35 3454
1000 g Railway Steel Spring. 71J4 69
100 7 Railway Steel Spr pf.100 100
300 . . nay con Copper 13 13
3000 4 Reading 60J4 0654
100 2 Reading 1st pf 3854 3814
00o .. Republic Iron A Steel. 4554 4454
100 7 Repub Iron A Steel of. 854 82 54
1400 8.20 Royal Dutch Amer... 48 47
100 .. Raxon Motor 354 3J
3300 .. Scars-Roebuck 63 54 01(4
800 .74 Shell Transport 3214 31
14400 .. Sinclair Oil 17 !4 IBM
200 . Sloss-ShefTleld 33lj 3354
3300 o Southern Pacific 76!e 70J4
400 .. Southorn Hall 1054 1054
600 7 Stand Oil of N J pf.. 10814 108
100 2 Stewart Warner Spocd 2354 2314
11700 7 Studebakcr 72H 704
100 7 Studcbaker pf 0354 0.154
100 .. Superior Oil Corp 3Ji 3Ji
100 .. Tenn Cop & Chem.... 754 74
7400 3 Texas Co 3354 3354
600 .. Texaa A Pacific 2314 234
100 i Texno A Pac c A O. . 17 17
100 .. Third Avenue 1454 1454
300 6 Tobacco Products ... 40Ji 44
8M .. Trans Con Oil 6'4 B14
100 .. Union Oil IB 54 16 14
000 io Union Pacific 11054 IID54
tOD .. United Alloy Steel... 23 33
300 H United Drug 54 55
9S00 6 United Fruit 101 00J4
100 .. United Rwy Invest pf. 18 18
3700 s United Retail Stores.. 40J4 40
300 o U S C I I A Fdy pf . . 40 40
13700 . . U S Ind Alcohol 4454 44
1600 ..US Rubber 48 47J4
600 8 U S Rubber 1st pf.... 84 J4 N.4 54
'''IOO . . U S Smelt A Ref 3BJ4 39 J,
10400 BUS Steel .'. 74 73
400 7 U S Steel pf 109 100'
1000 2 Utah Copper 44 444
200 . . Vanadium Corp 27 27
100 .. Va-Car Chemical ... 2354 2354
200 .. Va-Car Chemical pf . . 06 66
300 o Va Iron coal A Coke.. 03 4f
330 .. Vlvadou lno 6 54 1 54
700 .. Wabash pf A 2034 2054
100 .. Western Maryland ... 0M 9i
200 . Western Pacific 21 21 '
4000 4 Westinghouso II A M.. 4214 414
100 . . Wheeling ALE h
3)0 4 White Motor 33 32
400 .. Willys-Overland....?. 6 CJ4
100 .. Willys-Overland pf .. 29)4 2054
300 6 Worthington Pump . . . 304 30 J4
l:o Nt
r. m, cn.
42 - 114
754 J4
3 ..
10 ..
34- 54
4814- 54
37 54
18
11 Ji- 51
38
51
11J4 14
33 - 1
31 1
13 Ut
8854- 3
11
33 ..
3
3-54
18 J4- V4
38 - V
16
113 - 154
434- 154
8954- 154
71
BJI ..
41 - 54
70 -
51 - 154
16
4854-
74
1K
10 -
9-54J4-35
39-3
34)4- 154
3754 !4
7 ii
53
18
1754
1-
3954-
614-
3454-
1454 54
43- 1
si -t y
34 54
7154 too
13 -
60-3854-4414-
8354- 154
48- H
354- 54
6354 54
31 - 3J4
16?4-
33 !4-
7054
1854
108
-
0354- 1
34- 54
7 54- 54
32
14 54
454-
6-
1614-
H0J4
23 - 14
45
10154- 54
18
4054- H
40-1
4454-
4754- X
84
-
4454
27 3354
08-1
83 3
614 ;-
20J4-
04 .
21 -
41-
8 -
33 -
.
29!,-
3034 .
SUPPORT FAILS
Commodity Markets
''atti.f: n..
' ahej, ifcclpm.
East ItnlTatc,. Autr IT
rplpta, 275 head Stcadi
2.111 hen1 Slfa.lv 1.1 W 12
IIOCJ1 Rii' pt 21011 heart Slow ftllo
'owr Hdv HOflii .In mixed. in-7SJ
11 jorlvra. Kllfill 21. HrM crkr in7n
'ill plK. tin .11)11 in 7", louuha. 17f(7iii
itao M .101' 1 lu '
hllKEl' IND l.AXtnS Reeelpla. IQi, ,fa,
I.ninba. 3,1l hUher Lambs, tSDllOO
uiheia unchanscd '
RAILROAD EARNINGS
HORTON AND MAINE
quarter ended June. 30
't'-'l lll'reare
Ra'lway op. revenue Iis,sx"i,ti7j MJ.nsn.e.o.i
llal.inpp faftDr tnvp Itbi I'll. - n.
llalanrp aftrr Ini.r
Uroaa Income
Net Iofh after rh'ge
Dividend approp
Ueflcli
f 'ecreape
IM,12
Ml 401
2 370.ini!
231 014
2 (1.10 78(1
nt 017
.111 0!lll
11(1 1,13
7S 801
1 311 5.1J
GE0.A.HUHN & SONS
, MOCKS AMI Il(lN,s
Mfinbera of (he hlHileilil.i. Nfv,
tk. n ,.rhlci)o stock KxriimiEiK
Sew lork f'ollnii i:ihnnip
Commission Orders Executed In
.All the Principal Markets
I is v,u. -oouuin ana ooia
? frr' Aoibmasilor Hotel "
I World Wheat Crop Bigger
I ii)JilnKlon, Aug. IT. i H. A. p.)
-Statistics from sixteen eountrien, in-
I I Hiding the I'nlted States, ihieli nor
' iiiiiI' pnidiice ahoiit -"id per (ent of the
otnl wheat croti of the world. Indlcute
' a production this jear of nppnixlmatelv
l,w.).j,wi),tHi miRiieis, or nbovt ieven
niilllou bushels more than lalt year,
the Department of .ABricultuVe an
nounced today. Theiestlmate li based
on reports up to Aiis,t ao.
GRAIN MARKET
CliicaeTO, Auif. 17. Wheat started
with September unchanged to He
lower and December c to '"C cheaper.
Trade ins fair, with ycattered com
mission lumV selling on over-night
orders. Declines met resting orders to
buy which absorbed the surplus. Re
ceipts inspected yesterday were 'J3)
cars, last year 32S cars. The cash
market was a shade easier, with a lot
of low grade wheat coming and causing
heaviness.
Export business in all positions yes
terday was In excess of 2,600,000
bushels, of which 132,000 bushels was
done nt Chicago, mostly after the close.
Weather conditions, generally, are
favorable, with seasonal temperatures.
Country offerings to nrrive aro light.
September corn started c lower and
December ic off. Stop-loss selling was
encountered at the outset, but there was
profit -taking by shorts in December on
the break nnd shipping interests bought
September.
Oats opened Vse to asc lower for
September and He to c off for De
cember, with liquidation still on and
commission houses selling on over
night orders.
COTTON MARKET
vn... Vnrli A ocr 17. At the nnenlnff
of the cotton market today there was
moderate buying of new crop months on
reports of warmer weather In Texas
and showers in the Central and Eastern
belts. This gave the market a steady
tone, with initial quotations - pomi.s
lower to -' points higher, late months
showing the gain. The offerings by
spot houses were token hj Liverpool
nnd local traders, causing further slight
upturns after the opening, so that by
the end of the first fifteen minutes the
list wns about 4 to ! points net higher.
The receipts nt the ports for the day
are estimated nt 15,000 bales, ngainst
01f)S bales a week ago, .51 R7 bales a year
a-o and ll.S'53 bnles two years ugo.
n.nw .... 8 00 13 00 12.87
K0' -L-" 13.41 i3.an ib.so
Decemb-r 43 13 4.1 13 20
mi""?" :.::.' '''' 18 ca "v,00 " B0
Ma . . .. - i37T
NEW YORK COFFEE MARKET
New York. Aug. 17. The official
cables this morning reported hriner
Hrnjsllian markets, miiich ;"
tie fresh demnnd at the start of husi
ness on the local coffee futurrs mar
ket First prices were unchanged to
I pointH higher. September was bought
freely bv a local importer. There was
Piipport irom scuuenn i...- nU......
Bunport petered out to some ox ten
at midday and on a renewal of all
c...., iti,tntlnn nf September eon.
tracts values eacgert " .VnU' vWc
fluctuations being uusceptlble to orders
eitlier way. . , ,
A continued sood demand was re
nnrlid from the ":it mnrket this mom
ng. some of the better ijradrs liomg
vcrv sciiree nnd bringing high prices
when the goods were obtainable,
win ii in h Pr.vloiia I'loao Open
,emher H7S7il n7nTK0
necembe r 7 1 (I 1 7 7.10520
March . . 7.B7.1S 7 BSg.ln
ila- 7 7B&TH 7 70 70
DANK CLEARINQ8,
TianU clearlmtn tod-ay, wnwnJ with cjr.
respondloif dy Jatit two yjrjt mMQ
11)21 1U4V JIMl
FOREIGN EXCHANGE
New York, Aug. 17. There wns
weakness in the market this morning at
the opening, largely influenced by n
henvy selling in London nnd Paris.
Marks and the Scandinavians were the
least affected. Quotations:
Sterling cables were .l.ti:!'-1, , demand
a. WlU ; franc cobles 7. fill, cheeks 7.0S;
Belgian cables 7.52Vi, checks 7.51 Ms
Swiss cables 10.82, checks 1(1.711; lire
cables 4.28, checks 4.27li ; pesetu cables
12.80, checks 12.84; guilder cables
30.85, checks 80.80; Stockholm cables
21.25, checks 21.20; Chrlstiania cables
12.05, checks 12.00; Copenhagen cables
10.42, checks 10.37; marks 1.11.
Central European exchanges were:
fircek 5.05; Rumanian 1.21; Bulgarian
.88; Austrian 1.25; PolUb ,05;Czecho
Slovnkinn 1.18; Jugo-Slnvinn .57t".
The rate of premium in Montreal to
day on New lork funds was 11 5-10
per cent. Tho rate of discount in New
York on Canadian funds was Id 11 -It!
per cent.
YESTERDAY'S FINAL QUOTATIONS
Financial Briefs
twenty active
Thft tvurnra -I-a . .s
ndustrUI .rock.-decllned 0.78 peVen? '
XaU'iS .:h,,!',.,V,.ft.'M' s'
Hterllnit Francs Llro Uulldera
. 3.114 !. 7.72Vj 4,'J.l 30 07
. 3.05 7.73 4 33'i yi.0.1
Demand
Cablea
TODAY'S OPKNINO QUOTATIONS
8trllnir Franca Lire (iulldera
Demand 3.03V J.OS 4 274 3i).o
Cables 3. 08
7 (19
4.JS
ao.ss
Philadelphia Stoclcs
Hi eh
8 Bald Loc
pref. ... il."
15 Drill .1 (i. "
200 (Jen Asph 42'..
5 I Co N A 2SL.
15 Leh Ntiv. (I.'i
5 Leh Vnl.. 51
225 Lit Hros. 23 'j
500tPnti-Am
Petro..
35 Pn U It.
100 Plilla Co
cum pf,
llOPhllnElce l!2,.j
30(1 do pref.. 20'),
10 PhllaTrue 53
lOOTono Del
1 1.1
Low V. M
Net
ihce.
Jl."
2S
42U'i
2Sl".
I Kl "
51
23 i
05 1
2S ..
42i(,..
2Si,e
03 . .
51
23" i-
''4
401,
37
32
10
i
401
371', 371
)-
11-
32
22
20
)4
32 ..
22Va
20..
OOTono Del l,', I, l,v..
lOUnTrae. 30U 30V. 30V. K
inur, i... 33 33 33 ..
2Unl Cos
N Jer.. 170 170 170 4 2
lOOtl'n Retail
Stores.. -Kin,, 4!).i', 4f3, 1,
tNet chanae made hy cnimarlann with lait
ala on w ork Stock Kxchanije.
rim-i)i:i.piiiA ito.Mis
500 Liberty Ut 4i,n '-17
400 Liberty 2d 4V4s '42....
4000 Liberty 2d 44 n ,42....
1000 Dlberty 3d 4 Us '28....
1150 Liberty 4th 4l4s'8S....
10S00 Liberty 4th 4V,r 3S. . . .
2000 Victors- 4'"54h ui
1000 Reil Telephone 7s
lOOfM) Lehigh Volley (Is '28.
3000 Lehigh Valley ann fls.
1000 Philadelphia Elec 1st 5.
.lots
SS.O0
87.. IS
S7.08
Ol.hS
87.7(1
87.00
0S.70
10484
0RI
108
88 U
Cuban American Passes Dividend
New York. Auk 17 - The Cuban American
Sua-ar ( ompany todas panned Ita regular
dividend er 0 tentu a ahnro on common
atock, t.ut declared IU regular dividend of
I -, per ceiit on preferred The following
atatoteent mi laaued aftor lh meetlni; "The
li iv price and Inrue atocka of miaiir for
wilch lietter markcla aro expected, prompted
the decla on of tho hoard In puraulnir Dili
rourao. Tho preferred dividend la pa-'ahle
October 1 lu atock of record September 10."
...J'"l ,urnor In railroad atocka veaterdav
, waa by no mearm the amallrat of thi V.V
laUt..nSr T""" Snored New' lliven? ' Not
&K "" l" lo-n'Tfual
sss a ay. onrnda fijsffij -as!
fhl UnnVrt S?;iv,d K,ronl ,h' rallroada of
"ion0" The VoVyoV ho" $&? iTfa
cara. whlc.i WM i ".e??,? 100.040 iar.1
y..Var.end WS? corr.ap'oSdlnS0;?,0?.
?o"rc,ponnad.ny,wflcJekC,iD:r tor to
fof)U,,r nr.,r"ha,1f0nof,n,o,Jhl8 ."Salo'n'Sf
rn.t RSiATn VnS lH ! IS
fecU.ha.If of "21 cordB0,?o a'.tate"
mont Ju.t made public bV , American
'?" nr-1 Steel Inatltute Of the MO 081
Voo" '. lx m,on,h Production tt la ytnr 7 802 .
ended December 81 .no:d,t,D,K.tl,JI' ,;
cn "or" ,r XVi-S'W I "
of 11 804 to .. f J nw net Income
...'lox-ii3"- Z ?SXg& 'ahr." a'nM
.Tones nrothrH Tia Cortroiinv ai .l..
aalea totaed IS.C.17riS5?,"a"n.t I0W4SI
c?cTaed'd20W4'ohperVttnMD "" ' 5-
SECURITIES AT AUCTION
Tim following securities were sold nt
miction today by Ilnrnes & Lofl.ind:
.. stocks
Bnarei
10MatMunk Truat Company .
SO Morrla Plan of Philadelphia .
IS American Pulley Company
ROIrard Iron Works '" '
4 Central National Hank
.L0.1.r',.,,. !s"oni11 ""nk '. '.""
1000 United Statea Tunt.t.n Corpora'-
Lstr i nn-1 niapatch Company,
200 aharea Heaoto Placer Mlnlne
Company. 200 aharea Atlaa Cor
porutlon. lo aharei Domln'on
( upper (ompany T.td "00
eharea Mohae Ould Mlnlna
Companv. 221 Mm re, , M,J
Tire l'nn)pnn, 40 .harea Tleer
K V"rlj '"rl mpam
V,n" ..!ur,s "ln 'Jcldllnld nilll
(lo "'"", ('orii'irntlon, 2000
aharea I'alrlaw.At.- .Mlnln
company. ICO ihare. Nw Utah
ninaharn Mlnlne Company, 200
hares Empire Foundry and Ma-
mine, uompany j0t I5
IIONDS
11000 Townahlp of Wall (County of
MnmnMiih s." I ....
Hoard of Education! due July
1000 City of St Petenbura-' '(Via )
., ! nr"nl (treet), due 1084
800 Union Paaa.nser Hallway Com
pany 4 iwr cent, neennd ex-
al' rnonorte:e' ,'u'' Marcn
8000 United Uaa and Klcc't'rlo' Com
pany 0 per cent, collateral
truat, alnklni fund mortuage,
aerlea "A"! du 104,1
6000 Cheater Paper C'omixinr 0 per
cent flrat inorlifaiie, dun 10"I
SOOO Country Club of Atlantic City
0 per cent; due. 1030 .
SOU
100
30
78
818
309H
New Tork, Au, 17, The,, National Suiar.
Tlinnlna. Cnmnany daelarad a. miuvfertv illvl-
dand of St. 7B. payable October 8 lo (lock ot
... .. -i'I' ,. ..,, i inj( """. ?"-.,ri"-.-i.1'' ' .-
i'blla. .,.io..ow-uu" , t 'company pam a.,ou a uare.
80 'i
73H
eoit
01',
77
2ft
BAR SILVER
imm.
TOJALLY CURB
Most of List Closes Materially
Lower Mining Sharos
Active
Netr Y'orlt, Aug, 17. Further PrMwJ
sure noveiopcti snortiy niter tne open
Ing lotlny on tho Curb mnrket, with
rather sharp declines in ninny of the
more important issues, which nt times
showed littlo or no support nnd In
somo enses tho losses extended from 1
tc 3 points, while pressure was nlso
shown in many of the low-priced Issues.
Toward midday, however, supporting
orders wcrs in evidence nnd in niniiv
cases sharp rallies followed, nltliough
in the majority of the Issues prices were
materially off from tho previous closing.
Cities Service common wns under
pressure, and after breaking 3 points
subsequently rallied on covering. The
Hankers' shares cased off sllghtlv,
while the preferred stock ruled steady.
Anglo-American Oil wns about un
changed, while Standard Oil of In
olntia moved up V,, Mnracaibo. after
early heaviness, developed firmnesft on
inside fmrrport. Cnrib was heavy. Slmms
i-etroicum also was practicn y neg
lertcd.
British-American Toliceo Comn.inv
was a shade lower. A drlt.o wns made
ngainst Fnrrell Con I which enrried it
(lOWIl 3 nnllltfl with nnlv n .llrlit raltv
Acme Packing sold nround the previous
lew mark. Glen Alden Coal, nfter
wnms aown -u, Mibsequently recov
ered. United Retail Cnndy moved up
irncuonniiy. .iicuiutcs Mngnzlno sold
down to a new low of SI on tho an
nouncement of the appointment of
iiuiiy receivers ror tne, corporation by
tho Federal Court.
Mining shares wore more active, with
Intorost almost entirely centered in
r.urekn Croesus, which wns offered in
large blocks, drclining about 4c.
INDCflTniAUS
Acme raekln- i,j
JJr t Amer Tob ret 11J
I'rlt Amer Tob coup II u
Car Light 0.1
Carllala Tiro 4 ij
Com Klnanca r,4V
Kmplra Food 27
Farrell Coal 11H
Olen Alden Coal 314
Hoi brook ig
McCIUre Maar ) li
North Amer Taper ...
Tladlo Com
Sweta Co
Tob Prod Exp
V 8 Ij H ..... .
U 8 Hteam
United Tront Sharing .
UrMed ltet Candy . . . .
Weat End Chem
Low
14
32 :
it
03 (
8TANTAnD OH)
Anxlo-Amer Oil 1BW 1
Stand Oil of Ind 88 (
INDEPENDENT OILS
Arkanaaa Nat Gai SH
Hoono Oil in I
lloaton Wyom ni fin f
Carlb S-nd 4
Cltlea Service (old) Ill K
Cltlea service "U" ctfa.. 124 1
Cltlea Service pref 444 4
Elk Uaaln Tot 0
Ena-lmera" Petrol 40 t
Federal Oil tJt
Olenrock Oil 70 ;
Hudson Oil 10 1
int Petrol 101 1
Llvlnton lii
L.yoni Pet m t
Maracalbo 104
-Merrltt OU 7'i
Morldan Pot 12 i
Mexico Eaela 1.1U 1
MliTweat Oil . t
Omar OH i
Producer & Reflrnra 34
Producer fc Roflnora pref. 8
Ryan Cons 44
Salt Creek Prod 10S
Sapulpa Ref 84
Slmma Pet 04
Skelly Oil a2
L'n Texaa Oil 4.1
Weatern Htntea 3S
Woodburn so
M1NINO
Alaska Br Columbia 33
Ills Ledge 22
Hotton & Montana 00
Crcsson Quid Hi
Eureka Croesui 27
Ooldneld Kloreneo 39
Gold Zone 11
Howe Sound 2'i
Jerome Verde 10
National Tin 88
Ray Herculej 21
silver iiin or Nevada
So Am P 4 O
Tonosah llelmont
Tonopah Divide ....
united verfle
Weat End Con
t
164
CS
n 1004
24 124
i
DONDS
Allied Packeis 0i 48
Amor Tel IN 1022 . ... 04
Amer Te (li 1U24 . 04
Anaconda (Is sK't
Anaconda 7b 1920 . . . 03 4
Armour 7a ... , (is 4
Utth hteel 7l 103,1. . U4 '
Hoth Hteel 7a 1K22 Km
Chi East III ,'ia BO'i
Copper Export Ha 1024... .1(11
Copper Export Ha 1928.. 102
Oalena 7a u
Grand Trunk 04a 07
Oulf Oil 7a 07 H
Humble Oil 7a f7t
Interboro 7o 77
Llbby-MeNelll 7s 03
Solvay 8s 00
Southwest Detl 7a 07
Stand Oil N Y 7a 1031....104H
Stand Oil N Y 04a . ..100H
Sun Oil 7s 024
Swift 7a 1031 B74
Swift 7a 1023 074
Texaa Co 7b 100
Un Drujr 8s 100
Swiss 84 a 87T,
4.1
034
004
S84
J34
ns'J
n
100
si'S
101
102
04
07H
inn
1)74
I"'
06
08'i
07
HMN
1110
03
7
07
100 100
100 100
87 871
LOCAL MINING STOCKS
TONOPAH STOCKS
u r, "Id
Cash hoy riK
Jim Duller '.'.... .07
MacNaman ... tl
Crescent '. ",n.
Midway ia
Mlrpah Ext on
Montana on
North HI., n
Rescue Eula 21
Tonopah Ext 1
Weat End 75
West Tonopah 02
DIVIDE BTOCKS
Allied Divide 004
Alto Divide 02
nlp.her p.
Recher Ext .....'.'.'.'.'.','.','.' joa
won liur
llrouih Divide 00
Divide Ext 20
Divide Con 02
DIUdend 03
East DIMda ot
Harmlll u
Hasbrouck DIMda 02
Hlh DIMds Ill
Knox it
Ileert Divide 03
Keno Divide (12
Roseta 02
Silver Kin ni
Sutherland 14
Tonopah Divide 7,1
Tonopah Hasbrouck 02
Victory Divide (11
erde Divide 02
Zone 1 j
OOLDFIELD STOCKS
Rnoth 02
comb rrai tlon
Crackerjack
Dlamorell'.eld RIuo null
r lorence
OoliVfleld Con
Oold Dev
Ooldfleld Deep
Oreot nnd . .
Juml Ext .. ,
Krmnin . . .
I.1I1A map
Orn
Red llllla ..
SIHer Pick .
apearnead
.03
.01
.30
.0(1
.01
.01
.02
.03
.02
.03
Atnnirn
Caledonia
saen
Emma Sllxer ..
Eurekr. Crnesua
Knreka llnllv
Heels.
.Mother Lode . . ,
Nevada Hills
Success
Tecopa Mlnlnt- .
White Caps ...
Wllbert . . .
14
11
02
MISCELLANEOUS
1.10
OS
H)
02
::;&
20
.01
'.0?
.07
,0.1
.01
Ask
.00
.IIS
.10
.12
.1,1
11
07
.1)7
.23
1
,S8
.04
it
.1)3
.02
.n8
onu
.08
31
.04
.11.1
02
.13
.01
.02
13
.04
.03
.03
112
s.1t
.03
.02
03
.lit
.04
.004
.04
.112
:os
.02
02
.08
,01
03
.04
001i
n
.03
1 80
.12
20
.03
28
.02
(ia
00
Oil
03
MONEY-LENDING RATES
NEW AOltK- Money on call, both rlaste.
of rolla ral. opened today at 0 per cent
for lerJInst and renewln. '"
lIIIT.AI)l''l lirliA p..ti p .
."S'T.1-1 PrOirS. li'Tfit
xSTnl Thar. -.-
.uw.hi:::. -? ",.rr.q'? nqnini uot
n i-.n.io: -1". " x"n " r
iai.." "" I - 'si.1 I1A1
r'iu,.s?r1,,Bium. n, 'ommisslon, mV in'
for thlrly to ninety day. 1. io.U.V., '."'
aent. m4.ii- z.it.-.. :-- - "
n
tc
cant.
a ..i -...- ' ,- ,
fhlrh- IP Vi.V".V7vl,v''i .PM'( I
inane
from
Tax Exempt in Pcnna.
Free of 2 Federal Income Tax
West Penn Power Company
First Mortgage 7 Bonds, Series "D"
Due March 1, 1946
GROWTH OF BUSINESS
Calendar Gross ' Nd
Year Earnings Earninp
1916 $3,022,257 $1,371,917
1917 3,958,794 1,244 837
1918 5,670,767 2,004 637
1919 6,203,109 2,286 792
1920 8,314,220 2,572 063
1921 9,320,331 3,246,028
Yeiir emllnc; June 30, 1021.
Particulars Upon Application
A. B. Leach & Co., Inc.
Investment Securities
115 South Fourth Street, Philadelphia
Dell Lombard 0287
Underlying Bond of
Northern Pacific Railway
Legal for Savings Banks in 13 Stales
St. Paul & Duluth First 5s
Due Aug. 1, 1931
represent a closed first mortgage at the rate of $6000
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
Now York
Boiton
Chicago
Detroit
The
First National Bank
of Boston
Transacts Commercial
Banking Business
of Every Nature
Make It your New England Bank
Capital, Surplus and Profits, $37,500,000
Present conditions in the oil industry
and their bearing on the earnings of
Standard Oil Company
of New Jersey
are discussed in our circular
P.L.-434, which we mail on re
quest. The securities of this com
pany arc now within reach of
every investor.
Miier J. Schmidt L Co.
Membw CbriroMotrdAocJt Exxhangv oMnoTbr.
PHILADCLPIilA
r-. - M Walnut Street
rhotefiBtll,VaInix4tbO, iXajvtonn.Rae 4090
KEWYDRKt SO Broeul Stieeti 319 Fifth Avenue
Utilities and Industrials
Examinations for Managers and Bankers
Reports covering operating costs, fares and
prices, markets, valuation and economies
in man power and methods.
New York
Established 1834
Philadelphia
San Francisco
I
CHAttTERBD MARCH 10, 1812
The
PENNSYLVANIA COMPANY
for Insurances on Lives and Granting Annuities
pttmbtr Ftdtral Rettrre System
EVERY TRUST COMPANY SERVICE
Bread Slrttl Offirt
CHESTNUT and JUNIPER STREETS
J.7.CHE5TNUTSTrUBT;
PHILADELPHIA
t'i.
' "; ' '-!. r
..'A-.j
Meant- '"' " " 0 to
64
L . . I
...,. IMS
-ft ?H-Viitndj8.'U
1' T