'Ji'Pwfi 1 a PIWWW'WW1IB1I if- f J , IK-' M fin Rtrl ! I! 1 r US m 4. .;-i i IS I :l t !l HI) i. V 14 EVENING PUBLIC ODEDGEEr-PHTLADELPHlA, SATUEDAY, AU&TJST 20, 1921 MOR E M LOWS N THE INDUSTRIALS Week' 3 Dovolopments Sug gested Incompletion of Liqui dation of Industrial Croup Now York, Aug. 'JO. There vnn continued dribbling liquidation In tin' Industrial division in today's stork market, causing the establishment of further new low levels for the year. The trading was of a very limited vol ume, and with the exception of the railroad Ii-micr, the day's nbbrcvlotcd tot-Mon was generally one ot slow re liction. The announcement of the addi tional wage cuts by tho United States Stwl Corporation wan witl'otit tin slightest effect. Chandler Motors. Cru cible Steel, Republic Iron and Steel, Btudcbaker and Pierce Arrow were the Vicnk features. The entire list, how ever, showed n conspicuous lack of sta bility and had m rallying power what ever. About the only additional light thrown upon the general situation by the week's operations was the conclusive testimony of the incompleted liquida tion. This nppliod almost exclusively to the Industrial division, and more particularly to the stocks of the manu facturing companies. It has become n common practice to charge the weaken ed condition of the most part of the list to depressing tactics of the so called bear party. Attention repeated ly has been called to the growth of the enort interest and the apparent over Bold condition of the market, using as a proof of this assjrtion the premiums exacted in loan crowd for stock borrow ing. This misleading phenomenu for a time fooled a good many, but it has p-OTed to a large extent to have been simply camouflage to cover up liqui dation of certain parties who did not wish their operations to become public property. This does not mean to imply there has been no short selling during the last three weeks of declining prices, as there is always a certain degree of selling for the bear account when the mnrkct bar ometer is falling. It does mean, how ever, tho larger part of the selling movement represented real liquidation. Furthermore, there are many reasons for supposing quite a good portion of It was enforced in order to strengthen impaired resources on the one hand, and in other quarters to build up fences of less marketable securities. While a good many do not know It. there 1ms been a wholesale house-cleaning of lonn collateral envelopes recently. Then there has been another element. In or der to meet urgent requirements needed of them to prop up weakened structures many were compelled to let go quite a big line of what formerly were clas.nl ficd as seasonable securities. To a great many It was another week of increasing disappointments. At the close of the preceding week a. general supposition prevailed with the clearing up of the New York bonk disturbance tho market waB in a fair position to enjoy a material recovery. There was some sort of a rally, but it was found as tho week progressed Btocks, espe cially among the industrials, were freely supplied on nil advances. In other words, the character of the market in dicated beyond disputo there was still quite a lot ot stock to be sold and that it was being fed out systematically until signs of saturation were apparent. At Bucn intervals pressure automatically relaxed only to recur with every moder ate rally. Impression prevails In some quarters that a goodly part of this systematic liquidation, at times quite urgent, or made to appear so because of the thin ness of tho market, largely represents dumping overboard of the holdings of good many who were responsible for the speculative orgy facveral years ago. Little doubt exists that n number of pools and other speculative combi nations overstayed thpir market, or elso never had the real opportunity of carrying out the sky-line program. It is difficult, if not impossible, to meas ure the duration or extent of such liquidation. Little, If any change, occurred in the general situation. Further unpleas ant dividend omissions and reductions exemplified the difficulties encountered by most all corporations to make endd meet. In general business, norac brighter spots have appeared here and thero. In tho basic industries little real improvement is to bo found. The promised easement of money conditions lias not materialized and hopes of early legislation, both as to the relief of the railroads nnd the tax revision, have been chilled to some extent bv the pro crastinating policy of the Washington lawmakers. LIGHT REALIZING IN PENNSYLVANIA Local Banking Position Much Bettor Than in Other Districts As Is usual on a Saturday in mid rammer there was nothing much to the local market. In tho first plnco deal ings were small, nnd secondly, price changes were Inconsequential. About the only noteworthy feature was the moderate realizing noted in Pennsyl vania Railroad, with tho quotation shading to 37V I'nion Traction re flected light liquidation and declined tn 30, which is only Mi point above the low of the jear Philadelphia T'-nf-tlon, on the other hand, advanced to B2, on light purchases. I". O. I mm mon and preferred were unchanged. Nothing transpired of sufficient Im portance or influenco to break the stag nation of 'the local market. If any thing, all the circumstances and condl lions combined to accentuate tie wait ing attitude. An additional curtailing element was to bo found In tho absence of a large number of influentlol finan clal Interests by reason of the seasonal vacation period Then ngoin the delayed eolutlon of the two big local utliltv problems also tended to keep market In terest at a low ebb. Taking all things in consideration, the local list stood up well. There were some price recesNlons which, however, were unavoidable be cause of tho narrowness of the market. According to the testimony of the omciais oi tne leaning imnncinl institu tions, the local banking situation is per haps much better fortified and cleaned up than in many of the other districts. The credit situation, it is stated li) ithose in position to know, has been ml. justed satisfactorily, proof of whl.-h is easily to ue lounii in the recent Mute merits of the Philadelphia Federal Re serve Dank. No sore spots are known to exist nnd the affairs of some of the concerns wo leu require close attention on the part of tho banking interests uro aiso saia to do materially improved. As a matter of fact, n number of the prominent banking interests feel greatly cheered in the decided turn for the Tot ter that has become evident in several Up! linen. The jo signs nro regarded 3H gratifying because It la felt the same qtfrM ,t optimism u certain to spread NEW YORK STOCK EXCHANGE TRANSACTIONS Kales 100 100 300 100 300 100 300 SAO 300 330 100 310 800 (100 200 100 700 ino 1300 301 50,) 303 100 1700 100 300 .111) 300 3390 700 30I 100 500 300 300 000 100 030 3300 000 100 330 330 300 300 300 100 400 SCO 000 1000 100 100 800 ooo : 3300 too 503 100 100 400 8S0O 500 300 100 400 300 000 100 1800 0300 100 800 000 100 100 300 100 100 330 1800 3400 100 300 1U0 530 000 830 100 300 Total riv. In t HlFh .. Advance Rumely .... 13 V 6 Advance Itumoly pf... 3 .. AJax rtubher 1114 .. Alaska Gold Mines... 'i 4 Allied Chem & Dye... 38M 7 AU-Amerlcan Cabjcs .101 .. Am Agrlo Chem 31H . . Am Bosch Magneto.. 3914 7 Am Can pf 70 13 Am Car & Fdy 131 8 Am Kxprcas 115K .. Am Hide & Leather.. 10Vj Am Internat Corp.... 30 ! Am Linseed IS 7 Am Linseed pf 30J4 fl Am Locomotive 3 .. Am Ship & Com tV .. Am Smelt & Iter MVz Am Sugar Itef 03 yi a Am Sumatra 3 0 Am Tel A Tel ln"''4 13 Am Toba-co 118 J 12 Am Tobacco H J17J1 7 Am Woolen 07 Vi 0 Am Zinc & Lead pf... 35 .. Anaconda Conner ... 34 K . . Atl Oulf SWISS . 30 . . Atl QuJf & W I S S pf 18 7 Baldwin Locomotive- . 73 H .. Baltimore & Ohio.... 314 8 Bethlehem Steel B.... 48yi 8 Bethlehem Steel 8 pt 07 .. Booth Fisheries SV2 .. Butterick 37 0 California Packing .. (1014 .. California Petroleum . 3314 10 Canadian Pacific US.; .. Central Leather 34 ji 8 Chandler Motors .... 43 .. Chesapeake & Ohio... fi.TJJ .. Chi Mil & St P 24 .. Chi Mil A St P pf 3! 8 Chi & Northwestern.. d!'4 7 Chi M St P & O pf 73 .. Chi B I & Pac 3114 .. Chllo Copper 10 .. Chlno Copper 31 J4 .. Coca-Cola 334 .. Columbia Graphla.... 34 0 Colum Oas & Elec 3J4 .. Consolidated Din Ins.. 4 Va 7 Continental Con 3S .. Continental Candy ... 5 Corn Products Itef . . . . fl.1H !.B0 Cosden & Co 34 4 Crucible Steel 54 Cujan Am Sugar 13ft .. Cuba Cane Sugar pf. 30 .. Denver A Rio Gr pf. . lyi 8 Endlcott-Johnson .... 5s .. Erie 13& II Famous Players L. . . MVS 8 Famous Players L pf . 70 10 Fisher Body b.yA 7 Fisher Body pf 100 . . Flsk Rubber 0 .. Gaston Wms A Wig.. 1 .. General Asphalt .... 43 5 General Asphalt pf . . . 70 8 General Electric 1HV4 1 Gen Motors 10 fl Gon Motors deb 6.. 03 7 Gen Motors deb 7 To.. 70 7 Great Northern pf.... 74 4 Haskell A Barker Car. 5(1 'A 1 Hupp Motorcnr 10ti 00 Indlahoma Rot "?i .. Inspiration Con Cop.. Sl'4 .. Interb Con Corp 3 12 .. Interboro Cons Pf . . . 10i 7 Int Harvester new.... O0JS .. International Nickel . 13H .. International Paper .. 3V4 .. Invincible Oil Corp... 8H .. Island Oil S .. Jewel Tea U .. Kanras City Southern 35 4 Kelly-Sprlngfleld Tire. 37 . . Keystone TAR 13 '-4 .. Lackuwanna Steel ... 37 & tiler 143,300 shore, compared Philadelphia Stocks Jr h OIK-!, 101, fi'J' :io 4'.iTs Close fi7l. Net chge 37 'JO'i lttts.. .2? 30 33 . . 1U . . With 100 Am Strs. r.71 127 Pa H R. 3S 100 Ph Ins W r.or 13.1 1'hil Elec 21 ,')7 do prcf. 20 Vi ,-,or R T.. 1GU, 3.- 1'h Tract 524 27u I'n Tract 304 112 V O I... 33 100 do pref. 4i)7s Total enlea. 1301 Hhnren. comj-ftred with 15MI shares imteiday. Thus far this week. 14. HO shares. rillLAIICU'IILV BONDS $300 Liberty lt -lUs 11147.... S7.02 0000 Liberty 3d 43s 102S (lots) 01.U2 7000 Liberty 4th 4'i "W (lots) 87.04 1000 Victory 4;)4!. 1U23 30UU Victory 4-'Ks 1023 10LMI l'ennii tlV.'S 2000 l'hlla Klec 1st 5s Total. 130, 500. comparoc with estenluy. Thus fur tills week, J.T lli.70 . 0.74 . UDTfc . 87 tm.iuo IT.TUO. Commodity Markets a! ..,e HUc Unsi. S ' - - L He to Trade selling I,ow 13 fa 35 1014 14 38 101 30 H 29 Vl 70 130 14 115 10 38 17?S 30J4 83 5 34 Vi 03 4854 105U 118K 117fi 0014 35 34 H 10 18 71 K 37i 47 ?i 07 3 30 0014 33 Ys 113M 34 11H 53 35H 30 r,m 73 3154 31 33 H 314 53 H 3 38 33 , H 13J3 1014 ! 88 13 53l 70 S5 100 0 1 43 Y, 70 111 oj4 r.3 CO 73 H 5CK4 10 H 3?4 31 K 3H: 10 i, 08 "8 13U 4314 K 3J 10 Ki 3114 30 J4 13 'j 374 with 1 1 H 'h 14 Va 14 3 V H H v$ - H Today's Net C'oso Chrte. "j- y. 35 - 1914 14 30 - 104 31 3914- 0 4- 13014- 115 - 104 38H-17J4-39J4-8.1 -5 31 C3 43 1051 118H- 117M-co- 35 34 M 19J4- 1S -33 -3714-48 !4 07 3 -37 4 00 V, 33 H -1I3M- 34 H -43 53 -35J4-30 -0I- 14 3 4 Va y ' Vk H V ?4 y 14 14 3U 114 - 1 3114- Ott 31-r 33 4- 3K 53 n 4 - 38 05 - 33- 3 s 30 58 13'4 53 4 7l -85 - 100 9 -1 4314 70 111!$-0M-03 09 -74 504 10H 3?4 31 U 4 3!4 10J4 0014 4 1314 4314- 8K .. 34 11 4- 14 34J4- H 37 13 !4 37!- !4 410.30U shares 14 114 1 14 'il4 "l4 !4 "il4 Dlv. Poles In 1 HlRh H 300 . . Lacledo Gaa of St L. . A0 000 .. Locwo Co 11 H 500 1 Loft Candy H 100 7 Louisville & Nashville 100H 100 7 Manhattan Elov guar. 45 5000 12 Mexican Petroleum .. 0314 1000 1.00 Middle States Corp.... H 1000 .. Mldvale Steel 23K 200 .. Minn A St Louis 1094 100 .. Mlssoulr Pnclflo 19 200 8 Montana. Power 100 .. Montgomery Ward ... 1IH 800 .. National Acme 4!4 700 7 Nat Enam A Stnmn 804 100 .. Nev Con Copper 10 300 s New York Central ... . 7014 400 .. New York N H A H..I10J4 100 1 New York Ont AW... 1754 100 . . Norfolk A southern ... 9 700 7 Northern Paclflo 75 Ji 000 .. okla Prod A Ref l?i 400 2 Orpheum Circuit 17H 100 8 Otis Elevator 88 100 .. Otis Steel OX 100 2 Owens Bottling 37 100 . . Pao Dovel Corp 014 1300 .. Pnclflo Oil 3W 800 0 Pan-Amer Petrol .... 4154 100 0 Pan-Amor B 30H 1700 3 Pennsylvania R R.... 38 100 .. Pere Marquetto 19 300 .. Phillips Pet 173, 1O50O .. Picrce-Arrow Motor .. 13, 40J0 .. Plerce-Arrow Mot pf. 20J4 100 .. pierco Oil OH 200 .. Pressed Steel Car 5414 400 8 Pullman 0114 100 t Pure Oil 24 JS 200 a Railway Steel Spring. 73J4 tOO 7 Railway Steel Spr pf.100 100 .. Ray con Copper 13 100 4 Reading 714 100 . . Remington Typewriter 21 140o .. Republic Iron A Steel. 40J4 100 7 Repub Iron A Steol of. 83 000 8.30 Royal Dutch Amcr... 47M 100 .. St Louis San Fran.... 33 100 . . St Louis San Fran pf . 30 400 .. St Louis Southwest pf. 33 100 .. Saxon Motor 314 590 .. Seaboard Air Lino pf. 10J4 000 .. Senrs-Roebuek 03 H 300 .74 Shell Transport 3414 700 .. Sinclair Oil 17)4 000 Southern Pacific 7714 300 4 Standard Oil of Cal. .. 0914 400 7 Stand OH of N J pf..l07Ji 100 2 Stewart Warner Speed 23 11000 7 Studebaker 08 500 1 Submarine Boat Corp. 4J4 309 .. Superior OH Corp 4 1100 8 Texas Co 33J4 500 1 Texaa A Pac C A O.. 17 100 .. Third Avenue 14 100 8 Tobacco Products ... 5054 300 .. Trans Con OH fl?i 100 .. Union Oil 17 300 10 Union Paclflo 130 330 4 Union Pacific pf 05J4 100 8 United Drug 6554 700 ..US Food Products.. IGJ4 4100 3 United Retail Stores.. 48Ji 100 nt'SCIP Fdy pf . 40J4 490 4 II S Industrial Alcohol 4054 300 ..US Realty A Imp.... 45 7J0O ..US Rubber 40J4 100 8 U S Rubber 1st pf.... 80 1800 8 U S Steel 7454 100 7 U S Steel pf 100J4 300 g Utah Copper 4455 300 . . Utah Sec 8 H Kio 0 Vn Iron coal A Coke. . 03 200 .. Vlvadou Inc 0 54 300 3 Weber A Hellbroner. . 11 100 .. Western Paclflo 2034 3700 t Westlnghouse E A M.. 40 300 .. Willys-Overland 114 1300 . . Willys-Overland pf . . 30 400 5 Wilson A Co 3314 100 .2.1 WriBht Aero SV4 jostcrdnr. Thus far this week, 2,204,200. Ixw 80 1114 8 109 M 45 IV 10 H 23 H 10 10 Wi 10K 1454 38J4 10 7014 10 7554 14 1754 8ft m 27 914 3554 41V 80tt 37 M 19 17V4 13J4 2554 OH 8454 01 24J4 73 V 100 13 0754 21 45 83 4014 28 30 33 3V 0J4 C2 344 17 V 77 0954 1074 33 K 08 454 3Ji 3354 16J4 14 5054 034 17 119JS 6554 6554 1V 48K8 404 453 46 45H 80 73JJ IO054 4454 8 ?6 63 054 10 J4 20J4 33 54 0 54 20 J4 33 54 854 Today's Net C'ote unite, 60 -"H 8H 10M 45 -91M- 3391 10H 19 J4 l 14V 30 10 4-7054-10 -17J4- 9 75 H 194 17H 88 0 37 -9544- 35J4- 4154 30J4 4-37J4-10 -17M4- 12V4- 6H- 5454- 91544- 24 y, - 73H 100 13 0754 31 - 45!4 63 -47J4 4 33 - 38 4- 33 -3V 10 B354- 34 54 4-V4-7754-00J4- 10794-3394-GG54- 454 3J4 33J4 4-10J4-1 5054- 094 17 -130 -6554 54 1094 4-4854-40J4 40 45 40J4 4 80 74 J4 896- 03 20 94- 40 4- 054 3734- 33 54 854 4- 54 54 A 54 V 54 54 "94 54 V 14 IV 394 14 194 54 54 194 1 1M 1 3 V 34 154 V '94 54 V V IV V 54 '94 14 '54 V 194 v A'e; York Curb IXDCSTKIALS Ulch Brlt-Anter Tob reir 11 , Columbia Emerald 01 Cm Finance il'j com nnance pret 72 Empire FodJ 2.1 '; OTcn Alden Coal 31'i reorleo Motor 211 I'irfccll.in Tire Nl Rndlu Com i, Se Is Co 3 Todd Ship c." I' S Ship Curp It V b Steam 30 fnlted l'roflt aharlnif .... 1 TV fnlted Itetall Oindy t.'k Wujltf I'ual . ji, WeBt End Chem SO STANDAKI) OILS AnBlo-Amer fill .. . ir.'t Uuckeya IMpe h IMIIU'UMJKNT 01I.S Low 11 03 i's 31'. Us Stl IS :i 02 IK 2t 1A r,. In 80 ir.' S4 GRAIN MARKET Chicago, Aug. 20. Wheat stnrted 94c to 1c higher for September and unchanged to 'i4c better for December, with offerings light and loeuls favoring the buying Mile. There was very little commission house business. Heculpta inspected yesterday were 221 cars ; last year 13.1 cars. The cash market was relatively firm, with premiums puid for some choice grades slightly higher. De mand for milling nnd export purposes was good. Corn started with September Mc lower nnd December Vjc off. was Unlit, with rnsh hoii'es September nnd commission hou-es on both sides of December in a small way. Oath started 'ic to ! higher for September and Vc to Vjc better for December, with rather good commis sion house buying and only limited of ferings. COTTON MARKET New York, Aug. 20. A little week end covering, with moderate trade buy ing, sustained the cotton market at the opening today and lirst prices showed 2 to fl points not rise. The advance met Southern Belling, hut prices were about 7 to 8 points over the previous close. Continued hot. dry weather in the Southwest peemod to preent an aggressive bearish operations in the earlv trndu. After holding steady much of the first hour, cotton prices turned easier on Indications for cooler wenther over Sunday In the Southwest. Private reports from Texas continued extremely gloomy, however, one from n prominent cotton man estimating the present condition of the crop there at 47 and the probability that the yield would not exceed 1.830,000 bales. On the other hand, reports from the textile markets showed steady if slow Improve ment. A Tall Hiver dfopatch 6tatcd that printers had entered the market late yesterday nnd cleaned up at the top prices. In tho export division a sale of goods wns made to South Africa and further sales were reported for China shipment. Ycfll Hon, "pn lllch Low Clofe Oct. 13 02 IS Or. 13 10 13 OS 13 (I'l Doc 1 I.I 13 IS 13. TJ 13 41 lil 47 jn 13 '.j t .' i.i ar 1a is is in March . 13 72 13 7H 13 70 13 01 13 57 f C Upot, 13 10 Boston Wyoming . . 00 Curll, SMiUcato . .... 34 Cities 8-rwce (old) 114 Cltlci Service pret 4Z, KnKlneerH I'elrol 40 Inderal oil liV Tensland 0 G rnruok o.l SO Intir l'l-tiol lo4 Luns lvt im Mann man (Jii I!it M.'XlChll UuKl,. ... IS Mexico Oil 00 National Oil N J 4 Omar oil 1A b.ilt Creek Prod 10 'i Suimlpu Kef . , , . 31. Sielly Oil . ... 34 MINIMS Alaska Ur Culumbla Ins Iilso Il aton ft .Montana c. rtez silver Creidon Qoid If.lnre Uferuiis .ureua Lroesus ...ld Zonn Ilarmlll DUlde Knox I1IUJ0 Mazma Copper SlUer Mines of America.. Tonopah Dlld.i lononah Kxtenslon Unity (Sold LiiHf a eastern . 110NI1S Amer Tel fio. 1022 AnHConda tl4 H"th Steel 7 1!I3 Chi Un Htailon 0a . .. Cor.s (lis sa Copper L'xpjrt Hi 11)22 Cilena 7s ... Goodrich Tiro 7s .... Humble Oil 7 . . Interboro 7s n y .v 11 & 11 is . . 8 ars Roebuck 7h, i-.ts H 'ubucl: s, Holay sH ithwest lle.l 7h St.iml nil N Y 7s, Slft 7s. 112S .. Hwlft 7s 1(131 . . TexsH fn "l I'rlted Dru 8s . 02 .! 111 41 40 1A 11 S3 1U. Ill 111'. IS 67 4 A JO'j 3'i 3. Last US 3 112 iS 1. an, 20 pc. i. 3 U2 IS 2S If". K 1A, b0 ir.i t4 5 JS 114 44 40 lr't I) M loH Hi l'J is 4 1A 10'7 8 Financial Briefs The nverntre price of the twenty active In dustrial stocks declined .02 per cent yester day to Oj.34. while the twenty railroads ad anced ,U2 por cent to 72.30. . 7.1. f,und" own01' by tho Slate of Mlnno tota total approximately J44. 000,000. a re P..rL?f th State Auditor Just Issued shows. Of this amount. J8I.3H4.S4U. 70 la roprorented b bonds, lertlllcates and similar Invest ments, while more thun JU.OOO.OOO li In- land contracts. Tlw State has dlspod of most of tho bonds of othor States that It owned. Deposits In the United Stntes Postal Sav !n?.",inS Jul81 totaled approximately fi02.. Omn i'..in O.i.l t. . .l V-"..t Ul JIB ...... ..uu,..yu. ,1, june tne uecrease approximately S.'. SOU. 000, was 1022 HUI mart 31 27 H7 77 11. 2W 11 14 12 IS S5 7 1A r 2, . OS. . P'.'Ci . us .10 114 loot. .100 . iiHd . lb4, 1)7 , . 701, . r.s . US' 117'. ii'jH, U7I . ;" .joo . so ai 21 ii.'i 77 us ..!' To 14 11 IS s:, 70 1A 2 a 31 'lis 11 14 11 11 7s JA All Prench TTeasur bills hae now ben withdrawn from the New York market. .VA1,'.'"! lan yent Wall oa much as S0.0OO. 000 franca The withdrawal conforms with ...W .riiviui puuey 01 rouurins rorelcn ilebtedness. In- OS ' 08' , sl 1. Ml US H3 104V, 1'14'v lOO'i 1110', 100'k lflO", IH'k l4i. U0S HOs. U7'i H7'. 7(l'j 70'j r.r, r.s US', US', ii7. ':. UO im -j (17 07 1034 103S 07 07 07 . 1)7. 00', III)', 10O 100 .r.'.'i1dS?-relQrt sa" B0lJ ( ho nmount of l..ll,.80O was exported to America duNna the week of August 17. Interstato Commerce Commlnlon approved n. loan of 1388.000 to the Great Northern Ita.lway Company to enable that carrier to Piovlde Itself with now equipment. The car rier Itsolf is required to flnanco I3P8.320. F.or.i.be Bl months ended June ao the Gen eral (.Itar Company rcportod a surplus, after charues and Tedoral taxes, of I1.03H, U40, equivalent, after preferred and debon tu:e preferred dividends, to 3 02 a share earned on the 18.104.000 common stock. This compared with a surplus of 11.814,120. equal to 18 10 u sharo earned ot; the com mon stock In 1020. Hustnesa failures for the week ended AS?U,W .1S number 376. which compares with 820, last week. 130 n the like week of 1020 100 In 1010. 170 In 1U1S and 216 In 1017 The War Finance Corporation has made .. ..i. u, iiu, iu a. aoutnern bank fur the purpose cf RislitlnE Irr flnanclnit the exportation of hi)0 bales of cotton Th 2 cotton will be held In an American ware, nouto undor agreement to be exported, the r,vv"u" imutiiu ,iim sucn exportation b ustd In payment of the loan. to 1 New- organization of Maxwell Chalmers Com fany has Issued lis tlrst !lnanci.i itatenu'nt. a ialance sheet as of June 1, shuwlnir total ""! of 70.B37.fl!0 Cash In 1 anKs nrd rocev able from reorganization committee 1 tal, with certincatos of deposit. i itTdbi -.101. Imentory standi at $10 lrtu SU7. Cur- Reserve Banks' Discount Rates Official rediscount rates at the twelve Fed eral Iteserve llanks are as follows: ireas. i,id. uora 1 hktm. v: Hoiton New Toi k Phllade'phla ciovoland Itlciimoml AtlanU Chicago . . St. Louis .... Inneapolls ,. Kansas City . Dallal fiaa-Jf nnlBO. ctfs. Donds. Paper . f.4 ni r.v, ft'-J Mi n'J . iiVi r.v, .-,4 11 11 11 11 11 n B4 5', BVj . tl II II .. Bis 8 OVi ..8 8 0 ,. ft 8 8 .. 044 bL CVS Ace SI, II n s e 3M o FOREIGN EXCHANGE New York, Aug. 20. With the ex ception of sterling, which displayed n Meady tone at a fractional advance over Msterdny's close, rates on the princl ral European centers dovclopod im inMir tone at tne opcninif toiiiiy. ine Scandinavians were firm, while marks were woali. '1 he quotations were : Sterling cables .I.OO't, demand .", rrri4 ; fiuuc tnhles 7 74, -hecks 7.7.'l ; Ilelgian i-.ilileH ".JiS, cheeks 7 57; SwIm, cables 10 !K); checks 10.87; lire cables rliei kh 4.JIV.-J pchetn cables checks 12.00; guilder cables checks a0.!l!5 ; Stockholm cable .heck- 2t.40; Thristianla cables checks lH. 20; Copenhagen cables checks lO.nO; marks 1.17V,. rate of premium In Montreal today on New York funds wns 11 I -10 per cent. The rate of discount In New York on Canadian funds was 0 15-10 per cent. Central European exchanges nere tnsier today. Greek was 5.55; Uuman ian 1.22; Bulgarian .8S; Austrian 12.'!, r.ilMi HU, U.eclio-Slov.ikl.m l.lOVj; Jugo-Slavlan .5S. YEaTEIlDAY'S FINAL QUOTATIONS Scerllng rranra Lire Oullders Demand 8.63 T.72H 4.84 30.09 C.bles 8 oOii 7.73 4.84 4 81.02 TODAY'S OPENINO CJUOTATIONS Sterling Franca Lire Oullders .... 8.(164 7 73 .2PK 80.03 .... a.Ofltf 7.74 4 15 31.00 CLOSING QUOTATIONS Sterling Francs Lire Guilders I S' i .'10. 121I2. F.l .00. 21 .1.-, lit 25. 1(1 r.r. The Steady sclllnc of Studebaker Is decidedly mystifying. It Is probable big bear operators hi.e known for soma time that a weak lotur account was built up In the stock following publlcatlpn of the six months earnings fur. ures which showed the full year a dividend earned one and one-half times over. This lonft account undoubtedly had stop loss or (trs In tho market, and uncoverimr of these slops have given thg Studebaker mark "tu distinctly weak appearance. l u The further reduction of about 20 ner rent n th wer. nf nm ..ri ' rer ; . - - --" -- vvHHii'iii iu.uiir iiv tn. United States Steel Corporation had no effcSt on tin common stock. During the r.i, part of the forenoon what little bus!5e.S in mat . a trl there was trlco Of 73'i ISBtln U,l M h, U - ' ride under last night's clone' Reduction in United States Stsel wages dirt not come as a surprise It has been realized right along steel would have to come down to wage level of Independents The reduc tions mean an additional steD in ,h. -... r. ot gutting back from a wr basis. The whole Industry list became reactionary around 10 30 o'clock ond among the Ishuss that cot Into new low ground were Chandler IMeire Arr-.w common United States Rub ber common and Chandler and Studebaker but SLOW RECOVERY I eweHMnMARKFI) REVIVAL MEEL TRADE Industry Gradually Extricating Itsolf From Depression. Prices Uncertain The railroad stocks remained steady, were neglected to a great extent. I'nlted States Rubber was one voskest features of the Industrial declining from 404 to 4 .1 . of the group. Demand Cables . Demand C4.be 8 01 t 3 CU"i 7.78 M 7.74 30 OH 80 00 JUaV-WM pomeatlv tvtio : foreign BAR 8ILVER bar silver 0 per lino ounce In i was unchanged at New York today i-ocaon the pnea Studebaker moved :n Just the opposite di rection from what it did yesterday, display ing weakness almost from the start. The Initial quotation was OS and midway through the forenoon It was selling at 60. Attendance nn the state Exchange was re markably small and there was a general In clination In the street to get away for rec reation over the week-end and even until such a time as there Is greater netiviiv in tho nnanclal district. Very little effort was n udo evon In the Investment houeci to do business. BUTTER, EGGS AND CHEESE New York.. Aug 20 - Hl'TTER Weak. Creamery, higher than vrvumery, Receipts, 7140 tubs. eitraa. 42U fC43c. score. 4231 nrsts. 88 to 01 score parKing siock. current make. HOGS Weak. rteeelnta. in oka Presh-gathered. extra llrsfs, 41 04 Jot casea. nrsts. R7I40c: state. Pennsylvania and Western hennery whites, firsts to extrsa 41 Wr.Oci State, Pennsylvania and nearby West orn hennery browns, extras, 4flQ48e, do gathered browns and mixed colors, firsts to lgVAl:.,8RffWJttiUSktor' pclil"' 8,JK CHKESB Darely steady. Itocelp-.s boxes, .State, whole-milk. lUts, fresh ciais. Kiwiinciao, average 1604 8ALI3B IN tlOOOl -en. n.y. nin eAAeAL a. Ststa whole-mlllf. twins. aneflM of m4llf: 60. AVro ma, 202aijo. -i ci di Ilk. New Yorlt, Atitt. 20. That the cteel and Iron Industry Is slowly cxtrlcntlnu Itsolf from the depths of depression, which for some months past has virtu ally paralyzed all of Its branches Is becominu more and more evident from reports received during tho lost week from tho various Important centers of the Industry. Nothinjr wns heard dur ing the week regarding closing down of furnaces nnd mills. On the other hand, mills nro gradually reopening and Increasing operations. Kvldenccs' of Improvement are unmistakable. New business coming In, while by no menns lmprcsslvo as rcgnrds volume, is nevertheless welcomed by the Industry because it means a slight expansion of operations by the mills nnd serves to confirm the belief that tho Industry Is on an upward turn. No big Improve ment Is looked for, however, until tho opening of tho fall trade when a period of comparative activity Is generally ex pected. August usually lr one of tho worst months of the year, even In nor mal times. These reports from tho big steel and iron centers, while telling the story of increased activity oil along the line, also mako kiiown the Important fact that prices show a stiffening tendency. Prices gcncrnlly nro still low and some what uncertain when applied to round lot tonnage, but for the smnll scattered business they nro holding up better. Producers generally show a willingness to meet competition. Prices on somo products show more resistance to decline than others. Some concessions were reported by some newcomers in the auto t-heet buslncbs for the purpose of get ting trial orders. From tho viewpoint of firmness of prices, wiro products teem to lend In the finished line. Some largo producers nro receiving orders that nro bringing their operations up to 3D per cent capacity. Stocks of wire products nro suld to bo very small. Trade Moro Optimistic For the first time since the depression began some extremely conservative men of the trade now express optimism. These men now assert that tho corner hns been turned, but refuse to become too optimistic as to the future. Tho moderate improvement in tho demand for Mocl products is, of course, the real cause of the more cheerful feeling now prevailing in tho industry. There hns been no pronounced Increase in buying. Steel products during the last week as a general thing maintained their somewhat firm undertone, with buying holding steady and mills gradually re opening and Increasing operations. Tho output of tho industry during the last quarter of tho year will be well nbove 50 per cent of capacity, ac cording to the head of a lorge inde pendent steel corporation. Wage re ductions have nlrendy contributed to lower production coMs. In the event of a genuine revival of business the steel and equipment companies will be in position to buy raw material at pre vailing low prices nnd operating costs will also hnve been materially reduced. Tho action of the Senate Interbtnte Committee iu reporting favorably on the Administration's railroad funding bill helped considerably to Improve sen timent in the trade. There is no doubt thnt when the railroads actually re ceive financial relief they will not do lay long in entering the equipment market. Railroad equipment must bo repaired bceutibo it lb now In n wretched condition. Tho recent report of the Association of Hallway Executives shows that on the first of July there were 308,000 cars In bad order nnd out of service, aside from several hun dred thousand ears luld up for wunt of business. In brief, the report indicates thnt on July 1 about .10 per cent of the cars of tho American railroads were earn ing nothing nnd nbout 15 per cent of the cars wcro in bad order agniiiht a normal of 7 per cent. This shocking condition regarding bad order cars is said to be due to the abnormal war time cost of operation, ehiollv wages and working rules Imposed on the roads by the so-culled national agreements that uro still In effect. Never before in the history of the American rail roads has huch a condition existed re garding bad equipment. Sheet -Mill Ilooklnes Improve Sheet-mill operators in the Ohio vni. ley are continuing operation on 11 52 per cent basis, with a total of fifty threo out of 105 mills engaged. Open hearth furnaces ure working on a 53 per cent basis. The Carnegie Steel plants nre being operated on n -10 per cent basis. Both tho larger companies and the Independents arc nnticlpnting further increase during tho next few weeks. Both Pittsburgh and Youngs town districts report Improved book ings for sheets, the increased activity being due to the belief on tho part of lnrge consumers thnt the prices ot sheets nro virtually at the bottom. The American Steel nnd Wiro Com pany is now on Its third week of five days' time nfter months of wnrkino- one week nnd being idle the next. Many other concerns nre continuing their en larged operating schedule, and others who have been closed down completely are opening up. A much better feeling pervades the pig-iron market and the furnace men loulldeiitly look to a steady demand nnd nn improvement In prices. In the Inst week furnaces nt Chit ago, St. Louis, Buffalo nnd In tho Ohio and I'onnsyl vanla district advanced their prices from fifty cents to !$2 n ton. Pig iron usually leads tho way for steel in both advancing and declining movements. LIVESTOCK QUOTATIONS Chicago, Aug. 20. 1'ATTLK Receipts. 1000 head. Compared with a woek ago: Ileef steers uneen. strictly rhni nn.i .F(ma grades steady to 10c higher; others 2.",ctl lower; spots off moro medium und good grades suffered most; fat she stock generally steady; in-between eruuee weak, ve.il calves 25ffS0c higher, stockerg and feedora strong to 2rc higher IIOOS Receipts, 4000 head. Largely 23ff 3.I0 lower than yesterday's average; top packing grades oft most, holdovor moderate, mostly held oft market Top, $10 15; bulk light and light butchers, 0 73 (ff 10. 10; bulk parking sows, 7.008 2.1, pigs. 25o lower. SHEW' Receipts. 2000 head. Compared with week ago: Killing classes virtually steady, feeding lambs, 23B0c higher. Pittsburgh. Aug. 20 HOTJS Receipts. 1000 head Wither. Heavies. 10 75O10; heavy yorkere, $1111 10; light yorkers. 10.50 10 75 pigs. .10 10 50. SHElfl' AND LAltllS Receipts. 100 hoad. Steady. Top sheep, 3 25; top iambs, $11, CALVES Receipts. 23 head. Steady. Top, 111. I'jtst Iluffalo. V. Y.. Aug. 20. CATTLE Receipts, 330 head. About steady. Calves, receipts 800 head 1 lower: JSiM2. IIOOS Receipts, 8200 hoad. strong to 23c hlBher Heavy 1106 in SO mixed, 10 10fa 11! yorkers, til; light yorkers il0?fll; Mgs til 51)00.76. roughs. I7&7.23; stags, 14 r.nftn so. SHEEP AND LAMIIS Receipt. 200 head. Act.ve, unchangod. German Bank Statement Ilerlln, Aug. 20. The statement of the Imperial Rank of Germany aa of August IB shows tho following changes In marks: Total coin and bullion tnoreasod 103,000 marks; gold decreased SOOO; Treasury notes decreased 448,445.000; notes .of other banks Increased 1. 884. 000: bills discounted In creased 3.840. 000. 000; advances decreased 1,758,000; Investments Increased 840,000; other securities decreased 811,011,000; notes In circulation aecreueu v.u49,dd,uuui de posits increased 8,872.830,000; other liabili ties decreased 18O.S27.00O. Total cold hold-UKk-JUOvMOJLQQO BK , Am Agr & Ch 7 M rets 1 n 1 no 1 no 2 oe Ann T A T clt 1 SDK 1 80K 1 SOtt Amn T & T Bs 1 80 Amn T & T 0a 2.... 100 1.... 100 ti 1.... 1O0W S.... 10OU 1.... 100 Am'n'W P 0s 1 70 Armour 4W 4 81U AT1BFHJ 7 77H 1 77H S 77H Atch Topeka a S Y cv 4n S 70 K 6.,... 70i 1 70 H Atch T & 8 l'e cv 4s '00 8 S 1 70 A Coast L 4s 1 80 A Coast L 7s 2.... 103 Atlantic Het'g ct OMs 1.... tot Halt & Ohio cv 1 00 Dalt A Ohio 4s 1 00 H B COS & 00 v; Dalt & Ohio 3a 1 71H 1 7m D A O P L E A W Va 4s 2 07 Doll Telephone ot Pa 7a ' 2.... 10B Beth Steel fd 2 80 1 80V Ilkn Ldl U 7s B.... 100 Drkyn It T 7 B B2i 12 82V4 Dkn U Oas 1st 2 83 Canad'n Nth'n Otts rets 11 00 B SOU 1 00 1 00H 8 09 Cen of Oa en 4 84 Cen'l of Ga 0s 7 DO b 8P; b now 2 01 3 111 Ctl Pacific 1st 1 7.1i 2 73 C R N Jsy Bs 3 no Cerrode Paico Copper 8s 3 107 4 107 C A Ohio 4tts 2 -a 1 70 C A O cv4ls 1 77 2 77W Chi A Alt 3is 1 38 2 3S 3 3S Cllcouo D A Q II SHs 74W O 0'4 101 101 Hi 101 10m lOUi 2 C U A 2... B .. l " 3... 1... Chicago Mil & St V 4s '2B 1 73 Chicago Mil A SIP cv 44" 1 034 1 UU Chicago Mil A SIP gm 4 'is 8 .... 73V4 Chicago Mil A St P cv fin 1 03 A Nwn n'4s 100", . 101 . 100H . 1014 A I' M . . ASM, . no .. 00 A P 4s .. 71 W I 4s . 30 1 i . 00 1.. S... 1... 1... C 11 I 1... 1.. o c "it '1 1... Chl A 4 . . 0... Chile Cop'r fls 1 71 Chile Cop'r 1 . . . . 03 1 n:t 2 03 Chinese aoo't Hu-K Itly 1 1 47H, City Heme o! ... now, ,... ooy llord'x . ... 834 of t'npen D De Nemours Pwd'h 7 Mi 1... 3.... 1.... 1.... 4.... 3.... 1.... 2,... 2.... 1.... 2.... 1.... 3.... 3.... 8U 08 08 08 OR 08 08H 08 H 08H 0BH 08K 08 08H DStt Duo. Light 0 S 03 Vi 3 D3H 1 08U 2 03 U Erie Gent Lien 1 48U Oene'l Elec Oi 1.... 101 Goodyear Tire A Rub'r 8s 1.... lOltt 0.... 101 B.... 101 H Gove't French R 7Hs rets B..'. 17... 0... 3... IS... s... 2... 1... B... 1... 10... 2.,.. 1. 00 00 00 no 00 DO ooh 00H OOH OOH OOH nan OOH 00H 00 OOH 00H OOH Qove't F R 8s 00.... 3.... 18.... 1.... 4.... B.... 11.... 1.... 2.... 1.... &. 100 10O 100 100 100 100 100 100 09H 100 100 G Nth Rly 1st 3 84 H O Nth Rwy ,s 12 101 2 100 , 1.... 101 I.... 100H 3.... 101 B.... 101 2.... 100'i 3 101 2.... 101 1.... 100H 4 101 0.... 101 28 101 BO.... 101 2 IM 1.... 101 1.... 101 Hou'n Belt Bs 1 82 Hud A Man fd 1 07H Hud A Man In 1 42H 1 42H 4 42 III Cen'l 4i '53 1 71 8 71 1 71 1 71 8 71 111 Cent'l r.Hs 0 01 111 Cent'l 0H 1 101 1 101 B 101 tnt M ct 4H 1 12 1 12 1 12H Inttfo R T fd 3 30 2 50 1... . 30 0 05 13 MS 1 B3 2 53 1 . .. 53H I M Marine fli 1 70 1 70'4 Jup Ooe't 21 1.. .. 8I1H Jap Qoven't Is B 72 1 714 1 72 Kan C A S 3s 3 B7 1 57 ICan C A S 3s 1 77 H 1 77V, K C T Illy Is 1 ... 78H Kelly Sprlmt'd Tiro Co Si 8 03H 2 00 1.. .. 00 K Belgium 0s 5 . .. 04H 1 04 K IlelK'm 7W 1 . 102 5 . 102 2 102 1.... 102 II . . . 102 K Helir'm rets 2 . 101 N T Tele 4H 1 83 3 82 1 A3 N Yk'Tete 0s 1 114 H 3 n4H 1 04H N'k A W cv us B.... 103 North We'll B Tele'e s 0.... 102 U 2.... 102 1.... 102H 1.,.. 102!4 2.... 103 2.... 103 N Paclflo R 4s 4 70 2 7014 Pac O A B Be 3 78Vi Packard Motor Car Co 8s 1 03H Pft R gm 4'4 2 79 H 2 70H Penna Rd 04s fi. 1.. 4.. 3.. 1.. 1... 00 00 00 nn nn 09 Penna II 11 7s 1. 3.. 1 . 1.. 1.. 104 1044 104 is 103H 103 10S Peopcs Gas L A Coe CO BS 1 74 reorla A 13 1st 1...,. 37 Phlla Cnty cv B OOH Pub Serv Cp'n N Jersey 3s 8 OS Rep Chllo ret 08 !4 nn 08 08T4 on B 7. B. 1. 1. 1. rtep'o of Uru guay 8 wl 4 ns'4 1 08 2 ns 1 08 Rio Grande A W'n clt 4s B B3H Rock Il'd A A Loul'a 4Hs 1 07 St L A S 1- a) 1 08 8 08 1 08 St L A S F In 1. 20. 8. 1. 1 1.. 8., City 0., City hagen BH'S 1.. I.'. 22. . 3.. 1.. 1.. 6 . 8.. 8.. C N Ylt 4h 1 80 C N Yk I j 07 2 00 City Zutlch 8s 1.... 1O0 1 100 3.. . 100 Cl'd Cln Chl 4; St Louis Hi 78 7S 78 78 70 78 70 70 7U 70 101 101 101 101 101 H 101 101 101 2 ... 101 2... 101 Kingdom Den. mark ct 8s 3 102 5 102 101 101 102 102 Nor B7H 87 B7H 87 57 4 37 4 St L A S Fran Series A 1 02 St L A 8 Fran Series B 1 7B 1 74 St L A 8 Fran Series C 1 80 St L Sw'n 1st 1 074 St L Sow'n Cn 1 074 Sao Paulo of Brazil ct 8s 8 074 1 074 Senb'd A 1. it 1 27 Seab'd A L fd 1 30 Sinclair C Oil Corp'n 74 1 .... 01 1 111 4 014 So'n Pacini- fd 7 70 Su'n Pac cv 4 s 1 BIS South'n Rlv 4s 1 87 8 37 1 87 5 574 South'n Rlv 3s 1 84 1 8 Stand'd Oil ot rnllf 7s 2.... 103 1.... 103 Swltz d Con 1..... 100 1 100 1 1004 Third Ao a 1 034 1) 33 Union Tne 11 8 82 1 81 t'nlon Par Hi 2 0l 5 Ill) 4 1 00 (' K of G lint A I'd 1U22 0 ns IT K of G Brit A I'd 102!) 23 .... Ml 30 80 1 80 U IC of G Ilrlt a im m;i- 1 87 1.. .. K7', 5 87 I' H Brazil he OF BUYIH WEST Despite Enormous. Marketings of Grain, Business Is of Hand-' t6-Mouth Character Chicago, Aug. 20. lluslnojs condi tions In tho West arc being affected 1 thp enormous marketings of grain, nut thero would bo a sounder basis for on tlmlsm in regard to Improvement If the producers were obtaining higher prices. Wheat producers have received prices that, compared to pre-war ycirs, loo high, but when tho advance In freights Is considered and tho increased cost of production, tho present level has not been excessive. On the other hand, torn nnd oats nre nt the lowest prices in more than ten years, and the re turns nre a disappointment to grain raisers, whose financial necessities hnvo nindo it impossible for them to hold back their grain. . , . . . Loam nro being liquidated following the marketing of grains, but there arc let to be shown any Indications thru the farmer is buying any more llbernlly or thnt his buying power has been ma terially Increased. Wholcsalo and jobbing trade reports show little chnngo in general condi tions, and In many lines the general business is on tho same hand-to-raoutu basis thnt has characterized it for some time. Mail-order houses nro not ex periencing any marked revival of buy ing In spite of the marketing of the crops. , , The steel situation Is regarded as a Httlo more encouraging, but improve ment Is as yet unimportant nnd more prospective thnn actual. Prices for steel products have been raised very slightly. Tho pig-iron market, from the standpoint of inquiries, is more nc tlvo than it has been for several weeks. The building of numbers of small dwell ings and apartment houses has kept up a good demand for lumber and building materials. There has been considerable building in the smaller cities and towus. Reduced prices for several makes of automobiles evidently reflect a slow do mand at the old scale of prices, nnd it is considered still nn open question whether the reductions will bring in much new buying. Philadelphia Markets 1 13 ... 1 3 . .. Kingdom way ct 81 oJ::: Cuban 7... Cuban 1. .. l'.!! 3... Del A 1... Denmark Con ct A 8s 4 100 2 101 2.... 1i0 1 . .. 100 Denmark Con ct It 8s 101 A S . 00 O S rv . no I., . oo . 110 ,. DO 4 llu.i 103', TVIIEAT Receipts, 82,830 bush. Market lc lower. Car lota In export elevator No. 2 red winter. SI 23HI1.30, Nn. 2 red winter, garlicky, $1.139 1 20. Other grades ouoted at tho following schedule of discounts1 Mixed wheat, flc under red winter, No 3 whmt, 3c under No. 2. No. 4 whnt. 7c under No. 2 No. 8 wheat, lie under No. 2. Sample nc rnrillni? tn minlltv. CORN Receipts none. Trade slow nnd market declined 1HJ2C. Car lots 'n expurt elevator No. 2. 0.14 004c; No. 3, 034 Cf 04 He. Car loti for local trndo No. 2 yel low. 73 ft 70c. OATS Receipts. 0382 bush. Dull and weak to sell. Car Iota as to location No. 2 white. 434(f?404c; No. 3 white. 41W41c. FLOUR Receipts, 800 bbls. and 3.022 23( lbs. In sucks Dull and prices favored buy ors. Tho following nro tho quotations: For 100 lbs., packed In 140-lb. Jute sacko Soft winter straight. Western. I0.10W0.35; do. do, nearby, $5,756)0.18; hard winter, straight. 17 07.25; do. short patent. $7 80 firm spring first, clear. $O.C0ff?7: do. patent, $8 GjH.23; do, short patent, $8.50(3 0, fancy spring and city mills patent, family brandi. JD.7510.50. Rye Hour. $77.50. PROVISIONS Steady but oulet. The quo tations wero as follows: Beef. In sets. Btnoked nnd alr-drled. 31c: beef, knuckles und tenders, imokod and alr-drled, 62c: pork, family, $4,1, hams, H. P. cured, loosi'. 81Q?32c, do, skinned, loose, 3:1 31c; do. do, smoked, 33d"3ilc. hams, boiled, boneless, 53c; picnic shoulders, S, P. cuied, loose, 17e; do. smoked. 18c bellies. In pickle, loose. 18c; breakfast bacon. 25c; lard. 14i. BUTTER Dull and unchanged. The quo tutlone: Solld-puckrd rreamery. fancy, high-scoring Roods, 434&I34C. the latter for Jobbing sales; extra, 42u424e, extr.i diets. 4041c, firsts, .IflrjTSUc; seconds, 32 ,15c. thirds. 2UW3tc. sweet creamer) choice to fancy. 444 fl 104c. fnlr to good, 374 W 4B4c; fancy brands of prints were Job bing nt SBfi53e. fair to choice. 43 if 32c. EGGS Flna eggs In rmall supply and stcr.cy. Quotations wero n follows: Nearby extra firsts. 104c- do, tlrsts, 39 He, Western extrn llr3ts. 30037c; llrstu. 33c; seconds, 2i tf32c. Inferior lots lower, Jobbing sales of fancy cnndlnl frosh egg", 02 it 33c; fulr to chobe. 4HW81C l HLESE Quiet but steadily held. The quotations New York, whole-mill., flats, fancy, fresh, 211722c; do, fair to good, fresh, 10 020c, Longiiorns, fresh, 22 234c. single Daisies, fresh, 21(il22c. LIVE FUl'LTltY Fowls, not Leghorns fancy, fat. 3U3!32c: medium. 2527c white leghorn fowls. 22S724C spring rhlckans. broilers, not Leghorns, fnncv jeiiow-sklnned. wlghlng 24 'Ip'i lbs, aplcco, per 10. 'Mil 31c; weighing 12 lbs. apiece, 20030c; spring chickens. Leghorns, weighing 140.! lbs upltce. 23U20c: do. do smaller sizes, l'.'Utf)21c: old roasters, lfl'trise ducks, white I Pokln. 21MJ3c, do. mixed colors, 1820c. i pigeons, per pair, old. -loot 1.1c, young, 30tf 3.1c. uukski;ij I'Ui'iiUY I owls, frosh-killed. drj-p.cked. In boxos Weighing ,1 lbs apiece, Snc- wughlng 4 lbs.. 3Hc; welshing 34 lbs. 84c. welching 3 lbs . HO 032c fowls, fiesh k.lled, In bbls. dry-picked, weighing 4W.1 lb J. apiece, dry-packed, 38c; weighing lift.l lb.. apiece, ice-packed, 37c; weighing 3 Urn , 2DCP31c: weighing 3 lbs. and under. 2.1l2Sc, brulllng chickens. Western. .lOSr.lilr; do nearby. 33iy38c, old roosters, dry-picked, Wctern, 20c do. do. Southern, 23il28c: duckllnga. 27Q2tc. BANK CLEARINGS AGAIN SAG Local Exohangeo 24.3 Per Cent Q. low This Week Last Year r,xcnnugeB uy nanus ot the lne.i showed Clearing House Association ntinrnoi irnn fit t hn iifnAia xl. gate being SH02.000.000, comparedTlth po,W8,8ff8 this week' last year, or loss of 24.3 nor conti nor Total clearings of all flirt AtaaJ.. I houses in the United Stntes as complleS S by the Commercial and Finanelii I Chronicle, wcro $0,020,133,002. Main 1 $7,015,014,800 In 1026. a loss oful $ per cent. n Ve Comparisons follow : J New T'k.$2,020,200,000 $8,424,870 872 .C' Chicago . 4S8.716.425 80S 8704Bn ?J'5 800,143,23$ 284.sn4.nT? SO2.O02.B0O i4o.onn.08o 12O.O00.05o ??'8i$,0l Ui' 715,806 Phlla. Boston.,. Kan. City St, Louis. Har Fran. Pittsburgh. Detroit. .. llaltlmor N. Orleans 302.000,000 211,722,808 184,627,240 08,800,000 104, 320, OOO 112,000,000 00.H20.227 88,727,807 34,307.430 77.0St.4f, 68,030,807 14 5 24.8 WW it U. S. Certificates and Treasury Not.. Int. Main. I, .. "WISH iintfl t64 T0 34 8 t0 64 tB t'0 t'BJi Dale flept., 1021 BfPt.. Oct.. Oct., Dec., Feb., Men.. .Mch., June. Aug., June, 1021.. 1021.. 1021.. 1021 . . 1022.. 1022.. 1022.. 1022.. 1022.. 1024... Rid 1UO i&VlH'M ...100 1-82 1004 J'?2 joory looA i?2 .emu iftrtif :? . ." " 4 inn n.ai iiu .2 - t.i T on YaV.f" 550 100U iooJ .1004 10011 ?Ptl 100.C 4.12 4.80 B. 6.17 5.31 tax Exempt from normal Federal inV?-?i3 tAccentable for navment nt , Jlr lfX, . . . .- ---.-. v. umuin.. ua due on date of maturity. $60,000 State of Pennsylvania Series B Si Coupon or Registered Tax Free in Pennsylvania Frco of All Income Tnxoi Legal Investment for Trustees Price: 102 and Interest To Net 4 Per Cent Biddle & Henry 104 SOUTH FIFTH ST. 15.. 0.. 1.. 1.. 1.. 1.. 8.. 2.. U S Jlexlrn Jh 5 33Vi I' S Mexico 5i 1.. .. 4ti 2 444 I' S it & I .', 3 S7 1 88 U a Ilubb'r 5s 1 784 6 7M4 1 7Ri 6 78 8 .... 78Vi L' ti Ilubb'r 7s 8.. .. 004 IT 8 Rub 7 4s 1.... 100 1 100'i UM H steel 3s 2 04 1; 2 04 113', n4 HI'! 01ft ni4 L 3s 0 4 VM I.... 103"4 1.. . 1U3'4 K Sweden (Is 1 eon 1 80W 0 h0 4 0 804 1 00 1. on & Nash 4s 4. . . 00 3 .... 824 8 00 2 821i Colo 4. S'n Is Manhat K'il 4i 3 ... 83 4 6 ... 30 1 Bli Mkt Ht Hy 1st Colo & S 4 4 1 00H 7H Mox Petr'm hs 7 7flV 1 004 Cons d Uas 7i 4 00 101 MM 3 & Or 3s 1 77 Mo K t T 4s 1 01 6 01 U Mo Paclflo 4 s 1 . 54 '1 Moolle SO, 2 02 Mora 4 c 14 1 77 N'ow Or Tex ft Muxlco lis 1 03 N V Air II On 1 oo; N' Y Ctl cn 4- 1 .... 70H N Y Cen 4 'is N V" Cent'l 0s 1... . 02 ' 1 024 N Y Cent'l 7s 11 .. 103 8.... 1034 0.... 1034 2 1034 1 108'A N Yk Light 11 A. Twr 4s 4 084 N York State Ilwya 4 4s 1.. . 50 V nnXotal '801.000. compared with 17,400.. 571.000 y' hU" Ur XMi " '' NEWY0RK BANK STATEMENT Heavy Contraction In Loans Re serve Position Again Strengthened The more noteworthy feature of the wi'eklj .stntfiucnt of the New Yotk ('IciiriiiK IIouso' iustitutions was tho font rni't ion of $.1!),0-in,000 in loans and on', discounts. While demand deposits were DOS SI..SS7.000 lurKcr. tho infronscd llnliill- tins were offset by a unlit of .?544,000 in roxerve credit at tho l-'eilcral Kescrve UjinU. Kxce-fs reserve increased .?!, 171,000, raisins tho ni'tunl surplus nbove IpkhI lequirements to .?K!,07.r,(170. AVEnAon no 4 fiO'-j nn noi w no 4 on4 l.. l.. l.. l.. urn n 100i 101 Kiini, 2 1004 1.... lOOVi Det Kdl Co i,s 3 80 D Match 7 '4 s 1.... 103S 1 108 a, 2 1034 Do Canada 'Ji, 5 . 02, 8 .... 024 1 03 1 ... 1.... 23.... 14.... 13.... t'tah V 1 V,i-C Ch 1 .... 014 U'oat'n N V . l'a It II nt 3 88 Wo'n Union 8n 1 .... S0'4 W U 04s wl .. 004 Kio ss reserve.. Ak'nreif n-strve. Loans, etc ... I Cash In Miults i ami mem. like Ites9r In mem- br banks ami reserve bunks . Ileserve In State banks nnd trust companies . . . Iteserve In State banks nnd trust lompany deposi tories Net demand de posits ' Time deposits . . circulation I S deposits deducted This week 8.800.020 180,225,000 4.3n2,ni2.000 Lnit weok n. 501, 170 47H. 780,000 ,12n,000.000 72.324.000 70,142,000 403.310.000 401,852,000 8,805,000 8,481.000 8.401.000 8,437.000 3,502.700,000 3.345,032,000 .'UI.UUU.UIIU 2UH,B74,I)U0 5. 0.. i.! 8.. o i.i 3.. 1. 00 004 00H, 1114 00 4 00 4 00 4 00 4 W4E Mfe 7s l.... 1014 I.... 1014 4.... 101H4 5 ... 101 14 Wlcks'e Spncr Steel Co 7s 0 ... 01 Wilson Co cv 1 82 Liberty 8ijS .. Liberty Jst -lin Liberty 2d 1 , h . Liberty 3d -ls. Liberty 4th 4Vls Vic Notes nn., 08.74 Vio Notes 494s.. 08.74 HiBh 88.00 87.88 S7.70 01.00 87.08 Low 88.20 87.82 87.00 01.00 87.02 08.70 03.08 Close 88.00 87.88 87.0.8 1)1.02 87.02 08.74 08.74 32.031,000 100,313. 000 ACTUAL 10,1175,070 488,113,000 4,37O.2OK,O0U 31,817,000 152,700.000 Kxcess rieero . Ak'ktreg. reserve. Lmm. etc. . , . Cash In i.iultu and mem bks, Iteserte In mem ber banks and leservo bank . Ili'Hervo In State b.inks and trust companies . 8,400,000 Itesere In Stain bunks and trust cumpiny deposi tories 8,751,000 Met demand de- po-ilts .. ..3,500,400,000 3,502.817.000 Time deposits . 210.200,000 208,030.000 Circulation . . 32,122,000 31,007,000 U. S. deposits deducted 81,177,000 142,080,000 15.803.830 487.177.001) ,118.252 duo 00,728,000 72,370,000 470,802.000 470,318.000 8,242,000 8 017. 000 DIVIDENDS DECLARED Galena Signal Oil Company, quarterly 2 per tent on preferred, patahle September So to stock ot record August 31. S S. Kreixe. quarterly li per cent on preferred, payable October 1 to Block of rec ord September 15, American I'ower and Light, quarterly 1 per cent on tomnion, payable September 1 to slock of reoord August 22. North Texas Electric, quarterly 3 per cent on common and stml-annual 3 per cent on preferred, tout paable September 1 to slock iuter 14 per cent . navnnla Run,. K 13 to etock of record Aueust 23. '"w th paa . ou on 0 per csnt preferred, of record Auguut 20, rrocter & uamuie, BANK CLEARINQ8 Hank clearlnRK toda comparod with cor. responding day last two years' 1021 Ilnston Chicago, 88.474.8Kl ie..'tra,uoi years; 1U2U I'nua, ..mu.ooo.non 174.048. 807 53,537,11 Baltimore lOrni'j.hno U, York. ,007,700,000 14,824,111 a..1010 tea, 82, 870 MllllMi C. S. PATTON & CO. 8D CITKRTNUT STS. BANKERS fJAILKR Dnnaa nnd Baccraiora l l'Lt bousnt anfl Stock Ktrhenrs tn EVUNROH Htneke boualit anfl sail Members i'nua. OFFICE MANAGER Thoroughly familiar wlvh corporation accounting, finance nnd Income tax Is open for new connection. Very highest reforences. n boo, i.rcnoEii omen Lawrence E. Brown & Co. CERTIFIED PUBLIC ACCOUNTANTS 1080 KKAr, ESTATE TltOST nT.D0. Investigate and adjust corporation an partnership account and prepare luoeme Tax Ilsturns. ,- H.L. Smith & Co. INVESTMENT SECURITIES 1009 Land Title Bldf. Sproce 6721-2 FINANCIAL INLAND COAL CO.MrANY FIIIHT MOBT. OAGK COLLATKIIAI, TIIUST 0 HKUIAL GOIJ) 1JONDS Notice Is hereby given thnt pursuant to tat Contingent Sinking Fund provision of th Mortcnire, datml March 1, 1017. nil bonds ct the above Issue outstanding- maturing March 1, 1024, and 50 bonds as numbered below, matuilnE March 1. 1923. each for (1000. haft bem called for redemption on September 1, 1021. at 1014 and accrued Interest to that date The bonds called, with nil unmatured cou pons nttachcil. should tc presented for rai ment nt the office of Commercial Trust Com pany, Trustee, City Hall Square. Philadel phia, nn or after Hentnnlier 1, 10J1, v,henall Interest thereon Kill cense. Nos: 820 842 803 883 82H b48 8H4 NK7 807 890 8118 802 872 807 873 SOS 877 (I no 870 007 COMMERCIAL TilirST COMPANY Truttee. HENRY C. aiUSUN. Treisursr. h30 8411 881 840 8811 830 838 838 8 in 8(10 840 801 010 010 (lil 012 Oil 841 013 ni3 044 nin 030 1j O.'O 037 04 022 l'81 047 '127 OSI 048 028 fl 10 fi'iB Fronosnls l'KNNhYLVANIA IlKl'AKTMKNT OF ih:ai,tii Sealed proposals for tho construction of a solarium nnd opn-porch nddltlon to the i:ast Ward Hulldlng of the State Sanato rium for Tuberculosis near Creson. Cam bria County, l'ennslvanlii. will lie receUea by ndurd Martln. State Health Com mlisloner, nt his ofllce In Harrlsburg until 2 P. M.. Tliursiluj. Heptemucr 1, 10,11. The principal Item of the work Includes a two-story utone-und-hollow tile etnlon to the East Ward Hulldlna, approximately sixty (00) feet In length Plans nnd Bpt'clflcutlons may be seen at the oftlro of tho State Depnitment of Health, Harrlsburg; at tho State Sanato rium. Treason, and at tho office of Walter (!. Jtyton Architect, Johnstown, nnd setj may be obtained Tuesday, Ausust 28, it the above offices In Harrliburg or Johnstown upon denoBlt of Twenty-file Dol'ara ($23 00) for return of each contract set In gool lomlltton. . Each propoHal mul be accompanied ty certified check for 1800. The successful bidder will be required to slit a surety bond for the full amount of the contract. Tho rU'ht Is reserved to roject any and all bldi. Heating llElitlnu and plumbing not in eluded In this proiioial. . HAltlUMIUltti STATU HOSPITAL August 13. 1021. Sealed proposals will be received by IM Iloard nf Trustees of the Harrlsburg StUJ Hospital, at Harrlsburg, Pa , until H o'clock noon. Hnitvmlier S. 1021, for altera tlons of Holler House furnishing Installation and erection nf Hollers. Oratea Mechanloai Draft and Automatin Control, also for Electrlo Wlrln of Hulldlng, nil on ground! of the riald liospltal In accordance with draw ings and specifications, copies of which m be seen lit the hospital. The Hoard Trustees of said hospital reserves the rtint to reject any nnd all bids. . A certified check of 8 of the amount of the bid mutt accompany each propose!. E. M. GREEN, Superintendent . COMMONWEALTH OI' I'KNNSILVAMA Lepurtment of Agriculture. Ilarrlsburf, Mj Sealed proposals will bo recilved at toe office of the Secrotary of Agriculture W IM State Capitol until 10 A. SI.. BepWmbaf ' li 1021, wien bids will be publicly opened aDi cheduled and tontracts awarded 9 thereafter us possible for the followmf ""Approximately 400,000 Individual license check tags, coin stamped: iPF Imately 80.000 kennel dog license check Ufa, coin stamped. , . kt niddlng blanks and specifications may m jbtalned free upon application to the Bw' Urr of 'cu'rVRED'RASMUffsV. Seoratary of Airbjulturj. nlvldends AMKItU'AN POlVKIt & LlfiHT CO. 71 Hroadway. New York. COMMON STOCK DIVIDEND NO-, The regular quarterly dividend of " por cent (1) on the common stock of iw American Power and Light Company n been declared, payable Beptemt-er 1, l-; to common stockholders of rerorf at "" close of bu'lnesH August 22. 1021 WILLIAM RWISKR Treasurer A meeting nf the Hoard of Dlr"1?",,?! Lit llrothers Corporation was held AurtM 2. 1021, when a semi-annual dividend oi 6, and an extra dividend of 2Vs " neciarea to an stocgnoiners ot ,v.. -- August 1021. 0. 1021 nayab e on Checks wli) be mailed. Annus' " Special Meetings NOTICE TO STOCKHOLDERS Otf WIIAKTON lll'II.DlNfl AflSOCIA- TION NO. Z . t ,, . ,i Special meeting of the stockholder! wj'J be held at the regular meeting place. I""' J n.. e-.-a Ill.Jn.iJav AlltTlIt l o. urunu irv,, uii nwiiirrrMii . iit Mil at 8 l M., for tho purpose of ctln,tt? 4 proposed ohanrsa In the bylaw " laU aisoclatlnn. ..... ('' J CHATti.KH in. HTAHL. Prealoeni "J CARL MUJILT, Secretary. 1 CA'i, --t - li. oJrr-J. -m ft
Significant historical Pennsylvania newspapers