&? ysrsp tfV"WTJ r J . i K' I ,V "ft v t. 'V T . " -2 "f ar f'V .1 -3 . .(- ;?'"' .. -f . T C j J" if , ", 'fC. .. 'I If ,,- l ' ' is ' ! EVfeNINa TUBLld LEDGER-PHILADELPHIA, TUESDAY, AU&TJST' 30, 1921 'u. r ,'mm s f fr P? rv r ra ty Vr iii h f to H h u n I M m m m By. .VVI ItN i I . . T r fA lffrrif T Tnif aA Railway Co. 1st Mortgage Collateral 8 Sinking Fund Bonds Maturing: 107Va and Interest On Auguat 1, 1941 Secured, through deposit of entlro Ignuca of first closed mortg.-igo bonda upon 202 miles of standard gauge railroad track. Value of mortgaged property $11,304,485 Amount of this Issue. 4,000,000 Net earnlncs from mortgaged property. 964,148 Interest charges on this Issue 320,000 Price 99 and Interest Dillon, Read & Co. 1421 Chestnut St. Philadelphia Telephone Spruce 5080 New York Chicago Boston CALL LOAN RATE 1-2 P. C. ll NEW YORK STOCK EXCHANGE TRANSACTIONS 001 TO 4 Further Short Covering Lifted Industrials, but Market Was Flat Philippine Government ?Vl Public Improvement Bonds Due 1941 Exempt from taxation by the Government of the United States or any political or municipal subdivision Legal opinion of the Attor ney Ceneral of the United States regarding these bonds will be sent on requ.it. Price to Yield 558 Write for Circular Bonbright & Company New York Don ton 437 Chestnut Street Philadelphia Chicago Detroit Canada's Production From crops, forests, mines and fisheries the four chief divisions of Canada's natural resources t h o value of production last year has been estimated at over $1,850,000,000. Continued development of theso resources will brlnu Increasing wealth to the whole country and they are nssets which secure and, therefore, mako particularly desirable Can adian Government and Muni cipal bonds, now obtainable at prices to yield 7 to 8 Principal nil Interest pajoble In United 8tates funds. Write for Circular PS20 Wood, Gundy & Co. Incorporated 14 Wall Street, New York Wnnlper Montreal Toronto London, Eng. Dividends Over Five Times Earned Through good times and bad the business of the electrical power companies goes on. Even in the present depression estab lished dividends of well-known companies are regularly paid. We offer Pennsylvania-Ohio Power & Light Company 8 Cumulative Preferred Stock at a price to yield 8.60 on the investment. Circulars on amplication HARPER &TURNEH Investment Bankers Jfemorrj o Philadelphia Stack Exchange Stock Exchange Building Bcmnton Philadelphia iteming New York, Ann. 30. The lowering of the call Innu rate to 4 per cent was the outstanding development of the day In stock market. The renewal rate was fixed nt 5 per cent, but call money was soon offered freely nt the above reduced rate, while on the outside free offer ings were reported nt 4 per cent. The easement of the rate was more striking becntiRo of the knowledge of the further large Government withdrawals from the uuiiKs tins week. The piling up of loan able funds on call, however, was partly explained in tbo diminutive buying power nnd also In the willingness of Homo of the institutions to nut out money accumulated to pay taxes next month In demand loans. A number of individuals also were apparently dis posed to keep similar funds employed. As n speculative factor the Incident fell as lint ns a punctured tire. There was little life to the market and most of the dealing represented almost ex clusive evening-up operations of the professionals. Quite naturally, in view of the nenr approach of the triple holi day, none of the traders was particu larly anxious to take on new commit ments, but rather showed an Inclina tion to cut down outstanding contracts as much ni possible. In view of the recent preponderant selling for the short nccount, the bulk of the opera tions represented covering on the pnrt of the bear interest. There was still n conspicuous absence of the "follow up" buying. In consequence, when the requirements of the shorts were met the market beenmo flnt and noticeably thin. Confirmation of this reluctance on the pnrt of the trading contingent to ex tend or widen operations wns given in the Ktendlly diminishing dealings.' At the same time the thinness of the mar ket was indicated in the setbacks sus tained by several of the more prominent speculative Fpeeialties on moderate real izing when efforts on the part of those maneuvering against the short relaxed. The market seemed to have divorced Itself entirely from the lnllucnce of the unpleasant local transit situation, al though further recessions were made by the related issues affected by the threatened receivership. At the same time, while they unquestionably for the time being nt any rate lost their grip on the market, It was evident the bears were not vet disposed to give up the contest. This at least was sug gested in the selected issues which were agnln subjected to pressure in the earlier dealings, American Sugar lie lining nnd Famous 1'layers being par ticularly prominent targets. The latter was depressed on the strength of the Washington advices Indicating n pro posed inevstigation of the moving-pie-lure industry by the Government. Soon nfter the Initial dealings the mat ket began to pick up strength nnd in a number of the Industrials substan tial rallies were registered. Mexican Petroleum, Atlantic Gulf common nnd preferred, American International, Mercantile Murine preferred, Vanadium nnd Heplogle advanced 1 to .'1 points. American Agricultural preferred, Vir ginia Cnrolinn common und preferred, L. S. llubbcr common nnd lirst pre ferred, California 1'acklng und Kiull cott Johnson preferred also improved. Norfolk and Western featured the rails at a gain of ili points, Heading mid Northern Pacific showing support. The heaviness of General Asphalt under mined the nils before noon, Mexican Petroleum reacting - points. LAKE SUPERIOR UNDER PRESSURE Heaviness of P. R. T. Without Definite Explanation Stock Near Year's Loiv Except for the frier offerings of Lake- Superior Corporation uck and tne heaviness of Pniladelphia Knpltl Transit, the local market uns barren of feuture. There was quile consUerable amount of I.nke Superior on tap and which wns fed nut freely until the mar ket Miowed signs of satin iitiun. The liquidation, came despite the announce ment of the company having secured a fniriy large rail order for the steel mill, nnd dragged the price again under 0 to fiTsr r within Ya of the recent low water mark. The yielding of Philadelphia Rapid Transit to ln-li, the lowest it has touchced since January, when it sold at 15V4 was without nny definite cx nlanntlon. The murket. of course, rc- mnins very thin, und all sales out of the ordlnnry odd lots oro almost cer tain to produce price recession. For some occult reason, however, the un fortunate condition In the transit situa tion in New York caused some uneasi ness among thhu local holders. In the rest of the list there Is little to be ttanl. F.lectrie Storage Uattery on limited transactions gained n point at 10.Tj : l'ennsjlvunia Railroad was firm touching the US mark again. Everything else was neglected. UANUBUls Dealers in Investment Securities Member Htw York and PMkuiiltMo Mteeh BecKangtt 321 Chestnut St., Philadelphia Philadelphia Stocks High Ixiw 121 KlecStor.lo:i'j K12Mi "i tl US 121 G3 r, 37- 12 111 53 We Wish to Purchase $15,000 Maryland Steel Co. First 5s Due Feb. 1, 1922 A. P. Barrett & Co. Central Saving Hank Hldg., Ilaltimore, Md. .13 I Co N A Kl.' Lake Sup 127II Pa K 11.. 1211 PhllaKlee 112.-. Phi'a 11 T 7 PhilaTrnc: riiiiADKi.rniA no 2000 Liberty 3d -JVIn '28. .1(1(1 Liberty 3d 4Vi "-2S. 100 Liberty 4th 4,s '38 WOO Victory -1h '23 300 Ulectric At Peo 4s.. 1 13 Net 1. M. chge. 103-f-l 2rt-Z -v. BJ4- Vs NUS - . Dlr Piles In f 19,10 800 300 1100 100 100 700 300 200 100 100 3100 400 100 100 100 300 100 2300 8300 3700 630 300 100 000 0)0 ton 200 7300 400 2000 3000 3100 100 1700 200 100 100 200 eoo 3000 10CO 300 300 2300 17110 100 200 ion ooo 200 100 3700 200 S00 200 100 80 31)0 1900 400 100 100 300 Alaska Gold Mines. 4 Allied Chem & Dve... 37 4 Allls-Chalmera SOW .. Am Agrlo Chem 27ft . . Am Agrle Chem pf . . . 7 ., Am ran 3SJ4 7 Am Can pf 80 12 Am Car A Fdy 123K .. Am Chicle lltt .. Am Cotton Oil 10H .. Am Drue; Syn 1 .. Am Intemnt Corp.... 27H .. Am Linseed IS 0 Am Locomotive SW .. Am Safety Razor.... 3K .. Am Ship & Com .. Am Smelt & Seo 31V4 8 Am Snuff 99 ft 5 Am Steel Foundries.. 23 .. Am Sugar Ret 00 s Am Sumatra 30 0 Am Tel & Tel 105Ji 1J Am Tobacco 121 0 Am Tobacco pf new.. 88 7 Am Woolen 09ft .. Anaconda Copper ... 341$ 0 Atch Top & Santa Fo. 8JM B Atch Top ftflPpf... 80H .. Atl Gulf A W I S S.. 23 . . Atl Oulf & W I S S pf 10& 7 Baldwin Locomotive . 7H .. Baltimore & Ohio.... 37 8 Bethlehem Steel B... 40 S Bethlehem Steel 8 pf 98 .. Brklyn Rapid Transit 04 . . Brklyn R T ctfs of dep rW .. Butte & Superior Cop 1114 .. Butterlck 3014 .. Caddo Ccntrat O & R. 8'4 0 California Packing .. 03 .. California Petroleum. 8414 10 Canadlnn Pacific ....1H& .. Central Leather 25J'o .. Central Leather pf . . . 60H 0 Chandler Motors .... 4'2V4 .. Chesapeake & Ohio.. 53 J .. Chicago & Ot West.. 71i .. Chi A Or West pf.... 10ft .. Chi Mil & St P 2U .. Chi Mil A St P pf. ... 30 S Chi A Northwestern.. OS 4 Chicago Pneu Tool... 47? . . Chi R I & l'ac 33 7 Chi R I A Pno 7 pf. 70J4 .. Chlno Copper 3l'4 .. Chile Copper H .. Coca-Cola 34 .. Colorado Fuel A Iron. 2S14 0 Colum Gnfl A Eleo.... .. Col Ornphophono. . . . , .. Col Graphophone pf.. 4 Comput Tab Records. .. Consolidated Textiles. 5 Corn Products Ref... 300 2. no Cosden A Co 1300 7 Crucible Steel nf .. Cuban Am Supar. ... .. Cuban Cane Sugar... . . Cuban Cane Sueur pf 18 10 uei i,acK ft western.. vv (I Endloott-Johnson . . 7 Kndlcott-Johnson pf .. Krlo . . Krle 1st pf 8 Famous Players L. . 4 Federal Mln A Smlt Pf 21 .. Flsk Rubber 8ft . . General AsDhalt .... 434 8 General Electric 13 1H 1 General Motors 9 0 Gen Motors pf 84 0 Gen Motors deb 6.. 01'4 7 Great Northern pf... .. Oulf State Steel .. Inspiration Con Cop. .. Interb Con Corp.... .. Inter Cona pf . . Internat Agrlcul . . . 7 Int Harvester new... .. Int Mer Marino 0 Int Mer Marine pf . . . .. International Nickel. . . International Paper . .. Irivlnclbl OH Corp.. . . Island Oil . . Jewel Tea .. Kansas City Southern 24 H 4 Kansas City So pf.... ii'i 4 Keliy-SprlnKfUid Tire. 37 H .. Kennccott Copper ... 17 H ltlih Low a h 100 300 300 S00 1000 100 300 100 14000 100 200 7201) 0700 600 300 300 200 100 300 400 300 100 3100 300 21011 300 200 301) 400 100 700 2n0 2200 4u0 S4 3H 14 31W 13 'A 004 25 55 13 71. 59 00 13K 18ft 57 73)4 31 30 3 8 or. 73 H 41S4 12 42 Vi 8 2 10 Ji 38 Ti 39 3714 53 35 7S 13)14 11V4 10 30(4 17 85 3J4 0 32 09J4 32 tt 58 38 105J, 131 88 08 Vi 34 85Ki 80J4 3114 1814 7414 30 48 98 914 1114 30 ft 8ft 03 33 114ft 25 ft CO ft 41 C3 7ft 10ft 24 ft 3814 05 47 31 70 . 31H 0 34 23 M'i 3ft 13 31ft 13 ft 00 ft 21 54 13 7J4 17 95 58 ft 06 13 18 ft 55 ft 21 8 42 ft 120ft 9 04 oi!4 73ft 31 30ft 1ft 0 Oft 73 8ft 39 13 42 ft 8 2ft 10ft 24 ft 49ft 37 17 1:80 Net P. it. Che. H H 37 ft 30ft 21K- ft S3 li 35ft .. 804- 1ft 13S ft lift .. 10 K ft 27 3 17- 85 -3ft - ft 0 ft 33ft ft ft- m 33 10 - ft 39 105ft .. 131 - ft 88 - ft 08ft- 34 f ft 85 80 ft 33 1 19ft 1 75ft 1 33ft 40 ft 981 9ft- ft 0ft- ft lift .. 36ft .. Rft .. 03 ft 31ft 1ft 114 ft ft 25J4 00 - ft 43ft 1ft 53 7ft ft 10ft ft 25ft 38ft 05 ft 47- ft 31 70 ft, 21ft ft 9 .. 34 23ft .. 54 3ft 14 - 31ft ft 13 ft ft 06ft .. 34- ft 551 13 ft 7J4- ft 17- 05 69ft ft 90 1ft 13 ft ft 18ft- ft 66- 31 - 1ft 8- ft 43 ft ft 131 ft - ft 04 - ft 01ft ft 7214 ft 31- ft 30ft- ft 1- ? - 1ft 6J4- ft 73 8 ft 4U4 1 13 ..a 43ft ft 8 .. 3 .. 10ft .. 24 ft 49ft- ft 37ft ft 17 .. ., . Dlvi Sftles In I Hlth 100 .. Lackawanna Steel.... 37ft 1600 .. Loewe Co 11 100 l Loft Candy 8ft 400 it Lorlllard Tobacco ...143 100 .. Marlln Oil 14ft 17800 12 Mexican Petroleum .. 08 400 l.eo Middle States Corp... 11 .. Missouri Pacino 18 .. Missouri Paclfta pf..-37 . . Montgomery Ward . . . 15ft . . National Acme A.... 14ft . . Nat Cloak A Suit 33ft 7 Nat Enam & Stamp 31 4 National Lead 73ft 0 New York Central.... 70ft 0 N Y C A St L 2 pf.... 08 ft . . Now York N H A II. . 18 7 Norfolk A Western... 08 4 Norfolk & Western pf. 87ft 5 North American 05 7 Northern Pacific 78ft Okla Prod A Ref 1 600 380 100 100 100 109 100 100 100 500 100 100 000 1101 300 100 100 3100 1900 100 1100 300 100 100 100 600 800 600 400 100 100 100 1000 200 100 1200 1000 000 2 Orpheum Circuit .... 18 .. Pacific Gas A EIco... 54 .. Pacific Oil 35ft 8 Pan-Amer Potrol 44ft O Pan-Amor B 38 2 Pennsylvania R R. . . . 38 .. Peoples Gaa Chicago. 63ft . . Pore Marquette 18 Ji Philadelphia Co 27 7 Phillips-Jones 00 . . Phillips Pet 31ft . . Plerce-Arrow Motor . 10 . . Plerce-Arrow Mot pf . 25 .. Pierce Oil 0ft .. Pressed Steel Car 61 . . Punta Alcgro Sugar.. 27ft 2 Pure Oil 33ft 8 Railway Steel Spring. 76ft . . Rand Mines 36ft .. Ray con Copper 11 4 Reading 07 . . Replo Steel 33 . . Republic Iron A Steel 45ft 000 5.20 Royal Dutch Amor... 48 J00 .. St Louis San Fran... 23 400 .. St Louis A Southwest 23ft 100 .. St Louis Southwest pf 32ft 3200 .. Sears-Rocbuck 4ft 200 .. Seneca Cop Corp.... 14 4200 .. Sinclair Oil 18ft 1400 o Southern Paclllc .... 77 100 .. Southern Rail 10 100 o Standard Mill .... 88 300 4 Standard Oil of Cal.. 70ft 300 7 Stand OH of N J pf.. 100ft 200 7 Steel Tube pf 68 5000 7 Studcbaker 00ft 100 l Submarine Bout Corp. 4 ,400 .. Superior Oil Corp.... 3 100 .. Temtor Corn A V "A" 4 2500 3 Texas Co 34 300 .. Texas A Paclllc 23 100 1 Texas A Pac C A O.. 10ft 100 0 Tobacco I'roducts .... 50ft 1000 .. Trans Con Oil Uft 200 .. Twin City R T 44 300 .. Union Oil 15 700 10 Union Pacific 130 100 4 Union Pacific pf 05 1400 n United Drug 48ft 300 3. 00 United Drug 1st pf... 38ft 200 o United Fruit 104 3200 0 United Retail Stores.. 51 100 . . U S C I P A Fdy 12ft SOD 5 U S C I P A Fdy pf . . 41 200 ..US Food Products... 16 300 4 U S Ind Alcohol 40 100 .. U s Realty A Imp.... 45 4100 ..US Rubber 44 ft 000 8 U S Rubber 1st pf.... 81 7100 BUS Steel 74ft 650 7 U S Steel pf 100 100 2 Utah Copper 44 4200 .. Vanadium Corp 20ft 300 . . Va-Cnr Chemical .... 25 100 .. Va-Car Chemic.il pf.. 07ft 100 .. Wabash 7 400 .. Wabash pf A 20 000 .. Western Maryland .. 0 600 .. West Maryland 2d pf 10 100 7 Western Union Tel... 83 800 4 Westinghouse RAM. 43ft 100 . . Wheeling A L E pf . . . 10 1000 .. Wnlte oil Corp 7ft 209 8 Woolworth F W 107 1500 .. Willya-Overland 5 Low 37 ft "ft Rft 143 14ft 90 11 18 ft 37 15ft 14 ft 32 ft 31 73 ft 70ft 60 ft 16 I 07 ft 63 ft 73 1 18 54 34ft 43 38 37 ft 83 ft 18 37 60 ' 21 10ft a 51 27 ft 33ft 75ft 20 11 60 ft 30 45 47 32' 33 ft 33 ft 01 14 18 77 ft 19 88 70 100 08 08 4 3 4 34ft 33 10 ft 89ft 0 44 15 130 05 40 ft 38 104 61 13 ft 41 10 40 48 43 70 73 ft 109 44 37 ft 35 07 ft 7 19 ft Oft 10 83 43 10 7 107 5ft 1:80 Nt r. W. Chre. 37ft ft 11 8ft ..' 143 3 14ft 08 3 11 18ft 37 ft 18J4 1ft 14 ft ft 33ft- ft 31- 73ft- H 70ft- ft 66J4 ft 18 08 3 67ft 1 63ft- 1ft 73ft 1- 14 18 64 35ft 44ft 1ft 38 38 88ft .. 18- ft 37 ft GO 31ft ft 10 ft 35 ft 0ft .. 61 - ft 37ft- 33 ft- ft 70ft 1 30ft 1ft 11 60ft ft 33ft 3ft 45- ft 48 ft 33 33ft ft 33J4 ft 04 14 ft 1S14 ft 77ft- ft 10 - 88-3 70ft ft 10(1- ft 08 09ft ft 4 ft 3 .. 4 .. 34 ft 33 .. 10ft- ft 60ft .. 6ft- ft 44 - ft 16 .. 120 ft 05 ft 481 38 - 1ft 104 - 1ft 61 13 ft ft 41 ft 10 - ft 46 ft 48 - ft 44ft (,0ft IK 74 ft 109 - ft 44 - ft 39 1ft 35 1ft 07 ft ft 7 ft 19ft- 0H 10 1ft 83 - ft 43ft .. 161 7 ft 107 3 6 ft CURB SHARES SHOW Commodity Markets LONDON STOCK MARKET GRAIN MARKET Chicago, Aug. 30. Wheat started with Kmtrmher J.c to r)c lower: De cember Vic lover'and May e lower. Trade was mixed, witn locnis pressing the sellinj side, while commission houses v,ere mixed. Receipts inspected yester day were 370 car! ; last jear 1S.1 cars. The ca?h market was firm, with higher premiums paid for both spring and win ter grades. Business was held in check to some xtcut because of inability of bujers nnd sellers to get together. Wenther reports Indicate more favorable condi tions for the farm movement, with practically no precipitation to intcr lere with loading and deliveries. Sentiment in the trade is pessimistic and strong bullish inlliienco is needed to enrour.ige bulng. while it is dif hcull to check selling. Corn itnrted Vs' to e lower, with liquidation of long holdings running the market into step-loss selling -ilmost ut the start. Uuying was scattered. There were liquidating salei of oath by September longs, and that de very started c to c lower. Other deliver ies sympathized and sold unchanged to c cheaper for December and c lower for May. COTTON MARKET New York. Aug. 30. The cotton market had nnother big opening today with prices 20 to 40 points higher, one delivery crossing 17 cenw. lhere was heavy new buying based on bullish crop news and considerable trade buying, as .....i on onntuirt from Liverpool inter ests. Cobles were strong, and early watlier reports indicated no improve ment in Texas conditions. " all street sold on the advance, but the market continued strong after the opening at about 28 points net rise. Tin, rooptufs nt the norts for the day arc estimated at 10,000 bales, compared iHlirmm Undertone Steady Dollar Descrip tions Weak French Loans Dull London, Aug. 30. Them were fur ther evidences of confidence In the deal ings in the security murkets on the stock exchange today resulting in a generally steady undertone. Uusincss in the gilt-edged department was quiet and price movements were of a mixed character. In home rails firmness was noted in spots. Dollar descriptions displayed weak ness In sympathy with New York ex change. Transactions in Argentine rails generally were professional with the tone for those shares ruling steady. French loans were dull nnd unchanged, whim light realizing sales were recorded in kafflrs. Oils were featureless nnd price movements were Irregular. Shell Transport and Trading was quoted at 4 13-1(1 nnd Mexican Kngle at 4. Rubbers ulso moved In an aimless man ner, holding around previous levels. In the industrial section price move ments were confined to narrow limits. Hudson's Hay was 0 3-1(1. Financial Briefs BONDS Alllo.l Prk flu 42 Allied Pack lis ctfn 404 . n... .1. .tift nQir Aliirr ll un ju. Amer Tel (1 1024... Amer Tob 7b 1I)J3... Anaconda it lltfu Armour IB IIMh ueel s 1022 ... lieth Steel 7, lUita Cons Gan 8a Copper Kxport fia 1023 Copper Export Ss 1024. Copper Export Si 1025 (Tonilrlrh Tlrn 7a (TrarM Trunk IllAa OS .t8r"t.'.Lle',rcclutl0I' Federal taxea. etc.. ot Oulf OH 7a 07 1. 004. 327. fluulvnlent In Hi NI -. ..- ftnmhlA nil 7m 07 earned, on the 20S.S23 outiUndlnu almr . Intorboro 7a 71 . . . . 0SU 07'1 Prnctnr Ar flfimhlft la 102H.101 Sears Roebuck 7a 1021... 1W) Solv&y Ha 00i tiMifhu.-t tiii ;. . .... fi7i irom roemmr unKa In .New York district tSland OH N Y 7a 10L-.1 FEW PRICE CHANGES Heavy Trade In Producers and Refiners Industrials With out Featuro; Minos Steady New Yorli, Aug. 30. There wns lit tlo feature to the trading on the New' York Curb Exchange todny, business generally being small in volume and price movements in the list divided bo tween email advances and declines. The henvlest trading was in Pro duccrs nnd Refiners based on tho an nouncement of a contract with the -Midwest Refining Company, for the con struction of a gns line. The (stock moved up 8 at the opening, to 4, Its high price of yesterday, and then Iot this gnin. Maracalbo, which hns been heavy sinco It Wns forced nn tn nhnve 80 early in the summer, continued to eiicci liquidation and declined 1 point, to loVi. International Petroleum wns fairly well held nt OTA nnd 0. Slmms Pe trolcum and Skelly OU were virtually unchanged from the prices prevailing in yesterday's trading. Arknnsas Nat ural Gas was in supply at 7?i to 7. Industrial issues worn without snn. clal feature. Olcn Aldcn Coal sold at 34 nnd 34V6, nnd tho Delaware, Lnckawnnna and 'Western Coal old stock, Fold nt 75. Farrcll Coal wns steady at 8, and Car Light wns traded Jn at 1 to 1 1-10. There wns a little business in Acme Coal and Acme Pack ing without chango in market position. Mining stocks, while actively traded In, held about steady. IN'DUSTltlAI.g Acme Coat ha Acme racking 85 wir .ism lft Columbia Emerald 05 Continental Motor UU Com Finance fls ' 1& W 75 Hmplro Food 21 Karrell Coal (lien Aldon Coal 34N North Am Taper a'. Perfection Tiro 85 Bouth C & I 1 U fl Distributing 2s(5 U H Ship Corp 19 u a steam ......;;.:.:; y? United nt Candy li Ven End Cham 75 Low 88 85 1 04 si; (W 75 21. 34 1:30 P.M. 88 85 05 Sl! 78 21 8 I IS 27 BV4 73 85 1 22U 10 27 7 STANDARD OILS Atrglo-Amer Oil 14 14T4 14T4 INDEPENDENT OILS .. 7?; . . no :: .ft Arkanaaa Nat Cos .... Iloaton Wyoming Cnrlb Synd Oltle Service "D" etfa. Elk Ilaaln 1'et nC Federal Oil 1A, Hudaon OH 11 Int Patrol 0 Marland Del Oil 14 Marncalbo Oil M1 Merldan Pet 12 Mexico Oil US Mountain Products 74 Noble 10 Producer & Itetlnera 4i Slmms ret 0 Skelly Oil at. Texon 57 MINING Iloaton & Montana OS Caiedon-la Mining 15 Cona Copper Mln 05 Cortex Slher 80 Creeann CI old 1 A El Salvador 15 (ioldlleia Florence 811 Qolil Zone- 10 tlnrmlll Divide 17 v National Tin Nevnda. Ophlr-. . Tlntlo Stand .. Tonopah Divide United Eastern . 54 35 4 o3M 5H 1J. " 12 0M 7W 10 fsj 0 3i 57 00 15 I'O 78 1A 15 31 10 17 52 35 2 00 2ii oH 1$ ii 0 .oil 12 OS 7 '4 10 44 A 3i 67 on 15 00 7H 15 30 10 17 54 35 o 00 The aveiago price ot tho tuenty active In iluatrlal stock advanced !2 per cent yoster. day to (iO.18. while the twenty railroads ad. wncod .27 per cent to 71.4,1. The Todd Shlpyarda Corporation, for the jear ended March 81, reports surplus, after Interest, depreciation. Federal taxes, etc.. nf 3. 004.327, equivalent to 814.81 a sham Humble Oil "a of capital stock, as compared with aurplua f.lbby McNeill 7a Of 10. 1117. 137. Or tllll.SlI n nhttt-a m h- . Ihlllnnln ftU tin o.i. ....:.." ...... j".- . -.."" "" . " ""r". :.-- U......U .ii.i.i uuiHutiiuing in mo previous year. The Government will withdraw this week LOCAL MINING STOCKS TONOPAII STOCKS nid Cash Boy 04 Jim Ilutler Ott ,MnNamara 14 Crencent OS Mlday 13 M pah Extension 08 Montana 04 North Star 04 lttiifcuo Eula 'Jl ronopuh Extension 1 A West End "5 West Tonopah OJ DIVIDE STOCKS Allied Divide UO V4 Alio Divide (JL B.-lchr IV Tielcher Exttnslon 02 urn iiur Auk .05 .OS .10 .10 .15 .Ut .07 .OH .'.'8 o .04 UrouKh I) vide , . Dlvldu Extension DMd Con .... Dhidend t'.ist Divide .... ...i.h on ms hii is list week, a.t.'.i bales a year ogo and 40Sfi bales in 1010 lrelftUN rioso October 1 '?, De-ember J r! January : !,s March 10 4u My .. . 1H no juy I "-OS Open 1 A. 25 1(1 HI lrt 70 in so lrt.01 17 01 I.I 1 P M. Ill 45 HI 73 1I 75 10.02 .lots 01. 88 01. 1)8 KH.10 OS. 70 no U. S. Certificates and Treasury Notes I Int , Rate 1 :.i C. S. PATTON & CO. SD 8 rilKITNI'T NTS. BANKERS NitrrrsMiira to HAII.KIt 4 hTEVENHO.V Bonds and Htneks bought nnd sold Mmlfr I'hlls BteeK Enrlinnxe .fir b IV nil. no Investor rirr lost u dollar S itrlntloil . la. I ..... n.. . -. .. . w. ... ... .i.iin u in,, or IP our boaklel t.l) nnd leurn Hie reason R W STiiAire a rn Stork Exctaoxe Uldg., PlilladeiphU Oct , (y . Dec . Keb . Mch Mih t5S June t5h Auu. t'fi1 June tn 1,7 '5!t I'fif Muturlni Data . 1021 . . 1021 2.1. 1J Did 10U 1-lfl I 00 3-32 H0 7-10 in HmVi 10J2.. 101 1UJ2 ..1D0II-32 1022 100V4 9 ' . . 1H04 1024 . . lUIIVs Asked 1U0 5-32 loo 8-ill I 00 0-1(1 100C luu i3-a: iom, I'lOW 1U1 Yield 4 24 4 i'O 4.05 4.03 A. 00 4 05 8 IS 5 I'll 5 31 Ktemiit from Foderai normal Income tax due on date of ma tAceniptiiblo fir ri.yment of Income tax lurnv Reserve Banks' Discount Rates e Ked. Official rediscount rntes at th twel eral Ueserve ilanks ore as follows Tr. I. lb Com'l ctfs uomi Y . nv Huston New York Philadelphia Cleveland . Jtlchmond . . Atlanta . . . Chlraiio Ht I.oula . Minneapolis . Kansas City Dallas Man Francisco nvj 5? a u u 11 5 4 54 11 II 11 II II II a 64 Paper ft P. if Hkrs. Acoept ft It ll n n r.4 M 8 54 Trading Quiet on Paris Bourse Purl. Aus 30 Trading was quiet on the llourse today Three per cent rntes, .irtf 3q Exchange on London 47f 47c, Tin rr rent loan. 81f 54c, The dollar was auotsd at 12f 82c. NEW YORK COFFEE MARKET New York. Aug. 30. U the stnrt of the coffee futures market this morn ing, the near months were neglected, the market opening 0 points higher to 2 points lower with transactions con fined to a few scnttered lots of March, May nnd July. ruble advices from A iotorla said thnt the Government was intending to raise their purchasing limit for Victoria cof fee whiih, if true, Is an Important trade factor as Victorias have been the on'y coffee sold here close to the December option basis. Interest in tho market wns lacking nnd about tho only feature was a little scattered demand from lornl Jobbing houses in tho way of hedging against snles of nctual coffee In the spot market. At midday values held chisu to initial levels, trading being quiet. ' PV I JIIHD ... II ()S 70 7.U0fl 7 45$ 47 , . . . 7 0417011 iUsbrouck Divide . . Until Divide Knox Ilevert D vide lli.no Divide H i- tt.i Silver King Sutherland 'lonopah Divide Tonopah Huabrouck Victory Divide Verde Divide Zone OOLDFIELD .STOCKS Hooth "J Comb traction L'raikerjack Diamondtleld Hlue Hull Florence (loldfleld Con Gold Dev .Ml .32 .ill .01 0J .11 02 ot 00 0J 111 (ll .01 14 .(IS .02 111 US .011 .li.l .HI ..Tl .0.1 .03 .02 .02 .04 .0.' .03 September December March ... May Op'n 0.7475 7 101115 7 474H 7.85 '(Ji07 terly 1 Pr cam on wei-ren. p.il Uctntier I (O aiocn ut rccoro nepiemoer ID. American Can Company, quarterly l per cent on preferred, pa) able October 1 to slock of record September 15. LIVESTOCK QUOTATIONS IMttabiirili. Auk. 3." ot,itr,J'"li" 100O head Steady. H-atle 10 000 75, na' M'tkers. 110.70 10 S5. light yorkers. J1II1HI5I) tilB" l7l. SHEEP ANf I.AMHH Herelpis, 100 head. Lower Top sheep 15 top lambs, 111 CALVES Receipts. 60 head Steady, Top, 112 50 i:n lliifr.ilo, N. V, Aug 30 rATTI.F n...nt. limn need Nienav I'aivnn re- ..-.- ... .1.4,11 nr -. in in.i n.. .1 . i.tiuiH .l.'O head 7fle h gher J5.I5114 23. .,. 10 nnn . es. The nii-lnl. war. in ...""0HT,n,pKnYn,S;,,i-V,?ft': OOO bales. Including 8000 bale. Amerlean I, .vr ',rU.V. .'.. ! . "' era tin.cn " 1 n nn uent s u1k. I0 50&1O, roughs .01 .0.1 2 4 .03 .0114 OS 34 .vr, .nt .03 13 .0-1 .UJ :tt u'j .11; .02 2v-i .70 .03 IIJ .Hi .11 .01 no 4 ,04 .02 .37 .nil .11". .0.1 .M .III) .03 .114 ,00t 14 .11 .01 (loliirield Deep Great Dend . . . Jumbo JIxt ... Kenanas lyone Star Oro ,, lied Dills A V. Silver TJck Oil Hbeurhead "j MISCELLANEOUS Amparo Lip 130 Arizona United "0 ; Caledonia OS .1-' Kden '" - l.'mma Silver 02 .01 Eureka Croesua 81 .. 1.4 Eureka IIoll) . 1 ,01 Heel. J,0" 44 Mother I)de 54 0 Nevada Mils IJ . .- Nevada Wunder )7 .fJ Kuecess ''-' Tecopa Mining 07 . While Caps "5 .00 WUUrt 01 U, DIVIDENDS DECLARED Liggett .Mjere Tooucco fnmpany. quar- per cum 011 t'lrireu, pioauiu Liverpool Cotton Mirrvool, Aug. demand for hardening on jepoBita aggregating 410,500,000. of which n.uuu,uuu win to withdruvvn today and the balance on Thursday, Minneapolis and St. Lnuls Railroad reports July gross of X1.2IS.720. After deducting operating expenses of tl.124.B18, net revenue vwis ,3410. Deficit after providing; for fixed charges amounted to 1280.782. MONEY-LENDING RATES nfNM..lI)l.lKMoni'!r P Cttll 1,0,h clasnes of collateral, opined today at 5 per cent for lending and renewing. PHILADELPHIA Call, 0 per cent: time " pt cent: commercial paper, three to six months, (1 per cerrt. Note These are merely nominal quota tntlnns. the legal rate of Interest In tho Htate pf Pennsylvania Iwlng nxed at 0 per cent! Plus premium and commission, time money for thirty to ninety days l loawd at (1 to 04 Per cent, while commercial paper, from thirty to ninety daya, la loaned at 0 to 04 per cent. " I.UMill Money Is quoted at 3i cent. Discount rates, ehort bills 44 cent; three-months' bills, 4 per cent. 41 41 4(1 41) f,UK nnl ,... 0HV4 084 084 ....100S 1004 1004 034 034 03 4 . 084 08 08 . 004 Uiltt 00 . 084 084 084 .1004 HHJ4 1004 .1004 1004 1004 .1004 11104 100 ji .1014 1014 1014 . oil',: 1104 out; 118 OS 07 07 074 074 70 704 03 034 074 074 101 101 100 100 0 4 IW. per per N Y 7s 1023... 1024 1024 1024 N Y 7s 1027. ..1024 1024 1024 N T 7s 1020... 1034 1084 10.14 N Y 7a 1031... 1034 1014 1"S4 Stand Oil Htand Oil Htanrt Oil Hun OU 7a ViVi u-Vi Swift A Co 7a 1031 074 074 Texas Co 7 too 100 United Drug 7a 1"U mu Vacuum 7a 1014 101 100 100 101 FOREIGN EXCHANGE New York, Aug. 30. Influenced by a moderato demand, foreign exchange rates showed further Improvement at tho opening today. Virtually nil the prin cipal exchanges displayed fractional ad vances over Monday's close. The quotations were: Sterling cables 3.70V6, demand 3.70; franc cobles 7.78. checks 7.77 ; Belgian cables 7.51, checks 7..r3 ; Swiss cables 17.03, checks 17.00; lire cables 4,33, checkB 4.32 j peseta cables 13.04, checks 13.02; guilder cables 31.43, checks 31.38; Stockholm cables 21.70, checks 21.05 ; Chrlstianln cables 13.80, checks 13.75; Copenhagen cables 17.35, checks 17.30; marks 1.18. Tho rate of premium in Montreal to day on New York funds was 10 per cent. Tho rate of discount in New York today nn Cnnadinu funds was 0 13-10 percent. Central European exchnnges were stronger ns follows: (Ircck, 5,70; 11 ti -mnninn, 1.20; liulgnrlnii, .85; Aus trian. .12j; Polish, ,()4Vi ; Czecho .Slovnkiun, l.lOVi; Jugo-Slavian, .50. YESTEUDAY'H PINAL QUOTATIONS Sterling Kranca Lire Guilders Jemand 3 004 7.774 4.204 3134 rabies 3 704 7 78 4 30 31.40 TODAY'S OPENING QUOTATIONS Starling Francs Lire Guilders ... 8 70 7.77 4 324 81.0s . .. 3.704 7.78 4.33 al.43 NOON QUOTATIONS demand ;ablea . Demand Cables . Sterling francs . 8 704 7.7ft . 3.71 7.80 Lire Guilders 334 4.81 BANK CLEARINGS Sugar Market Firmer . ;?'', Yor.k' Aus- 30 Th" gr market today Is nrmer, with all nffcrlfis nt tho level of 4.OI0. delivered, for 00 test. In prompt positions und for early September shipment, taken by the Federal Sugar Ilo flnlnir Company, ard 11 qunntltv of non. preferential sugar In port at 2 73e c I f to the American Hugar Iteflnliv Coirrpany! The uncontrolled sugar In very modornte In volume und very little muv be available for some weeks to come. Indications are that tenners may find It neeoHsary to purchnsu suuur for September melting rcqulrem-nti for whlih the views of the sugar flnnnce rommlttee are said tn lie uncharted at 2 75o cost and freight, a parity of 4.80c de livered. Hellers, generally havo somewhat higher pretentions for the remainder of their holdings anil urn disposed to await develop, ments In anticipation that there may be an Si'MJ.n0? ln th.0,m".rk,U, Httl' mnorteil were ilj.oiio hogs of I'orto II ins centrifugals afloat nt 4 01 c. c If. n.'no tot., Porto Ulcus centrifugals afloat at 4 01c. c I. f . and 150O tons St Croix centrifugals at 4 (lie, c. 1. f.. all for the Perioral flugur llefinfna Company. nnd 2800 bags San Donrlngos cen" imuwi s,i, c 1 1 . 10 the American Migar lleflnlng Cnmnany. and tn a New York refli'T. 2000 tons Philippine,, at 4.01c, c I. f Importations reported were 1(1 800 bags Han Domlngne to the American Sugar Its. fnlng Company Iteflned si-gar situation Is nominally unchanged except In so far na the Perioral Sugar Refining Comparv la con- fiiirniiJ Thai- I111111 aKir 1 1. 4 .. - . .l , . 1 ii u. -, i'"'" ni it it 1 ij Ult-rritBI-Il inHir ,' i rtrtA . mnZ mi St'M arfir'r.'t""' ord8r" " ? ";.: . . s: v ? (lllllltl'IC I'lllHlSllI ll'lll,til , N. York 647.800.O0O 757.289,715 B34,f.00,204 Brazilian Bonds The Ui.lled States of Ilraill has sold to a group it Amorlcan bsnkers, headed by Dillon. Read A Co.. 128.000,000 of Its twenty-year 8 per cent non-callable external gold bonds, which will be offered to tho public today at 0S4 . to vleld 8.13 per runt The banking group handling this loan is the one Idet'tlfted with the Ilratlllan loan flouted hero Htiveiut months ago, Associated with D'llnn Head Co. are Lee. Hlgglnson & Co.. lllalr 1 Co , Inc White Weld 4 Co, tho Union Trust Company of Pittsburgh, the Illinois Trust and Havings Hank of Chicago, Halaey Stuart 4 Co., Inc the Continental ami Commercial Trust and Havings of Chicago, and the Union Trust Company of Cleveland. The bonds will bo a direct obligation of lira xll and will hn specifically secured by first charge on the consumption tax nnd stamp tax which .vlelded approximately 158 003 0110 Inst year and Is expected tti yield 100,000 -non In 1021 and also by second charge on rect'ple from customs duties Proceeds nf the loan are to be used In part to buy materials In the United States requited by tro Government. I'hlla .13 1021 1010 1010 l.dOO.flnn J7S 01'.' 04 J7.'i.ii85 ' 78.-1 tgn Today's Range In Liberty Bonds 1.31 p M 87.02 87.70 87.80 HleVt 87.02 87.81 i til HHEEP AND MMIIH neielpls, 2C00 plow, Lambs. ISOOi fow, 10.23', othc: cbangca. "i mlxo J an I vork u bales, including 8000 biles American jorkSrs IHlfito '. I-'JIU". were sleodv In the early dealings: ifl7li7 in Sl't prices wero! Anielcan. middling fur. " "'"'" "laB"' ii mid, good mlddlln, 11. Hid. fully md. Mbertv 3Vas.... Liberty 1st 4ViS. Aug. 30 There ut . good Liberty 2d 4Vis.. 87.80 ipot cotton tndav with prlci, 1 ihortv 'Id .11 h 11100 J dliri .y tin T'im, rin.wir Victory notes .TKs 08.80 Victory notes 4'Js 118.80 Lai" 87.02 87.70 87.7(1 01.80 87.00 0,8.78 08.78 111.80 87.02 08.80 08.80 2000 head. rs on. Idling. 10.7(ldi middling. 10.3Cd. low mid I tiling 0 80d good ordinary, 8,004, and or dinary, 7, Bid. BAR SILVER Bar sMrer was Hd lower In Loniorr today at 88V. d. Spruce 8200 BOUGHT SOLD QUOTED U. S. Treasury Certificates All Issues hKrriUTIICN DEPARTMENT commercial trust Company Member Federal llrtrrve fijslem City Hall Square, West s!$toa vAt v?. 3Mb c, Power and Prosperity rv.' snAir ' The Industry Unharmed by the Depression Hamburg reported by seventy-threa representative electrlo now., companies tabulated by the Mngailne of Wall Street, Including: certain public utility properties most of whose Income Is derived from mw and light, show Increases In irross earnings, with' but one excenton fo!. the year ended December 11, 1920, over 1919, whllo net earnings ot'Si ton show a decrease, over tho corresponding periods. Improvement in earnings, both gross and net, for power companies Kenerally. ho wS reported for the first six months of 1921. ucen Gross earnings of light and power companies tend to Increase, in periods of depression because of the diversity of the uses for thai? product Tn prosperous times demnnds for power are 'In excess .5 capacity, while In dull periods the power released by large consumers 1. readily salable, to smaller companies at higher rates because of the smaller load. "'" It has been estimated that the output of the average power proneriv Is 10 to 30 below normal requirements and even In the present depression many companies cannot supply the demands upon them Foe the past decade the use of power Is reported to have Increased about 16 each year and last year 11. This situation means Increased plant facilities, and far-sighted managements are taking advantage, nf the labor situation to meet future demnnds, to finance which attractive Issues of long-term bonds bcnrin&T high rates of Interest have been brought on tho market during the past six months. ' Tho average prices of ten bonds of several classes, as reported hv Messrs. Dow, Jones & Co,, with changes from a month ago and a vear ago, are of Interest ln this connection. ' r Changes from Angnit 23. 1071 Month Aro Ymr t.. iv nignost graac ran 3 11. 11 10 second grado rails 74.56 10 public utility bonds 74.04 10 industrial bonds 84.71 Combined Averago . .'. . 77.62 The diversification In the uses to which electricity Is applicable la an Important factor of safety ns regards stability of earnings, and of ths business ln sight the electrification of railroads may provide valuable new customers. There Is no typs of business which has over a long period of veara been more uniformly successful, and we feel there are fow forms of Investment which givo ns large a return and as strong security as i obtainable from sound bonds of this type. A eelected list of power and publlo utility Issues may be had unon request. u" Harrison. Smith & Co. INVESTMENT SECURITIES 121 SOUTH 5TH STREET PHILADELPHIA LOMDARD 6100 .23 4-2.35 --.22 --4.87 - - .74 -f 6.42 --.14 4- .82 - - .33 3.62 A Personal Word To Credit Men: YOU can feel great satisfaction with your record tne day your firm takes out a Credit Insurance policy in the "London." It indicates an appreciation of the handling of your department, as it backs up your judgment with facts. This is why: If your loss ratio has been high, the policy costs more. If your loss ratio has been low, your policy costs less. Your loss record sets the costs of your insurance. And when your firm takes a Credit Insurance policy in the "London" it is the best evidence that your loss ratio is satisfactory. "London" Credit Insurance is the credit man's best friend. There's no obligation in writing us for data covering your specific case. OUR SUPEfc-SEKVICE ATVOUa SERVICE Losses Paid In American Currency Established Eighteen Sixty-nine LONDON GUARANTEE AND ACCIDENT COMPANY LTD. R. A. IRVING, Ceneral Aaent Credit Insurance Department Stokes, Packard, Haughton & Smith, Managers All other casually lints. Dell Phone-Lombird 4190 M Walnut St. Kertone.Maln 4190 Hediape flISi 1 " e 3 with its confusing and com plicated tangle has never been allowed a foothold within our doors. In its place we havo installed a smooth-running system, ever improving, which is clarified by a policy of frank co-operation. North Philadelphia Trust Co. Broad St. and Germantown Ave. Above Erie Ave., Philadelphia Tiftnk cleurlngn tntlivy compared with cor. responding nay iusi ivo veitrs: I Bro.dJlr.ir 5 JI I I Market at, CityHall (i O, Peon So., fj j 2i i I I I i -ib uni i Olfictsof J ftVSovtrn xt Company UJOJPenoSi: IT'S NOT AN INDIVIDUAL you are not dealing when the servient of this com imnv lire enllrd on, but lh combined ability nnd knowl edge if nnr vvhole person nel, which Includes bord of directors of brod ex perience. The Real Estate Trust Co. Broad and Chestnut Sts. Do You know how to trade correctly in the Stock Market? We have issued a book on the subject. Write for it. L-22. J. F. McGOVERN & CO. Members of I'lillii. Block Kirlinui 1430 Bouth l'enn Ho... rhlU. Bprure rtllfl lure B!88 (Inters eiefutril In nil Markets New Ynrki 33 llrnidwoj- WESTERN UNION TELEGRAPH CO. 6y2s Due 1936 EDWARD L0WBER STOKES Member I'hllu. Stock Kxchnt J to fi. 1STH HT. tOCl'ST o" We Specialize in Equipment Trust Obligations Biddle & Henry 104 SOUTH FIFTH ST. Lawrence E. Browu & Co. CERTIFIED PUBLIC ACCOUNTANTS issn nr.AT khtatf. rnt'dT ni.un. Investigate and adjust curiioratloa and pattmrslilp ntcouuu tuid irniu. Uiooios faa ll. turn. Penna. Co. 4s, 1931 MORLEY, WOOD & CO. Mrmbrn N. V, I'hlla. Stock Ktf tSA r J K. P i a1 -i f - 4il-il VS. it, IV.r r it" l- , , . v .,-. , f1 1 1 Au,"i:
Significant historical Pennsylvania newspapers