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EVENING PUBLIC 'LEDGEEr-PEElLADELPHIA, WEDNESDAY, AUGUST 31, 1921
19
HZ? ' ' -
ft
(
M- tl"
uiLT,i --j
If .&&S3r.5 L ....
YEAR after year, fifty-four con
secutive years, this bank has
added to its surplus and undivided
profits. This record bespeaks a busi
ness policy sound yet progressive.
Central National Bank
of Philadelphia
Chestnut Street at Fifth.
Capital $t, 000,000 Surplus and Undivided Profits Earned $4,400,000
A"
mong the
DIVIDEND PAYING RAILROADS
New York Central
Railroad k
is worth particular attention
because of the steadiness of
earnings in the trying war
period. What expectations
are warranted for the im
mediate and more distant
future is told in our circular
PL-436.
Copies
Freo
on request
WALTER J. SCHMIDT & CO.
Members Consolidated Stock Exchange of New York
PHILADELPHIA: 1323 WALNUT STREET
NEW TOKK: 30 BROAD STREET! 310 FIFTH AVENUE
The
First National Bank
of Boston
Transacts Commercial
Banking Business
of Every Nature
Make it your New England Bank
Capital, Surplus and Profits, $37,500,000
Philippine Government
5J4 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 Attorney General of the United
States regarding these bonds will be sent on request.
Price to Yield 5
Write for Circular
Bonbright & Company
437 Chestnut Street, Philadelphia
New York Boston Chicago
Detroit
CHARTETUJD MARCH 10, 1812
The
PENNSYLVANIA COMPANY
for Insurances on Lives and Granting Annuities
Member Federal Rierve Sptent
EVERY TRUST COMPANY SERVICE
BROAD BTREBT TOFFICB
Cbtttnut and Juniper Str.sU
517 Chestnut Street
Philadelphia
" I
&RsrrBRos.&.Ca
Investment
Securities
M21 Chettnut St. Philadelphia
$35,000,000
REPUBLIC OF CUBA
- 8 Gold Bonds of 1904
rtJr?m!i,..w"1 P1"1 " presentation
1 li-v SPEYER&CCV
rV n Tork. Aiwut L 1B3L
LIBERTY BONDS
Bought and old for" cash
at Stock Exchange Prices.
ISAAC STARR, Jr. & CO.
16th & Samom Sti Phlla.
Members Phila, Stock Exchange
and N. Y. Cotton Exchange
NEWBIIRGER,
HENDERSON & LOEB
Members New York and
Philadelphia Stock Exchanges
1410 Ctottnut St.
.?
t. , .--
ifti
it
ivrmA Krfi
NEW YORK BOND SALES
Am'n Atro'l A
Chem 7H
2 05
Am Cot Oil Si
1 74
Aha R' Hi
4 77H
2 77H
2 77V4
1 77U
A'nn T A T clt
1 B1H
Amn T & T fii
1 85i
1 80
1 80
Amn T & T 0a
1.... 100H
Am'n V r n
2 70W
Ari't Itep'c Bs
1 0014
Arm.ur 4Mb
1 81U
1 81W
A T t S Fe nj
2 72
20 "2
1 711!
A T & S l'e
SALES IN tlOOO
7Tli
77 li
77 H
77
77H
77'4
Atl'o Fruit 7
1 351i
3...., 07
1..... 37
Atlas Pwdr Cj
714s wl
5.
2.
18.
0814
0014
0014
Ml 14
00 U
00S
0014
1.
1.
3.
0.
Bait & Ohio ov
0 70
1 00
8 70
Bait & O 314s
8 80
2 80
3 BOH
Halt & Ohio 4s
10 60 ;
3 00H
Halt & Ohio Rs
1 71i
Dalt & Ohio 0a
1 01
Bait & Ohio 3
Wn 3V4s
1 82V1
Doll Telephone
of Fa. 7
1.... 104H
2.... 10414
I) Steel 5a '30
1 7711
Brlcn Edl C 7s
2 0014
Brkn Edl T 7s
1....
3....
1....
1....
1.
100i
100 W
100S
10014
100H
Bush Bids Bs
2 74 ti
Canad'n Nth'n
014s rets
1 00U
1 (sale) 00 U
00 H
00 Vi
90 U
00 H
00 i
00 Vi
00 u
Canadl'n N 7s
1,... 104
3.... 103
B.... 104U
Canad'n Sn Bs
1 80
Cen'l of Oa 0s
1 01
Cerro ds Pasco
Cop'r 8s
1.... 100
8.... 107
8.... 107 Vi
C & Ohio 4Mb
1 7BV4
C & O cv 4Us
2 78
Chi & Alton Ss
1 (sale) 48 Vi
4 45
Chi & Alt 34s
1 45
Chi B & Q em
0 78i
1 78K
2 784
C B & Q 04s
11.... 101
2.... 101 Vi
2.... 101
1.... 1014
Chi & O W 4s
2.... 1014
5 B14
Chi Sill & lt
Sound 4s
1 01
1 00
Chlcaco Mil S.
St Faul 4s
1 00
Chicago Mil &
St 1' d 4s
1 50
Chlcaao Mil &
StP cv 4 Vi
1 01
Chicago Mil A
StP M 44s
1 604
C & Nwn 04s
5.... 101
Chi & Nwn 7s
2.... 103
C It I & P ti
2 08
1 034
Chicago Union
Sta. ct 04s
1.... 105Vi
1.... 1054
Chi & W 1 4.
1 00V
Chlneso Qove't
11 u.K. my as
1 48
Cltj- of Bcrgon
8s rets
1 08
1 08
City Berne 8a
1.... 100
City Bord'x da
1 83
City of Copen
hagen fiH
70 i
70 4
70 4
70V
70 K
1
4..
3..
4..
0..
City Lyons 0s
2 8
City Paris 0s
5.... 00.15
City Zurich H
1.... 100
1.... 100
Cl'd Cln Chi &
St I. gm 4s
5 70
Cl'd Cln Chi
& St L, 0s
2 00
Clevo 8 L44s
i .... 83 v;
Colo Indus' I 5s
1 72
coi a ft is 1st
4 84S
Cotis'd 0s 7s
3.... 101
0.... 1014
Cuban A tf H
1...
Cuban C
1...
Do Canada '29
1 03
1 03
Do Canada '81
2 00
Dom Tlep'o Bs
2 784
D De Nemours
Pwd'r 74s
07
08
084
93 Vi
08
08
2...
1...
22...
4...
22...
2...
1...
1...
Duqu Light 0s
2 03
Crlo Oenl Lien
1 42
5 424
1 42
5rle 11 U cv B
1 30
Crlo n II cv D
1 41
Crle Ily Co 4s
Ksold) 55
Oa Pacific 1st
1 084
den' I dec 6s
1 87
Oene'l Etec 0a
1.... 101
1.... ior
aoodysar Tire
Bub'r 8s
2.... 101
0.... 101
1.... 101
Oove't French
It 74s rets
004
00V4
2 00
5 004
4 00
2 004
1 00 Vi
1 00
2 004
1 00 Vi
2 004
12 00
5 00
2 00
Oove't F n 8s
00
00
. 00
100
. 00
. 00
. 00
100
100
. 00
. 00
100
100
100
, 00
100
100
100
100
Qrd Trunk 7s
2.... 103
1.... 1084
1.... 1034
a Nthn Itly 7
2,
1.
1.
3.
1.
1.
8.
2
1.
1.
1.
1.
1.
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2..
3..
1..
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1...
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B...
B...
25...
5...
101
101
101U
101
1014
101
101
101
101
101
101
101
101
1014
101
1014
1014
Hud & Man fd
1 (sold) 07
1 07
1 07
Hud & Man in
1 42
III Central fd
1 78
1 784
II Cenl 4s '62
1 73
111 Qen'l 4s '63
1 (sold) 70
111 Centrl Bs
B 01
B 01
Ills Cen'l 04s
1.... 102
Indl'a Steel Bs
2 01
8 014
Info Met 4 4s
134
134
13
13
13
Int M ct 44s
5..
14..
14..
23..
1.
1..
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1..
30..
1
1
Intb'o It
B
B
8
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1.
4.
1.
35.
1.
1.
1.
1.
1.
5.
1.
0.
1.
6.
B.
I M Marine Oa
8 77
1 70
Jap Oove't 2d
1 80
Jap Ooven't 4s
1 72
Kan C & 8 3s
2 B7
1 80
2 67
4 87
4 07 Vi
67
10
10
10
10
104
10 Vi
10
T fd
80
60 Vi
604
60
60
60
60
60
60 4"!
61
61
614
614
81 Vi
614
61
514
61
614
514
01
Kelly Sprlng'd
Tire Co 8s
2 00
4 00
1 00
K Belgium OS
5 04
4,
B,
04
04
08
05
01
04
K Belg'm 7s
1..
1.
1.
08
H cv
60
80
85
86
1..
0..
Cum T A T 5
2 70
Danmarlc Uji
ct A 8s
ll
1014
101
1014
102
Denmark Cun
ct B 8s
8.... 101
2.... 101
1.... 101
1.... 101
1.... 101
Den & It U fd
1 44
1 44
Den A It O 4
2 05
Det Kill Co 0s,
1,.... 88
D Match 7s
1, 10U
102
102
102
102
103
10.' 4
10. h
102
102
102
102
K B'jlc'm rets
1..
1..
6..
B..
1..
1..
1....
1....
1....
6....
1..
13..
13..
7..
1..
1014
1014
100
101
101
101
101
1014
101
101
101
1014
Kingdom Den
mark ct Bs
1.... 103
1.... 102
1.... 102
7.... 103
2.... 102
1.... 102
1.... 102
Kingdom Nor
way cf 8s
1.... 103
1.... 1031,4
2..., 103
1.... 103
K Sweden 0s
B 87
1 87
1 87
n go
Knox 'a' O 1st
1 00
!!.
Lake Shore M
So'n 4s '81
4 83
1 84
4 83
Lehigh Val 4a
1 70
Lehigh Val fls
1 08
1 08
1 08
Lorlllard C 6a
2 84
Lou A Nash 4 s
4 82
Louis A Narrh
Mont 4s
5 82
Man E 4s sta
2 B24
Mkt St Ry 1st
6 70
5 70
Mex Petr'm 8s
B 05
1 05
1 05
Mid 8 A Or 5s
2 78
Mln A St L 6s
1 40
Mo K A T 4s
1 00
4 00
Mo Paclflo 4s
1 634
1 534
Mo Pao Bs '05
2 70
1 704
2 70
Natl lUUroads
of Mex 4s
1 14
Natl Itallroads
of Mex 4s
10 25
New Or Tex A
Mexico 7s
1.... 101
M Y Cntl 3s
S 00
N Y Cent'l 0s
1 02
1 02
2 02
N T Cent'l 7s
1.... 1024
N Yk Light 11
A Pwr 6s
1 80
New N II A II
Hartt'd 0a
1 B4
N Y-N II A
Hartfd 0s
4.... 101
N York State
Rwys 44s
1 03
N Y Tele 4s
1 83
N Yk Tel'e fls
a 084
New Y W C A
Bost 44s
1 30
J'k so'n n Bs
B 44
B 44
North .We'n B
Tele's 7s
6..
1..
1..
1..
1..
1..
102
102
102
102
102
102
N Paclflo It 8s
0 60
2 50
0 60
0 (sale) 50
1 50
1 57
N Paclflo It 4s
1 70
5 7C
N Pao It 4s
2 78
N Paclflo 11 0s
1.... 101
8.... 101
Ore A Calif 6s
!.... 01
Pao O A E 5s
4 70
1 78
Packard Motor
Car Co 8s
1 054
2 05
Pa II gin 4 4s
1 704
Penna R R 6s
4 87
Penna Rd 04s
6...
7...
6...
O
I.'!!
2...
4..
1004
100
100
100
100
100
100
Penna R R 7s
1.... 104
Pere Marqt 4s
8 054
2 05
iPortl'd Rwy &
Light Bs
5 08
trading C" 4s
6 73
Rep Chile rets
2 OSV.
2 08
2 07
07
08 Vi
08
08 V:
2.
0.
2.
1.
R Cuba Bs '04
1 70
Rep'o of Uru
guay 8s wl
1 03
1 08
2 .08
1....08H
Rock ll'd A &
Loul'a 4s
1 18
1 07
St L A S V al
6
1
1
St L A 3
6
08
OS
08
V In
58
88
88
68
68
58
88
68
B8V
St L A S Frun
Sorles A
1 02
3 02
1 02
1 02
St L A 8 Fran
Series B
1 74
3t L A 8 Fran
Series C
1 80
1 80
1 80
1 80
St P'l Sioux
City 7s
1 02
6 02
5ao Paulo of
razll ct 8s
8....
1....
1....
1....
11....
1....
jlnclatr C Oil
Corp'n 74s
074
07
07
074
07 4
07
01
014
1 01
3 01
3 01
lo'n Pacific fd
3 77
1 774
1 77
6 77
So'n Pao cv 4s
1 81
South'n Rly 4s
0 67
South' n Rly 8s
60 84
Sn Rly Mobile
A O ctfs 4s
3 00
Itand'd Oil of
Calif 7s
2..., 103
2.... 10.1
1.... 103
Swltz'd Cn 8s
2..., 108
1.... 100
4.... 100
.... ioav:
Third Ae 5s
2 81
1 hi
Union Pao ov
1..., 85
2 85
1. . . . 83
Union Pao fd
5,.... 77
8 77
Union Tao 4s
6 81
Union Pao flu
1 09
U'n Tank C 7s
1.... 101
U K of O Brit
A I'd 1021
2 00
20 00
U K of O Urlt
A I'd 1022
15 OS
U K of Q Brit
A I'd 1020
2
2..
1..
1..
1..
1..
U IC of O Brit
A I'd 1037
2 68
88
1 88
1 68
80
80
80
80
80
89 Vi
U 8 Brazil 8s
08
084
08
08
08
08
08
08
09
08
12
IB.....
i
2
s
1
20
ii::::
U S Mexico 4s
1 35
U 8 Mexico 8a
4 40
6 40
U 8 It A I 6s
0 83
U 8 Rubb'r Bs
1 774
U 8 Rubb'r 7s
2 08
U 8 Rub 7s
8 08
1 08
1 08
Utah A N'n 8s
2 03
Utah P A L 6s
6 704
Vn-C Ctiem 4s
1 08
Va-C dhm 0s
1 80
Va-C Ch 74
1 01
4 01W
West'n Md 4s
1 54
1 K4
Wn raclflo 1st
1 70
West Shore 4s
1 70 ,
1 72
W Union 4 4s
A Hfl
W U 04s wl
00
80
00
00
00
00
00
09
09
100
W A E MfK 7s
1.... 101
Wilson Co 1st
5 804
1 80
1:30
High Loir 1'. M
Liberty 3$s 87.70 87 5 1 87.00
Liberty 1st 48. 87.1)4 87.82 87.04
Liberty 2d 44.. 87.80 87.80 87.8i
Liberty 3d 4Vi. . 01.04 01.80 01.00
Liberty 4th 4 Vis. 88.01 87.04 88.04
Vic Notes 494s.. 08.88 08.84 08.88
LONDON STOCK MARKET
List Displays Stability Dollar Se
curities Improve
London, Aug. 31. Thero wan only a
fair attendance on the stock exchange
today, nnd, ns a consequence, business
was slow. The list, however, generally
displayed stability. Gllt-cdgcd securi
ties were quiet nnd unchanged, while a
steadier tono was shown in hqmc rails,
with prices holding around previous
levels.
Dollar securities showed improvement
in spots, despito New York exchange.
French loans wcro dull and hesitant.
On professional operations Argentine
rails wcro firmer at higher levels.
Thero wns an especially good demand
for the Canadian Pacific Issues. Kaffirs
wcro stronger on moderate dealings.
Oils showed a rallying tendency ns a
result of reinstatement of old Unci.
Shell Transport and Trading was 4
and Mcxlrnn Eagle 4. Rubbers wore
steady, with price changes confined to
narrow limits.
A more cheerful feeling was in evi
dence) in the industrial group, but deal
ings were only light. Hudson's Hay
was 0'6.
Crop Conditions
The American Steol and Wire weekly crop
report saya: "Reports from our representa
thes In tho field Indicate that the Improve
ment reported from rains during tho last
few weeks Is continuing. In some Statos
the condltons havo changed very little.
This applies particularly to tho Rnuth At
lantlo States. Most of tho Lower kxtrslppl
Baaln States have Improved considerably
Irt the last week. There are. however, many
sections that show local Influences due to
weather. An outstanding fenture of the
cotton-producing 8tatos Is the fact that cot
ton Is not rallying at all, This crop has
been under too ere at a handicap nil season
to materially overcame the original esti
mate of a BO per cent cron made early In
the year. The State of Texas this week
particularly reports heavy deterioration of
cotton In virtually all of Its cntton-ralalnic
belt. The crops that show Improvement
this week, ns might be surmised, are the
forage crops; pastures and halands are
again becoming green whero they had been
very brown. Potatoes and sweet potatoes
all over tho country. In their respective
territories, havo boen materially boneflted.
Tabocca In tho producing States nlso show
Improvements. Alfalfa nnd clover In tho
'Western States show considerable Improve
ment. Corn la the crop, however, that
everybody la wntchlna at the prenent tlmo.
This crop. In the Upper Mls.le.lnpl Iln.ln
corn blt, has locally been damaged by rains
that In somo Instances were exceedingly
heavy and were accompanied by winds of
a more or less high velocity, nnd as corn
had made nn exceedingly rank growth with
out sufficient supporting roots, much corn
was knocked down and will bo difficult to
harvest with machinery. Most of It, how
eor, Is so far along that ery Uttlo actual
damage to the grain will result, as much
of this down corn Is now ready to bo cut
and shocked. Much plowing has already
been dono for tho seeding of winter grnln.
The heavy rains during the last week have
made a great deal of ground uvallablo for
Immediate plowing, which was too dry bo
fore. The States of Nebraska, Minnesota
and South Dakota BtUI require several weeks
of good corn weathor before the crop Is wit
of danger of frost, as the recent rains have
materially slowed up tho rlpenlnir process.
Some slight frosts are reported In the State
of Wisconsin."
LOCAL MINING STOCKS
, TONOPA1I STOCKS
Hid
rash Bay 01
Jim Butler 07
MacNamr.ra 14
Orescent 08
Midway 13
Mlzvah uxt '
Montuna 0t
North Star 03
Rescue Eula : 't
Tonopah Extonslon liV
West End 75
West Tonopah 0J
DIVIDE STOCKS
Allied Divide 00
Alto Divide 1 02
Belcher 02
Belcher Extension 02
Ben llur . .
Brough Divide Oil
Divide Extension 31
Divide Con d:i
Dividend 03
East Divide 02
Harmill 11
Haabrnuck Divide 0.'
High Divide 01
Knox 00
Revert Divide "2
llono Divldo 01
Rosctta 02
Kllvir King 01
Rutherland ., 1
Tonopah Divide OS
Tcnopnh Hasbrouck fC
Victory Divldo 01
Verdo Divide 02
VSono 10
OOLDFIELD STOCKS
Booth 03
t'omblnntlon Traction
Piackerjack 0.1
niumonclllold U II Ol
Florence 31
UoldnVd Con 05
Onld Development 03
lloldfleld Doep 1 Vj
Groat Bend 02
Jumbo Extension Of
Kewanas OJ
Lone Star 03
i)ro
Red Hills 1
Silver 1'lclc 10
bpearheud 03
MISCELLANEOUS
Amparo 1,10
Arizona United
Caledonia
Eden
Emma Silver . .
Eureka Croesus
Eureka Holly ,,
Hecla
Mother Lode . . .
Nevr.ila Hill ...,
Novnda Wonder ,
buccoss
Teeop.i Mining .
While Caps ,..,
Wllbert
.n.i
.1)0
.10
.112
.33
4
8
.01
.17
.02
.07
,0.1
.01
Afk
ll.'i
00
.10
.10
.15
.00
.07
.03
.23
.80
.01
.01
.03
.0.1
.03
0U
.09
.8't
.03
.01
.03
.11
.0 1
.02
.11
.0.1
."2
.01
.02
.70
.03
.02
03
.11
.04
.00
,04
.02
.37
.00
.05
.of'
.1)5
.03
.04
,U0
.M
.01
1 20
.13
.11
.211
.03
.34
J
.23
.01
.00
.0(1
.Ud
Raw Sugar Quiet but Firm
New York, Aug. 31 Tho market for raw
HUKars opened up qulot today but firm, thore
helm; very little selling pressure at the mo.
r.ient Tho prevailing price Is 4 75 cents de.
.iverod, but there huve been sales at 4 01
cents. Thero has been no change In the
quotation of the Sugar Klnnncn Committee
no far reported, and this rema'ns on tlio
basis of 3.23 conts, cost und freight, basis
OH degrepH. Sales reportod for iesterdny
vvero 6000 bags Hauto Domingo, centrif
ugals at 2.80 cents "In hand." for oxport
Refined sugars were slightly lower, virtually
all the leading rellnors selling at 5 00 cents
for granulHted, and the run go of softs are
between 5 75 and 8. 88 cents. It Is reported
that fairly large bookings had been niacin
on the basis of these prlre..
New York Aug, 31. The Warner Sugar
Refining Company this morning reduced Its
(rices of refined sugars fi points to B.D5
rents, lesi 2 per cent for cash, nnd n ft
grades, Nos 1 to 0, ten points lower at
1 80 cents, and Nos. 10 to 10, fifteen points
lower at 8.75 cents, Arbukle Brothers an
nounced a reduction of 6 points In their price
for refined sugars to 6,00 rents, less 2 per
cent fur cash,
RAILROAD EARNINGS
CHICAUO. UU11I.INQTON AND Qt'INCY
mm in.....
July gross 11-1, n.:n, H77 $077.07
Net oper. Income,. 8.180,255 2,031 70S
Seven months' cross, 02,4'.',SlrH il,KnJ,8J2
Net nuer. IiuiAte., 13,831,0(0 8,3S,281
' i . .
tDoireabc,
GOSSIP OF
THE STREET
Quite a number of prominent local
financial interests will he back on tho
job next Tuesday, as this week gen
erally marks tho closing of the vaca
tion period. A number of bank officials,
during their vacation period, have
combined pleasure with business. That
is to say they havo been making a
closo study of conditions In tho various
sections they have travorccd. Quite n
few have been taking their vacation in
short trips nbroad, to get a closo view
of the situation on the other side of
tho water. Several braved tho un
seasonable period nnd ran down to the
larger South American cities.
. Information they hnve obtained nnd
which they havo been commenting on
in their personal letters will permit n
much more intelligent discussion of the
general situation, and is likely to prove
it valuable guide. Most of the letters
received aro of an optimistic tenor,
with almost a unanimous opinion of
tho worst of tho business depression
having been pnsscd. At the same tlmo,
most of the writers agreed tho recovery
is going to be painfully slow nnd pcr
hnps discouraging.
Double Duplications
Several Phlla'dclphla textile manufac
turers wcro comparing notes yesterday
morning on one of tho ecashorc trains
nnd all agreed there was a decided turn
for the better in thnt particular in
dustry. One of tho party said not only
hod his mill enjoyed a substantial in
crease in tho number of orders during
flic current month, but for the first
timo in four years had received double
duplications from at least four large
customers.
Continuing, he said: "In my opinion
this is one of tho very best signs. It
incnnB, in my interpretation, shelves of
most of the consumers' nro practically
bare. Thero surely must bo an increased
demand for the particular product which
we nro putting out or else they would
hardly have duplicated the original
order, then double the duplication. It
would not surpriBo me but thnt similar
condition will eventually develop in
other lines. Sometimes in periods sim
ilar to that through which we have been
passing, it only requires just a little
put.li to start things moving again in
tho snme old groove."
Other members of the party regretted
they could not mnkc such a glowing re
port, yet admitted, on general linos,
conditions were much better than tho;
wero six months ago.
Dividend Meetfnga Next Month
Thero is every likelihood of a re
currence of dividend cold chills next
month. Directors of a number of im
portant corporations meet during Sep
tember to act on dividends due in Oc
tober. It is feared certain companies
will cut or omit dividends, but the
movement will not be as pronounced ns
in Juno when nctlon wns taken on July
dividends. Some seem to think tho last
quarter of tho yenr will show n genernj
Improvement in business, nnd for that
reason a number of the companies are
expected to pay the usual dividends in
umiciiiai vii i """. """"-.. a
Several tltvicicnus tnni were uei-.f
in June will be token up for considera
tion again, and much will depend, of
course, on the outlook. Many companies
will have the great losses sustained this
year to moke tin, and for this reason
general resumption of dlyldcnus cannot
be looked for before tho close of 1DJ.!.
Western Money Market
There wns little change shown In the
Western money mnrkct during tho last
week, banks reporting clearings of a
varied diameter from day to day, witli
ratct of interest virtually steady on nil
transactions. Discounts continued on
a OVi to 7 per cent basis for collateral,
0 to 0 per cent on common paper,
and GVt to 7 per cent for loans over tho
counter. The supply of funds at the
larger banks continued of fairly good
volume, but there was little inclination
for looking for new business to any
c,xtcnt on shading of rates.
Tho demand for funds was compara
tively light, borrowers showing n dis
position to reduce their loans nnd not
increase their obligations until somo
chnngo is noted in commercial nnd in
dustrial lines of trade. One of the im
portant factors in tho way of Improve
ment arising from readjustment is
found in the reports of lending trunk
lines in increased freight traffic, prov
ing ostensibly that the business situa
tion is somewhat better nnd money is
being used in a moderato wny whereby
a little more activity is recognized in
commercial lines. Interior banks report
some liquidation of loans In tho agri
cultural districts as a result of the in
creased forwardlngs of both grain and
livestock. Such banks havo nlso been
nblo to increase their balances at the
larger financial centers, and are buy
ing moderately of high-clasi commercial
paper. THE TRADER.
Sharon, Pa., Banks to Mergo
Sharon, ra Aug. 81. At a rntetlnir of
the majority owners of the stork of the
Aharon Savin. s and Trust Cflmnanv. am
agreement was reached for theasalo of their
stock to Interests closely associated with tli"
MoDowell National Bank. Thla deal will
brlnr under one management two of the o'd
est and largest banks In thla district. The
AiotJoweu ptnuonai jjanic nns resources Close
In 14.000.000. and the Sharon flnvlnvu nn.l
Trust Company ha resources approximating
S'.VUVtVUV.
Liverpool Cotton
Liverpool. Aug, 81,-There was a good
demand for spot cotton today with prices
hardenlnr on the basis of nn advance of
20 points for middling at lO.O.'id. The sales
were 14,000 bales. The receipts were 1O0O
hales, nono American Futures were quiet
In the early dealings. Spot prices were:
American middling fair, 13.1 Sd i a-ood mid
dling, 11.43d; fully middling, 11 or,d; mid
dling, lO.OSdi low middling. n.SfSd, good
ordinary, n.oia. ana orainary, fl.iud.
JLvET US GIVE YOU
the details of a strong
ly secured 25-year Pub
lic Utility bond which
is based on a property
generating 85 of its
electricity in its hydro
electric plants.
Net earnings twice
mortgage bond interest
charges.
Yield 7.75
Atk for Circular PE-il-
The National City Company
Philadelphia 1421 Chestnut St.
Atlantic City Chalfonte Dlock
1225 Boardwalk
We Offer
well secured public utility ani.-1
industrial long-term bonds'.
Send for list.
Reed A. Morgan & Co.
West find Trust BUlg., Phila.
Members of the Phlla. Stock Exch.
t g
tf'V
Illinois Central
Equipment Trust 7s
Various Maturities
to Yield 6.30
Townsend Whelen & C6.
505 Chestnut St
Members N. V. A Phlln. Htock Exchanges
'I
GE0.A.HUHN & SONS
HTOfKH AND IIONIW
Members of the Philadelphia, New
York nnd Chicago Ktoek Exchange
New York Cotton r'Trlmnge
Commission Orders Executed In
All the Principal Markets
Liberty Bonds ouaht and Sold
Itrllevtip Court Hide., MIR Walnut St.
'. Y., Ill Broadway. Atlantic City,
Ambassador Hotel
s ,
FINANCIAL
Hnerlil Notices
MARKET STREET RAILWAY COMPANY
First Consolidated Mortgage Cupon Bonds
Coupons due Hept. 1, 1021, of the abovo
Bonds will bo paid on presentation at our
office on nnd nfter that date.
LADEN-BUBO THAI-MAN'N & CO.
25 Broad Street New York.
K3? OEOItOK II. BUCHANAN COMPANY
lccr riprulal Notice to Ktockholdrrs
Notice Is hereby stlyen that, by a resolu
tion of the Board of Directors of the George
II. Buchanan Company, a speolal meeting
of the etotk'inlders of the said company will
be held on Friday, September O, I92t, at
11:30 A. M at the principal office of the
company 418 Sansom street. Philadelphia,
to take action on the approval or disapprove
I al or ano 10 voie mr or against tne pro
I posed Increase of the capital stock of said
corporation from J125.O00 to 1150 000,
CHAKLE3 L. KINSLEY.
CARROLL B, WILLIAMSf
Solicitor.
I Prononls
I SKALUD ritGI'OSALS WILT. BE TtB.
I celved by the Building Committee, at ti
State Hospital for tho Insane, at Norrls-s
town. I'a., until o v. ji Heptemlier 15. -X
1021. for the alttrlng and changing the old
Chapel Building-, for lists of material ap-
p'y to Oscar L. Schwartx, Steward. Btals J
Hospital for the Inaane. Norrlstown. Pa. ",
! i
the:
STEELE IDEA
&. OF 3
JAL COHST-
a
We May Make These Times
Better If We Bestir Out selves"
BENJAMIN FRANKLIN gave the above advice
to the business men of Philadelphia during the reconstruc
tion period, which immediately followed the conclusion
of the Revolutionary War.
He had confidence, vision and undying faith in his
city, in his country and in himself. His philosophy was
based upon action, achievement and accomplishment.
He met every obstacle with vigorous self-reliance and
set an example of simple faith in the future which every
Philadelphia business man of the present day may safely
follow.
We have much to do. We have tremendous possi
bilities of development immediately ahead of us, and as an
established, wealthy, producing city we must advance and
play a creative part in the present reconstruction period.
We must declare war for progress and prosperity,
restore confidence; take immediate advantage of our op
portunities and prepare for the future with that resourceful
determination which is characteristic of America.
We make the above statements with full confidence.
Careful investigation on our part convinces us that now is
the time to build, and we advise our clients to take advan
tage of present favorable conditions and begin their con
struction operations at once. Six months ago we sug
gested caution. Now we recommend action.
AVm. Steele 8c Sons Co,
v.1
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( 'v--7 ESTABLISHED 1864
....
rrECTS-BNGIiNnEERS - CONSTRUCTORS
PHILADELPHIA and TORONTO
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