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EVENING PUBLIC Ll2DaEK--PHlAJ)ELPHIA THUKSDkY, SEPTEMBER X 1021
tmis y '
set v"
.
gpwjK effeey2i2lN2
fHWrr ! ymiBU' "yr.r
?K; l ijBffi-,
? iK II
.wwrauij
W own
and offer
To net over &
A First Mortgage 6
Utility Bond
Earnings hnve AvcrrtKotl
times Interest charges
fight year period.
Territory Incrosspd 891
population in last decade.
This bond In splendidly se
cured nnd will show a nice
appreciation to maturity.
BATTLES & CO.
Katiibllahnl 1890
Independence Sannre (Kant)
mmmammmmammmmmmmi
26
for
In
TRADING ASSUMED
Dividends Over Five
Times Earned
PRE-HflLIDAY TYPE
Counter Reactionary Movement
in Many Industrials Offset
Strength of Oils
New York, Sept. 1. Tripling tn to
day's Mori- tnnrkr-k was of n cotiHplcu
oiw pro-liollilny tvpo. Continued' even -inc-np
operation" of the prnfesxlonal
nnd lenil-iirnfiwlnnnl traders produced
further Irregularity In prloe movement,
which nt timoH vvn quite rnnfllotlnR.
It wns more a cae, however, of innrk
iiiR time, nt neither of the rtiiitoetlnp;
tlftni . n ....1 t...l .n liin!... .1 V f fl . u t 'A
ill'llVI Mil1. lllllll,l l" llllint. f..l ,,- V-
, ventures in view of the throe-tiny nut-
pension of business follow Iiik the clos
ing tomorrow night.
With the exception of (he foreign oil
group there wns noticeable absence of
the support furnMied In the preceding
sessions by the vulnerable bear account.
News from Mexico wns decidedly favor
nble, with every Indication of a sat
isfactory M'ttlemcnt being soon reached
concerning the oil land cases nnd the
matter of oil taxation. Reports re
ceded this morning, if they could be
accepted ns tellable, suggested an early
NEW YORK STOCK EXCHANGE TRANSACTIONS
I I compromiH. between the Mexican Ciov
Through good times and bad ' '" '""1 the American oil interests.
J . , . . .line decision of the Meicnn Supreme
1 the business of the electrical , Court against the. enforcement of the
i nnwpr rnmnnntVc crnne Vn ' ""llll-M decree was regarded II- dis-
r D ,lnr cni'suiiciive tieveiopn
I lished dividends of well-known
I companies are regularly paid
, Power & Light Company 8
Cumulative Preferred Stock at a
- price to yield 8.60 on the
J investment.
' Circulars on amplication
! HARPER &TURNER
Investment Bankers
Members of PhiladclvMa Stock Kzchanaa
Stock Exchange Building
Bcrnnton Philadelphia Hiding
fpijf
.f
iitiniptit and was
' in the present depression estab- j h"iled in Kome ipiiirters ns the removal
il ,. . , ,. ., , . ,. , I of the fliiot obstnictli.il to recognition
of the Obregon Administration.
Hesides bit king the support of the
short interest the market was ron-
XT (T t-..-..i..: -!. i ironieti wni nrmer money rates. i lit
We Offer Pennsylvania-Ohio i renewal cull loan rate was IWed nt
"i'j per i cut. the highest inltlnl rate
of the week nnd 1 per cent above the
ruling rate on TiipvIhv . While the
I tinner tone caused no general MirprKi.
t't It Mreil to tlisclnse the titter nrtl
rMnl character of the easement earlier
In the week. On the other luiiiil. there
was another batch of favornble July
railroad earnings. Also the action of I
Judge Miijer In granting the counsel!
of the Interliorough Itnplil Transit mi
other week to sop if ariangeiiients could
not be made that would obviate the
necessity of receivership. Itoth ill the
public's interest ami that of the uocur
Itj -holders. lie snid, there should be
no neeivershlp if It could be prevented.
As an offset was the news of further
slashing of prices bv the independent
steel companies. Tliis information was
distressing when It was realized that
most of thee concrns were losing
money tm each ton of steel on n basis of
present operations. een when steel was
selling several dollars a ton higher.
These days, however. It Is ever dif
ficult to determine just what will be
the interpretation of Wall Stieet to all
slgnilicant ilevelopments. This frnility
wus strikingly exemplified in the com
placent reception of the announcement
of the finding of the Federal Trade
Commission against the Famous Play
ers Corporation. A few days ago the
suggestion that the (iovernment was
after the concern wns used as an excuse
for making the stock one of the more
prominent bear targets. Today the in
cident was viewed in nn entirely dif
ferent light, it being pointed out if
the company was found guilty, as
charged, It must surelj hnve a clean
cut monopoly of the moving picture
business. From a market viewpoint
that was far from being a bear argu
ment. The openinp market was mixed, with
interest running lnrgel to the special
ties, of which the Mexican oils were
the lending attractions. Additions to
early j:.ilns were made by Mexican nnd
Pnn-Anierleun Petroleums, American
Locomotive, Famous Players, tobaccos
and e.pres company shares. Counter
, movements continued, however, in
equipments, shippings, sugars and
chemicals, tliose issues mnking extreme
I declines of 1 to ," points. Hails, cspe
1 clallv Northern Paeitic and (ireat
' Northern, added to jesteiduj's reverml.
Oils icnt'clfd part of their advance be
fore noon when motors, notah! Stude
baker and Pierce Arrow preferred, be
came heavy.
Studebaker, Chandler, t'nited States
I Hubber. common und first preferred,
, and Ajiix Hubber figured In the fur
I their declines at midday, when Pierce
Arrow prefened fell nearly 4 points.
Steels, equipments anil coppers also
yielded. Irregular rallies. In which
I Mexican Petroleum rose ,'t points, then
occurred.
Mexican Petroleum's further ndvnme
' with concurrent gains In related is.sties
overshadowed all other features of the
i trading of the last hour. Hails continued
to bung back.
S
WE WILL BUY
Atlantic City 11. It. SM,. 10t
l'hlla. & ItnidlMit F.t. As, 1U33
WE WILL SELL
International Omfiit Corp.
Hs In jlrtil tt.;5
C. M. A- St. I'. (Chic. Mo.
Kir ) Int 3. 10311. fl.SO
Vtuli I.lclit Traction
Si. 1031, 8.03
WlOINER Bt-Dfl, PKIIADEIPHIA
fmierrPiJadtMaaiJ
Mw YotJc Stock roW
Mtw romt taiturm. kjl
r
pggppf
;. Inquiries Invited About
Taxes
on
German Currency
German Checks
rman Bond Coupons
ROTHE & CO.
Member! PhiU. Stock Exchanf t
1111 Stock Exchange Bldg.
Spruce 2M
DANIUCUM
Dealers in
Investment Securities
Mnnbrrt Vo York and l'MkntlpMa
Stock Bcchane4
321 Cheitnut St., Philadelphia
P. R. T. WAS STRONG
SPOT OF LOCALS
WE OFFER
Bailey, Banko & Biddle Co.
7' Pfd. Stock
Price on application
Members Phtla Stork exchange
Franklin Bank Building
l'llonel sprliir 1.MJI1
&$'! s '
mm
In -V
First
(Closed) Mortgage
8 Twenty Year Bond
Cannot
bo called for ten years
Free of Federal Tnx of 2
Pcnna. State Tax Refunded
Price: to yield 8.15
MACKIE,CROUSECO.
Real Estate Trust Building
Hope Found in Mr. Mittens
Speech of Resumption
of Dividends
The local mnrket detebped the ex
pected holiday dullness, nnd trading con
tinued (lit nnd featurelesh. The onlv
semblance of iitiv!t tinb to be found
in Phiiadelpliir H.ipld Transit, which,
responding to Mr. .Mittin's hpeecli Inst
night of the necessity of giving some
leturn to the shareholders, udvunced to
1i's. His intimations that it may be
iiiicessary t'i make a further cut in
w igt to accomplish this end whs ree
garded favorably and niiturnllv
slrengthciml the helief of an caily re
umption of dividends. It was piunteil
int. however, In some quarters tiiut the
iijinpaiiy will tie compelled to make
further large expendituies fur improve
ments nnd betterments before this happy
i action could be realized.
Apnrt from Pennsjlvnniit Hnllroad,
tile dealings weie of the same minor
i proportions and of the same .prefunc-
i tnry type Some realizing appeared in
Pennsylvania, luusmg that stock to
react to ,'tT'. About the only note-
I worth.v price change oecurntl in
('ramps, which fell jiff ! points from
' the previous ipiotutlon to !!.i.
' f finrntv lwrniit.i nf flit. I niii ntoriMlarl
niv.
SdlM In $ High
.. Adams Kxprea
2n .. A)nx Rubber 19
J'10 .. Alaska Oold Mines... Vt
21" Allied Cliom ft Dye... 37'
00 7 Allied Chcm & Dyo pf 8!4
3100 4 Allls-Chnlmers ZV6
WO .. Am Agrlo Chem 39
ton .. Am Agrlo Chem pf... "l'4
"00 .. Am Ilosch Magneto.. 3
" .. Am Can 3V,
RO" 12 Am Car & Fdy 134 H
OT .. Am Chicle 1!
In" .. Am Cotton Oil 17 !
SOOO .. Am Internnt Corn.... SB'i
100 i Am-I.a France Eng. . 8H
700 o Am liocomotlve 80
200 .. Am Safety Razor.... 3H
401) .. Am Smelt ft Sec Mtt
300 7 Am Smelt ft lief Pf
100 7 Am Smelt Sec A M'
200 a Am Steel Foundries.. Mi
7300 .. Am Sugnr Hf flOyi
00 7 Am Sugnr Rcf pf.... HSi
0700 r Am Sumatra 4i4
1070 n Am Tel ft Tel 100
4000 lj Am Tobacco 173
1100 12 Am Tobacco 11 117
'00 7 Am Wholesale 0i
3300 7 Am Woolen 7t'4
"00 .. Am Zinc Lead ft Smlt Vi
700 ,, Anaconda Conner ... 34 H
100 .. Assets Realization ... U
700 o Atch Top ft Santa Ko. SIS&
100 3 Atch Top A S Fpf... 81
400 . . Atlanta Blr ft Atlantic 3Ji
100 7 Atlantic C'oaBt Line.. 84
0300 ., Atl Qu'.f tWISS., 34H
'J00 .. Atl Oulf ft W 1 S S pf 21
100 7 Atl Refining pf 107
flsno 7 Haiti win Locomotlva . 7r.ft
3300 .. Hnltlmore ft Ohio.... 3714
100 4 Hultlmaro ft Ohio pf. 0
100 .. nnrnsdalo Class B... 10 '4
2400 b Bethlehem Steel 11 .. 40'A
400 .. Rutte Copper & Zinc. 4
300 . . riutterlck 2 H
100 . . Caddo Central OAR. 9
200 Cnl Zinc ft Lead 3?',
lino .. California Petroleum. 34
100 7 California Petrol pf . . 73
1700 io Canadian Pacific ....1UK
100 .. Case J I 1st pf 71
1000 .. Central Leather 37
2S00 o Chandler Motors .... 43'S
800 .. Chesapeake ft Ohio.. 34
100 .. Cerro-de-Pasco 2SH
100 .. Chicago ft Alton pf... 10
fiOO .. Chi Mil ft St P W.i
2000 .. Chl Mil ft St P pf.... 3S
SOO a Chl A Northwestern.. 14 W
100 7 Chl ft Northwest pf . . 101
2400 .. CM R I ft Pac 33',4
300 7 Chl It I A Pac 7 pf. 70i
fiOO .. Chile Copper ........ OH
200 .. Chlno Copper 23
100 .. Clev Cln Chl A St L.. 35
2510 .. Coca-Cola 31 ?i
200 .. Colorado ft Southern. 30
200 0 Colum Gas A Hleo. ... 34
S00 .. Col Grnphophonc 3J
lno . . Col Clrnphophone pf . . 14
000 7 Consolidated Gas .... TA
400 7 Continental Can 30'2
400 .. Continental Candy .. H
1300 n Corn Products Rcf... OR
SOO 2 bo Cosden A Co '-'4ra
3700 4 Crucible Steel SO
1300 .. Cuban Am SURar 13H
4200 .. Cuban Cane Sugar... 8
1000 .. Cuban Cane Sugar pf 18
500 i Davison Chemical ... 38
200 io Del Lack A Western.. 08'
300 1 Pome Mines 17 J4
1"00 5 Endlcott-Johnson .... 00
530 .. Krle 13 H
100 .. Krle 1st pf 184
5200 8 Famouo Players L. . . . 5fl',S
200 8 Famous Players L pf. 81 A
200 .. Plsk Rubber OVfr
100 .. Freeport Texas 10(
800 . . Gaston Wm A WlB. . H
'3100 .. General Asnhalt .... 44
100 6 General Cigar 55
3800 g General Klectrlc 122 &
6200 1 General Motors 10 J. a
500 0 Gen Motors deb ".. 72
100 7 Goodrich B F pf 73
4100 7 Great Northern pf . . . . 72'i
200 . . Greene Can.mea Cop. 20
500 .. Houston Oil lO'i
.100 l Hupp Motorcar 10Jj
500 7 Illinois Central 05
200 .. Inspiration Con Cop.. St
3000 .. Interb Con Corp 3
3100 .. Inter Cons pt 8i
100 .. Int AR-rlcul Corp pf... 34
1,100 7 Int Harvester new. .. . 1&Ya
1200 0 Int Mer Marine pf.... fi
900 .. Internat Motortruck.. SOU
100 7 Int Motortruck 1st pf. 7
003 .. International Nickel.. Viii
1300 .. International Paper .. 3J
Toddy's Net
Low Clone Chun,
40tf 4014 3K
18ft 18ft- 3ft
ft ft
37 31 - '.
K5l K5l- U4
30 334 1'4
28ft 20 ft
51 U 51 J4- 1ft
aVA 33 i
20 304 ..
134 m- ft
11 11
17ft 17ft- ft
27 ft 28 H- It
8M 8H H
85 83H4- H
3H 3 ..
33 33ft ..
04?'. S V
03ft 03ft..
23 33ft ..
SSft 59ft - V
8SV4 88U 2
434 43ft
105 100
131 121
120ft lJOft .
01 oi - va
08 ft 7K- H4
0J. OH- ?
33$ 3S?t- 1
Ift 1ft
84 84M- 4
81 81 ft
1 3ft- ft
85 85
23 ft 2.1 M ..
21 31-1
107 107 - 4
74H 75ft- H
30 J, 30ft- H
50H 50H- V
10ft 10ft- ft
48 ft 49'4 ft
4 4 ft
20 20 - ii
0 ..
3; 3- ft
33 34 - ft
13 73 1
111 lllft ..
71 71 ?4
20ft 20H- H
42ft 43 -
53H S3K- 4
25H 35H- ft
10 10
23 25 -
an ft 37 - ift
01 ct
101 101 - 1
31H 32 - ft
70 70 - ft
OK 054- ft
23 21 - ft
35 33 - 3W
34 ft 34Xft ft
30 30 - ft
3ft 54
3ft 3ft ..
14 14 - n
NO htft f- ft
3(1 30?, - ft
H H r ft
07 08 - ft
24 ft 21ft- ft I
51 5H- 1ft
13? 12 K- ft
7 7-1
17 ft 18ft- 1
.10 3S - 3
08 983
17 17 - ft
59ft 0M 1ft
13 1.1 - ft
18 K I8I4- ft
55 55H H
bOK hlftr ft
ft 9 . .
10ft 10ft ..
4 fc - ft
43ft 44 ft
55 55 ft
121ft 122 - 1
0?i 9ft- ft
71ft J1H- H
73 733
71H 71 - 1 I
20 20 .. '
41ft 4U9, 3M I
10U 10H- ft I
95 05 - ft
32 33ft ft
3H 2ft ft
7 7ft H
34 34 - m
74 75 ft
41ft 42 - ft
20ft 30ft- H
07 07 - 34
13 ft 12 H ft
42 42 ?4- 34
Dlv.
fAles In t HUh Low
1009 .. Invincible Oil Corp... 8J4 8
700 .. island Oil 3H 3ft
100 .. Jones Bros Tea 17ft 17ft
500 .. Kansas City Southern 24 34H
1800 4 Kclly-SprlnRueld Tiro. 38ft 37ft
100 .. Kennecott Copper ... 17ft 17ft
300 .. Keystone T A It 114 "
200 2 Leo Rubber Tire 34ft 24ft
300 3 . 50 Lehlfjh Valley 50ft 30ft
400 12 Liggett A Myers 151 U 11
300 12 LlRKtt A Myers 13... ISO 148
700 . Loewo Co 13ft 13ft
100 12 Lorlllard Tobacco ...143ft 143ft
000 7 Manhattan Elov guar. 40 38
100 .. Market St Rwy pr pf. 39 29
300 2 Marlln-Parry 14 14
42500 12 Mexican Petroleum ..105 100
3700 1.00 Middle States Corp... lift lift
300 .. Mldvnte Steel 33 33
300 .. Minn A St Louis 10ft 10
300 .. Missouri Pacific 18ft 184
300 .. Missouri Pnclfta pf . . 38 36ft
300 .. National Con ft Cable. 1 1
100 1 Nat Knam A Stamp 33 33
200 4 National Lend 75 74
1400 , .. Nat It R of Mex 2d pf H 4ft
300 .. Nov Con Copper 9ft 9
1N00 6 New York Central.... 70 70ft
300 .. New York C & St L.. 30ft 4ft
800 .. New York N II ft H.. 15ft 14ft
100 7 Norfolk A Western... 04?4 94H
1000 0 North Amcrlcnn ctfs. 34ft 3.1H
1000 .. North Amer pf ctfs.. 33ft 33
15800 7 Northern Pacific 73H "0
000 .. Okla Prod A Ref 1ft Hi
800 2 Orpheum Circuit .... 20ft 19ft
100 .. Pacific Gas ft Elec... 64 54
1000 .. Pacific Oil 35ft 35
200 .. Pacific Tel A Tel 47 47
130 .. Pacific Devel Corp... 10ft 10ft
0100 0 Pan-Amer Petrol 47 45
2000 0 Pan-Amcr B 41ft 39ft
1400 2 Pennsylvania RR.... 38ft 37?4
.1100 .. Peoples Gas Chicago. 60 54
1100 .. Pero Marquotto 18 18H
100 S Philadelphia Co 37 37
000 .. Phillips Pet 2t 21
3000 ., Plerco-Arrow, Motor . 11?4 10ft
3.100 .. Pleicc-Arrow Mot pf. 27 24
301 .. Pierce Oil 7 Oft
MOO .. Pitts West Va 20 20
300 . . Pressed Steel Car 33 51
700 8 Pullman 93ft 93
100 .. Tunta Alcgre Sugar.. 28 28
200 2 Pure Oil 23ft 23ft
100 .. Ray Con Copper 11 HH
000 8 Hallway Steel Spring. 78 77ft
1900 4 Reading 00ft r.r.ft
400 .. Remington Typewriter 23 21ft
000 .. Republic Iron A Steel 40 45ft
300 . . Republic Motors 0 8
800 6.20 Royal Dutch Amer... 40 48ft
1200 .. St Louis San Fran... 23 22ft
300 .. St Louis Southwest pf 33ft 32ft
100 . . Saxon Motor 3 3
2300 .. Sears-Roebuck C4ft 03ft
200(1 .. Seneca Cop Corp.... 16 14ft
0500 .. Sinclair Oil 18 18
2.100 0 Southern Pacific ....7ft 75ft
1100 .. Southern Rail 10ft 10ft
1100 . . Southern Railway pf. 47 40
200 4 Stnndard Oil of Cal.. 70ft 70
25000 7 Studebaker 72 71ft
200 1 Submarine Boat Corp. 4 4
100 .. Superior Oil Corp.... 4 4
100 .. Temtor Corn A F "A" 5 5
100 .. Tenn Cop ft Chem.... 7 7
3100 3 Texas Co 35ft 34
100 .. Texas A Pacific 22 22
045 1 Texas A Pac C A O.. 17ft 10ft
12000 0 Tobacco Products .... 03ft 00ft
510 .. Trans Con Oil lift (ift
200 .. Union Oil 17 17ft
900 10 Union Pacific H8 118ft
400 4 Union Pacific pf 04 fi.1
800 8 United Drug 4Sft 47ft
100 3.50 United Drug 1st pf... 3S 38
000 0 United Fruit ....(...103 10.1
3100 0 United Retail Stores.. 62ft 61
1100 ..US Food Products... 10ft 15ft
2700 4 U S Intl Alcohol 45 43ft
100 .. U S Realty A Imp.... 40 40
30JO ..US Rubber 44ft 43
700 8 U S Rubber 1st pf . . . . 83ft 81
8300 5U S Steel 74 73ft
200 7 U S Steel pf 109 ft 109
2700 a Utah Copper 45ft 44ft
H00 .. Vanadium Corp 30 2Sft
300 .. Va-Car Chemical .... 25 25
000 .. Vlvadou lno (! 0ft
100 .. Wab.ish pf A 20ft 20ft
1110 2. 00 Wells Fargo Kxpress. 58 58
400 .. Western Pacific 3 J Mlft
230 7 Western Union Tel... M3ft hlft
100 7 Wostlnghouse A Urnko 8.1 83.
1400 4 Westlnghouso U A Al. 43ft 42ft
000 4 White Motor 32 ft 33
200 .. White Oil Corp 7 7ft
3011 .. Wlllys-Ovcrlond 5 5ft
400 .. Willys-Overland pf .. 20ft 25ft
100 0 Worthlngton Pump .. 35ft 35ft
Ex -dividend.
Today's Net
Close Clme.
8ft- ft
3ft- ft
17ft ft
34-
87- ft
17ft ..
11-
34ft- 1ft
60ft- ft
151 4
150 - 1
13ft ..
143ft
403
39 ft
14 - ft
104ft 4ft
lift- ft
23
10 -
18ft- ft
3ft- ft
1 ' ..
3.1
75 1
4 Ji
Oft- ft
70ft- 1ft
64ft- 1ft
15 - ft
, 04- 1
31ft
32ft
71- 1
1
30ft
61
35 - ft
47 ft
10ft ft
4flft 1ft
40ft 1ft
38 - ft
30 1
18- ft
27 - ft
21 - ft
10ft- ft
28 - 1
0ft ft
26 -
53 - ft
03 -
38 - ft
23ft ..
11- ft
78 ft
00ft- ft
33 ft
45ft- 1ft
9
48 ft
23ft- ft
33ft- ft
3 ft
CI
15 ft
18ft ft
73 ..
19 ft
40-1
70 - ft
73ft ..
4 ft
4 ft
5
J
34 ft
22- ft
17ft ft
C3 3
ft ..
17- ft
118ft- ft
63 ft
48
38 ft
103 ft- ft
63ft ft
K ft -
45
40-1
44ft- ft
S3
74ft ..
100
45 -
28- ft
25 -
0ft ..
20ft- ft
6S 3
21ft- 1
82ft- ft
83 - ft
43 - ft
33 - ft
7ft- ft
6 ft
25ft- 1ft
35ft-
Commodity Markets
being 2fi.rU2 bags, of which 5000 bags
were trans-shipment.
The local mnrket sngijed off 8 to 10
points after the tirst overnight buying
01 tiers had been filled, December soil
ing down to 1.1'J on realizing. The
Financial Briefs
GRAIN MARKET
Clilcaeo. Sept. 1. Shorn advances
were scored in wheat today. The start mn fleet s still nnrrovv and prices easilj
., , , 1 . .1 . ..,,. 1 under the. influence of orders cither
i,.u rtlit.r fnnniTll 'In l. lull tliC Illfll - I
kct steadily gnincd in strengtli as ti'e pr.
, , I ..! 1 ...... ...!,,, I
ticuiuim uet.iim' ki-uvmii. mh ,,v.i
SflK vV
overcVfe,
T?' nwi0
WE OFFER
An 8 Cum. Pfd. Stocjc
of a well-known Public Utility
In a city of 734,000 population.
Earning! 9)a interest charges
At 400
JocepKW.Gross &Co.
Lrv,'v1411 Ckestnut'St.
stifrta jvmpunr
litillg
came mt on bulges, but offerings gen
era'il.v were light. Hie mnrket was un
der no pressure, llullish crop icports,
fuilure of .Minneapolis htocks to show
gi inter increase in face of huge receipts
and unfavorable Argentine new.-, weie
factors. There was good demand for
guod giades of spot wheat.
The torn market wus firm, being in
fluenced considerably by wheat. Shorts
took September freely, some selling ue
ccinber in exchange. The fact that no
corn was do'ivered tills morning stimu
lated covering. Shipping sales were lib
eral. Receipts were lurge. Cash corn
wh film.
Prites of oats followed other grains
upward. Trade wns largely of a chang
ing nature. Receipts were light. Cash
oats were strong.
COTTON MARKET
New York, Sept. 1. Pending the
bureau repoit. the cotton inarktt had
n much quieter opening, with first
prices 2 t l'J points higher, with the
t-xception of a tun -point decline in
October. The early buyers were New
Orleans, lnenl spot Ihuim-s and .lap
nnese inttresth. Old long's nnd South
tin spot houses did most of the sell
ing. At the end ot the first fifteen
minutes the market was very steady
and nboi't 7 points net higher.
The very bullish supplemental state
ment from the Ilurenu of Crop Ksti
mntes, which said thut everything
seemed tn hnve gone wrong with the cot
ton crop tills Benson, led to fresh gen
eral buying in the early afternoon nnd
an ndviinci! to new high levels, repie
senting net gnins of 1,10 to 100 points.
Trade interests were big buyers, while
offerings enme chietly from commlssio.i
house longs. Southern hedge selling Was
fomparativcly limit) tl, holders of spot
totton linving withdrawn on tlio ml
vance. Ci tton exports were 7,'t."!l bnles, in-
. .. .. . .. ..v.,, -,--.-. n. , .1 iuiii.
spei uiiitiim in timt comiuiiiiity more iiuuuw -""' """ t" """ """ '""'
than usual Interest entered in the (iuv-' bales to .Inpnn and China. Tot nl foi
eminent condition figures of the cotton the sen -oil is HWi.HMl bales, lompnred
flop. This showed n decline of 1.1. -I Witl Kis.riS'J bales for the corresponding
points during the month of August to period last season,
ill H. with an Indicated crop Md of Receipts nt the porta for the day
7.IWT.000 bales. Tins figure of the con- j ore estimated at 10,000 bales, against
dition of the crop Is the lowest ofin.'MU bales lust week. liH0.r bales a
record for any month. It proved a venr ago and 0700 bules two years
loiuplete sin prise to tli)- trade, nltlioimh 1 '..n
there bad been persistent reports of ihi-i
teriiiiiitinii from private sourccx. Tlieln
estimated 1 nip Is marly ."() per cent tin- "! . rnlur '
der final jleld of last jcar. Cutler nor- Junumy
mal trade and business conditions such ju'v h '
n limited crop would leave open manv July '"..
avenues or Interesting possibilities. At
the moment it would be almost useless
to Indulge in any preillctlns whnt or
illnnrily might be regarded as a calamity
may prove 11 blessing in disguise for
the South.
rternhpr
t'( ember
.MhIlII
Mh
111 J
Thn RVfriwrp prices of the twenty nctlve In
UiiHtrlHl iwks d-cllnrd .mi for cem yeiter-
ulned. 31 Der cent to 72.15.
Thn Ilallroatl
Administration nnnnunrra
'" s-toements or till clslme urowlnr out
v. Close Olen ?'llwm!r',rn!:',.0lvt2Uv,"Jn,;"'1' w"" the
0.8.1 O.Ol uhTliMifin'r,1",1;''' Chlciiiro and Ht
7 "n 7 ''7ftT 'i i"l;1',' -i ""0 000. Mnrr at que and Ijike an.
7 7)1 775fl:ii !: 1 ' Carolina and North Kastorn llnll-
LIVESTOCK QUOTATIONS
I ( hlciiBii. hept. 1. CATTLE Iteoclpn, 11.
Ooo he ul. t m,ke at, ere Kt.udi . others slow
I to wink. I'rlinu yrnrllnxs. 110 h5, top im
, ilium weltht Htoem )l :S; hulk. Sil.T.lif
11)75 sle etock. bulls, stackers and tTOderi
I steadj . tut euu-H and hvlfers moetly Sl.r,n
11. no, eanners and cutters larKely 12.7.111
SM: bolovna bulls. t4.75UA..": veal lalvrs.
ou miiiic jnner, uuik. 91,0UW1U,
KK: l:Si!1' Hnd MerWun T"'nai bss:
July oporntlni? rcBUltH for Hf) cIrhm i
n..t m,.,rnHn 4-.".- i"" ".
.- . .! kiuiia ilUvllIir
hhow
LUc'o,no'nd report "a'u "of TillUy
HOOS Itucolpis. 10.000 hoad. Fairly ac- ,.A eo-partnerihlp under tho nam ot llr
tlvo. ateady to 13c ntiher than clerday a 1 11.?1' ,"r",,,h"' Co. has he5n lormert by
avuraif, commoner nrnde and ccoU l.euvlea ?aIVe" Iturdell, Jr.. and Theodnrif llordelf
up moat, bulk of kI. 0.S5iffli.40. Top. ?'...? i,lf J" Clt',A J,v nea Hlllmann. furl
JO 00 heavyw.mhtH. 17H. medium weshts. !""' i",1' "enry D, lWnnlnt & Co.. and J.
.S3U.OO IlKhiwrlL-hts. Hi'hU.ilO. Jliclit in,:Iy '''-'"If.V-, formcrlv with .Merrill. Lynch
I I'Bhts. h ,-,0(,.;i "5 henvv p.cklnif soa. huin.i. 1., l,J0,aK0' .for ,ne 'run.actlon of
s.nooth il.7efo7 ". packlnit sown, rownhj coriS?S.M, ,S, b0tlUl' ftnd ",ocka of "ubllc utility
1 18 .10 6 lis;, una. 17. ?.-. s 7ii- i,mk ii, ,r. t-ortoratiom
Yoat. Tolay'a
rlni opp
in nr, 10 00
, . . . io 3:1 in. .in
in 2.', in 30
.... ID 45 ) 51!
10 50 lHlil!
... 111.45 10 5U
1
! M
n.io
17.4U
' S 7ft;
Ml H 'U 1 IIM
blllli:i' lUevlpts. i'.I.OOO head. Hteady
Tup nntlvo Uml.a ..ailv. S bulk IT .',I)W
7 75: culla 14.50011 top Western lambs,
ear., IS, aome held hlnhir, Bhep dniEVing,
tea, tea almoii uuai-Hhii,.
rittstmrcli. H.Tt. 1 HOQS Receipts
3tou he id Lower Heavies. ibbuitt,
Iniivy orkera, lluOldlo, lluht orltir
Ii .lotili ;;, p'ki, Jlilili !!.
PHi:i:i' AND I.A.MUS Hecelpta. 500 heid
.ntcailv Top aheep 15 top lamba. Is 50.
lAI.VKS-IlreUuib, 123 head. Steady,
'lop. 113
Kast IlufTuIn, N, V Si pt. 1. OATTLK
Ite.elpta. 5O0 h'ad sluw and steady
I'rtlvia, receipts HVi h"a,I Choice sr.idu
active Common i-low, 1,','ull.
UoaS Uecelpta 32UU head. hluw, CO 3;
73c lower ll-.t j 1(1250 7.1. mlMu.
in 75. sorkera ID 75y 10. lluht yorkr, U'i
U.SH, plH. I'J, luusha. JI1.504J 11.7.1; stat,n,
J4"?."
rillKUI1 AN!) LAMI13 Uccclpta. 2000
he'id. Choke ..imba atll'.e. common gradea
very sluw , others urn hat.ged.
livst Ht. Louis III., Sept. 1 CATTLE
llecaluta, 2500 head Native steers dull and
weak, llKhl yenrlltiir cows, bulla and voalfra
htemlj soutliHcatirn ateera steady to 15c
linni. atuckers, 1.1c to 2.1c lower
HtiiJH llecnliitt 6O0O head. Active, steody
to 10c higher IJop J(i no, bulk, lltituwilfhte,
4o((ii.i)ii m-llums JlliiiU.35. htavlcs.
1S..10'(1U, packera m,wi atronif up to J7.10,
plK, Htiuily to '. litid'or.
rilll.Lr- It-cilpiH 1 1100 head. Active,
ateady to packera cjnn load iiond lambs JS,
liaulcal lamb up, J7.10, bulk Lent lamb
((" So. evtt anl all lower Krdea un
whuiiKi t
DAR SILVER
Duiiu.uv bar ailier was unihanxxl In
New Yoik tuiiaj at lni'c per flno ounce, for
eign. )',2 Hi 1 a gain of '-. e In London the
prlte was 'd loner, at H7d.
Partnership Changes
The firms of ilniry 1) Ilnennlnp Co. and
Hchlbener 4: Ci haie been dlaaolved by mu
tual lonaent and Oliarlea I' Hchlbener, Henry
BANK CLEARINGS
NEW YORK COFFEE MARKET
New York. Sept. 1. The local coffee
futuies market opened at an advance
of 2 to 0 points, tho relative firmness
being shown In September, ilu to cov
1 ring of short accounts.
Tho official ISriull cablet reported
10,000 bags deducti'd from tho HIo
stock for the account of local con
liitnk ciMirlni toiiav c'mpnri with cor
pfindirii: tl iy lant to V'hth
if-1 11.11 111111 .t 1 nvdti 11.1 m
i'hlla. mi 00(1,000 $so,707,lifl.l 7il ksi 577 slilupllon 'inn .Mni tieiiucieii irnni
Moaton 4n,KiT.3(i 52,712,035 6)),70',73i . Santos stock for the snmo purpose.
..il" 'ifR-iiSi'Sia Tii'no?'n?!l 2-.Ml There was delivered on contrnct today
Vh".io, 8o;Soo:ooo I0o:o.i;002 ::::::;;:;; 7,500 bags. Export, from Nev York
feu iui. w.aoo.ooo 29,800u ,,..;,, 'to Europe during Auijust were large,.
II Itoennlntr Ijanlel M lllackiiiatf nnd Ar
lelkht I Ileaa have formed a Keneral part
nership under thn name of Hchlbener. lloeu
nini: & Co Jtr ttchlbener and .Mr Jllark
inan, vvero, before their conH-ctlon with
Hchlbener Co . connoted with Drexet St
Co , Ml Ileia was connected with Went A
Co. and Mr Jioonnlnic waa with II. I). Jluen
lung 4: Co.
Reserve Banks' Discount Rates
Official rediscount rates at thu twelve Fed
eral Unserve Jlank h nro as follows.
Trnn. Lib. I'nm'l Ilkrs
ctfs. bonds paper accept.
lloaton . . .
New York . . .
I'hlladelphli ..
Cleveland . . .
Itlehmond ....
Atlanta
Chlcaffo ,,,
rtt luls ,.,
tlnnepolU , ,
Kansaa city . .
Dallas ..... ,
ban 1'ranclnco.
5U r.'i 5)4
r,' 51? n
5W 5 'J r,ii
'5 Mi 5 (J
II
II
I)
II
c
0
))
II
I)
0
0
II
5H
II
II
II
II
oH
0
6tt
.11 A
nil
8
II
II
SVa
', rii,'aK0. ani1 Northwestorn Railway's
43 64 13U.340 cars, a decrease of
,Jho American Petroleum Institute eatl.
rel. . dl ' AUBU'-- 27 waa 1.303.O7O bar-
brn?l ,lo ulork ? ' l"r "nt coupon gold
uoniis, iiuo Stptembep 1, 021.
Corporate financing In August renerted n
July and lllo.J5S.Ssii , 1" AuVuVt. l"20 "
aCrJ'"&.'6as,5?iift!
Directors of the Southern Railway Com.
pany have not declared a dividend on Te
preferred stock There haa lien no m?et Inr
of board In pnat two montha and thi nex?
regular meetriM I. .cheduled for Septem.
New York Curb
i
Statement of AtrhUm.'a A4vniK.. . ......
us issued by h. .omiuny, nlff7 Wal0ly Tr
u,H;ect to net operailni: nenme from thi'
trade up from the ayntetn comnanJ- "ree! i
1 tno i;
yHtem company a reporis
mmiin f'm
......... , I'llllllianiiiii 1 114a 1 1, rvit ,11 ts 1 ..
Maiemnnt givea the July net a HI ii'rM 107
11.n1p.1rod with H MI5 052 the year i,?.l,r
i.'id net for seven montha hJ llh MS mti .
Wo":""1 """ 2,"'l".ia forVamMid of
MONEY-LENDING RATES
Ni:V VOKK -Monev on call, both clasies
of (ollateral. opened todav at 5V per cJnt
for lendlnc and renewing. '
The monev triirket nan quiet todav u-iii,
.i pit oni 1.111 at the stock KxchanKe for
1 ll, fl.mla. The Spmi.aa. -e .1... ' 7- lur
i'1' f1,1""' P "rmiiesi. of th,7 m.irlt ,t ii
l..-e,l upon the fact that then, la , f'ur
duv cnarv over the ho ldas, and f, ll.min,
mere will be preparations for the " pij
itttti on September 15
In the climax tho
m nev mnri.T mnu Av.
(irm Tlmo-inonov was .t.Vnilnal " a " H
pi- cent. The (Inner call money rata ch- ke
any pc.slble shadlnis In prime ban Hlrnti
an'es under 5 per cent In thl n,..f .
tbe.e I. Mill, ts,,er liu,lnBlnand t,Hre hai
been no I icreasa n ih mnnL nr . i.l Lro. ..H"
l-f " lllllll's IllllU
riimi. mercantile paper a qolot and ,,
cbBPire4 at 0 to Uii pur cent, vn
llllLADLI.I'HIA Call, 0 per cant: time
0 per cent, commercial paper, time to ii.
montha. H per tent lx
., Note These are merely nominal quota
tlono thu lecal rate, of Intereat In the Mtai.
of Pennsylvania belnK Hied at )l ti-r Vin.
Plus premium and commlsalon. time mon,.i
for thirty to ninety days la loaned at n
H if per cent, while commercial paper, from
thirty U nlnetv daya. la loaned at u to W
per cent. . lu "n
I.)fION Money Is quoted at 8U nee
cent. Discount rates, short bills, 4H nr
cent! thre taoaiia' bllU, 4 p,'r cJnt.
INDUSTItLlUS
Acme Tacklnx ,, ,
Columbia Kmerald
com finance . . . ,
Com Klnance pret
I) H O pret
Durant Motors ,..
Kmplre Food
Farrell Coal
(lien Alden Coal ..
(loldwyn Pictures .
North Amer 1'aper
Perfection Tire ...
Phillip Morrla ....
Radio Com pref . .
II J Heymlds (new) "H
noutnern u t i , ,
Standard Com Tab
Hweeta Co
To I) I'rod Kxp
U a Dlstrlbutlni
U B Ii & II
U H Steam
United l'ront Bharlnc ...
Wayne . Coal
NTAN'n.iitn
Atlantic Loboa
Oalena Oil
Stand Oil ot Ind
INIIKI'KNDENT
Allen Oil
Allied Oil new -
lloone. Oil
Iloston Wyoming-
Carlb 8ynd
Cities Service (old) 1
Cuthlrrf Pet
Federal Oil
Olenrnck Oil
Imperial Oil
Int Petrol .
Lyons Pet
Mex Katie
Mexico Oil
Mountain Products
Omar Oil
Ryan Cons
Slt Creek Prod
Sapulpa ltef . ...,
Slmrmt Pet
Skelly Oil i....
Texon .,
IVIlcox Oil
MININO
Alaska Br Columbia 32
Iloston Ac Montana OD
Iloston & Klv 40..
Creeaon Gold 1H
Divide Ext 02
(loldlleld Klornnco .'Id
Oold Zone 10
llarmlll Dlvldo IB
1'owo Sound 2U
Irotr Jlloaaom Ill
MacNamurn II
National Tin r.5
Nevada Onhlr Oil
Tonopah Extension
ruioumne
United Eastern
1IOND.H
Allied Iarker 0a
Allied Parker Oe clfs ...
Am Tel (Is '22
Am Til 'Is '24
Anncnnla 7 '29
Armour 7s
Ilarnsda'l 9s
llh Steel 7s '2P.
Ilelh Steel 7s '35
Chl Un Sta, 0V4 s
Goodrich 7s
Grand Trunk 0'4
Cult Oil 7'
Hutnblo Oil 7
intirboro 7s
Intcrboro os rets
Kennecott 7s
New Haven It 11 4
Philippine r.Hs
Sears-Roebuck 7s '13...
Southern Rv Os
Southwest Hell 7s
Stand Oil N Y 7 '25
Ptnn on N v is s
Pwlft 7 '31
Texan Co 7s
Vncuum 7s
Herlln 4
Coblenz Is
(lerman Govt 3s
Swiss 3H s
L S P,rnz:i 8
1:30
High Lot r. M.
::::::: l o o
.; 04 04 64
82 82 82
...... no 00 no
2H 28 i8
;; 22 22 T
ill!
:;;:; h
33 S5 an
114 1 154
..... 60V4 50., 604
2t4 27a -i"t
4? n X
22 22Vf 22
IS IK IK
82 :n 92
1 ift
OII.H
10H 10U 10H
33 33 33
tisH 8Vi 08 !i
OILS
24 24 24
32 III 32
10 10 10
71 , 71 71
4K 4!i 4K
17 117 117
13., 13 , 13.,
iw 1V4 i;
88 77 77
ftH 8H ST.
10 10 10
".. 87.,
luU io 10U
67 03 0.1
7K 74 7K
0 5 5
OH ll'i VK
3 3 ri
evi on on
.3K .'IK 3H
57 50 50
i. i; i;
20
llrl
40
IK
82
311
II
18
iS'1
18
54
3,1
32
DO
40
IK
32
30
U
18
,su
14
31
36
43A 4 4?
a,V 2A iA
12 12 42
42 42 42
te.i'.i us'4 tin',
!SK USK fiRS
04 -14 VI
?8V1 usK osu,
04' ill 01
08t 0SK HS'i
).1 11.1 11.1
101 105 IO".
OOV; Oil lld'i
HH .it lis
07 H7 07S
07K 07K li7V,
73'1 73 7.'l'i
72K 72K 72'a
112 112 112
52 32 32
Oil nn HO
(17'i IT1 H7
08 IIS US
H7K ))7K 074 I
102'4 102K Di'.'rt I
10"; 102 1II2. '
07i 07t 07-,
100 10 10.1
10i' lot'i ini'4 ,
int4 ioA inK
12'4 12'i 12 i
11 'l, 111
,)i sn; S!i, i
, oo h no wa .
Philadelphia Stocks
Net
Hlg-h IOW Cloao chgo,
lOOtAtl r.uif
& W T.. 23i'i 13' 23..
10."truban Cn
Sugar. . R 7Yh 7 Th
130 El Stor.lOtVj 103V.. IOIV2 I
ioo i r x a 'jo 2sy. an 14
10 I.nke Sup rtVl O'l O'l..
TI.eh Xnv. (U 01 04 . .
1 i.eh vni. rVA riO'i noVt-f- V-.
n Va Cent
Tiicht nf ."
103 I'n It U. 38
10 rhiln Ins
Vlre... HO
OR Phil Elec 2
103 do pref. 20V,
730 PhllnltT IOVh
11 Ph Tract ,'3
notllenfllng. fii
lOtStudebkr 71V.
2 Tn Trac 30 tQ
100 f f I... 30M:
31 V Cramp
fc Sons 35 3.-.
22 York Ky
pref.... 28 V, 2R-V, 2R . .
tNet rhanne made hv comparlaon with last
salo on Now York Stock Exchange.
44 Vj
37
.10
21 -Ti
20 H
15
r.3
oo v3
71H
30TS
30 V
M',2
Vl
37 H
no ys
21 tj,..
20 14 H
10H1
r.3 . .
oo-.'s
711,
30TC
novi 14
35 5
200
1400
1000
1000
12100
2000
10000
13000
1000
.-.-.oh
1000
0000
fjOOO
IMIll.AnEI.lMlIA IIONDS
Liberty 3d 4V,a '2S ,
Liberty 3d 4Us '2S
Liberty 3d 4ViR '2S
Liberty 4th 4 Vis 38,
Victory 4s '23
Victory 4s '23
Victory 4s '23
Electric & Peo 4s..,
Keystone Telephone 1st fin
I'ennsjlv.inin OVjs
Phlln Electric lt ."i
Pbiln Electric iKt fi..lot
West X V & Pn gen 4s..
.lots
..lots
02.00
01. M0
01.82
87.02
08.88
08.74
OS. 00
nr. 1
80
Mil?.
au,
FOREIGN EXCHANGE
Now York, Sept. 1, The foreign ex-
change mntket opened strong tlilw morn- j
ing, nil the Issues, with the exception
of mnrks, having advanced over the ,
closing rates of last night.
Quotations were I
Sterling cables. 3.73, demand
3.73V4 ; franc cables 7.8."). checks 7.S4 ;
Ilelgion cables 7.03. checks 7.02 ; Swiss,
cables 17.10, checks 17.07; lire cables
4.48, checks 4,l7Vi t peseta cobles EUN,
checks 13.00; guilder cobles 31.80,
checks 31.7r; Stockholm cables 21.75,
cheiks 21 70; Chrlstlnnin cables 13.(15,
checks 13.(10; Copenhagen cables 17.85,
checks 17.80; mnrks 1.17.
The rate of premium in Montreal
today on Xevv York funds was 10 13-10
per cent. The rate of discount in Xevv
York on Canadian funds was 0 per
cent.
Ccntrnl European rxchnnges were
steady, os follows; Greek, 5.20 j Hu
manlan, 1.10; Hiilgarlnn, .85; Aus
trinn. .12'i.; Polish, .03; fV.echo
Slovukian. 1 20; .Iiigo-Slnvln, .50. I
In mid-afternoon there wns n slight
reaction in the mnrket, and mnnv of
the Issues hnd fractional declines, riter
ling cnliles were 3.74. demnnd 3.737s ;
franc cables 7.80. cheeks 7.85; Itelglan
cnliles 7.00, checks 7.05; Urn cables
4.50. 1 hecks 4.41)1$: guilder cables
31.03, checks 31.8; marks 1.10.
The rain of nre.ninm In MnnteeMl .n,!...
New York fundi, was 10 18-10 per cent. The I
rate of discount In New York on Canadian
fund was li per rent 1
Centrnl European xchanees were nteadv, '
aH follows: tlr-ok. 5 20 Rumanlsn. 1 HiV, '
Mu'uarlan. ss Austrian. .I2V4 Pollh'
ot.! C2echo..Slovaklan. 1.20, Juno.HlavIa
.30. 1
YnSTUnjiAY'H FINAL QUOTATIONS '
Sterllnft rranrs Lire Outtdors
11, rriiind .. 3 72, 7 S5 4 41'4 8172
Cables .. . 3 73'i 7 80 4 42 31 7?
TODAY'S OI'P.NINO QUOTATIONS '
Steillnir Franca I.'re CJulldera
3 73
7 8.1
4 48
31.80
BUTTER, EGGS AND CHEESE
New York. Sept 1 lll'TTEU- Haav Re.
rclpta. 13 s.18 tuu Creamery. hluh.V than
Sf.VV'.V41 UHo creamery extrus (W2 score)
J ?..' Cr"",-m,'r I"'" (88 til III I.COII '
iv-i. notM-mu iu n jiriu sin v Hi, frt'iih
IW El &'if.3.t3V!rj! '?;. ',.'i inin I
tir.ia to l aV,v3345cVefrWratn? .C,"l
niarka. 8ll87c. doT flrat. 33K l?8"'i"',Clal
CllUllrii: liull, lUcelpia? 1217 b'oxe.
iS ui wh?'" mllk' "M"' ,r"ll' iriclals. 2i
C21Wc, do averaito run. 202ov4o. HtatV
whole milk, twins specials, 21ollV,c. do'
averuR-e run, 204t0Ke " uo'
French Bank Statement
.v.I,nn"',8'pi ,1 The weekly statement of
the Jlank of 1'rars.e ahow. the foluwina
changes In francs "iiuvvin
Oold In hnnd, Increased, 231,000- allier in
hahd Increased. 70,1100, poles in MfH, '"
increased. 241,783,1100; treasury deoo.l -"j"'
aiaounUd to 400,000,000, ,Al"
IK
Extravagant
Thrift
FAILURE to properly employ funds !s an
extravagance exceeded only by failure to
save at all.
Practical thrift demands more than mere
accumulation of money. It demands the intel
ligent employment of funds so that they may
be productive of their greatest earning power.
High-grade bonds offer a most practical method
through which you may receive a good return
from the money invested. They are well se
cured and return an income of from five and
one-half to seven or eight per cent, if bought
at today's prices.
Our September Offerings of carefully selected
bonds recommended by us for Investment
will be senttjupon request for PL-JUG
The National City Company
.National City Dank Building, New York
Philadelphia 1421 Chestnut St.
Atlantic City Chalfontc Block, 122S Boardwalk
Bonds Short Term Notes Acceptances
Tho firm of Henry D. Boenning & Co., Philadelphia, heretofore
trading under that name, has this d&y been dissolved by mutual
consent.
IUSNKY D. IlOKNJfINO
.1. K11KI1 1III.L.MANN
ARTHUIl C. RIC1IAIIDS
August 31st, 1021
The firm of Schibcner & Co., Philadelphia, heretofore dealing in
high-grade invustment securities, has this day been dissolved by
mutual consent.
CHAlir.ICS F. HCIIIllKNr.il
11ANIKI. S. UI.ACKMAN
AHLK1GII P. 1IEH3
August 31st, 1921
The undersigned have this day formed n
general partnership, under the name of
Schibener, Boenning & Co.
512-514 Walnut Street
Opposite Independence Square
Philadelphia, Pa.
for the purpose of continuing more efficiently a. general high
grade bond distribution business, specializing in recommendations
and investors' service.
CHAItl.KK r. .SCHIIIHNKU
1IKMIV I. llOKNNINd
DANIEL H. IU.ACK.MAN
Altl.IMfJII ! HKHS
Members of Philadelphia Stock Exchange
Direct private wire to Vilas & Hickey, members of
New York Stock Exchange, New York City
Septomber 1st, 1021 Hell Lombard 3012
' Kejatone Slnln 404S
rpHE undersigned beg to announce they have formed a co
A partnership under the name of
with offices in the Stock Exchange Building, Philadelphia,
to transact a trading business in the Bonds and Stocks of
Public Utility Corporations.
Telephones: Locust 0220-1-2-3-1.
Direct private telephone to Messrs. Berdell Bros., New York.
CHAS. P. BERDELL, Jr.
THEODORE BERDELL
J. FRED HILLMANN
J. GENTRY DAGGY
September 1, ;!)?;.
ARTHUR C. RICHARDS
FABIAN F. LEVY
ANNOUNCE THE OPENING OF AN OFFICE FOR THE
TRANSACTION OF A GENERAL TRADING DU8INE8S IN
INVESTMENT SECURITIES UNDER THE FIRM NAME OF
ARTHUR C. RICHARDS & CO.
70 DREXEL BUILDING
I'llILADULl'lUA
DELL PHONE, Lombard 7056
KEYSTONE PHONE, Mnln 6711
SEPTEMDER 1, 1921
No Frills Nor Fancies
KKiautfKiva. Saras tss c&
nHvinn? v,iniwci0nsen8,s of n multitude of expert opinions nnd
advices, this little market review, "Ups and Downs." is doing
TA?Jn ,cli!:,nts and frien'ls- You may rSe it for
limited time without cost or obligation by merely asking for it.
Alan A. Alexander & Co.
STOCKS and BONDS
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