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Quality Demanded In Textile Trade. I Dealers Believe publia Refuses to Buy on Price Basis, Although It Still Resists High Marks; Low Grades Are Rejected Recent experience in the retail and gfcolesa in men's and women's ?pparel appears t? indicate that while j ?jfcetS ':: ?narked resistance to high price? quality is wanted as per intly as ever. In the clothing sales ?at have 1?een conducted recently the '." - - !cs of us ? b ?" ' ?? ? ? low grade mei ? the bulk of thes e surplu ? ' j leaders, ' not i-:-': in fini -: but in tex? tiles in *g be? lief that th - da] of ] v class m? rclian jise ha s prices ?re on the d ?????? trend the general . I?vt:'. of ' ll nol return to that of pr< war days. The public, appar ??tly, -:-^ '?' v' "'? ':! the purchai goods merelj on a pi ice basis. The trend * ?ward high quality is ex? plained by the fact that high wages daring the last few years have enabled many consumers whose incomes for-| inerly f '? ' ' "'??'?' only the cheapest mei tor garment prices - ' ' fu sal to buy goo ' * ' ?y extravagant, but at 1 ' ' hun those goods t inferior q lality. A retail cred.yj ?.?'- re? ?i tly ana? lyzed ' . ' s> irrted I '.-.-.? t..is;.. \ as decrc as.'ng the . ? ; ;.. y ; ? was fjc'ng paint the c?n turner - ?;?.-. ? '?''"?? :,;-r has not drifted to r level of quality e far. Tl majority of re? tailers and for a maint nanc? tl and for qua! even if ui "hard deseen Is Commercial Credit Buyer - a or::.iT for * ing terms, but ; ' tnd who whose fina ti j. ened by In > comr .? "?? Y J longei Is to th? ? : liquidai there has beei an of term jets tabili iatioi " cning of soi . J- ? ? d r? ? C'Y. tly. rates how no the pi nt de mai for fin ?soi , according 1 coi ' Com cont ' . ' nt at 8 a cent. .vhich a re increasing ii is ? local md into rio i anks, ai followir market rates 1 A . eptar.ceCoun : Mei '? s ; Buy. :.-.:-. . ?; ?..: -. N - Avait Raw Cotton Stability Dealer- Unable to Make Price Readjustments Prie ?"-.'. ' of cot goods ar - - Some of converti y no that the 1 . ew prices on 1 count of oi ing fin of fin? erted yesterd? .. k e a licking" . - mere ndise it holds, but t the raw ng price re? adjust ment- il ; ? -. "V,y want to - th our rv.? tomen." ' W : - - that 1 ey will need some of i I n the next I days, j.assj" e price no1 are rea take i ild I bear tl ill irdei ?f the dei ine." Decline^ in Hides Expected Fanners' Bids on Lower Basis Than Last Week Tann< rs of lea expecting furthei and bid he im port basisi transa?: tion dry Soul bides ? 25 c? - I BSLUnd b Oained . . ? a t ] clai Market m a position 1 throui . trad rhej pre:er to v et has eta Artificial Silk Hit Buying Shows Steady Decline; Prices Hold Firm Buyii ihowr. a few : . ? ? npathy with the I silk ?use of t report? new npanies start produi ? ? c ? chief coi mei silk at ? ? - M nov? ? the sport ? ariety. bome of th ? yarns also '?"- used oratioi i-n ??.? ? a nd i sj Quoti yarns have re Wained t two i ?t $4.i producei px-ic? Usts to ? month, but ??nufacturers ?ire ret out di? gging informa cor - hew |j Production of Siifc Goods Now 1 ending to Deci Production ? ? reporta reaching ri et, is *nding to ? ? j^ease. Most - jcneoules and the res u : ?ns in some mills in the New Jer ey ana Pennsylvania ?set by the ina ? ? ?Urs J'' oth? : ? "??Pension o? operations in a * "?smaller prod?icing plants. 'Hope for an inereas \*nu:;- " . jpoa a k-flewa] of active ?jobbers ;?nd garment manufacturers. Whil? some improvement in the de? mand for siiks has been reported by some manufacturers, the market con* ttnuea dull and little activity is ex? pected until the middle of September, when demand for fall silks by the ulti? mate consumer will be felt, Public To Be Educated To Higher Diamond Prices ! The public will learn more about; diamonds, their cost of production, cut- ; ting, etc., within the next few months, : if pla?? now- under consideration by i leading diamond dealers and wholesale j voters are carried out successfully. ; The diamond trade is reported to j realize the necea it.y of duceting the public to higher prices. During the war end the period following the armistice, up until this summer, diamonds moved into consumptive channels without much effort on the part cf dealers. Ad Jn prices of diamonds were ac? cepted without resistance, as wore iri ? -. ; p . aea y ill e m - y s Now, with textiles, shoes, sugar, wheat, corn and other commodities on a decline, the diamond merchants are i'".o/ed with rising prices. It is expected j various direct-to-the-consumer ad? vertising campaigns will enlighten the j public of the dwindling production of the diamond fields caused by labor dif? ficulties ;?nd the necessity of digging deeper into the earth to find the pre? is stones. Pennsylvania Textile Co. Creditors io Defer Claims Creditors of the Pennsylvania Tex? tile Company, large manufacturers of s ". goods and yarns, are reported to be working out a plan for deferring thi ir claim for a year to allow the corn? s' .-;.- to vesjli/'1 on some of its assois. The total liabilities arc in the neigh ? d of $3,500,000, while assets are said to be approximately twice this am lunt. The present difficulty of the corn pan arises from the depression of the market and its large inventory. Mi st of '.-h- indebtedness is distributed am ng a doz? n or more raw silk houses, the claim of the Klots Throw? ing Company, which is in the hands of trustees ;::-'?>". approximates $900,000, S5.000.000 Match Plant MONTREAL, Aug. 25.?Four British match manufacturing companies, re? cently amalgamated, have completed plans for the erection of a plant near hi re, it was announced to-day. Business Troubles Petitions in Bankruptcy pi titii ns in bankruptcy filed yes y in the United States District irt were .. i f i .? iws j Wriplit-Fnber & Co., Inc. Involuntary .,..:..: Wright 1' b? r & l'c, Inc . ? ? ?? ?? .? : ? 53 Greenwich IV V Sieg? rt an ! two nth' r with claims tor goods sold ?i iitl Preferential ? ? In - lo fa,000 and the of a -.-. ;-.::?? ::'. to K: a nk J -si P. i arc al b . thi pel s; Ion. J ??? ph . J ? ad? ly ?a atti rney for Benjamin Rlolitrr- -In a voluntary pell : Richter, ? n man in a ? rlnl ? ? ? : ? . :; : ' 62 West U th ? ? - ? j -, of 57.S56, unsecun J. - . sets '.'.-? owes the Law)'? rs' Company, 50 Liberty Street udgl nt, ?i ' \ugust Ruff, of ?.. Street, > . 6 ' also m a ?it. Max J-JJ ? . nl ?50 Broad' .- . for th s tltionet-, r.OFF '? - iluntarv v tl ? S -Y Jobber The J ?.? and i he assi ts 53,1 i0, :-v . . ..: ? at FRANK d IXC ' lunt iry petl Pra? k, Is .. s takers ? f ? *? , ?- y :' nth rs al ' " Wi st Thirty-sixth Barren ? ???? - othei ? J. rt ?? . h cla Ims r f ... | -?..???. ?.? ! , J \V .- ? ?:?? ? . -, ? : S O REKXn U*M C . INC ?Involun ? ry ? titi ? ;..::? - ? '. N Inc rankauer & Davidson ? tlw ai ? rm ? for the I'.tors Receivers in Bankruptcy ..... ?vers In ' ?-..:?? y . ??? ilnted it es District irt were J :y ? - ? ?? ? . , ? . , . ... jul ... ? ? . ? ?-.... s r for N ;.-? aba urn Co., Inc re?. ? is- ;? A v- - Eas ? - Y . - ? ? -.-. 11 h i : - . .h 570 s ? of cash ai - unts : erehandi . -.?. aul n . :. . SOKOl ?JTF ' :?.:??- M;,-, er a p ? ?-? ? Max ire reci Iver f r Hair; jobber in tris :. -. r- y -s al r'JJ A N'K CO., INC M Lttilf -v A ' '? ? -' appointed . ver for A. Co.. In makers of ost rich fi ath - - ? ? ? ? S-'tn et, with ? ? f ! BROTHER? Ssimuel H, Lummla ... ? ? -?ci-ivcr Katz Broth ? . on Augusl bond - ; IO0 Thi lla.bl iti . ? ? ? .out $14,000. Assignments The Silver Hal Companj-, Inc., manu? facturing ch. ? at 5 i in s I Jones ha igned fir th bi n ?At of ? : 93 ? Bar i J ? ? Max ; llmann Is pri lent o? t h . ilcli was i is - 9 A PRA.N !. 'O INC * ifs turer i ? ? Js ? ? 3 West . ? ? sixth - : . '? . ed for tls ; . . ? ....... '? l . ,,? ... ' ?475 B . :.. seen ' ? - ? ?? s. ? of thi mpai ?-...-? : ? ? s, >ul i ,.._-.. . , ... '.???. \ nui rda; Harry i ? of SJ Judgments Filed ; n S \\ i orl? ( 'ounty I ?-.--??. lie 1 na ? ? ? ? ' ' ? ? v !J >? Inc : . - rporal ........ h r I e j i j.- . ?- <? ,r. c. p Will . i: liman Pr? ... , ;. ?j o 69 Ritz ' Jarlton s ; tel Company G05.71 ?id Porta Call ' il Schiffer . 162.65 ..... .4,207 : Kelly Ciar! 157 J' J. I Cnier! heos? Cor? .. ? . J- : ? 203.7 s .? ? . I. E. Ellis 206.91 ?.:???? rol I ? ? -. ??? . I. Kurtz et ' - 110 ! JJ n lard IIS. 70 Morr! I ?ber! ? i O e Con m j 468.33 "' \V -M. & 457 39 ? G pany. Ini ;;-.:? ? Jompany _ 723 S4 J ? Commercial IS6.85 - ' : Robert a s Roseni I'.ill Goldsteii ... - s ?- ", Moto! Rui r Corapki . ? ? 3S 1.31 ?..??s 196.57 ... ; ? Po 27520 I . , j -New ?ork I , . : 13 93 B.?Delta ? pa Eps on Club ' . . .. HI.? -H S. Holt . 19.SSO.36 \*ind '?-; ? ? ? ?? and M W Uli i m .s. ? | .. 6,058.20 s?n ??r??..\ County first ni ?-. 's thai of the debtor a T ?J ?uot . . $10.3*3. &-? ? ... Y Su-i - poratlon?J ? n - - -y... Ino .... 64 5. 4 24 Kessler, Abe, and .1 a - Y: Stein , man?P. Ad ??on 112 7g ' Klausner, Harry?J, Klausner... 74.68 Sutphtn, William L.?J MoBrlde et al . 70 67 Satisfi<ed Judgment? In New York County The lii-v ?same In that of th? debtor! the second ?hat of the creditor ami dat?s when judgment was filed R?K--n, Oscar?,1. R Bovlan; Dea ?0, 1919. ..$2,150.70 42?l St . Manhattanvllle & St. Nicholas A?. R'y Co.?M. A. Petera; April 17, isso. itP.72 Pan??Sanie; Feb. '.'4. 191? . . 16,991.89 Levy, Eugene?Columbia Bank-, sept 4. 1916 (canceled) 8,490.7a Gohn, Arthur?G. Kelsey; May vs. 1917 . 460.01 Betssbarth, George ,1.?O. 1.lob gold; Feb. 25. 101?. 633.08 Rosanthal, Mar.sus.W. H. Benoh et al ; July 24. 1916. 415.33 Howeli, Jenny D.?J. C. Lewis: July 6. 1920 (vacated). 601.70 Senior. Frank 8.- Firestone Tire & Rubber <?e., Inc.; May 20, 1918 . SB*. 3,395.08 Fine, Abraham?-J. Joaepkson; Jan. 4. 1919 (vacated). 1,883.77 Commonwealth Freight Forward isht Contractor??, Ino...1 Copol man et al; April 15, 1920. 225.10 Material Men's Credit Agency, is .-.. and Maurice B, Ricn and r i-ttlo Ooldomlth -?- Material Men's Mercantile Association, Cad.? Aug, 11, 1919 (reversed). 135.0*7 Buyers Arrived Fairchild Service ALBANY, N, Y.?YV, M. Whitney & Co.; Mrs. Wagner, ladles' ready to wear 1164 Bra idway, A.MARI1 J.Yi. Tex.?Relnhetmar's: William Relnhcimer, |obs work .?JiJrts nnd ladles' hosier? . 141 West Thirty-third Str? et, ALTOONA, Pa. -M. Lenson, clothing, hos? iery, underwear, notions, etc.; Alcazar. ALTOONA, l'a -Whitman's; Miss Amia Breslln, petticoats, underwear, hosiery; 1123 Broadwav. AMSTERDAM, NY Y.?M. Gray, clothing and women's ready to wear; Continen? tal. ASHEVILLE, NY C.?S. Lipinaky & Co.; ii ';' ?? '? "?' Fourth Avenue. ATLANTA- P. M. Esslg, clothing; Penn ATLANTA II. Kaplan okithing; Penn? sylvania Al'STIN, Tex.?-Charles Rosner; .Mis Lewis Hodge; millinery; 71 West Twentv-thlrd Ktn el BALTIMORE?The Hub; Miss S. Good? man, dress s and skirts; J i-J West Thlr ty-si cond si rei t. BALTIMORE?Meyer's Dept. Store; B Meyer, clothing; Pennsvlvanln BALTIMORE ? American Wholesale Corp.; P. L. Beck, toys and fancy goods; 354 Fourth Avenue. BELLEVUE, Pa. ?J. A. Gesler, dry goods; BroKtell. BOSTON?Hanover Furniture Co.; IT Co? hen, furniture and floor coverings; Grand. BOSTON -E. T. Slattery Co,; 1!. 1 Gil? bert, furs; to East Twenty third Street BOSTON?W. M. Fllene's Y ns Co.; up? stairs. Mr. Post, women's inexpensive dresses; Mrs. Milliken, infants' wear; Miss Derway, Infants' drpsscs; Miss I.ouls, Inexi ensP e hats. 225 Fifth Avenue. BOSTON?E. T. Slattery Co ; Miss Ken i ? . n ghgees a nd cordur ?v robes . M Iss Murray, silk and J- ather bags; Si ecialty Stores Associail n, 10 East Thirty-sec? ond Street, BOSTON C. F. Hovey Co.; Miss McKev Itt, girls' : :. \ eil! sorg and gingham dressi :< 1164 Broadway. Bi 1ST? 'X < Jh .n JJ. i- ,v I ??? ; Miss Weber, di esses ; 230 Pi : : h Ave nue. BOSTON- Gllchrist Co.; Miss Hirsch, waists; Mjss v: ?,. ?.?.;>. art linens; M ? JI? rnsteln coajls; Miss I >' Brien, suits; Miss MeCusky, ,1s- ?i s ?s ; 200 ! " i ? 11 ? Ave nue. BRIDGEPORT, Conn Howl md D. G. Co.; J'. Pell, silk and woolen dress goods; s i Fourth A- enu? . BY FF A Li I -William Hengi rer Co : Mrs. M Steffens, ladies' n i kwi ar; Mrs M. Lightner, lac? s and ? mbr ideries. Mrs. P C. Mellon, infants' wea ? : Mr. Sti g maii s-, notions a nd leat h? ?? goods : Mr. Bulzow, :,,?.-s, .., : lag sporting go ids and trunks; Miss ? s Pi ri es, s : bb ins; JJ Wi st Thirl v-sevi :.s Js Si re? - CHARLESTON, W. Va. ? Charleston !>? pt. Sti ?; C. W. Moi ? ?son, ladi suits an J ? s; 39: Bri a !?? a? , Boon - i 'HARLEST? iN. W. Vti las ic !: ? : Co. : . . ? Herz, mi n's a -?1 boys' clothing u ud nishings; JY \ ; ; ,;l. CHICAGO -C Frank, |? welry ; Bn lin CHICAGi i- l i. Goldberg, sin es ; Pennsyl CHICAGO?Lllienthal Bros.; T.. Lilienthal, c-. ? 's ar. i suits; ; ? ;.: s; Ivania. CHICAGO? !. y.:-.. :. . shoes; 1'. nnsylva ? la. CHlCAi s- i?John V. Farwell Co : A. P. Tutt le doi ??:-? les 7 jj ;.??.?:... ? l St.s CH ICAGi - - ;; ars Ro? buck ? ' ? : Miss M. : : we ? lllin rv; ]]5 Fin li Avi me JHICAGO Eisman Mfg. Co.: !:. Eism ?.?:.. i lldren' serge dresses .,?. J . .... ta . J S 'Y ?' Tl . ty-s hlr ' .-" r? [CAGO Marshall Fiel K- Co.; Miss L " . - . . 1res.? trim! igs; A. C. Har ;?? n.en's us ' 'wear; Y Man Y flannels; J 0 7 Bi ad way. ' ? " ? N'AI J tin Shillito i 'o ; IV W. i s , ? :., si mi ..? ;,' lies' n a ly ; . w? a r. ?; j: '?' ?rth A\ n CLEVELAND -S vlter ,'J- Co.; .1 Alt? r, merci s, Is? anagor Pi s.sisv! v., nisi. l'A!.I.AY Sang' :? lir >s. Mr 'Js4: dner, gen era ! s erchsindisc ; J :> East Tin at " - ? irth Sir -, DES MOINES. Iowa?Younk - Bros.; C. Gerha : Y y linens , ; 03 Pifth a vi :.>:?? . DENTi YY Ti x.?Toplitz ?S Zesm r; A. Top I ri y .s . ds; Bn slin ! >U Ri HT ? l: illbu? hi " Y i o . iJ. R II bu? hli r, millini ry . Grand. DETROIT?J. Burrows, dresses and skirts; 1 '? tins ? Y va nia. IT- A. Keldor Co. . Y Kol Y r, coats suit a, dn s? es : Pennsy Iva nia. DETRi UT?J. !.. Huds m Co. ; S. J. Dame, au ;? ? .i n J I'm .J: ? PI 11 Y Avi .. i". 1JJ 'ER P 'X. N. c ? Ev? rett Woodward C \ Ev . ? - y dry goi and ^ :.?-: ?: ? rchandlsi Pennsvl' i . EI.MIRA, X. Y.--S !' ?a- it] i : G. B Bi oks, ' . es, art goods, ? : br i leri t and h ther go 104 1 ui th A\ ? nui 1J\ ' RTS J-: . H App dl ? good ? ? . ' ? ndisi '-...r-.,: ]Y' ;. ill VER, Mass Pi ' Im ??; Bros. : S. Fel Iman, dry g otls; ' '?? : i HARTFOR1 ' Sage Al il C H. L . s: ? . ns, .. ? s go . : pall - m D. G, Allen repi ent Ing. 104 Poui A vi : u? !. I ?. si V GROVE S. ' ' The Rll < Cl: ?? J' Uitehforrl gen? n ..? ?? nd ba rgain basemci. . Abei JACKS JJ'- ILLE Fla Kol n, ! 'urchg I I ? ' . Mr. Meyerhei ? .- ? . i West Th .md ' ? ? ? j-..'. .:. ?.?..::? ? M lili . Bi Mi ? s : ? ' , J ... .? wear; ,'404 F ui I ti A v nil ICE Fla.- \V -Ji. " y- ?o Y ? clothitif US2 Br i J a : '? ' ... Nei giovi Miss UormJ . :? .::... ? bn ? : . . Alfred ' . ? Y . . ? YJ ...Y.'J'Y. X \ Y ' - ? ? >' ?' idles' n '. I ' . ? Av nue ! 'K HAVEN Pa.?lia? J Up< . shoes and furni Ings; Ah-a J.i - ANGEL? y Robins m '. i . MADISON Y i Y .J . lJ ' -....? - loti . le Co I ? ' : . . I SU i I -Y .-- - 1 ?Y ??? J HIP ?! .'.i Ise i L.roeiiblatl lad s' .-..' rth ?nue ? f.-; i r. Robert gei ha nd is? MOUNT l'NION Pa hapiro & S hei i J Shapii and H Sherr, partmeui ; ' re . !; erald s: MOI Y" UNION, Pa Shapiro ! Mr. ? lad reai NASHVI] ; E J kskin J <J Sons U !'.. Pennsylvania. NEW HAVEN .1 Pre: ' ' Press . ? s pie? ? good? y ? - s. NEW ORLEANS furnitun esl NEWT' ?N Misa ' ' ' Vyd. Iry .. ; gr? ,-., ? i PA RK ER ' RG '?'? V i ' s. ? J .1 ' '. ' ils, w '?:.' ,vear; ! YJ 0 ? ? P] ? ' ' iELPHIA - A Rajjlr 3v itz drj goods ' ' ? ? ?.DELPHIA ! : ' ? '? ??? 1 ?-.,:? PHI LAI PHIA?P en piece goo ELPH1A - N A.iso'.. . ? : r ' ri | ; t H1A ? Stewarts dlsa B ... .- ilfred !?'. ntl, ? ?. . . PH1LADE1 PHIA B! un r J Hirsch Miss PhiJ . \ .:??!! ....' J. . J ... ? -. . : PITTS I "OR i N G A '"? : '- S . London/ gen rchai ?. s ? : j i ?; ? :? YJ !? S nger; M. H lies' read t wea ' ? . s '.. ? IDENC? !J i Callandi McAutlin & Trou Miss ,... : |n! nts' ? corsets and petticoats, ?' J Abi ah im, . ? ' ? .. , . ?30 Flftl , . ?;,,;;, [nd E arte! book: .- ad ? a' loner\ : Heral [MOND, Vi Erlich ^.- Son; '? Er di y go .'.s.. ? J thing and '?? ROANOKE, Va..George Mac] MacBain, merchandise manager; 432 Fourth A ROCHESTER?A. Goldman, cloaks a::a ?s. Grand. ROCHESTER?Slbley Lindsay *? Curr lo K C. Townson, art goods and station? ery; 4 3 2 Fourth Avenue. SPREVEPORT, La.?Selbfr Bros.; Louis Selber, clothing and furnishings ; Sher : ian Square room 62 SIX MILE RUN. ft.?Shaoiro & Bherr; 1.e?' ready to wear, 25 vVi ? Thlrtj -third Street, room y. ' ' M L Epstein, women's ready to wear; Pennsylvania, StfENANDOAH, Pa.?B M. ft K. Dean;! B. M. Dean, millinery; Breslln. SHREYEPORT, La Thi Hearn Dry Goods Co . W !?' Miller, woolen piece goods, i Baa! Thirty-third Street. SYRACUSE?Mr? Minnie Lavlne, milli? nery; Alcazai ST. LOUIS N Cohen, leatlier goods and umbi ella a . Bi esllti. ST LOUIS Famous Barr Co J Oberdor? fer, hu?" ??s\'t embroideries, handkor rhirfs and neckwear; Pennsylvania. TOLEDO- G Qoldsteln, cloak? and suits; !'? nnayl va nia. TUSCALOOSA, Ala? L. Rojanfeld & Co.; I. Rosenfeld, dry eoods, ah.oes and cloth lug , Vein ' h ,i : ?. WASHINGTON?S. Herman, general mer? chandise; Herald Square. WASHINGTON Lansburgh & Bros.; D. V. leeman, cotton piece goo,la; 220 Fifth Avenue. WEST POINT. Ga.?J. S. Cohen, dry goods; Breslln. YORK, Pa.?P. Wlesl's SonB; D. A. Car? ver, upholstery and draperies, art goods, 1 Ea.st Thirty-third Street. YORK, Pa M C nnell D y Goods Co.; W. Mason, read) to wear for bargain base? ment , A b? rdei ii STORK, i.i J. M. Brain', toys and holi? day goods. Aberdeen. App o inls K e ce i ver To Run Fiants o? ' Bethlehem Motors -, Federal Judge Takes Action ; lo Aid Creditors in Re coveriujir; Cancellations Hit Truck Manufacturers I!. Clinton Woods, who for three months lias been acting as general manager of the Bethlehem Motors Cor? poration, was yesterday appointed re? ceiver of the company by Judge Dickin? son in the United States District Court in Philadelphia. According to a state? ment inside by interests hem associated with the corporation, th?1 application for si receivership was made bv Keek & Bro., of Allentown, Pa. The receiver's bond was fixed at $20,000. The application was made in a Fed I eral equity suit, instituted at the con : ferenci s among the principal creditors ; of the corporation, and with the ap ; proval of the ofTic rs and directors of i the company, which admitted the alle? gations of the bill in equity and joined in the request for the appointment of the receiver. The bill undertook to show that although the defendant cor : poration has assets, which at a fair valuation sue greater than the liabili I ties, it lacks : ufficient liquid funds to meet its immediately maturing obliga? tions. The appointment of an equity rec ?ver was asked for the purpose of pr? erving the business and maintain? ing the plant sss a going concern. It vv? ? indicati ?1 t ist: st ockholders and others directly interested in the cor? poration are formulating plans for a reorganization of the corporation, which is engaged in the manufacture of motor trucks, and which was hard : hit by cancellations which followed a period-of expanded inventories. Under Mr, Wood's direction the plant has increased its production schedules, il is said, until in the pres ? ont month the outpul of the corpora? tion is at the highest point yet at? tained. Men identified with the corpo? ration's affairs attribute the present eml irra; ment to the fact that the ; amount of money spent during the last year in buil ling arid developing plants at Allentown and Pottstown, Pa., left insufficient working capital, and that the present stringent conditions in the money market made it impossible [oi the company to finance itself ade quately at tl is time, in spite of the fact that its plants are unencumbered by mortgage. Sponsors of the corpo? rate m f i.' much of the pioneer work of the c? rnpany has been com? pleted, and that it is new in :; posi? tion where its trucks can lie profitably manufactured . nd sold. i* was 'nofficially stated that liabili? ties arc appri xim tely s jj.yh i,000 and the a.;-:- J y exclu '. v i :' ?? - .1 will and deferred exriens is, apon scimately $4, j'i .i m 0, ? ?. ? t' at thei e are "substan? tial" unfilli j order on hand. Hem y, Pepper, Bodim & St ikes, of Philade l 1 '. i, appi red as cou nsel for tlie com - s :.:..?.'. and M oses & Sing? r, of New \ ork, as ci uni el Co r I he corporal ion. Grain Kates Lowered On Railroads' Plea WASHTNGTI ?'-'. As g. 25.?Steps to | stimulate the movement of grain across the > !reat Laki ? from I h i we -t in or der to relieve the ear situation were taken to-day by the Interstate Com? merce Comm i 5sii s-, s s ordering read? justment of v:-.' ? s on grain betwe :: Lake Erie pi rts and the Atlantic sea? board. The modification, made on the appli cat ion o the i o? ! p n d ? rn in ship- ] pei , peri t creases of oi ly 30 per ? tin dome s1 ie rat : s and 25 per cent in i lort rates, inst id of j" ! fiai 10 per cen increa ? ? i'i authori -sed '? 'omm on. i . rale under I men! becoim effeetivi on one d y's not ice at any I ime nol later Sei un ' 1. ?. ;? . y of the co ' : ? j in's r't' ?'.,?'.'. . .,: | . ?' ,m the V ' ? will be about I re? cent a hundred ] thi ill-rail rat Railro : ?' pert; exi eel this to n ult incvoased " in pi ' ?'" ;ss ports on L [ichigan thus releas; . imbei of cars lose nor 1 ?'? ;? irn t ,. ; ' . . ; a til thi long haul of empty gr ?? i tl i boa :? ' . I . ??? ? lid the appli cat.ii ' the : nmission ict I tit ted '. rst instance on record ? foi ,s red ict ? r t ' y . of timulating Financial Item? ' E j ftnnoui that it ' the ? foi "Amei ? ' ties. Limited yme ' nd No. 34 of CO pi . . ,, . Brla r? r J ? cd in Loi the paymei nts the pro ceds ut i ... - ? ? hanen of ? and one-ha Business Items ' ?', Brc - - ?.. past nlrvet? N w V .? . :. ::..-???? for The Shoe and Leathei JJ-j rter and vie?-piesldent of the Trade P ibllcation C mpany :or most of that period, J. lected to the presidency to succeed th* late F. V - $15,000,000 Morris & Company 7V2% Ten Year Sinking Fund Gold Notes Dated September 1, 1920 Due September 1, 1930 Interest payable March 1 and September 1 in New York or Chicago. Coupon Notes registerable as to prin? cipal only, in interchangeable denominations of $1,000, $500 and $100, on any interest payment date. Redeem? able at the option of the Company, as a whole or in part, on 60 days' notice, at 107 during the first three years, 106 during the next three years, 10S during the next two years, and 104 during the last two years. INTEREST PAYAREK WITHOUT DEDUCTION FOR NORMAL FEDERAI. INCOME TAX NOT IN EXCESS OF Z<*. CONTINENTAL AND COMMERCIAL TRUST AND SAVINGS BANK, CHICAGO, TRUSTEE Further information in regard to this issue is giv Board of Directors of the Company, The proceeds of these Notes will be applied to the reduction of Bank Loans. These Notes will be the direct obligation of Morris & Company. The balance sheet as of November 1,1919, (the close of the last fiscal year), discloses total assets in excess of $114,000,000 and net current assets (after application of the pro? ceeds of the present financing) of approximately $49,000,000. There is no Mortgage on the property of the Company except the Trust Deed securing its 4l/2c/r Bonds, dated July 1, 1909, of which $16,450,000 are outstanding and $6,250,000 still issuable under the terms of the Mortgage for 75% of the actual cash expenditures made or to be made by the Company for additional fixed assets. The investment of the Company in packing-house real estate, branch markets, car equipment, etc., is over $40,000,000, and in securities of subsidiary Companies $8,679,953. The Indenture will provide that no new Mort? gage shall be placed on the property and assets of the Company, (except purchase money Mort? gages), which does not equally secure these Notes by the lien of such Mortgage. en in a letter of Mr. Nelson Morris, Chairman of from which we summarize as follows: The Indenture will further provide that Cur? rent Assets of the Company shall be maintained in an aggregate amount equal to at least one and one-half times all Current Liabilities, including these Notes, any mortgage indebtedness maturing prior to the maturity of these Notes, and any other issue of Notes or Debentures at any time outstanding. During the four fiscal years ended November 1, 1919, the average annual earnings of the Company available for interest charges after the payment of all taxes were $5,993,4S7. These figures include only a relatively small proportion of the earnings accruing to the Company from its South Ameri? can properties. The Company's average annual interest charges were $2,454,791. During this period over $12,100,000 net earnings have been retained in the business after paying cash divi? dends aggregating $1,750,000. A sinking fund is provided beginning Septem? ber 1, 1922, which will retire in semi-annual in? stallments an amount of these Notes aggregating $5,000,000 before maturity. PRICE 98M AND INTEREST, YIELDING 7M% All legal matters will be approved by Messrs. Mayer, Meyer, Austrian and Platt, Chicago. Temporary negotiable certificates, exchangeable for definitive Notes, will be delivered when, as and if issued and received by ns. Continental and Commercial Trust and Savings Bank Chicago Ha!sey5 Stuart & Co. Incorporated?successors to N. W. Halsey & Co., Cl Icago NewYork Philadelphia F. S, Moseley & Co. Boston Chicago New York The Merchants Loan & Trust Co. Chicago Th?i above .statements are not guaranteed, but are basi-d upon information believe to be accurate, and upon which we have acted In the purchase of th? Kahn Seeks to Aid Europe to Settle IJ. S. Obligation Expresses Hope Fair Basi for Adjustment Will B Readied; Public Oppose Cancellation, He Say Otto H. Kahn, of Kuhn, Loeb & Cc in a statement on the huropean finai cial situation just made public, e: pressed the hope that the United State would make some adjustment "chai acterized by a large-minded attitud on our part in connection with tli d ?bt of neary $10,000.000,000, whic Allied governments owe the America Treasury. He said, however, that puls lie opinon was not yet ready for sue "As to our loans to Europe," Mi Kahn said, "we are not now being aske to cancel them. What is now expecte ? J' us and what Europe has every righ to expect, is a definite and fair ar rangement by which these debts wil cease to be an immediate troublesom ?' cl r and problem in the budgets o F. uro pe. "Public opinion in America is, I tak it. not disposed, with such light am guidance as it has at this time, to con sider a relinquishment of our mone tary claims. It. may or may not, in du course of time, be willing to eanctioi such a course or some other measun of settlement or relief, in respect o all or part of those claims, "Personally, 1 do hope for au ad justment, in some way, mutually ac ible and characterised by a large minded attitude on our part. Ru unless and until American publi? opinion with voluntary generosity o: from other consideration seeming t< it good, so determines, there is n? ound reason why we should be diffi dend or apologetic concerning what i; justly due us. "Indeed, the balance which right fully stands to our credit in Europt ? it only financial, but also senti mental. We have rendered no mear service to the Allied nations in coming eir support at a critical juncture and in helping to win the war. We ?lid so solely from motives of Tionoi and idealism. ' The bulk of our people never be lieved, prior to our declarations of war, that, whatever the outcome of the conflict, we were or could be m< : iced, and they do not believe so now in retrospect. Neither any fear of the intentions toward us of a Ger? many emerging from the war unwhip ped nor any hope of gain actuated our decision to throw the American -word into the scale on the side of the Allies "We are carrying the immense bur? den of our war expenditures without any conpensating material return. We are asking no part of the German in ty, and we have practically r.o in the territorial, commercial, and other tangib'- advantages which the peace treaty gives to our comrades in arms Indeed, in certain respects, the status resulting from the post bellum world' settlement, may be said ' to be rather unsubservient to our in I. ,-. .. ; ?? ,,. ,,, h.er vise." Judge Mayer Sets Arbitration Limit In B. R. T. Dispute Union Employees Confer With Garrison; Negotia? tions May Begin Next Week on Terms by Court All parties concurred in the demands of the union employees of the Brook? lyn Rapid Transit Company conference yesterday in the chambers of Judge Julius M. Mayer of the Federal District Court. Those at the conference besides Judge Mayer were Receiver Lindley M. Garrison, William S. Menden, general manager of the B. R. T.; Transit Con? struction Commissioner Delaney and a committee of ten representing the Amalgamated Association of Street and Electric Railway Employess, headed by I'. J. Shea, national organiser, and James M. Sheridan, chairman of the committee. At the end of the two-hour confer? ence Receiver Garrison said he had been authorized to make a statement for all concerned. He said that at the first meeting of the employees and tlie receiver the men wished ' to know if he was in a position to agree to arbi? trate any matters that might not bo adjusted satisfactorily by negotiation. He said he told the men that he would have to consult with Judge Mayer be? fore he could answer. Then they asked Commissioner Delaney and Mr. Garri? son to see Judge Mayer and also ex? pressed a desire to see Judge Mayer. This they did at the conference yester? day. Receiver Garrison said that Judge Mayor wrote a letter to him last night telling h i in exactly how far iie eouid go in the matter of arbitration. This letter, the receiver said, he ?ill turn over to the officers of the Amalgamated Association, and they will call a meet? ing of their organization and take the matter up with their members. If the men agree to negotiate on the terms laid down by Judge Mayer, they will notify Mr. Garrison and negotiations will be entered early next week. Mr. Garrison said the contents of Judge Mayer's letter would not be given out untii it had been considered by the employees. He said the letter should reach him to-day. Wages and hours are not touched upon tn the Judge's letter, but only what matters? may be arbitrated in case the receiver and the men fail to agree in their ne? gotiations. -? U. S. Sells Rail Stock to Latvia 'CHRISTIANIA, Norway, Aug. 25.?Ar agreement has been signed between th? Latvian government and ar America! railway company for delivery by th? latter of railway material and rolling ' stock costing $25.000,000, according tc ' the Morgenbladct to-day. The stoci under contract, the uewspaper says, in? cludes 850 locomotives and 7,500 curs. Reserve Board Sees Tide Turning in Credit Expansion Awakened Publie is Taking Storks, Curtailing Its Expected Loans and Using Far Belter Jud?*men? WASHINGTON, Aug. 25.?Evidence of a turning of the tide of exp.:' . was given to-night by the Federal Re? serve Board in a statement which de? clared that "further expansion of bank credit apparently has been checke 1." The board added, however, that appli? cation of the policy of restricting loans to essential re?iuirements had not re? duced the volume of loans and dis? counts of the country's banking in ti tutions. There has been an awaken.rig of th? public to the credit needs, according to the board's view, with the res ill that people are "taking stocks, curtail? ing their expected loans ami exercising generally a more wholesome idg ment." The result sought to be accomp by the board when ?I asked the bai to restriet the cre?.lit ol - lied Sioss essential and speculative ente pr is bviis^ attained, but not with aid of higher interest rates, , ?aid. In connection with the statemei expansion had been checked, the board mentioned the adoption of a -cale of progressive rediscount ratr-s b; Federal Reserve Banks. At!;?:.ta. St. Louis, Kansas City and Dallas, which was made possible under the Phelai act. The graduated rediscount rate have not been in effect long enouj their operation to sho ; definite re? sults, but officials are watel ing ; .< .. closely because of the expected ?.::?<." on the general credit situation Application of this metho I of re stricting credit was held tu be i . ?.. in compelling a curtailment of loans :? the customers of banks beca . banks, in turn, would no' be able t? obtain their requirements without paj ing the higher interest rut:s. Foresters Urge Parley With Canada on Pul) Want International Difference Over Crown Land Output Settled in Conference NEW LONDON, N. H., Aug. conference between representatives c , the United States and C'jinad;? to tie the controversy over pulpwoo from the crown lands of the ? Canadian provinces was strongly urg< at the convention of forestry exps-f and paper manufacturers her Th?s meeting was held under the pices of the Society for the Prot?ctic of New Hampshire For-e3ts. R. F. Kellogg, secretary of tl National News Print Service Burea New York, proposed an annual Feders ? appropriation of SI,000,000 for fute protection, care and management and it- ] mting mate? rial, wit.. tat? dations to ba 11 ir, all expendi? tures being conti ipon the adop ti01 f Fed He also j annual appro? priation i for a complete jjj; j a :cu) ate fon if the country ? t less 1 ? urcl a e of un ks '?:??' v as $] 000,0 i s a niant . h park year was urged for forest research DIVIDEND NOTICES BRITISH-AMERICAN TOBACCO COMPANY, LIMITED NOTICE OF DIVIDEND TO HOLDERS OF ORDINARY AND PREFERENCE SHARE WARRANTS TO BEARER. NOTICE !S HI ??' that the Di? rectors, h ? ? ' ?? J y Fou? -th interim divi dend on the Ordinary ^';..rci (or the year iror.2 ?Ee 1st October, 1919, to 30ih Sep? tember, 1920, or fnur per rent, (bein?: 9 3-?d. per share), tree of British Incoms Tax, payable on th? l;0ih September, 1920. '..- .irrLss.s to Bizrer for Ordinary Sisares will bj; entitled to be paiJ the i a i d .iilerim dividend on or after the said 30th dsy of September, ?920, at the office of ?he Guaranty Trust Co. of New York, 33 Lomba.d Street, London, E. C. 3. Coupon Ne. S2 rn'iil be left for examination at the of the laid Guaranty Trust Co. of New York, 'is Lojs-ibard Street, t. C. 3, three clear days (excluding Saturday) before payment ... NOTICE IS ALSO GIVEN that the Direc? tors, ha? ?idend ai the rate oi 5% per ace um on t'ie Preference Sbarci for the half yea, [rom the 1st April. 1920, (o the 30;h September, 1920- The said ui.idcnd ('ess British Income Tax at the rate o? g . o say, 4 1-Sd. per share net, ?-? parssbie on ?he 30th Sep I nber, 192 ' share Warrants to Bear? t::ce Shares will be en? titled to kid d.vM?end on cr after I il ?j?ber, 1929, at th?-. Provincial & Union : ' Sai ?v Court, Strand, C if -, io. Zi must be left for xam nat on a' the office of the said ? ion Bank of Enrland, ( ourt, Strand. Vi. C. 2, three clear business days (excluding Saturday) be? fore payment is made. I l& August, 1S20. BY d A. M. R1CKARDS, Secretary >'? estminster House, 7 Miilbank, London, S. W. j. F INANCIAL NOTICE ?THEES !K\ ( O MF \NV IN( ' ?