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5?? THE SUN AND NEW YORK HERALD, FRIDAY, AUGUST 20, 1920.
lit . - ,-1 ' Trallroadii, chambers of commerce, r 1 II I 1 MARLAND REFINING show Tunc earnings increase of 120 over thoBe of January. Six months' earning rec ord completely reviewed. ASK FOR CIRCULAR HI. MS Wolfed Co. ESTABLISHED '.006 41 BROAD ST.. NEW YORK Phone Broad 20 COAL EMBARGO TO HASTEN UNLOADING Tidtfwater shipments Barred rjnieil Cars Are Emptied Promptly. PLAN LESSENS SHORTAGE Under the management of, Daniel Willard BALTIMORE & OHIO should benctlt from the ran- Increases- an IntllMil analysis in MARKET OPINION. Auk for O'M R.H.MacMASTERS&GO. Mrmbtn COWoMdatti Mif Kich., . Y, 82-84 Broad St. N"w,Yrk Phone Bread 610 JIv'kvv" CHICAGO Mll.WAl.kr.r. Weekly Market Letter I .ii Request iMHUMft ESTABLISHED 1003 Members N Y Curb Morkct Assn. tt BROAD ST., NEW YORK. Active C urb Slocks Carried on Margin. Railroad Association Order Affects New York, Philadel phia and Baltimore. railroad, chamber of commerce, board of trade, munlclpalltl arid rep- resciiiatives or ine. nouin jereey v-i-mutera Association. ( "Apart from tho confusion and undo Irablo complications resulting from in harmonious rate structure eventually' no anvlnv would result from the general application of ratca fixed by State au thority lower than thoan authorised for Interatate traffic," th comnilaalon raid. "The revenue Congress haa dei lared tho loads ahull rccolvo in auch case would have to be mado up from further In creases In Interstate traffic. Articles transported in interstate commerce are In general use. They reflect the carrying- charges, and increases in these rates to mako up deficiencies In intrastate revenues would affect all." RATE DECISION HITS CENTRAL HARDEST 60 Per Cent, of Passenger Business Is in State. STANDARD O I L WEEK I V M'MMAItY ON fjTAMU Itl) Oil issues Mil. I. UK HAILED TO INVESTORS ON RBQVRST CARLH.PFORZHEIMER&CO. Phones 4HU0-1-2-3-4 llruud. 23 llroad St. N. V I. M. TAYLOR & CO. Incorporated INVESTMENTS 7 Wall Street Helton Philadelphia Cleveland Pittsburgh Washington, Aug. 18, An Immedlatu embargo on the movement of coal to ildcwater except upon a deflnlto show lug that the coal upon arrival at piers would he unloaded Into vessels with euaonublo promptness haa been agreed upon by the railroads, It was announced 'o-da by the. American 1tullron.il Asso ciation. In an explanatory statement the asso ciation aiild : "Chairman Willard of the Association of Hallway Executives and Col. I). v. Wentz. president of the National Coal Association, met in conference yesterday with representatlvea of the coram laal on on car service of the Ann rlcun Ilullroud Association, tidewater coal carrying lines serving Hampton Roods and the north, various tidewater COal exchanges and the American Wholesale Trade Coul .VHoclatlon to consider what more eirec- tive means could b adopted to reduce the accumulation of bituminous coal cars awaiting transshipment at tidewater. "The conference unanimously reached the conclusion that such changes should la made In the regulations or me iww w. it.-r Coal Exchange, which handles I ipments through New York, rhlhidel-p-.ia and Baltimore, us would result in penalizing the holding of bituminous coul by Individual members of the exchange beyond the lice time permitted In estab lished coal demurrage tariffs. "Further than this, the meeting unan imously agreed thut us the only effective n.cans of adequately controlling the situation all tidewater coal carrying lines should immediately embargo the move ment of tidewater coal und .sltnultane uialv nrovide for the acceptance of such tratfic only upon ; l i mits to be Issued by tho tidewater bituminous coal terminal railroad." RAIL PASSENGER FARE BOOST DENIED Continued from First Page. HARTSHORNE, FALES & CO. Member S. Y. Stock KxchantM 71 BROADWAY Telephone 7810 Bowling Qrten We have prepared a circular covering An Exceptional , j Oil Investment Com em Request. Ask for B. 3. Maguire & Burleigh 170 Broadway Now York Telephone. Carilandt 8578. FOREIGN GOV'T BONDS ai.i. inncas BOUGHT fl OLD QUOTBD. ALFRED R. RISSE, Specialist 60 BROADWAY. NEW YORK. Tel. Broad 6184 6M1-74S,. Bonds for Investment Harris, Forbes A Co. Ma Street. Comer Wllila NEW YORK The National Bank of South Africa, Ltd. Tot Rtiourcet Exceed 1430,000,000 10 Wall Street New York R.E. SAUNDERS. Agent. CENTRAL UNION TRUST CO. of New York, E0 Broadway. BRANCHES 6th Avenue at 60th Street Madison Avenue at 4tnd street Capital, Surplus and I uillildeu . Troths s.iii.iiuo.issi. EQUIPMENT TRUSTS. the applicant.') present no evidence war ranttna such b finding." The application of the railroads as to tl eight rates cull for an Increase of 40 per cent, on all existing- freight rates, except rates on fluid milk, cream mid articles taking the same rates, where the increase asked to 20 per cent., and an increase of 40 per cent, for switch ing, &c. Show Increase Are Needed. "The evidence before tho Interstate Commerce Commlsion," lay the opin ion, "discloses the necessity of some vry substantial increase In rates in order to enable the carriers generally to meet their obligations to the public und especially to meet the requirements of the transportation act of 1920. The findings on this subject of the Inter state Commerce Commission, while not binding upon this commission In the present proceeding, are not without strong probative force. "We have no evidence that the slt natlon of the petitioning carriers, In so far ns their purely Intrastate business within ths State of New York is con cerned is similar to that of all the car riers In the Eastern group us to their entire traffic. We are not, however, called upon in this proceeding to de termine finally the Justice or reason ableness of any or all of the Interstate rates proposed." "The evidence before as establishes a fstr probability, If not a presumption, that 11 general substantial Increase In rates is necessary. The Interstate rates, by permission of the Interstate Com merce Commission, are to become ef fcctlve August 26. If the present peti tion la not granted there will, at the very best, result a considerable period ot time during which the interstate In creases will be effective and the Intra state rates will remain on the present basis "The interstate Increases allowed are universal and so great In amount thut there would result a very great dis parity between interstate and Intrastate rates. This would nave a uisiuiuuig Influence on business of all character iithI the disturbance might prove dis astrous In some llnea. There would also result a multitude of unwarranted discriminations, with violations of the long and short haul clause and of the rule that through rates must not ex ceed the sum of the locals. The rates of the New York Central between Albany and Buffalo, to mention a single Instnnce. would be approximate ly 40 per tent, lower than those on the Lackawanna. Lehigh Valley, Krle and Pennsylvania. The consequences of this stale of affairs for even a short period can readily be Imagined. 1. ranted With Reservations "Hound public policy and commercial Railroad ofllc lain were not able to say last night what action would bo taken In view of the Public Service Commis sion' Indefinite suspension of tho pro posed passenger faro Increase granted by tho Interstate Commerce Commission. They renewed, however, their prophecy that constant confusion would result. A traffic olllolnl of tho New York Cen tral Railroad estimated that this system j would bo tliu chief victim and greutest loser, as fiO per cent, of Its passenger business la within New Y'ork State und, accordingly, subject to being held down to the existing rate of three cents a mile instead of tho 3.6 rents allowed by the Interstate Commerce Commission. Figured on the basis of Its annual pas senger revenue of $75,000,000, the loss would he 16,000,000 or $7,000,000 a year, ho concluded. The suspension dlscrlmln- ites against the New York Central, he argued, because so little of its business Is Interstate. The Interstate Commereo Commis sion," said the New Y'ork Central offi cial, "decided that 1101,000,000 of the Increased revenues necessary to meet I he wane advances should be secured from the passenger business. The freight rate Increase waa based upon this por tion of the cost being borne by passengers. "The additional revenues are neces sary to provide the railroad service needed by the country. In tho case of Net Vork all those roads that tart in New Jersey will be enabled to charge the 3.6 cents a mile because the Journey Is Interstate, while the New York Cen tral will be subject on It entile lines Baal to the lower rate." It Wfll be loft to counsel for the rail roads to decido the next move, und whether. In case It Is necessary to put In all the evidence already presented be fore the Interstate Commerce Commis sion, the roads will combine their pre sentation or be obliged to argue their cases separately. Tho same petitions were submitted yostorday to the l'ubllc Service Commis sion, First district, In Manhattan, the proceeding being a more or less per functory one. However, a hearing was sot for to-day orr the freight Increases. The companies filing petitions were the New Y'ork Central, the Staten Island Rapid Transit, Smith Hrooklyn Railway. New Haven and Roston and Westches ter, DECISION ON WATER RATES COMING SOON Lake and Coastal Shippers End Testimony. Washington, Aug. 19 Hearings were concluded to-day on the application of about sixty great lakes and coastal steamship lines tiled with the Shipping Hoard for rate Increases In conformity with advances granted the railroads by the Interstate Commerce .Commission. The board intends to act on the applica tions before next Thursday, when the rail rates become effective. Representatives of carriers and ship pers testified to-day, the latter making no protest against a general Increase for water carriers, but urging that part of the additional revenues go for 'increased facilities." SEEK SEPARATE CONTRACTS. Miner to I oil Joint Terms With Operator. CutVKLAND, Aug. 19. Miners attend ing a conference of t lie Joint scale com mittee of the central competitive field Chlo, Indiana. Illinois and western Penn sylvania held a policy meeting this morning following failure last night of the Joint conference to agree on the miners' demands for Increased wages. Ihey adjourned sine die after votlmt unanimously that minors In each of the f'.ur States will seek to make a supple mental and separate agreement with operator In the field. Thi practically disrupts the central field as a basing point. Inasmuch a the joint conference was culled by President Wilson for the pur lose of adjusting Inequalities existing !' the present wag scale agreement, op erators and miners sent separate tele grams lo the President to-day advising htm of the failure of the conference to reach an agreement. Mn. Commutation Kate i.o I p. Huston. Aug. 1ft The Department of Public lillitles to-day authorized all rail carriers in the Stato to Increase their rates on twelve ride commutation t'cketS 20 per cert. The new rates may become effective on August 26. the date on which similar advances have been authorized by the Interstate Commerce Commission. .50 7.2.". 7.00 7.00 ii.ni 7.50 7.00 ' I (Quoted on a percentage basis.) Name. Maturity, Rate. Bid. Asked Baltimore Ohio. I020-27 4i, 8.75 Bethlehem Hteel . . . 1920-30 7 7.70 Buff, Roch A P.. .11120-33 4H-5-6 7.7.1 Canadian Pacific.. 1020-32 4-ir 8.00 Chicago N W-.. 1020-23 7. tin Chi. It I I Paciflc.1920-27 4,-5 S.50 Chi, St L N 0 . 1920-24 !t 7. Si C, 0, O 8t 1 1920-29 ft- S.00 Delaware tc Hud.. 1922 4!4 fJjO Krle Railroad 1920-27 41,-3 S.75 '.race Stcamhlp..t02O..i4 ti 7 s." Illinois Central... 1 920-27 4Vi-5 7.02 iBt Pro Hlnaniahlp. I920-2H 7 S.50 Louisville A Nash. 1920-23 f. 7.63 Michigan Central.. 1920-32 5-6 7.110 Mian A St Louis.. 1920-27 5-6 S.00 Mo. Kan A Texas. 1920-24 5 8.60 New Vork On....1920-3.t 4'i-.VI 7.40 Norfolk A West... 1920-24 4Vi 7.62 Northern Purine.. 1921. :in 7 7.25 DISSOLUTION PLAN FILED. .Method Submitted to llnd Ontslde Activities of Packer. Washington, Aug. 19. A plan un- necesslty both dictate that special per mission should bo granted, but In grant ing It the commission does not Indicate Its approval or disapproval of the rates continued In tho tariff. These will bo niiWt to complaint, investigation and suspension If tho propriety oi suspension fJrl. whk.n the Dlg nvo packers Swift. in any case is made to appear. Armour, Morris, Wllnon and Cudahy "The foreicolng applies to freight rates ; ttr,i,i dlsnnao of their stock vnnls in. ?"2 generally with other Incidental special tereats haa been submitted to the Depart 7 on 'charges. In so far as the petition asksment of Justice for approval and prob 6.2 an Increase of 20 per cent. In rates on bly will filed In tho District of Co 7.50 1 fl,,!,! milk, cream and articles taking lumbla Supreme Court by August 31. JMSjthe same rates, the Interstate Commerce The plan was drawn up In accordance 7 U0 ' Commission treated this traffic on the i with a decree entered In the local courts 7 6fl!..,m hosts as It treated the passenger I early In the year under which the Pack- fiMl rates, because milk and cream are usual-' er within two years must disassociate ti u: N Y. N It a II.... 1020-29 4 V5-8 .." Pacific Fruit Em. 1925-3.1 7 7.05 Penn (Jen Freight. 1920-23 4-4", 7.40 Readlrtr Co 1920-27 4 7.7.". gjkkVrd Atr Line ...1920-27 44-5-6 H..VI Sinclair ltefiidim. . 1920-21 0 Southern Pacific. . 1920-33 4Va-7 Southern Railway. I92H-2A 44-5 Union Pacific IPS !-.' 7 Virginian Railway. 1920.30 Whlto Oil Corp.... 1920-2,3 U S.50 7.40 7.90 H.95 7.50 ST.". wnllv earr ed In passenger Irani. i.rn "It may ho that In this State the gTeat -711 ' bulk of milk and cream Is carried on S 7? ! special milk trains, but their equipment 6.50 'and movemont harmonize more closely 7JWJ with passenger operation than with JO . frujght operation. Fluid milk, cream and ,'l v! ' articles taking the same rates should 700 ! therefore be exempted from the operation 7 W cl this order." themselves from unrelated lines of busi ness and confine themselves to the wholesale meut trade. BOSTON AUCTION RESULTS. (Furnished by Richardson. Hill a Co ) 1 Farr Alpaca Co.,' 23214. 4 Naumkf-as Steam Cotton Co., 196. 14 Mass. Electric Co.'i pf. (certificate of deposit), n. 6 V. 8. Flnlahlnr Co.. 80. 1 Boston Hcltlng Co. pf., 30 100 Pacific Development Corp., 33. 1 Springfield Fire and Marine In. Co., 275. 1 American Textile Soap Co. pf., 82. SS, 000 Imperial Ruxslan C.ov. 3 year il'-i (certificate of deposit i, 22 flat. N Draper Corp . 131. IX Elder Mf. Corp. pf., 95. !(. Fidelity Truit Co., Ilnatnn, 115. 0.. VVeeit Point Mfg. Co., 14. 15 Continental Mills. I4H. Boston Belting Co. pf., ,0. U Bates Mfg. Co.. 107. C Business Real Estate Trust, 10. 0 Hood Rubber Co. pf., 98A-8S. t Draper Corporation, 132V (Lowell Has Light Co., 142U. International Trust Co , 347' 3 Mas,. Cotton Mills, 147. JERSEY REFUSES TO SUSPEND NEW RATES Commission Decides No Sav ing Would Result. TaXKION, Aug. 19. The Public Utile ity Commission held to-day that It could not Issue orders suspending an Increase In passenger and freight rates granted bv tho Interstate Commerce Commission on railroads operating within New Jer sey. The board held percentages of in creases authorized must oe applied to Intrastate a well as Interstate rates to provide the return Congress has de clared the railroads shall receive. A hearing was held by the commission last Tuesday, attended fty counsel for Bank of England Statement. London. Aug. 19. The weekly sate ment of the Rank of Errgland shows the following change: Total reserve In creased 697.000 ; circulation decreased If 33,000 ; bullion Increased 13,924 ; other securities increased 2,311,000 ; public de posits Increased 115,000; other deposlst decreased 6,884,000; notes reserve In creased 685,000; Government securities decreased 9,742,000. Proportion of re nerve to liability, 12.52 per cent.; last week, 11.41 per cent. Rate of discount. 7 per cent. Messrs. J. P. Morgan & Co., First National Bank, The National City Company, Guaranty Trust Company of New York, Bankers Trust Com pany, and Harris, Forbes & Co., all pf Nev) York, offer for subscription $25,000,000 New York Central Railroad Co. Ten-Year 1 Collateral Trust Gold Bonds Dated September 1, 1920. Due September 1, 1930. To be secured by deposit with Guaranty Trust Company of New York, as Trustee, of the following collateral: Pledged Price Value $25,000,000 New York Central R. R. Co. Refunding and Improvement Mortgage 6 Bonds, Series B $3,750,000 par value (being 75,000 shares) Reading Co. 1st Preferred Stock $5,500,000 par value (being 110,000 shares) Reading Co. 2nd Preferred Stock - 95 40 My, $23,750,000 3,000,000 4,675,000 Total $31,425,000 'Board on the prs.irti t markrt price 0 Hit -Hi" Bosd, Series A , Usueil under the soma trortnaae The folloiring description of the issue it summarized from the circular letter of Albert H. Harris, Vice-President, copies of which mail be had upon application. At current quotations, the market value of the securities to be pledged is approximately $31,425,000 or in excess of 125 of the principal amount of this issue of Bonds. XhE Indenture will permit the Company to substitute tor the Reading stock such securities as it may receive therefor in the event of the dissolution of the Reading Company pursuant to a Court order. The Company may also make further substitutions provided that there remains col lateral having a then value of not less than 125 of the amount of outstanding 10 year bonds. THE BONDS are to be re deemable at the option of the Company in whole or in part at 105 and accrued interest. Interest win be payable March 1st and September 1st. Coupon Bonds in denominations of $1,000 and $500 registerable as to principal, and in fully regis tered form in denominations of $1,000, $5,000 and $10,000. Coupon and registered bonds and the several denominations arc to be interchangeable. TtlE proceeds of the Bonds are to be used to retire $15,000, 000 One-Year 6 Collateral Trust Notes which mature on September 15, 1920, and $8,000, 000 of bank loans. The balance of the proceeds will be available for the Company's capital pur poses. Including the compensa tion payable by the U. S. Gov ernment during the two full years of Federal control the company's income available for rental and interest charges during the last four calendar years has exceeded such charges by a least $23,000, 000 annually. Under the new rates granted by the Interstate Commerce Commission it is esti mated by the Company that based on the 1919 traffic, the Company's net income for 192 1 (including other corporate in come) will be not less than $80, 000,000 as against fixed charges (including interest on this issue) of less than $48,000,000. We offer the above Bonds for subscription at 100 and interest, yield ing 7. The above offer is made subject to the approval by counsel of the completion of all necessary legal formalities and to the formal approval ot the Interstate Commerce Commission. Subscription books will be opened at the office of J. P. Morgan & Co., at 10 o'clock A. M. on Friday, August 20th, 1920, and will be closed in their dis cretion. The right is reserved to reject any and all applications and1 also in any event to award a smaller amount than applied for. Aunnst soth, wen Notice of Modification OF Plan and Agreement of Readjustment OF Maxwell Motor Company, Inc. AND OF Chalmers Motor Corporation Dated August 30, 1919. To tha Holders of Certificates of Deposit issued under tha above mentioned Plan and Agreement fort MAXWELL MOTOR COMPANY, INC.:- Btock Certificates for First Preferred Stock; Sc.nd !ref erred Stock; and c minion Slock: and Stock Trust Certificate Isnint by (iuaranty Trust Company of New York, u gent for Voting Trustees, for said Hirst Preferred, Hecoud Preferred and Common Stock. CHALMERS MOTOR COMPANY 1- Klrt Message Six I'er Cent. Five Year Qold Notes. CHALMERS MOTOR CORPORATION 1- Btock Certificates for Preferred Stock; and Common Stock. Existing conditions in the financial and business world have made it impracticable to declare operative or to carry out the above mentioned Plan and Agreement of Readjustment in its present form. The Com mittee has been in conference with financial and business interests as well as with creditors of Maxwell Motor Company, Inc.. regarding plans for the supply of new money urgently required, for the readjustment or reorganization of the Maxwell and Chalmers Companies, and for the management of their respective properties. The CommtttM be lievcs that in the near future a modified plan, the general features of which have already received the approval of the interests consulted, may be formulated for the approval of certificate holders and creditors. This however, cannot be done in time to prevent the present Plan and , Agreement of Readjustment, in accordance with its terms, f rom becom ing inoperative unless modified as hereinafter stated. The Committee has accordingly determined to modify the Plan and Agreement of Readjustment by striking out from article or paragrnph Seventh of the Readjustment Agreement the words "the failure to declare operative the Plan or any modified plan within one year after the date of this Agreement shall be conclusively deemed an abandonment of the Plan and of this Agreement and of any modified plan or modified or sup plemental agreement." A statement of the foregoing modification of the Plan and Agree ment has been filed with the Depositary, Central Union Trust Com pany of New York. Holders of certificates of deposit issued under the Plan and Agreement of Readjustment may at any time on or before. August 31 1920, upon surrender of their respective certificates of de posit, properly endorsed in blank for transfer, to the Depositary, Central Union Trust Company of New York, 80 Broadway, New York City, and upon payment of such taxes as may be payable upon the transfer and delivery of the securities withdrawn, withdraw from the Plan and Agreement of Readjustment, and thereupon will be entitled to receive the deposited securities represented by the certificates of deposit so surrendered. Every depositor not so surrendering and withdrawing on or before August 31, 1920, will be deemed to have assented to the above men tioned modification and whether or not otherwise objecting will be bound thereby as fully and effectively as if he had actually assented thereto Depositors who do not so withdraw will have the right, upon announcement of the proposed modified plan, to signify their approval thereof, or, if they decline to approve the same, to withdraw their deposited securities. , Dated, New York, August 10, 1920. II4IIRT BttONNKrt, Chairman. JtMKS C. BKAI.Y. JOHN It. MOKKON, El.TON PAKKN, Jt l.KS S. BAOHEi llttill HAI.Mf.RS, i. HORACE HARIMNO. Committee. 0 n. RunnRs. secretary. SO llroad way. New York City. PENNSYLVANIA CO. (it ARANTEEO 3 PER CENT. TRtST CKBTTFICATK8, SERIES "A," DDK 1037. Pursuant to terms of agreement ilatod Sop t. mber 1, 1WT, tbo under land Invites ten il.rs of above certificates for sale anil de livery as of September 1. UM t a Prtcc not cceedlug par and Interest, to lie extent of $.".0,000, thu sum now puyablo to Sinking ' Sealed tenders stating specific numbers of certificates offered, addressed to C.lRAItl; TRU8T COMPANY, Trustee, Sinking 1-und Pennsylvania Company (iliarantenl 3V, per cent Trust Certificates. Series A, will be re ceived until 3 P. M.. August 31, 19SS. Ac c'Dted certificates must be delivered not liter MM September 1, lf0, or security furnuntd that nay it rwjuirwu u v cry will bo made within ten days. UlRMtrt TltlST COMPANY, Trustee. OBORQB H. STCAKT 3d, Treasurer. Philadelphia. Pa.. August 14. lniQ. WANT GRAIN EXEMPT. Cana-ltva Comnllon Aked Not to Advance FreUht on Shipment. Ottawa, Aug. 19. Tho Canadian Railway Commission was aaked to-day 10 exempt grain shipments from any In creased freight rates which It might riant Dominion railroads. H. K. Sym ington, counsel for the province of Manitoba, appearing at a hearing he d by the board, declared "wheat should tot bo called upon to pay nny losses in earnings on other commodities carried by the railways." "William K. Moule, assistant comptrol 'or of tho Canadian Pacific Railway, who examined Mr. Symington, main tained that when present grain prices were considered the farmers were 50 or 60 per cent, better off than in 1913, even with a 40 per cent, rate Increase. Pennsylvania Crude Oil Market. OH. CrrT, Po., Aug. 19. Credit bnl nnces 610; runs, 31.S5 ; average, 6s. 033 shipment, 46,332; average. 51,683. SUBSCRIPTION RIGHTS. 41 20 1 84 1 11 4 3S 45 Rights Y'dy's Wed' expire, bid. ask. hid. Amnrtcan Colonial Hank of Porto Rico.. Aug. 31 M P.ltss (E. W.) com A"S-2! 4'',. miss IE W.) pf Aug. 81 'a iln K Extinguisher.. Sept. 1 15 !., Aug. 2.) SaUonal City Bank... Oct. 1 OJ National Cloak Suit. New Jersey Zlne Nov. 15.11 Wrtgley 8P- 1 4 IB 11 Hank of France Statement. Pabis, Aug. 19. The weekly state ment of the Bank of Prance shows the following changes: (Sold In hand In creased 262,000 francs; silver In hand increased 6,180,000 franc; notes In cir culation decreased 146,547,000 francs: treasury deposits increased 60,278,000 t runes: general deposits decreased 115, k!3,000 francs: bills discounted increased 14,930,060 francs; advance decra J1.292.00ii frunca Kxport Petroleum Vp a Cent. The Standard Oil Company of New : York yesterday advanced the price of export petroleum a cent a gallon, mak .. ,r, rrt white 24V. cent and ing -r. i .... - i - water white 26 Wj cent. FINANCIAL NOTES. Bank of Manhattan Company haa opened a k..h office In St. John's place, near Nns- trand avenue, Brooklyn, under the manage ment of Oscur W. Kearney. ' Harris, Eorbe Co. are offering Olty of Chicago, South Park District serial 4 Pr emit bond at price to yield from 0 per cent, for their hort term lue to 5 1-4 per cent tor their long term ones. They mature annually from 1921 to 1940. Amencwi m , . .". eB"j ,. , . ... . gbM '. In fares heve keen granted ts the following rubeidtxrle ! Ohio Valley Kiecttlc Railway Company of Iluiitlngton, W. Va.i from Tc. to tic; Altoona and Logan Val ley Electric Railway Company ot Altoona. from t'.c. to 7c; Peoples Hallway Company of Dayton, Increase oe. to 7c. M. EL Hamilton has been mado field en gineer of the Automatic Straight Air Brake Company. A netltlon for the New York Htock Ex change not to open on September 4 Is being circulated on tho floor of that exchango. Application his been mado to the New York Stock Exchange to list: rre Oil Com pany Pal(to of additional common stock; Chemical National Banx of New York, 1, 500,000 of additional capital stock. Mohawk Mining' Cimpany during July pro duced flllS.SSS pounds of copper. Wolverine Mining Company during July produced 24(1,343 pounds of copper. Michigan Copper Company during July produced 1U','94 pounds of cop per. I leorge M. Powell Jr. has been appointed assistant comptroller and Chester N. Van Deventor assistant manager of the fgreign department of the (tuiranty Trust Company. South Park Roard pf Chicago has awarded 11,000.000 of serlil bonds for lake front Im provements to tho Harris Trust Company and the Continental and Commercial Trust Com pany Jointly on their bid of 88.507. July output of the Calumet and HeclA and its subsidiary mines total 8,312,025 pound gainst 9,022,800 In June and 8,803,811 In May. The output of the Calumet and Hecla proper was 4.684,072 tn July against 5,007,594 in' June America!- Exchange National Rnk has boon designated registrar and transfer agent of (.corgi C. Moon Company preferred and comm n. Equitable Trust Company has been ap pointed transfer agent of E. W. Bliss Com pany preferred and common. Joseph L. MoCullough, formerly flnancls.1 editor of tho United State Investor, 1 In chargo of Colgate. Hoyt Co.' statistical and Investment eervlce department. Bank of America ha been appointed trus tee under collateral trust agreement with the Hortonla Power Company for an Issue ot $230,000 of 7 per cent, one year note and trustee under indenture of tho Southwestern Power and Light Company for an authorized Issue of So. 000,000 of five year 8 per cent, secured notes, due tn 1025 and registrar ot 300,000 shares of Guantanamo Sugar capital stock of no par value. PRODUCE MARKET. BI TTER Creamery, higher than extra, lb., 58149570.; extras. 02 score, 5Bc.: firsts, P0 to 91 score, 53Hs?55Hc. ; firsts, M to 89 core, 51I952HC. ; seconds. 83 to 87 core, lR4n0o. ; lower grades, 47(J48c; Danish, casks, 52i4"54'jc. ; unsalt-d. higher than extras STSSeOc. : extra, 57i,,ff58'4c; first, KJt.'itHc. : seconds, 50038' ic-; State, dairy, tif. fhvst, r,SsJSc; gned to pr'rne, rff .v i,ir, SSKmnc. all..s current make, first. 464fiV.T second.. 4.1 4.ffltJi4c; lower grades. 38'Mii,c. ( HEESE-State, whoie nUk, fro.h. flats, colored or white, lb., 271428Hc. ; average run, colored, 2B2Hc.; white. mViTiv Stalf XSSSk 2u,S23c.; twin.. fr?si ',, rials, 2,f27v4c.; average iun. white or col ored. 2..i,i8)2flHc. ; lower grades, 20825c Wisconsin, fre.h twins. 264t26V,c. ; sing e da sles. fresh nu-)7iz . ' . '"Sin freh, 26141 ITo. : Youn Amerie.. fr...i. -",ii-9c.. fresh I speejaku 16141714c; prime o choice, 15918c; fair to good. 12.14' ,o lower grades, 8910c. -w"TW.l KtitiS l.'res). ,...fh....i . v. e-"--..i, p.wM, dozen, DIB Mo.; extra, firsts, Mff56c.; firsts. 494fr..tc Sect. lids. i HI..I.. TT11 ------- . .--y...., unurn, iso. i. regular k',Lf.hk' ' choi,,1: Swll TT '""Rframr, spt-ciai mark fancy, Kte.; flrtta. Wo. aeconda, IMlflc.; K, " ' Zl mtiiuy, western, ht.nnery whiten, extra. TO72e.: xtr. CMU, IMJMfcj flnt-. 60064c.: lathered H i fffl. f rfq tn avtrs fleet. mjrB- . 1 trade, mains n." "S- """" ffuk-ft ...v ..i, siiiie, extras. 709. 2c: extra firsts. 04988c; firsts. 60ji ., snur, Brmini, osKoiisc: retaiuma smsll, S45flo. ; other Western and Southern" gsthered whites, 5O0ffl4o. ; Stat. Pennsyl vania and nearby Western, hennery browns UVMv.-., BHioerfu nrown ana mixed color., graded, extras. 57858c; firsts to extra firsts, 409)klc. POTATOES Long Island, bhl., 4Jr4 50 Jersey, 185 lb., 3$4.50: 150, 3t4; Southl ern No. 1, bbl., 394.50; No. 2, bbl., Ilffl 81.50; cull, 50c.iff81.00. SWEETS Jersey No baket, 2.5(Xt$3; Southern, bbl., KWL 81.509S2.50: yams. Southern, '., VVelUaO, UttSHtJI. l.,ll TR POFLTHY, DRE98KD FRESH K1LLED Chlckens, nearby, brollera, lb., rinft.Vc fn- visnau, urunors, DoieR, Diffjiioc; fryern, IQ FOWLS Western, dry pkd., milk fed, boxes! L'fi42iV' enrn fn1 Ofliflii. . - .. . ..." and kegs, 27040a; scalded, 30039c. OLD r V i J nutJK Long Tftlnnr! inrin tftr. OAtt inn t o in tl "" ixirtut- Ltttrjs'B wa in, dark. 13.50: cull.V 8L50982. " POt'LTRY. LrVB-FOWLS-Average run. freight, 38c; poor, light. 34c; colored, via exprc.., 35938c; Wlilto Leghorn, SJOSSe.: broiler., fancy, well grown, freight :;e averagu run. 35o.: poor. 38c: colored and mixed, express, 37930c: Whit Leghorns 34936c. OLD ROOSTERS Freight 24c Tl'UKEYS-Frelght. 38c. DUCKS-Wetern'. 80c; Southwestern. 28c OEESE He PICRONa-Palr, freight or expre... 60c! GL'INEAS Pair, 81-40. DIVIDENDS ANT INTEREST. The American Sugar Refining Company PRiriRRID DIV1PEKD COMMON DIVIDENDS On the Preferred Stock a dividend of one and three - quarter per cent, being tha t!5! consecutive dividend thereon; payable on the second day of October 1920 to the stockholder of record on the first day of Sep tember 1920 On tho Common Stock a dividend of on and three - quarters per cent, being the 116'." consecutive dividend thereon; payable on the second day of October 1920 to the stockholder of record on tho first day of Sep tember 1920 On the Common Stock an additional dividend of three - quarter of on per cent, payable on the second day of October 1920 to the stockholders of record on the first day of Sep tember 1920 The Transfer Book do nor close. EDWIN T C18SON. Secretary. SAVINGS MMU THE NEW YORK SAVINGS HANK, Cor. 14th Street and Nth Avenue, . New York City, advertise In accordance with Section 271. HankhiK Law of the State of New Vork. thu following list id Dormant Accounts not pre viously reported: Mote Kelchmau, 700 Washington St., N. V William or Charles P. Lowe, 50 Perry St. and 10 W. or.th St., N. Y. C. Mabel M. Franklin, St. Joseph, Mo. Charles ft. IloUhauscn. 358 West 21st St. N. Y. City. Matilda Cisik, 001 East 135th St.. N. Y. City. Iioule Pauline Lerter. 44 Vit 35th St.. N. V ( . Carrie f, Meehan. 4':i West 21st St., N. Y. C. II. Leonard (iar wood. 400 West 20th St., N Y City. Anna L. Healy In trust for Gertrude Ileal y, :i()!t West 33d St.. N. . City. Mile K. Cole. 014 53d St., Brooklyn, N. Y. Rdward W. .Martin, 47 West BMu St., N. Y. . Mary O. llrittou, 17 Monroe Place. Brooklyn. N X f Eleanor W. Martin in trust for Edward W. Martin. Jr., 250 West ..7th St., N. Y. City. Eleanor W. Nlsrtln In trust for Emma S. Mar tin, 25U West "7th St.. N. Y. City. James Scott. 340 West 22d St.. N. Y. Ch.v. George O. Peble. 201 West 47th St.. N. . lly- PltOPOi.I.S. THE OHIO CONNECTING RAIL. WAY COMPANY OFFICE OF THV TRBASUBJEB I'lttaburBh. la., August 2. IMS, Flrt Mortgage Bonds of this Company Jo an aggregnte cost of EIGHTEEN TIK1 -SANIi BIGHT 1ICNDBED SEVENTY Dollar. (118.S70 00) will be purchased September 1. 1920, for the Sinking Fund, from the lowest bidders, at a price not to exceed par and 1n- Seale proposals to sell bonds must be In the hands of The Farmers' Loan and Trust Company, New York City, before thr e o'clock Tuesday afternoon, August 31st, WOT, and hond accepted must he delivered ou Soptemher 1st or security furnished that da... If required, that delivery will bo made within ten uttys. ,- - 1. tt. ! ImOfUl " 8 ifjeiMi wi KEPI BI IC IRON STEEL COMPANY PREFERRED DIVIDEND NO. 08. At a meeting of the Board of Director of tho Republic lion and Steel Company the regular quarterly dividend of 14 on tho Preferred Stock was declared, payable October 1, 1920, to tockholder of record Scutember 13. 1020. Book remain open. COMMON DIVIDEND NO. 16. At a meeting of the Board of Directors of the Republic Iron and Steel Company, a dividend of lVt on the Common Stock wa declared, payable November 1, 1920, to stock holder, of record October 15, 1920. Book remain open. RICHARD JONES, JR.. Secretary. Atlantic Coast Line Railroad Company. Interest due September 1. 1920, on Atlantic Coast Line Ralltond Company Ftrt Con solidated 4J Bonds will bo payablo t tho office of the I'ntted State Trust Company of New York, No. 45 Wall Street, New York, on or Bfter September 1. 1920. The tranafoi hooks of Bald bonds will be closed August 21, 1920, and ro-opened Sep tember I, 1920. UNITED STATES TRI'ST COMPANY OP NEW YORK. By WILFRED J. WORCESTER. Secretary. Live Stock and Meat Price. Common to .irlme atoer. 100 lb.., 89'n III 33 Common to choice bulla, 100 lb.., tft8ft si) Common to choice cow., 100 lb.., $3igo ro Common to prime real., loo lbs., $12319. Common to prime sheep (ewe.), 100 Ibt $498. Common to prlaje lambs. 100 lb.., 8KVfri0 Lire hog, 100 lb., 118.25917.50. Dres.ed beef, steer .Idea, lb., 18925c City dressed veals, lb., l920c. Dressed mutton, lb., 8316c, Prissed lambs., lb., l93n. WILLY CORPORATION FIRST PREFERRED STOCK DIVIDEND. Notice 1. hereby given that on August 17th. 1920. the Board of Directors declared a regu lar quarterly dividend on the First Pre ferred Stock for the quarter ending August 31st, 1920, at tha rate of eight per cent per 'annum from the date of Juno 1st. 1920, payable September 1st, 1920, tn all holders of record at the close of buslne.s August 201h. 1920. Dated, New York, Ausrnst 17th, 1920. C. B. MKRTZ, Secretory. MERGENTIIA1.EK LINOTYPE CO. Brooklyn, N. Y., August 17, 1020. DIVIDEND 90. A regular quarterly dividend of 2',4 per cent on the capital stock of Mergenthaler Linotype Company will be paid on Septem ber 30. 1920, to the stockholders of record as they appear at the close of business on September 7. 18841. The Transfer Books will not be closed. JOS. T. MACKEY. Treasurer. TIIK AMERICAN - COMPANY. 10-1 MARKET STREET, CAMDEN, N. J. Aug. 17, 1920. A quarterly dividend of 1 or $1.00 per hare, has been declared on tho capital tock of this Company, payable Sept. 1. 1020, to the stockholders of record at thne o'clock P. M. Aug. IS, 1920. ( h.-ck.s will be mailed. J. B. TOWNSEND 3d. Treasurer. LEGAL NOTICE INDEPENDENT STl DIOS, INC. Coov of a Resolution adopted by tho Stock holders of Independent Production, Inc. at a Meeting ot Stockholders held on the 5th day of August, 1920. WHEREAS. It Is deemed deslrablo to change tho corporate name of this Corpora tion from Independent Production, Inc., to Independent Studios, Inc.; nd WHEREAS, due notice f this meeting, slg.ied by tho President and Secretary, has beer published once a week for two. suc cessive week., In a newspaper published nnd circulated In the City end County of New Ycrk, In which County the principal offlc of this Corporation Is located: and WHEREAS, said notice was on or before the first day of publication, either served personally upon, or mailed to, each slock holder. In accordance with said Section: and WHEREAS, a copy of said notice has been filed In the Office of tho Secretary of Slat', and sold proposed name haa been reserved; and WHEREAS, a duplicate certificate, by tbs Secretary of Siatu. to the effect that the name Independent Studios, Inc., Is available for this Corporation, has boon submitted to this mtetlng; NOW, THEREFORE, BE IT RESOLVED, that 'Mt name of this Corporation bo changed from Independent Productions, Inc., to lnd. pendent Studios, Inc.; and BE IT FURTHER RESOLVED, that Hi proper officers of this Corporation ffto In th office of the Secretary of State, nd l.o i thu office of the County Clerk of the Conn', of New York, a Certificate algned, verlfb and acknowledged by the President or Via President, and by the Secretary, a. requlr by Section 66 of the General Corporal ! Law, in wnicn tnis resolution, a. aoop: by the stockholders, shall bo set forth s length, together with the proper affidavits ol orvtc and publication, together with lh aforementioned Certificate of the Secret if of State; and BE IT FURTHER RESOLVED, that tli proper officer of this Corporation cause :i copy of this resolution to be published once, a week for two ucceeslve weekH In the Si 1 and New York Herald, In which DewapaP r the notice of this meeting ws publl.hed. a."1 BE IT FURTHER RESOLVED, that im proper officers of thta Corporation file wit tho Secretary of 8tate, within forty (40) da s after the copy of the notice of this meeting was filed In his said office, an affblo" showing the publication of this .ftld re Hon, as required by said Section 66 of .'.i" General Corporation Law. DORMAN T. CONNET Secretary of the Meeting. An advertisement in the Lost ""'1 Pound column of THE SC.V .4.V7) NtTtf YORK RF.RALI offrr a real potlWI' o; rccpi'crirti; yonr lost propcrtv-