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:Uhr- -. "', J!i, YV-.'i! ,V- .V !.: 1P' 7 . ,JW v r " v : '&; x -i '-. V" EVENING UBtilC LEDGEl?tolJAt)feljtHIA; tfiisti S.J . i t r 16 J . i E? l- k IT Si: ra tl? v I TOME OF CLOSING f MARKET STRONGER NEW YORK STOCK EXCHANGE TRANSACTIONS Dl In Widespread Prico-Cutting Move merit the Dominating Factor of Market Situation New York. Sept. 25. There was a marked improvement In tone of day s closing market after the Irregular open ing, which apparently to n large ex tent was made on free covering of the abort interest The dealing In the ab breviated session were confined almost Exclusively to the professional traders representing to a large proportion the familiar week-end evening-up opera- - The uncertain trade conditions as In dicated by the country-wide price-out-ting movement answered for the un settled Initial movements. Most of the Industrial with the exception of the .oils manifested further reactionary ten dencies. The selling movement, how ever, was of short duration, as efforts to force the reaction evidently dislodged little stock, wlilch fact influenced n charp about-face turn of position on part of the traders nnd was followed by hasty covering. In the meantime the rails and oils exhibited tho same persistent nnd consistent strength. Realizing- sales on the recovery brought some fresh shading in the final trading. There was a sudden shifting of scenes In' Wall Street this week from the money market worries to sudden wave of price reduction. While this trans formation of conditions in commercial fields came like n bolt from the blue It was not unexpected and was not altogether viewed in a wholly pessimls-tic-spirit. It served, however, to start the market community thinking in dif ferent channels than they havo been accustomed for some time, and like all sudden and radical changes, produced more or less unsettlement. This was largely due to the erroneous impression, held by many, of there being no end to the abnormal state of things which were produced by reason of the war condi tions. In other words, a great many labored under the hallucination that high prices and immense profits were everlasting. The trouble has been, possibly a wise policy, to produce a commercial de flation by easy nnd slow stages. This served in a measure to temporize the rather flagrant extravagant policies nnd keep matters, generally speamng, wun ln due bounds. That perhaps was necessary to avert a smash -up of things this fall when the strain of the crop movement fell upon the money market. From all Indications, the crisis has been safely passed and the juncture has been reached whereby more radical steps may now be taken to enforce, or produce, more progress in the deflation of com mercial credits. Undoubtedly, the wave of price reduc tions which has arisen In the automobile and other industries and commodities may cause further unsettlcment In in ' dustrial prices and force a new order of things generally from an industrial view point. What has occurred was inevi table. The question to be still answered is how much of it was discounted by the long period of declining security prices which the market passed since last fall. When this question is satisfactorily answered in the minds of all concerned, then the measurements of the immedi ate future of the market may be safely made. At th" moment, the outlook is entirely too complicated to permit an Intelligent diagnosis. OCAL TRADING AGAIN LIMITED Peek's Movement Indicated Jrominent Shares Had Found a Stable Foundation The week closed with a quiet and featureless local market. Dealings were on a small scale, nnd price changes, with the exception of Electric Storage Battery. were confined to insignificant j fractions. On small sales Electric Stor- age Battery dropped back 2 points to ; 128, the low price of the week, and 10 t points below the top quotation, un small transactions Vnitcd Gns Improve ment wan fractionallv under lost night's closing level. Philadelphia Unpid Tran sit was steady. 1'nion Traction was higher. Philadelphia Electric held ground well. Pennsylvania Ilailrnad was a shade lower. Taking the week's movements as .. criterion the local market apparently has reached a fairly firm foundation. The week produced a number of inter esting developments concerning the lo cal transit situation, but these were re ceived with the same striking degree of complacency, indicating that the ma jority of the local trading element m still satisfied to stand bv the side linen and await the final decision or vermci In the tranMt controversy It is quite generally admitted thai, most of the seasoned dividend paying snares are selling under intrinsic value nnd this undoubtedly is the considera tion which is guiding those who me picking up their favorite issues as they are offered donn The limitations placed upon stock market operation by innnev conditions remains, of course, a big drawback in promoting extension of market interest Sales 00 1600 i 110 100 200 too w 390 J 00 200 1800 300 too 1000 00 500 100 100 fl&O SW TOO 1JW 400 1500 ina 20) no oo 20J0 4l)0 9S100 3104 308 W 400 JIN 300 1300 700 400 390 3J0 loo 200 1110 4400 100 010 7M 100 1300 0700 2100 3300 2600 100 4000 600 100 20 80 701 1000 100 300 S00 100 100 4300 4600 1100 too 400 100 100 800 3700 100 200 100 2S01 1200 700 100 100 1300 100 100 100 300 MOO 100 S00 100 600 100 100 100 too 1600 100 100 j on 100 700 500 200 200 700 1600 500 200 700 700 200 400 100 .1(00 20J 1701 10J 400 500 200 500 )' Adams Rxnreaa. . . . S0V4 .. Allied Chemical A Dye 01i T Allied Chem & Dye pf 00ft 7 Allls-ChAlmers pf Am Agrlo Chem MH 10 Am Bosch Magneto.. i '4 .. Am Can K 11 Am Car & Pdy V4 80 Am Drug Syn H a Am Express MH 7 Am Hide A Leather pf 3 Am Linseed to a Am Locomotive V& 6 Am Internat Corp.... S .. Am Safety Raior H .. Am Ship A Com 4 Am Smelt A Rif H 7 Am Sugar Ref V4 10 Am Sumatra Tob S7V4 5 Am Tel A Tel H to Am Tobacco U4 to Am Tobacco B UOH 7 Am Woolen " .. Am Writing Paper pf 4 Anaconda, copiwr MH .. Assets Realization.... 3ft B Asso Oil 04 W 5 Atcli Top A Sunt Fe H0K 0 Atch Top A S F pf . . . 77 .. Atlanta Blr A Atlantic UH 10 Atl Gulf (WIS S..140J4 3.50 Baldwin Locomotive. .112 H .. Baltimore A Ohio.... 44 H 4 Baltimore A Ohio pf . . 51 8 Barrett W V . . Bethlehem Motors'..., Vi 0 Bethlehem Steel B.... 7 to a Bethlehem Steel 8 pflOe .. Brklyn Rapid Transit. UK . . Brklyn R T ctfa of dep 7 10 Buma Bros Sto .. Caddd Central O A It 17 .. California Petroleum.. JKto 0 California Packing... 65 .. Case J I 10 Canadian Pacific 1114 Central Leather 45Ti 4 Cerro de Pasco Cop.. 41)4 10 Chandler Motors 1to 4 Chesapeake A Ohio... ! ..'Chicago A Alton pf. . 20ft .. Chi A E 111 Eq T Ctfs 14K .. Chicago A Qt West... Uto 5 Chicago A Qt West pf 3H .. Chicago Mil A St P.. 3H .. Chicago Mil ft St P pt HK 6 Chicago Northwestern 75 .. Chi R I A Fao 30 S Chi R I A Pao 6 pf 68ft 7 Chi R I A Pao 7 Pf 80 .. Chile Copper 14 H 1.S0 Chlno Copper 27ft 4 Coca-Cola 33ft .. Col A Southern li B Columb Oas A Kleo. . . 58 7 Consolidated Cigar... 75to 1 Consolidated 'Oaa 81 t Con Interstate Cal M. 7 Continental Can 75 4 Com Produota Ref. . .. 85 3 Crucible Steel ISIts . . Cuban Cane Sugar. . .. 8814 7 Cuban Cane Sugar pf. 76ft 7 Cuban Amer Sugar... 43 .. Davison Chemical Co. 40 .. Delaware A Hudson.. 105 .. Denver A Rio Grande 3A .. Denver A Rio G jf... 5H .. Elk Horn Coal 24 U 5 Endlcottl-Johnson ... 68 7 Endloott-Johnson pf . . 03ft .. Erie 1K .. Erie 1st pf 2A .. Erie 2d pf tlft 8 Famous Players L.... 71 H 10 Fisher Body 108ft S Flak Rubber X2 . . Gaston Wms A Wig. . a Ceneral Cigar 64 K 7 General Cigar def pf . . 81 y, 8 General Electric 143 1 General Motors 20 Gen Motors 6 of... 68 Goodrich B F 4054 7 Goodrich B F pf 86ft 7 Great Northern pf.... 78ft 80 Green Cananea Cop.. 28H .. Gulf Mobile A Nor pt 30ft .. Gulf State Steel 48ft 4 Haskell A BaTker Car 67ft .. Houston Oil Co 113 1 Hupp Motor Car 14 ft .. Hydraulic Steel Co... 30 4 Inspiration Con Cop.. 45ft 00 Indlahoma Ref 7ft .. Inter Con Corp 4 .. Inter Con Corp pf.... 12ft 6 Int Mer Marine pf . . . 70ft . . Internat Motortruck. . 42 .. International Nickel.. 18ft .. Inter Paper 70ft .. Invincible Oil Corp... 36 .. Iron Products 42 .. Island OH K .. Jewel Tea Oft .. Jewel Tea pf OX .. Kan City Southern... 22ft Kansas City So pf.. 47ft High l.ow Kelly-Spg T 50J4 2 Kennecott Copper. ... 24 H l.to Keystone T A R 14 6 Lackawanna Steel..., 60 .. Lake Erie A West.... 17ft . . Lake Erie A West pf . 32ft 2 Lee Rubber Tire 2034 3.50 Lehigh Valley 49 38 60 Oft 76 Mft 78 34 133 H 141 64 eft I4ft -7SH 14ft It H 101 ft 8ft 18 lSlft Itaft 76 96ft tft v M BO ft 77 "ft 148 110ft 4ft soft 184 ft M 73 ft 106 11 K 83ft 17 28ft 05 0 120ft 44 ft 41ft 79 rsft toft 13H 12 29 SSH "ft 74 38 H 68ft 80 "ft 26 ft 33 34 68 "ft 80ft a 75 84ft m 37 ft K 43 40 105 3ft 4ft 24 X 68 93 ft 19ft 37ft 31 Hft 108ft tlft 8 84 K 81ft 14tft 10ft 68 49ft 80 ft 78 28ft 30 ft 48ft 67 ft 111ft 14ft 30 7ft 3ft 12 70 42 18ft 77ft 35 41ft 6ft 4ft H 22 ft 47 ft 55 24 ft 13ft C6 16ft 31ft 20ft 9ft Today's Net Cloae Chre. 39ft 2H 00ft ft 90ft- ft 76-1 84ft H 78 - 1 4 134ft -f 1ft .i C4ft- 1H 05ft .. 4ft ft 75 X 15 ft 19 eoK 54 109ft ft 87ft ft 98ft ft lit - 3 0ft-3 1ft- W 56 1 I3H H 2ft .. 94ft ft 80M ft 77 ft 11M H 149ft 1 111 ft 44 ft ft 51 ft 134 ft ft 8ft ft 74 H Sales 300 1IJ 500 too 100 1114 too 11300 400 Dlv. in I It Liggett A Myers 145 t Loawe Co 21ft .. Loft Corp 14 ft f Louisville A NashvlllelOlft 10 Manatl Sugar ltft .. Maxwell Motors...... 8ft . . Maxwell Motor 1st pt 17 . it Mexican Petroleum.. ,191ft s Miami Copper "ft Itlih Lew 106 1 llft 1 7 4- ft I3ft ft 17 ft 28ft- ft 6 1 0 - 1 120ft..ft 45ft ft 41ft 79 -5ft 20ft 14ft 4- 13ft 29 -38H-59 ft 75 4 39 ft 4 flbft SO 14- som 33 ft 4- 34 4- 58 75ft 4- 1ft M 1 9 75 - ft t4ft-t- ft I30ft4- 1ft 37ft ft 76ft4- ft 43 ft 402 105 3ft .. 5 24J4 68 93ft . 19ft . 28 4-21ft-71ft 105ft 4 22 8 "H4- 34" 81ft- 1ft 143 4- 1 4- ft ft ft H ft lft ft ft ft ft ft ft ft 3390 2.60 Middle States Corp... lift Miavale Steel A Ord.. If. ft .. Minn A St Louis 18ft Mo Kansas A Texas.. 8ft .. Mo Kansas A Texas pt lift .. Missouri Paolflo...... XI .. Missouri Paolflo pf... 80 .. Nat Aniline A Chem,. 81ft 7 Nat An A Chem pf... 89ft .. National Con A Cable 7ft . . Nat R R of Mex 3d pf . ft ..NO Tex A Max ft 8 New York Central.... 70 H .. New York C A Ot L.. 45ft .. New York N H ft H.. 36ft 1 New York Ont A West 34 ft 4 Norfolk A Western pr ft 7 Northern Pacific-.... 81ft a Nova Scotia s A C. .. . 44ft 2.B0 Ohio Body A Blower. 19 40 Okla Prod A Ref .. Orpheum Circuit 38 .. Otis Steel 33ft 5 Paclflo Oas A Elec... 47 a Pan-Amer Petrol 93ft o Pan-Amer B 89 8 Pennsylvania R R.... 43 ft .. Penn Seaboard Steel. 30 .. Peoples Gas Chicago. . 33 .. Peoria A Eastern 16M .. Pere Marquette 28ft 5 Pere Marq prior pf... 63ft 3 Philadelphia Co 37ft .. Phillips Pet 7ft .. Plerce-Arrow Motor.. 86ft .. Fierce Oil "ft B Pitts Coal 71ft .. Pittsburgh & West Va 3 ft 4 Pub Serv Corp of N J 55 8 Pullman Ulft B Punta Alegre Sugar.. 77ft 4 Pure Oil Co 39ft 4 Reading v 94 ft t Reading 3d pf 48ft . . Remington Typewriter 58 .. Replo Steel 81ft 0 Republlo Iron A Steel. 80ft 4 Republlo Motors 35ft 5.90 Royal Dutch N Y.... 69ft 1 St Joseph Lead 10ft .. St Louis San Fran... 29ft . . St Louis San Fran pf 43ft .. St Louts Southwest... 39 . . St Louis Southwest of ft .. Saxon Motor 5ft . . Seaboard Air Line. ... 10ft .. Seaboard Air Line pf. 19ft s Sears-Roebuck 132 .. Shattuck Arizona.... 9 .74 Sliell Transport 4 ft .. Sinclair Oil 33ft 6 Southern Paclflo 96 ft 0 Sloss-Sheff 07 to South Porto Rico SugltB .. Southern Rail 31 ft B Southern Rail pf tsft 7 Stand Oil of N J pt..l06ft 10 Standard Oil of N J.. 638 20 68 49ft- 86 ft - 78 28ft4 30 ft 4 48ft 7ft 112 4 14 ft 30 45ft- 7ft 4 4 79 4 42 4 18ft 41ft-0ft 5ft- 134 934- 3ft 22ft - ft 47ft- ft 56ft ft 4 34 4- ft 14 - ft 66 4- 1 17ft 4- lft 32ft - ft 2034 4- ft 40ft4- ft lft ft ft 334 34 ft lft "ft 1300 09 300 390 1700 600 590 100 100 100 100 1090 390 5100 600 100 700 200 190 200 100 190 100 9600 600 1000 199 200 900 1800 100 100 100 700 300 600 1400 100 100 290 400 8900 100 200 300' 1800 800 3600 800 3600 300 3800 700 100 700 1400 200 200 1100 4709 3210 100 100 163)0 700 700 30 390 5310 100 500 53) 6390 700 300 too 1000 100 200 170 100 600 800 200 400 100 310 2700 100 300 800 3400 200 100 100 3810 300 R03 32)0 too 700 15)0 000 1400 100 3400 300 230 500 7 JO 1400 103 1300 43)3 800 200 4 Stromberg Carb 71 7 Studebaker 59ft .. Superior Oil Corpn... 10 6 Superior Steel 51 .. Tenn Cop A Chem.... 10 3 Texas Co 51ft .. Texas A Paclflo 38ft .60 Texas A Pao C A O. . 38ft .. Third Avenue lift 6 Tobacco Products 09ft .. Tol St L & West 15 .. Tol St L West ctfs... 17ft .. Transcontinental Oil.. 13ft B Transue A Wms Steel 46 ft Union tll 28ft 10 Union Paclflo 123ft 4 Union Paclflo pf 65ft 1! United Fruit 202 .. United Rwv Invest... 10ft .. Unl Rwy Invest pf... 34ft 8 United Retail Stores.. 71ft ..US Express Oft 6 U S Food Products... 58 8 U S Ind Alcohol U BUS Rubber Mft BUS Rubber 1st pt,..106 6 U S Smelt A Ref 67 8.50 U S Smelt & Ref pf.. 43 5 U S Steel 89ft 7 U S Steel pf 106 0 Utah Copper C2 6 Vanadium Corp 68 4 Va-Carollna Chem.... 64 .. Wabash 12 .. Wabash pf A 31ft .. Wells Fargo Express.. 61 .. Western Maryland.... 14 .. West Maryland 2d pf 20J4 .. Western Pacific 35 ft 4 Western Paclflo pf . . . 70 7 Westlnghouse A BrakolOO 4 Westlnghouse E & M 47ft .. Wheeling A L E 14 ft .. Wheeling A L E pt... 25ft 4 White Motor 46 . . Wick Spenc Steel Corp 31 ft 1 Willys-Overland Is .. Wisconsin Central.... 35ft 8 Woolworth F W 100ft 145 tlft 14 lit 101 ft I." 187 lift ..ft ". hi; 38ft ft 81ft 89 ft 7M ft lifts 71ft 48ft ft tlft lift 80ft 44 II 38 33 ft 47 3 ft 86 43 ' 30 83 lift 17ft. lift 17 ft 87 ft 3ft "ft 71ft ft 55 111ft 77ft 30 ft 13ft 48ft 5t 81 79ft 35 esft 1 ft 29ft 43ft 30 ft 43ft ft 10 ft 18ft ISt 9 53 ft 33ft 95ft 7 138 30 ft 63 105 (37 70ft 68ft 18 61 9ft Mft 374 S8ft lift 68ft 15 17ft 12ft 40ft 28 2 ft 66 ft 200 10ft 24ft 70ft Oft 7ft 83 81ft 106 57 48 88 ft 105 ft "34 6634 64 lift 80ft 60ft 1.3 ft 20 ft Sft 70 100 47ft 14 24 ft 45 30ft 12ft 35 ft 109ft Today's Net ciofe unsa. 145 21ft- ft 14ft ft 103' .. 19ft .. 7H ft 161 19Sft 4- lft "ft- K II H14 1H ft ft ft sy ft ft INDUSTRIAL GROUP FAVORITE ON CURB Swooto Moves Up on. Large Trading Asphalt Jpnly Active Oil 18ft u 11 HV 39 4IX 81H 89ft- 7H ft ... lift lift 4- a lft 3 31ft .. 24 lift- H MM'- ft 44 - ft II 4 ?9 ft sift .. 471 I8H ft 81 ft 4ft4- ft 31 - ft 33 1IM lft 38ft ft lft .. S7H ft 7ft lft 34ft4- ft 14ft ft 71ft 3ft 55 4-111ft-77ft-39ft-04 4 48ft 83 4- 81ft4- lft 80ft4- ft 35ft4- ft 89 4- 1 10ft4- ft 39ft 4- ft 42ft- ft 89 4- 3ft "ft 4- 1 ft- ft 10ft .. 19ft4- ft 132 - 134 I 4- ft 33ft 4- ft 90ft 4- .ft 67 4- 1 138 3 8lft4- 3ft . 195 4- 637 -71 49ft 10 4 61 10 8834 4-11ft-69 4 15 4 17 ft . 13ft 4 46ft 4 28 lt- 200 10ft- 24ft4- 71ft . Bft4- 47ft- 3ft4- Mft4 106 4- 67 43 89ft4 10534 4- 62 (8 4- 64 13 4- 31ft4 0ft 4-35344-70 100 4-47ft4-14ft I5ft4 45 3t 12ft 35ft 109ft New York, Sept. 2fi. There wn a BUYING NWEST IS ON BASIS OF NEED Disposition to Qo Slow Until Trend of Trade Is Cloarly Defined Chicago, Sept. 2,1 The general at -,-. i .in. Anrmun. n tu, tltudo of business in the West is ono of I 1 jtAHAAmtstlsfH ii It'll A fllllMAalilAM Am ijmA Broad street curb today, most ntmt VntM th' trend ot commercial a. being attached to the Industrials, and the petroleums were neglected. Sweets, in which there has been steady accumulation recently, moved up to 2 on large, trading, and National City Hank rights moved up 3 points to the new high. 111. Tobacco Products Exports was steady, selling at 10, nnd Retail Candy ranged from 11 to 11. Indian Packing was steady at 4. Niplsslng was In supply, selling down to 0. Genernl Asphalt was the only active oil, that Issue advancing from C8Hi to ouva- Aetna ctf ,, Allied Oil Allied rackers City 8 Dkri ctfs Clovtlintl Motors ....... Condtn A Co Crtmp (old) Curtlm 0nerat Atphalt Olllftte Tutor OllllUnd Oil , Ollilland Oil pref Olenrock Ooldwjn ? Intl retrol (rMv Lflhlih Valley Coal Sales Msrma Copper Merntt Oil . . . , Mldct life Mother 1-ode (new) Nat Oil North Amer PAP N Y Hhlpbulldln PeerlMS i... RuMlan AUs Rueelan OH Hlmmn Petrol Submarine Tob Prod Ex Union Carbide Ur Mining Mex United Motor United Itrtull Candy United Verde Ex White Oil Wondburn Oil Did .. 11 .. 23 .. 7 .. 8434 . . 4l ,. 40 .. a. .. B8H ..140 .. 20, .. 03 ,. 2 .. O ,. 33 .. HO . . 27 . . 14 . .lul :: ft .. ou .. 33 .. 20 .. 21 . . 22 ;; B :: .. no " IX . ..20 ' ., 23 U .. 3 (N.T.tlme) ivlta a.m. Allc 1IU 2(1 10 .14 'i BO 8 80 8 M'H 1B0 30 OS 2H II at XR an IB 133 n 7H CH 40 32 2.1 2.1 13 12H in 70 1U nn 12 31 2.1. 3V, Financial Briefs fairs Is more clearly outlined. The ten' PRICE CUTTING D01NANIFACI0R Only Modorate Progress Has Boon Made In Liquidating Commercial Credits New York. Sent. 2.!. The . Evening Sun in its weekly financial review yays: The week closing today was dom ncss and Industrial situation reflected In r,.l..iiilftn and riFPSsIona in food menu j""" "-" ..-.:. '.7.. :-..u is pronouncedand retail buying reflects na otter common ty E - factorcw have long been MibsUnmn.. above those of the United Btates'fitJa't Cprporn,tlon and recession will $l. blyV confined for a long Hm to eS to making them more nearly uniform This is thy more nrobable in view "? the heavy booking of molt 6f the Uel com. panics, large nnd small, and the .tin heavy requirements of the nra. trade. The financial community, hnw ever and this undoubtedly Ih ten, "i nil the large centershas become 'n , way reconciled to business rendimtment nml to thcinevltable depression i accom panylng it. It Is something that cannot well be avoided if true economic prln. clple8 are again to become opratl It Is desirable that they should b brought into play nt tho earliest n,... tlcable moment. dency toward further frlce adjustment i'hfi aplfU a'S en7i rc Anoncemt thejord and BVnnkUn of wholesale and Jobbing houses indi cating tne nil ik ot present miying is on n basis ot immediate needs only. Cuts In leading commodity prices made by the manufacturers, and which In themselves reflected low raw material costs, have not been fully recognized by the retail houses, but' .buyers are showing more nf a disposition to demand a readjustment, taking into consideration, recent devel onmenta in this direction. In tho automobile industry there Is the greatest uncertainty. Tne drastic rut In Ford rni nrlces. followed bv a substantial reduction in the price of the Franklin, is expected to lend the proces sion of other reductions. The effort of these reductions in the business world is of far-reaching importance. Furthctmore', there has been a tro mamrnna shrlnknee in eralri nriccs. es pecially for corn and oats. In effect, the iirnn in ivim t tr, limit tho buvlne pow er, in a measure offsetting the ..larger crop. However, the crops have been so uniformly good, and above nil so wen distributed this year that the country hns n vast reserve buying power, tne ex tent of which is difficult to estimate, Railroad condition! nro Improving. rrl, .U.tritiiiHnn nf enrn linn been fair ly satisfactory, and with the smaller demands from manufacturing Interests, ti.n nni thnrtnirn i beine overcome, nnd before cold wenther seta In fairly nor mnl conditions nrc expected to prevail. The mail-order houses report n falyl -...!.. ..M.imn nf hllulnPKH. bllt tlllS trade, which is one of the best indices of ceneral trade conditions, has slowed up materially. Collections nrc still good. New York Bonds ft 'ft ft H ft ft 2ft "ft ft ft 1 "ft ft ft ft 334 ft 1 ft ft 1 ft 1 'h Swiftness rarely equaled has shown Itself this week In the descent of prices for grain nnd provisions. Likelihood of a huge yield of corn safe from frost led tho way, and extensive slashing of merchandise values waa also largely responsible. Compared with a week ago, wheat th's morning was down lBMi per cent to 22ft por cent; corn 3tfc 12or oats, bmrmc to 6 He, and pro visions 82c to 11.60. Harry B. Slaughter, formerly of A. O. Slaughter A Co., Chicago, has become associated with Hughes & Dlcr. The .New York Stock Exchange hns stricken from the list International Motor Truck part paid subscription re ceipts, second Instalment 60 per cent paid, and bat, admitted part paid sub scription receipts, third Instalment 75 per cent pa'.u, for common stock. Application has been made to tho SALES IN 10001 Imir'n Arr Ar 1 S3 Chem d B Gene" I Eleo 0 B 03V, Amer Bmtifa Ilo'r B 10 70S 10 .... 77 1 .... 76; A Tel A Tel B 0 fiOK A Tel A Tel Ms 4 00T4 4 .... ni!4 1 .... U0T4 Anx-Krcnch Be 09 U Cove't French Ilepuuuc e 10.. ll. 10.. 4.. tin is oo is . no 'i no is on is on Amentlno lfe HUbllO Bs b ... nn B Ollh 4.. 100.. 2.. 10.. s.. B.. 101 U 101 s 101H 101U 101H 101H 3.... 101U 7. 1.. 4 , S,. a.. 10. 101 Vi iom mi H iom iom 101H Philadelphia Stocks Net High Low Close che. BO Am Phip & Com. SI r.l fil . . r.O Am Gas.. 32 32Vj 32 Vs -?i l.W Elec Stor.130 128 130 . . lOV-i lUVa lU'i Mi 110 Erie 4 Key Tele pref ... 211 20 Lake Sup lll, 5 I.eh Nav. 61 100tl.ee Rub ber R.. 201. fi7 I.eh Val.. 40 3O0tMidvalo.. 30 2.-2 Pa It K.. 42 .r).-. I'n Salt.. OTi 40 I'hlla Co cum pf.. 33 lW I'hllaElee 20i MOPhilaHT IS W) Itcadlng 2d pref.. 4 .iijii lono .iin i ft r?fl In Trim 'J4Ti 240 V O I... W 20 11 COVa 204 4nt 3R 42 ft") 33 201, Ws 4Ri lfs 24 35H 20 .. 01 -f-20 V,.. 40 Vfe. an - 42 . (W . . 33 . . 20Ja 14.. 48-i . . 1A 2J 35 Vj Commodity Markets FOREIGN EXCHANGE New York. Sept. IB. Foreign ex change rates opened Irregular this morn ing, with only slight changes from the closo yesterday. Sterling showed nn Improvement of ftc francs were un changed and lire made another reces sion of lft points. Quotations were Demand sterling 3.47, cables 3.48ft ; franc cables 6 68, checks 6.67; lire cables 4.16ft, checks 4 16; Swiss cables 16 21. checks 16.16. Belgian cable 7.06, checks 7.05; pesetas cables 14.72, check's 14 70; Stockholm cables 20.10, checks 20 05; Chrlstlanla cables 13.50. checks 13 45; Copenhagen cables 13,65, checks 13.60; guilder cables 31 1-16, checks 31 ,MrB,,DAs fnn" VOXJLJ November, which sold at 23.80 on Demand .. . 3 47- O nn 4.16 SO 7 Cable . 3 4Si n 08 4.18 3100 NOVEMBER COTTON OFF $5 Tone of Market Extremely Nervous and Unsettled New York, Scfit. 23. The cotton market showed renewed weakness at the opening today, owing to the declines reported in southern spot market yes terday and n continuation of the price cutting movement throughout ine country. First prices were 110 points lowpr h l'e 4 10 70S ID.. .. 74 0 .... 'nit 1 70 Atl C Line elt S 00 ft All Coait L'e reta 7b 1 .. 100, Bait & Ohio cv 2 .... 07 ' n a o b Wn niy sua 2 .... 75, llrk U E'd lt 1 .... S8 lluttnlo IV r & rilt'h 4tt 1 7874 C & O cv 4t 10 73i 2 7SH 1 .. 7B C'k ft O cv fi 4.. .. SOW C ft O Ulch ft A Ulv lt 2 00 C ft Alton 34 2 .... 38 Chicago A L"n III ct 4 TODAY'S OPENING QUOTATIONS I Sterllnit Trancs Lire Oullrter I Pomani 3 47S 0.07 4 16 31 oo ' Cable . . 8.484 0 08 4 104 31 OS ti clam' mad., by comparison with last ViTUIIa .I..- ,l.nu nn, L.am tn k. anv ' t" n ,, U11C ItlUI t '!".". 41"' r"'r,,, H. Mr .,,it, MONEY-LENDING RATES IMIII.ADr.LrillA Call. 6 per cent; time, 6 per cent; commercial paper, tlnee to six montns, t per cent. Ni York siork Exchange material telief In sight in thi chiui.i jjnoo High 'Low cioie tion. yet It is generally admitted by in- j Lehigh Val nurntiai nanninc nirrenin uiui in" ucn 41 reE 1-1 it it .. . . ;. . i .in j worst of the monev situation has t.t. ; 0 Lib Bonds , ! rlon. time money for thirty to ninety successfully bridged over, which in duH 4ti 00 ,r0 00.30 DO. 301.34 1 dlv i loaning at 8 to 84 per cent. time will find leflfctimi in the lettin, J14 4th 4"4s RS.Sb S, ,H 5 S 1.1)e, while comm'rclal paper, from three to chge I (Not These are merely nominal " j nuotatlons as the legal rate of Interest I In thi state of Pennsylvania Is fixed at the call, nnd from !i to 45 points lower on the more active months. Near po sitions were relatively weak, while there was n good deal of covering in the later I inontliR and scntten'rl buying for a ir ' nation nfter the big breaks early in tne I week. I This proved sufficient to cause rnltif. I of several points after the call, but the tone ni me marxpt was extremely nervous and unsettled. October con tracts sold at 2.1. MO on the opening break and January at 23,03. all later positions making new low records. New York Stock Exchange to list tho 1Atch Topeka & .-National city uanK or New York. J15, 000.000 additional capital; Texas Pacitio C.ial anO Oil Co.. $162,400 additional capital stock, and Middle States Oil Corporation, $2,000,000 additional capi ta' stock. Tho average price of twenty actlvp Industrial stocks declined 0.57 per cent jriiirraajr 10 8d.hu. wnne twenty rail roads declined 0.17 per cent to 79.07. The Central Ilallrond of New beiscv reported yesterday for the. year ended December 31, 1919, net corporate In come of JB.095,626. equivalent to $18.57 a Bharn on the S27.4.1S snn "nnimi .tni Excluding $935,230, Included as 10 per ........ ..1 iu , run hi compensation, wnicn Was unpaid In 1918, the surplus for the stock Inst year waa equivalent to $13.16 a snare, compared with $13.13 a share T,Me' J" YiX- Crediting 1918 lnco.no witu the 10 per cent unpaid com,wn sntl'in would bring earnings for tlint year up to 16.54 a share on the stock. CLOSE ANOTHER BANK Cosmopolitan Trust Co., of Boston, Fifth to Suspend In Five Weeks Tr!!?)"'? SVh..2S TTh0 Cosmopolitan TJm SJR?ii0f thls cl,y' w'lth a savings and banking department and agencies abroad, was closed by Bank Lomm s sloner Joseph C. Allen at 9 o'clock this morning. .hEhMO8.m0ollt,an L""6 "f,h ban I" aii1c )l S b.6 el0Jd by Commissioner Allen In tho last flvo weeks. The first Of these Wan the Hlnnv.n T,,n, r- which went to tho wall with the collnpsir of tha BCt-rlch-quIck scheme of Charles u..i. nn uircesi inniviauai depositor. The Prudential Trust Co. wns closed later, aa were two smnllcr prlvato banks. The commlsslonei' gave no reason for the closing, and tank oUclals rcfuhod to comment. At the stato house It was said the commissioner would later Ifbub a formal statement. The state has $500,000 on deposit with tho Cosmopolitan Trust Co., It was an nounced by Stnte Treasurer James Jack son. Ho added "there Is every reason to suppose, thnt tho money Is absolutely safe. The Cosmopolitan haa advertised lu capital nnd surplus as $3,000,000. and Its resources aa $20,000,000 for tho com bined genernl hanking and saving de r?.1?',1?18' . Tno President Is Mux Mitchell, n lender In tho credit union movement In the ntnte nnri eAmai., an ottclal of organltcd charities activ ities. The hank hns specialized In the nc counts 1 of members of the several foreign colonies In the city, nnd has conducted thrift nnd Christmas savings clubs for persons of small means. It hns ndver tlsed a list of correspondent bnnks In nearly even- capital and large city In Europe, Ael nnd Africa. II.. 80... 1... 2... 1... 10... Chi & S... 1 down of the bari wilHi for so long restrained market operations of nil I kinds This belief ha bien greatly I strengthened bv the widespread ehar- acter of the prlre rutting, which, in ' turn, in the opinion of recognized ex- , perts. will hasten the progress of rredlt deflation. 1 I'enns It R temp rtfs.l03ri 103' 12 rhila Elw 1st .is Rl M SI . BANK CLEARINGS EXPAND Local Exchanges for Week 8.5 Per Cent Ahead of Last Year Philadelphia continues ti koep well up in thf forefront in bank Hearing", being first among eastern ntien during the week with a isnin of fi per epnt. The total was S40s.347.mn. ncalnst f370,41 S.2R0 for the ''orrespondlug week in 1010 New York declined 2.7 per cent, while Unston hnd an iu Crease of R 4 per rent. Totals clrariv nf nil the clearing houses in the I'nlted States for the week were ,S.4.'i."i 0'J2.040. compared with $S.10!).374,S4S the same week last year, or a gain of 4 3 per cent. Comparisons follow . 1020 mm pt Kw York 13.677 200 642 J3 7n.071 0'I2 .' 7 Chicago ss 531 725 4ns 72 nvi s n PhilsdelrhU 4nj.14710 370 41.1200 f) notion 24 m2 an 20 704 :m s 4 ins son iin .'ov inn 3ns i s I3.s ant 2sii lsii sat iik -ii a 132 son nno iso ijj ,107 i 7 t7 7ni 7es io n ma :n 1 lionir.iin 7 n.17 04S 30 4 70 401 502 72 331 710 0 N IMPORT TRADE EXPANDS six months, j being offered at 8 to 8'i per cent). LONDON Money Is quoted at 5K per cent. Discount rates, short and ! three-month bills, 6 11-16 per cent. Eight Months' Total Was $4,000, 627,445 Wanhlnftnn, Sept 25 Americas im port trade Is expanding at a more rapid rare than Is Its export trade Detailed flzures made public today by the De partment of Commerce Hhow that im- Reserye Banks' Discount Rates Official rediscount rates at the twelve Federal Reserve banks are as follows, , Hoston 1 w York 1 I Philadelphia (Cleveland . nichmond . ports for the first elxht monthB of this dl'."1 .!. ... . WA&A1 Al efcsABA 9 (Hi, 141'aa1' caien'Mr yrnr v ""w "i " twelve months of 1919 by approximately $100,000,000. Imports In 1519 catiin llshed a new high record On the otnir nana exuorm ior ine Kintm Cllr Bt. L.oul fin franclaco glthbursh ftrolt llslftmnra. Dcrea, BAR 8ILVER .. 9f alver was quoted In London to ttaar at BJUd, up Ud. x eight months' period ending with August were $2 437 I1I.86I less than those 'n the twelve months of 1919. and were onlv $211,000,000 greater than the ex ports for the first eight months of Inst venr The total of exporta for the eight months was $6,483,254,121 The (otal of imports for the lght months wns $4.000.627 445. as compart d with $' 261,560.440 for the corresponding period In 1919 The excess of exports over Imports for thevlght months In this vear was $1 483.000.000, which represents ;u- A Haianre In favor of the I'nlted States The trnde balance for the first jrrom January 1 elahl months of 1919 exceeded $3,000.-' 000,000 fhlcagn . . . Ht Louie Minneftpnll Xanana City Oallaa . . . San Franclacn Treaa. ctfa. ...r.H .. 5H ,..ts . n, ..n .t , . .fl , . . '.s'4 . . ni tR to Mb fom'l Hkr. flnnds rarer.Accept. 7 0 7 0 51 n at, s. n nH ii a n si a si 070 514 a s4 0 7 0 SI, O .M4 0 8 0 Plve and one-fourth nr rnt on rarer eeured by tVt per cent rertlfleatea. snd 3 per rent on paper aeurd by 4i per cent and 5 per cent certificate tDlacount rate enrrenponda with Interest rata borne by, certificate pledaed aa collat eral with minimum of S per cent In the caae nf Philadelphia. Atlanta Kaneai City and Pallaa, and 54 per rent In the cane of Ulch mend, Chlcaco nnd San Franclico. RAILROAD EARNINGS ntTFALO. nOOHESTKR PITTSBUROH Third week Sept NEW YORK COFFEE MARKET New York. Sept 25 The market for coffee futures opened nulet today, with cnll prices advancing 2 points. There was moderate trade covering, transac tions being confined to a few lots of December apd March. The cables were considered autand-off. DIVIDENDS DECLARED Indiana Pipe Mne Co payable November 13 to United Alloya Hteel Co quarterly Jl, pay able October 18 to nock of record Octo ber 5, Vulcan Dellnnlnx Co , nujrterlv 14 per cant on preferred and preferred "A," Pay able October 20 to Hock of rteord Octo ber 14. GRAIN MARKET Chicago. Hept. 25, Deflation In com moditles generally continued to be the factor in the grain markets hero todav. It was the prevailing belief thnt cereals would have to follow other markets, notwithstanding the supply and demand conditions in wheat con. tains elements nf strength because of foreign needs. Trading in wheat was active and a good deal of nervousness was in evidence, Iteceiptn were forty cars. December opened at $2.2316 to $2 22 ngainst $2.23 nt the end yesterdav! March started at $2.11 to $2.12. com pared with $2.1(1, yesterday's laht price, nnd later hold at $2.10. Corn lost further ground, with busi ness through commisslou houses mixed. The Weather Ilureau called attention to the fact that tempsratures through nut the rom-growing states had con tinued abnormally high for (he season. Iteceipts were 428 cars. Hrptember started at $1.2.1 to $1.22, against $1.25 nt thp end yesterdav. DP.' cember wns quoted at 07c to 0(l;c at the outset, against 07c at the close yesterday. May opened at 07p to 07c, ngainst 08e at the close yes terday, and later sold at 08c. Oats were easier ut the start. Scat tered buying took the surplus off the tnnrket nnd tradn hennnin Rinnll Da. TcTof "record ipts were eighty. eight cars. September opened Vic lower at f37gr, and rallied to 54V4c, but lost the gain. December started at 57V4r to BVc, against MTbc- at the end yes terday, and later sold at 57c, May opened c lower at OOJsc. as . 3HH ,. S7s4 ,. a7 , . a7H , . 87, Own 4 a .. 50H .. 80S Chicago Mil & StP cv 4V4s 3 71 2 72 Chlcaxo Mil A FtP fd 4Hs 25 ... . 06 ' 50 03H 2 OStt C A Kwn aa 1 OTTi Chlcaxo II To it pao la 5 0R'4 2 SH 1 6R14 5. . . nsn Cty New York 4a '50 rex 28 81 City Parla 6 10 05 1 04 Cuban C B ( 1 03 7 03 Pel It. Hud fd R 70 Del i. H'ld 7 1.... 102 Ci it " ' 1 .... 05H 0 . . . . 00 D Can 614 '21 10. ... OSI, R 08; Dominion Ite publlc 5a i 112' Hrle n It rv U 53 .... B2 2 52H 2 52 10 ... 53 1020 $514.74 15.400 307 Increase 1247 14.1 4,770.300 STATE OF TRADE 'Trice readjustments, past, present or to come ' eays Uradstreet's. "havo seemed to hold the center of the stngn this week nnd Impart nn unusuallv lr "gular appenrnnce to trnde distribution Wholesale and Jobbing trade has natur- settlement vlslblo nnd reports from IhW UH" "y c2,i! 1 ne are not erentlv rllrTerent frnrvi .1 - ol w week ago, whereas retail buslnesh shows 1 a shade more activity, whllo collections also have slightly Improved. 1 "Industrial reports naturally mirror t ihertv .TAs forth the effect of the price reductions ihertv lst4V4.. nnnounced in the rathir quieter tone of 1' P"JJ oa dU reports submitted. On balance the sltua-1 J' ?J r'J il" klUIl i fc IIIIUIU a fair trade d uncertainties 3.... 10m is.... iom 1.... 101 8.... 101H 4.... 101H Hud & Man fd 1 58U Hud & Man In 1 23H 1 23H A 24 3 23T4 InU'uro R T tu 35.... 4RTk 10 4R 10 4S 1 M Mrln h 5 R2H Jat Uoe't lit 74 Jap Oove't '.M 3 7414 Kan C 4 R S); 2 54T4 2 . . . . 33 4 84 V, Kan City Ter'l Iwy 4 a 1 .... 71S 3 7IH K Uels'm 7ia 10 OS 1 .... ni'i 18 OH 1.. .. OS Lack Steel '23 8 00 Leh V en 4'Ja 3. ... 70 Lou A Naah 4a 5 ..SO Mldv'o Steel A Ordln oa 10 78 5... . 78 3 ... 78V Mo KITH 3 SO A . . 50 O ... 80 Mo Kit 2nd 4 .... 40 Mo Tac em 4 a 5 .. . 5' 1 57 H 2 . 57 4 10 . .87'4 Mont Cent" I 6a 05 New O Tex & Mulco 5 1... 58 nctun n n oa 1 ... 03 5 . . . . 03 1 03 3 03 ru y c ft 11 rt n n ct 7 1 ... urns 1 . 100 2. .. 100, 2. 100H New Y N II a Hart'J 6a 4 7?'!' 1.... 77W N Y Tele 4'i,i 1 ... 77' New Y W C 4 Itoit 44e 23 . . . 50 11 .. 50 2 . 80U Norf'k 8'n 8a 4 84 1 .. 34'4 N'k A W'n 4 1 70U 1 7H N'k A W ev Hi 12 ... 102 1.. 102 N A W im 0 , 1.... 10Hi iN'n TaclOo 3a I,.... son N'n Pacific 4 a 1 7flj Oreson S I 4a 2 TUN Pa II sm 4H 1 so 20 80 !i Pnna B O ' 2.... in-iv 1.... 103V 14.... 1034 Pere Marat 5a 0 neadlnir Hy 4a I 8t U l'n Mt a B'n Ry 10 7SS 10 734 St I, I Mt A 8 n A Q Dv 4a 1 71 St Louie A 3 Fran aJ 5 10 Gt Louis Fran 10 68 68 A 8 38 88 68 10 .. 7... St li A S Fran tierles A 2 80 t .... 80' 1 80 H 1 80 61I. A Swn en 1 01 Bt L A Own 8a 1 3 1 113 V St PI A K C Short LIU" 1 COS Seab'd A I. al 1 30 Scabd A 1. fd 1 43W B'n Pacific fd 1 TO'i B'n Pao ov 4 1 TO B'n Tso V 6 4 .... ' 2 0UV4 S'n Hallwa 4a 5 l 1 Bl' mntnernr comnanles. nf cotton and tex tile mills, nnd of two large mall-order houses were symptomatic of the timet., although tho specific- reduction nlludeo to seemingly were made ratheb In de fiance of the laws or economics, isevor tbelrsa, from several points of view, It might be regarded n fortunate that some interests were in a position t6 af ford to do this sort of thing. Irrespec tlve of tax and other business' factors which most industrial concerns cannot safely or prudently leave out of calcu lation, It might well be that ultimate benefit from artificial .stimulus to read justment will accrue to all since It ban been qulto unanimously agreed that the commercial tree must undergo prun ing before it can once more flourish on nourishment derived from the soil it self nnd not from too expensive ir tlllzcrs. The sooner this can be accom plished without accelerating the process to the point of acute business depres sion, the more promptly ran rebuilding do utuiertnKen on the unsis of a tirm nnd logical foundation. Viewed In this light the cventa of the week were un- notibtpdly constructive, nlthougu rt could scarcely be supposed thnt tho process of their development would fall to depress securities values or deter the public from active participation in stock market trading. In ita broader nspects business was characterized by liquidation of industrial descriptions find no inconsiderable speculative activ ity In rallron.d issues, more particularly tho lower-priced shares, of companies wliieh might be supposed to be moro'dl- rectly affected by the inn ch-discussed merger projects as yet in n nebulous state. Hall Merger Talli What mny come of these proposition no winny tninea nnout cannot be more Jinn conjectured nt this. time as noth ing at all definite lm heen vniirlmnfed. To lend color to nnmlhilltlns In Hint linn there stnnd the zoning provisions of the r,Kcn-uuinmins law of Inst winter, which nro looked at largely In the light nt superseding the provisions of the Sherman law with rrsnect to combina tions in restraint of trade. That some thing of the Kind will eventually take place nnd that It will accrue to the benefit nllke of the carriers nnd public, few would venture to deny, but the dif ficulties attending such huge transac tions at this period of credit strain would seem to preclude early consummation. But this has little or nothing to do with the speculative movement In rail road htocks, since those Interested In stimulating surh speculation ren,uir! only the discussion of possibilities to util ize them to the full. Industrial share have been worked by them virtually tc n standstill nnd even the spectnclc f temporary easement In money conditions wns not readily conducive to their re vival. Hut the conjunction of easier money rates nnd merger whispers were more potent in the rnilrond list because Interest U Growing k in Canadian Pulp and Paper Canada has two thindi that therm of the world mutt have They are pulp and paper. J You know perhaps that Canadian pulp and pa per share hare rUen phenomenally in ralue during the patt few months. This advance la a good Indication of tho Bound Investment qualities of pulp and Eaper Bonds and Deb entures, for they rank senior to both preferred nnd common shares. We can ofleryou ound Bend and lMbrctureaof Mtablttliad Canadian pulp ao4 paper so. terprtee to yield American I nreetort from H to . Weaugaett you write for oar current edition of i'nrotfnwnt Rtoommtndatlon. o AOINCY Of Royal Securities N 'corporation (CAMABA) fc. I M ITE D 166 Broadway Nsw York BOBB ACCOUNTANT and OFFICE MANAGER Whnrton School Graduate. Ate SO Private and varied public experUne, can Inatall avatema, prepare rtporta. at present manaser of mercantile ortanlit. tlnn. dealrea connection with manufac turing concerns will conalder other mer cantile buslneaa: location not particulars hlghcat credentials. A SIS, I.KIX1F.R OFFICE Lawrence E. Brown & Co. CERTIFIED PUBLIC ACCOUNTANTS 1630 REAL KSTATE TRUST BLDO. Invcatlrote and adjuat nortnrrahlp anj corporation accounts. AIo prepare. C. S. 'nrnnie iu uciurna. u FINANCIAL Todd Shipyards Corporation Notice of Adjourned Special Meeting of Stockholders to Authorize an Increase in the Number of Shtrea and Amount of Stated Capital TO THE HTnrKU01.nKR"."F TODD emr-YARD corporation Pleaaa tatae notice that burauant to aa adjournment duly taken al toe apecial maaf in- of the etockholdera of thla eomraar. ma rgmoiDf, 120. I1M held at. the otnea of Ion the lth day ot September, IT. POJDUI values In thnt nuarter have not yet uorn'.',.7 ..,in w.a adjourned to and lii ornlnltrd in he nmi extent. Tnpnmlnir 1 b held upon tha 20 day or ocipi sold and yieldlnp commodity price- were ;ntmP5ny,."cl?fot. 'liTVhitehai Hlrh 00.50 88..r)2 8R.44 OO.ftO 1..... now Union rc c 2 83 Union Pao fd 2 . . , . TO". Union Tao i 8 .... 2 OfiH U K nf Q llril t, I'd 1021 4 DRl. OKofO IJrlt It I'd 10Z2- tl OS 0 0RM. R 0S'4 UKntO llrlt 4 va iv.ii . 1 HT 2 S74 U K ot O Brit it I'd iimi 12 .... M a sa 3 .... Mli 2 .... R-'Hi n s'i ao .... 83H U fl Rub Til a on 1 08V. 1 HSU 1 084 a .... or T"d S Steel M 10 .... 02'4 4 H2V4, Vft Ttallwe Ha 1. ... 801. Wea'n Pae lt 82 AVeat Bhore 4 a .... 70 Wllaon Co rv 7 81 ; Wllaon Co lat 2. 80 WlaCen'l Sup A Duluth Dlv It Term lat . 3 78 N. T. Hmel 11 13 Iyiv e pi oo.nn 00.50 KS.00 RS.52 R7.R0 88.44 on.ao tio.fiii 0 may bVea.d tS .how'on.; Wberty .' M 8?SO 48 olnB, with nddltlonut price l.lberty 4th 4Vi. 88.48 87.80 88.48 re-enforced by continued ' Vie NoteR 38- w-n. m- n,1-" warm wtnther. tendlner to hnld rinwn buylna; In the faco of the growing neces sity of making declvlona aa to fall trade. Immediate needs eeem to govern pur chasing In the mnjorlty of InMnncea, al though the apparently excellent flnlah the corn crop la making hns imparted a slightly more confident tone to country merchant' buying In sections west or the Mississippi. On the other hand, the quieting down rf .some Industries ha.i rather tended to color the reports re ceived from leading Kastern center, Past and present price reductions at wholesale, nnd the probability that these wilt be followed by lower prices nt re tall, act as a bar to buying all along tha line, however. "Regarding thlB matter of price chniigefl, It might be said that cuts In In colored cottons, which seem to have reg istered sharply on public consciousness this week, were really made by the mills and lnrite Jobbers 'ast week and werrt so announced then, ruts in automobile prices have, however, seemed to catch the public eye, and the response of mall order houses to the cuta In cottons and other textiles have made marked Impres sions, tending to dwarf the known fact that BsDtember has seen a rather ranld I and widespread marking down of quo- 1 tations in otner iints. Vlc Note 4a... 0000 00.00 00.54 Hold Wheat for Better Price CrlcnRo, Sept. 25. Replies to ques tionnaires sent to 200 grain elevator companies In middle western states In dlcnto thit farmers are holding wheat for higher prices, according to a state ment today from the Farmers' National drain Dealers' Association. These re plies showed, the statement said, that wheat shii-ments this year were much lower than last and that elevators, which normally were filled to capacity, now were only about one-fourth full. The statement Bald farmers were hold ing their (train "because they cannot make a fair profit at present prices." LIVE8TOCK QUOTATIONS nttelmrth, Pa., Sept. -Jt HOUH Re. rnlpti. 1200 head Higher llenvlea, 17 118 W17 78: hoavy ynrKers, iib.hivi is.nu, light yorkea, M7 2.1W17 7RS pls. lfl IS0W17 eHEKl AND LAMPS Recelpla. 400 bead, mead)-. Top aheep, 18.80, Top lamba, in CALVEB HtetlpH, 1300 htad. Top it 8. SO. tho principal factors in boMerlt . tciII nrgumenta and yet urgent rep, iiantn tiotiH were made to the Federal Reserve. Board at Washington on behalf of rot ton growers nnd fanners in the West of the tinanelal need which both were ex periencing. Liquidating Commercial Credits This, of course, wns rclletlve of sea sonal demand and will pnts. hut the poliit impressed upon them wns that thn board could not see its way clear to give direct nld to cither. The cotton growctn wen. told to organize associations under the terms of the Kdge law to finance their exports nnd the farmers were given such comfort as thev rould see in tho ordin ary banking facilltleo nt their disposal. It mm- he unsullied, therefore, that the B'n liy Mobile I eotto" powers nnd the Brain inrmew c,"nftu I will not be wholly out of the woods for n month or two et, it inaecti neioro the close of the enr. Meanwhile only v?ry moderate progteps has been mane in liquidating commercial credits. However, there i one aspect to the changing conditions in Industrial and mercantile lines which should not be overlooked, nnd that Is the increasing purchasing power of the dollar, already rather markedly enhanced as compared with only a few months ago. The ulti mate effect of this phenomenon on stock nnd bond values cannot but be alluring to the farseelng. Without doubt some such consideration was behind the im proved tone In bonds, particularly rail road and government Issues. Yesterday and the day before Liberty bonds ad vanced in notable fashion, to take a sneeific cntie. a few days ago the 4',4 per cent bonds 01 tne lourtli issue were selling below 85. while yesterday they sold as high as 87. Apparently It h.ts occurred to not n few who have been contemplating purchases of those bonds in order to even up on iosrcs nireany sustained in their nrevImiH depreciation that time is not to be lost in putting through tnelr transactions. Announcement of prlco reductions wns a direct spur to tln thought ond to action. Tho same thing may he said of railroad bonds. They nrc still sell ing cheap, and they were cheaper n eek ago than they are now. They rep resent the fundamental Industry of the nation, nnd thaiv Industry under no cir cumstances can be permitted to languish If the country is to go on. Hence, thero can be little question of their Intrinsic value. Formerly prospective purchas ers have been deterred from buying in some measure by tne nope, not alto gether groundless, tnnt tney wouin re cede still further, invents of the cur rent week, however, have put a differ ent complexion nn the situation. As the iiurchahiug power of the dollar In creases, the price of premier securities will naturally advance. This is a mat ter primarily of investment and not of speculation. Shifting to the Ralls I'nder these circumstances it waa not strange that speculative interests them selves should seek to utilir-o this changd situation for their own ends. Hence the shifting of activity in stocks from in dustrials to rails. Rut whatever tho Diiblle may be thinking with regard to investment possibilities, It has not yet beeu brought round to the view that It would be wise to take a plunge Into the speculative arena. Nevertheless, the market broadened materially for reasons not directly associated with the attitude nf the public. Attacks were launched with vigor against the motor shares and kindred Issues like the rubbers, tires and accessories, representing the Initia tive and. It may he, the necessities of the professional element. Discussion nf readjustment in steel prices wns widespread, and thla likewise was fullv utilized In the same quarter, although there was far less ground for bearish conviction than in the case of the mo tor". Price? ot the independent steel manu- itobar, ism. office of th tehetl at., bflrouffh rit nf New York, tha ob ject ot such mealing, oeins 10, -row upm iv,f ."thorite an Incraaaa In tha numbar of Manhattan, such hnrlaa aharta which this company mar liaua,i ana aixieen inouiann ana mirir-iwo am nn nunnrea ;..V.aa m a fciinrireil thousand (282.000) ahares. and alio an la rreaae In tha stated capital ot this company from n hundred and eighty thousand dol lars (1580.000) to one, million ona huadral, i"j. ...... k,,...M dnlin (II. 100. 000). lIlO -ieh Ineraaaea to bo effected by amtnaing. the certificate or incorporation ...... in i.m manner trovldtd -.ntv.two and atxty-tnrea or ine f thla com by section! ' Ttfw tSS .tL. .. TnrV Hentembar 10. 1930. WH.T.IAM IT, TOED. PrealdiBL CATU. D; TUrcnKT.. Peeretarr. n TUT. TIOLDIUIS Or TIUS 1IUNTINODOX roll. COMPANY FIRST JIOBT0408 EXTKSDra 4 COUPON BOND , Notice la hereby given that the above liioa eorr-oratlon law of the state of New Tot ndd for four and one-half years or onUi, Awl! 1. 1028. Tha Principal of thta boada amount'na- to 418,000.o will be Mliii th. anient holders on Peptember JO. IM?. H5""K tha Preunt holders on anl nra tl,ll,i saia Hinui at prataat aitaai ia m eatnot ,8L. iniaran va "'.. - .h..,M K. d.laAhed al miere.i """.:."- n..imh7p lot lor aVUrilisriifc VI "' "" -."j ftortn American ntitldlnr. FhlUfalphfa. Tin? iipNTrNODON A nitoAb Jgr HODAIryKAn.BOAi.COACrt NOTICE TO HOLDERS OF IIOAN COUXTt T.IOHT AND TOWER CO. Flrat Mortraao 8 Oold Bonda ttnder the Sinking- Fund provlilona of tha oi?Ie sealed off era will be received until rt, m VptVmber 80. 1020. at the offlea of tiT; Pennajleinla Company for Ininrenre. In Tltea and Oranttns Annultlea. Trmtee. J?, ih.. ale to It at tha lowait price not for.i5inJ ? 105 arid accrued Intaraat. of n Proroaal. for Rlnkln. Fund. Lo.an Countf I.laht and powsr -o. FilOPOSAI.8 FOR CRAVAT8-OFFICE 0t 1 ':: r.i.1 Ouartermaater. U. B. Aiill Phd.rpM. 1U1B". WVaber" rifFnI. MOT0K8 COKI'ORATION the common stock without par rd ,t RSiSSSHsv: number! ot ttr'rnE,vsKT. Trnurr, Sentember "2S. 1Z". .wieir CiV TOE United Gas lvtoyemLj' The IJirec'orp ..... ,- rf,t. Ill ." aMiSSS nnsiriiariv nivinniiu V t a that Cnmm nnv.bl.Oct.ln:iM0, fctrx of record at I. W. September 80, tho ''".,S'..DV .' ilrtRia. Treaaurar. FOR SALE IS ACRES Ideal Manufacturing Site Swltchee connectlna T'Mhf'.Vy, Ri. nfna&wanur"th SjggJ.- ...in notlflllTEN, V' 1 Bo. Bth St.. Phlla. A,. lJ 'tjrfllvryWjMtMtdtW . -.. -irf.aAft.U ,, z AiasaBBtaaLaaamli! :'i. h,'.i jjjffi' dfftKSb' j-rw,: 'TfS&.k . rs lower 4 rTfB EDWINj.S((mw iZJ M& tf&td&mMtt tAM,kkiMhkMA i aSS