fff,iv''' -"-T W " ' rtj'f ,$ ,-1SfF$K&tTt JSMI1 ' 'i-. j-jiJiTr(-; i ,p -,i ' fl .,- j' t , wt,"'V(' jrijp IfTv vF,"tW ( 1 "" " s' tw, rtM frrr . "' tV'-i'&V EVENING PUBLIC LEDGER-PHILADELPHIA, SATURDAY, MAY T, 1921 17 W NG HELD MARKET N CHECK Veek's Constructive bevelop- Lonts Indicate Rapid Progress fn Readjustment Program vr Yorit. May 7. fWltlorinc Jrt continued proflt-tntine n.ml tlie Mljtht of these KnlCK 01 U1C Jirq rflng dPR'Inn, today's Rtock umr- t gave n very good account oi u- el. " nn8 Ulp nm .nrrtlon capacity nnd came through h. ordeal well. Compared ullh the mojiW of tlie Immediate tirecedlnK tIons the day1- brief operations wcro ltogetner nunc n.... ....". - !uik of the trnncactlonH represented to Urse extent mc wtm-um " ;! the professional clement. Trice . mnf wfi irreeiilar. hut fiuctiia- 'om ulth few exceptions were narrow. 1 om. ffnri wan mnde to force a rear- Ion In the motor group on the rcporti f fnrtner cum in car j.w.., ....n mot Indifferent success. CJfr- .Hlne this was the continued strength I toe lOW'pnceo num. .... ." f the ground lout In the early dealings ... .TriorPil In the second hour nnd n the last half hour n distinct hard- ling tenuency ubtciuiu. The first strong sunshine wall street km seen in many ioiik wwm iinnc through the hcavy-lnden speculative wu.vuft. ; . . -i. , -ii.i ...u - .Hu skies IIUH ureK nuu mi iu " tlpate the gloom pcrvndlhg the market world for some time. In the week a -.. ..!.,, ilai-iilnnnipiitn werp- suunlled the first genuine nnd convincing signals of s material and permanent change for the hetter In fundamental nnd eco nomic conditions. Concrete testimony was rr,-e",(,I uy tl"s" different hap penings, demonstrating not only thnttlio crW" of the tinnnclal situation has been rafelj passed, but thcro were nlso many reasons for believing consldernble Im provement had taken place. More en couraging of these were til be foiffld In the i eduction of the rediscount rates by the New York nnd Atlanta Federal Rckfne llnnks, which followed closely on the heels of similar notions already taken I) a number of the lending Eu ropean bunking centers nnd also by the Boston Federal Reserve Hank. The action of these federal institu tions was given a stronger coloring by reason of the supplementing ncourng Ing statements concerning the linnnrlat situation given by the secretary of the treasury and the governor of the Fed eral Reserve Hoard. While this must not be taken to inenn to imply the countr is about to enter immediately Into an inn) money market situation, it does fnreshndow n more comfortable condition for commercial and business Interests. It also can be accepted ns con lining proof nf mnterlul progress In the credit deflation. It also mny mean the period of money tension has pashM It is recognized, of course, with much lessened business activities there Is n corresponding less ilcmiuid for funds. Hut, on the other hand, great encouragement Is to be derived in the supposition thnt the weaker cle Bents have been sufficiently strength ened to nert the feared einharrnttsment. In addition to the clarifying of the troubled monetnr) situation, there were introduced many constructive develop ments intending the Industrial and lu bor questions. The nnnouucemetit nf the 211 per rent wage reduction by the InitPil States Steel Corporation and the acceptance uy tlie employes was re trltul as un Indication of n radical change in the temper of labor. Ilestde lending hope of a similar conclllntorv spirit m the part of the railroad work", m the Incident was regarded of far reaching Influence in that It preauged un unicnhle and quick adjustment of the lutior problem, which only recently was regarded as the hardest nut to crack In the deflationary process. ith thce combined constructive factors it uns not surprising a relight ng l(f the speeulathe fires should fol Ion. Then was naturally considerable manipulation on the part of the pools " " i"'.'iiiimvr I'oniliiuiitlons, lint the erj fnot that conditions warrnnted ."..in .) miiiitli'H on the eonstiue- ..- Mue us aione encouraging. It 1' M't toil UIIOU In illnrml..n .. ,l , , .' mini; .in in Wh'tlier i mnjor fnrunr.l n.. i. ?.. ''. "s "'i1' 'n"'ll test of the war- lB ..M.r,.,m. powers is jet to come. AMERICAN STORES LOCAL FEATURE Genvral Position of Leading ""tity Corporations Reflects Mntrrial Improvement rket,;ei,H'n'Ltnr;1';" in "v lor"' to CO ni.T rln "'I advance of S2 ,r() wrr? '."'if1',!; ' tV'f tft" ni" " as n ,, I ,'," n""' en Hgs. There Keerr. ,, ,,, '" """j" Valines the P f .ii tl ..r""J" '" ninrkcl ln "" l,r,'VlmiN Mile to f).T high ?N i ' '".f!'.':. "".. I-e- Wat rN. 7,, , ,h '" ""'" w,th " XI far brtieo , I ut tToT"' f,R' eilierlenreil n, ' , , "KY 0l "enrt Insnln, " , i lnBi,'nl ' view of the "" Tl prrnLi'S8 CC""rnl sltl'" versa) f ' " Z l r,,nfl,"','re ' il re- ""t the ,,r . t '1 r. rcnnM hin,l i V-'.H1 "l "r tniublvs nre l,o. -'ear '"!" , Jr.p"'"'.',n- is w,1(,l' not h,n. a.. ",r" '"""blems aountah'i ?. ? K IJ-r-rt insur mrMii '.P.,".r' '"I'1' J nml sntlsfnctorllv Mr n ho le ,n i,? ""i,llr'' iwl. poratlonr1'! Jfl',Ti'i'.tllltyror. !aliAt,J5r35,.;: '"ngtliened Hi ' " i'ltantlnlly of l' i ,,or '""tniire. stockholders eonL..'.'. fo."nd much that was V 8oi uel T n i ."k 1rBmi",k B'ven n ,ni ,"";lm tho pn.idc.t at fee," f ,e' e ' 's- . ' . .voluntary 1 wiide in I,. iV ,,i ,' ?. rc" ruon. ' tl10 lino her . ,,,tl, T,w"l,t trolleymen Shin Kleetr ,,,,,lln'l of the I'l.Iladel fleeted , ,"e,v P'cfcrrrd Issue re- 'eeiteii .,,'? ",,,r iiiNtancc could be i . ,;.,r,;,"rf ,5. "'! " TUrkct ""inn in me open T- finlfi laeo 100 ooo too 2100 too 700 100 100 300 400 30 zoo 100 310 7ih) 100 a.too 400 200 1 3300 400 2400 .100 5 10 100 000 000 aioo ? 300 000 3300 100 200 1300 400 eoo ooo 200 200 4000 A00 10)0 4AQ0 .100 100 2AM 100 300 100 100 soo 300 3U0 100 4000 1100 300 1400 100 1400 loon so 0.100 A00 800 100 400 400 1000 1400 000 '.'too 7" ioo 1500 330 100 400 400 100 400 .100) 1100 100 100 100 N00 100 000 NEW TORK STOCK EXCHANGE TRANSACTIONS I niv. in I lllnh Adams Express 4J4 AJax nubber 85W .. Alaska aold Mlne... ft . . Alaaka Juneau a M.. 1V4 Allied Chem tt Dye... 4ft ? Allied Chcm & Dyo pf. 0U 4 Allln-Cnnlmera 38H 7 Allls-Chalmers pf ... 77H Am Aitrlo Chcm 47J4 .. Am iJeet Sugar...... 41 0 Am Bosch Marneto... 03 Am Con MJ4 IS Am Car ft Fdy 138 .. Am Cotton Oil 21 Am Hide & Leather., lift .. Am Hldo & Leather pf 'W 4 Am ice MM . . Am Internal Corp... 82 j; 1 Am Linseed 4251 Am Locomotive 90H Am Safety Itasor.... 7H .. Am tfhlp ft Com 10 Vi .. American Smelting ..43 7 AnJSmelt ft Iter pf . . 77i Am Steel Foundries.. 31 7 Am Rugnr IW 12 i Am sugar itof pf,...102 Am BUmntra 11? OfAm Tel & Tel I0HJ', 13 Am Tobacco 137)4 Am Tobacco pf new,. 00H 13 Am Tobacco B 134Ji 7 Am Woolen fOW 7 Am Woolen pf 7?t .. Am Writing- Paper pf 3Ht .. Anaconda Copper .... 43 4 Amo .Dry doods "ii Atch Top ft Sanle Fe 83J4 .. Atlantic Pratt Rli .. Atlanta Blr & Atlantic 354 7 Atlantic Coast Line.. .. Atl (Julf ft W I 8 3.. .. Atlantic Pet 7 Baldwin Locomotlvo.. .. Baltlmoro ft Ohio.... 4 Baltimore ft Ohio pf. 8 Bethlehem Steel .... 8 Bethlehem Steel B... .. uooth Fisheries . . Brooklyn Hap. Tran . . . . . Brklyn B T ctfs of dep 10 uurna Bros . . Butto Cornier X: Zlha. .. Butte & Sunerlor tfoD IS .. Caddo Central O ft It. 17i 0 California Packing . .. California Petroleum S Cal Zinc ft Lead.... 1 Calumet & Arizona.. 10 Canadian Poclflo ... 7 Cano J I 1st pf .. Central Leather .... 2 Cerrode-Pasco a Certnln-tecd Cm 2d of 10 Chandler Motors .... hi 4 Chesnpcakn ft Ohio.. C4',i . . Chi ft E III Ey T ctfs 1 .$ .. Chi ft n III pf ctfj... 1J4 .. Chicago & Ot West.. V .. Chicago ft Gt West pi 30 y, .. Chlcngo Mil ft St P.. .' .. Chicago Mil ft St P pf 4i 8 Chic ft Northwest 0J4 .. Chi It I ft Pc 32J5 7 Chi II 1 & Pac 7 pt 70J .. Chile Copper 13 . . Chlno Copper "J8 !4 .. Cluett Pcabody 4S .. Coca-Cola 20U Colorado Fuel ft Iron 32 H f3 433i 20H M Vi MH 4H !4 1.1 7U 8914 A 01 . AM . tilt .llJJi . 82 . 38 Ji 3014 Col ft Southern, Colum Gas ft Eleo. .. Cot Grnphophono .... Comp Tab Records. . . Continental Candy .. Consolidated Cigar . , Consolidated Dls Ins.. Consolidated Gas ... Consolidated Textiles. Com Products net... 7300 2.00 Cosden ft Co 1000 4300 2100 too 300 200 1011 300 100 ion 800 300 1000 100 1000 000 3900 4)0 400 100 lieuj .Mil 300 100 490 100 200 200 2jft 100 200 1H10 UOfl SOO 101 too too 400 100 000 100 1000 S30 3000 1600 300 10O 1800 300 Totnl t B"4 (10 30 1Kb 401, V 80i4 10W 75J4 37 M 85 26 21V4 8 Crucible Kteel , 4 Cuban Amer Sugar. , .. Cuban Cano Sugar... 7 Cuban Cano Sugar pf C0H D Delaware ft Hudson. .100?; 10 Del Lack ft Western.. 240 . . Denver ft Illo Grande 94 .. Denver & Itlo Gr pf. 1U 2 Detroit United Bwy.. 70 1 Dome Mines IB .. Elk Horn Coal 24 Ji . . Emenion-Brantlng ... OJi S Endlcott-Johnson .... OJi 7 Endlcott-Johnton pf . . 05 .. Ella 14J.J .. Erie 1st pf 22 .. Klslc nubbcr 1H4 .. Frecport Texas 17 Ji .. Gnnton Wms & Wlp. . .i t Gen Am Tank Car.. 4 .. General Asphalt 78)4 8 General Electric ....lft 1 General Motors 13H 0 Goodrich B F il'A 8 Gtllllnnd Oil 85 7 (.rent Northern pf . . . 72 4 Gt Nor Ore ctfo 30 Jl ., Giveno Cnn.un-a Cop. 35 2 Gimnt.inamo Sugar 12 !4 Gulf State Steel 45J4 4 Hnflkcll & Barker Car oh?4 . . Henuee ctfs . . Houston Oil 1 Hupp Motor Car ,, Ineplrntlon Con Cop. ,. Interb Con Corp.... . . Interb Con Corp pf . . . 0 Int Agrlcul Corp pf . . 7 Int Haru-stcr now... . . Int Mer Murine 0 Int Mer Marino pf . . . , . Internat Motortruck.. .. International Nickel . . . International Paper .. . . Invincible Oil Corp... .. Island Oil . . . Jewel Tea . . . Jowel Tea pf . . Kan bab city Southern 10 Vt !4 13 734 oo ; nu 57 43 Hi li 20 l 110 Htf 18 4 Knnsat. City So pf. . . aiy3 alts, 430.200 enures, compared with I.OT 43H 35 45J4 0014 38t 7794 4714 41 oiK 3114 13 W 21 llu f3 87 94 5194 43P4 00 io W 194 7754 ROW tl'i 103 7114 107;. 170 0014 124 V4 70 J4 97 J4 34W 1H 3tJ4 83 7 354 8114 4394 20 0094 4094 81 H 5SH 03 V, ' V 60 '4 149 "14 1T94 "A 5194 114ft 83 3H 20', j 5r f09a C394 m iw 8 20 VHW 4'4 OOlj 3154 K.94 llh 2'4 45 29 H "2J4 .18 H 89 Vi hj.ii 37)4 1V4 40 ty !4 10H '.334 S4 ili 20 94 0094 09 Ji 240 94 K4 70 J8K 24J4 0 87 95 148 219s i7; 17J 19i ' in 7594 13794 1 2 IS 40U 85 7214 30J4 25 131i 48J, 88 K 23 84J1 15 3G?a 4 l:i 4794 95 Vt 1.114 80, '4 40 l)li B4H 10 Vi ft 094 28JA 27J4 1 1.2.VI.J0D HhHifM Today's Net Clonri Chne. 44M 1 35-54 '94-14 114 404 I- 14 9014- 38V4- K 7794- 14 4714- 14 41 -f- 94 0194- M 31J4- J4 128 -V 94 21 94 I1J4 53 5194 14 B2 - 14 4214- 94 90-14 714 1014 .. 42-94 7794- 'A 3094- 94 9214 l'4 102 94 71JI 14 10814 Y 12094 14 9914- 94 13414- 14 7014- Vi 97J4 34V4 ft 41J4 14 34J4- B3J4- 94 8 -194 394 .. 82 14 43 - 14 20-1 0154- 14 41)4 14 5194- 14 594- 14 0494 K . 12H- 'A 714 'A 89J4- 14 5 15 94 1714 14 61 4714 1 594 ... 5194- H4 ns;i 94 83 ,3854 - 14 30 - 14 59ji ?01i- 194 0394- 94 114- 94 114 14 894- 14 20 - 94 S8J4 14 4494 V con .. 3214 y 7094 94 12 - 14 2394 43 29 'A- 14 :i214- 14 3'4 14 00 14 814- 14 39 94 114 40J 14 h!4 - 14 so - 94 1994- K ".494- IS 35J4- 1J4 .UK- 'A S594 J4 2114 94 r.0H- 94 100H H 240 5 94 . H4. li 70 1 18J4- t 24H- 1 0 7 - J4 03 4 14J4 .. 2194- 14 18 - 54 17J4 - 94 194- 14 48 i 3 781J- 1 13794- 14 13 - J 0 94 14 85 71 j- !4 3094 .. 25 nVi .. ay J4 1894 14 23 8194 .. 15 20J4 4 9i 4 13 1794 !4 9094 r- 94 i14- li 80 Ji- ', 40 1014- 14 9- 9. 19M- H Hi- 14 95i- I 2'!'i .. 2J94- 14 01 Flairs 3400 100 9)0 1000 .100 200 SOO DIV. ln$ 4 8 lllsli Kellj'-Sprlngfleld Tire. 8IJ4 Kclly-Spc Tire 8 pt 8794 Kcnnecott Copper . ..f21Ii Kcystono T & B 13 14 Lackawanna Steel ... 314 Lncledo Can of St I. . 4814 Leo uubber Tiro.... 3500 3,80 Lehigh Valley 509 200 100 100 200 too 2500 200 100 20300 300 28J4 "96 Loewo Co 1814 Loft Candy 11)4 7 Louisville ft NashvlllelOl 0 Mnckay Cos 8014 .. Market St Rw 6Ji .. Market St ny 1st pf , 17 14 . Market St By P Pr.. 4314 .. Maxwell Motor 1st pf. 7 54 8 May. Dept Stores Rt 12 Mexican Petroleum ..155(4 3 Miami Copper 2.114 000 1.60 Middle States Corp. 300 .. Mldvnlo Steel 300 .. Minn ft St Loul 100 7 Minn St P ft S St Me 80S ,, Mo Kansas ft Texas.. 000 .. Mlsrourl Paclflo 1800 ,, Missouri Paclflo pf. .. 103 .. Montgomery Ward .. 190 0 Nat Enam ft Stamp.. 1101 a National Lead 303 . , Nat B n Of Mcx 2d pf 300 .. Nov Con Copper 200 io N Y Air Brake 200 s New York Central... 800 3.8O New York Dock 74 100 900 890 590 390 390 100 .100 140 100 700 200 4500 300 1700 1800 100 1500 100 500 00 100 500 000 0500 200 100 200 700 200 100 1200 000 3400 200 300 100 500 000 200 1709 1830 230 230 50) 4)0 8O1) 703 70)0 4 00 3 10 102)0 590 2030 20 00 400 100 3)3 230 300 18513 100 .100 400 2300 1300 2000 5200 100 1000 5101) 000 1100 80 200 noo 1000 5100 1130 2100 0300 2100 100 100 8300 200 400 890 1000 200 200 700 203 300 200 700 400 600 100 300 400 100 1200 41,0 1700 7000 100 2)0 esterday . Thui 8 New York Dock pf... .. New York N II ft H.. .. Norfolk ft Southern.. 7 Norfolk ft Western.. 7 Northern Paclflo . . . . 8 North American 80 Nunally Co ...m,.,.. 40 Olcla Prod ft Bet.... 2 Orphcum Circuit 8 Otis Elevator .. .. Otis Steel 2 Owens Bottling .. Paclflo Deel Corp... 5 Paclflo Gas ft Eleo... .. Paclfto Oil Pan-Amor Petrol . . . 0 Pan-Amer B 2. Pennsylvania R It.... .. Pcnn Scabourd Steel. .. Peoples Gas Chicago. . . . Pero Marriuetto B Pero Marq prior pf . . . 8 Philadelphia Co .. Phillips Pet .. Plerco-Arrow Motor.. .. Pierce Oil .. Pittsburgh ft W Va.. 6 Pitts Coal 1 Pond Creek Coal .... 4 Pub Serv Corp of N J 8 Pullman 8 I'unU Alegro Sugar . . Ray Con Copper. . . 4 Reading 2 Reading 2d pf 1494 3014 1374 7214 314 3314 42 2394 63J4 81 14 1394 77 71J4 31 84 19 12 9994 70 5994 10 315 37 14514 1814 4914 1714 54 3854 7214 C4J4 , 3574 1114 4B14 2014 81 , 3314 30 38J4 JOft . 3994 1394 , 10 0014 1P214 43ft 1494 7654 4512 Remington Typewriter 304 7 Rem Typewriter lot pf 74 .. Rcplo Steel 3314 Republic Iron ft Steel. 6514 .. Republic Motortruck . 2014 20 Royal Dutch N Y.... 60J4 .. St Louis San Fran... 3414 .. St Louts Southwest.. 2914 .. Santa Cecelia Sugar.. 314 . . Saxon Motor 6 .. Seaboard Air Line... 7 .. Seaboard Air Lino pf. 1194 .. Sears-Roebuck f4V4 .. Seneca Cod Corp 1814 Shattuck Arizona Corp 694 Shell Transport 4814 Sinclair OH 28 Sloss-Sheft 43)4 Southern Paclflo .... 7814 Southern Rail 23 Southern Rati pf 56 94 Standard Oil of N J. 147 Stand OH of N J pf.. 108(4 Stowart Warner p. . 31 Stromberg Carb .... 43 Studebaker 88Ji 43 18 . v, . 4194 214 . 24 . 3094 .1714 . 85 . 13 Vi Superior Steel . . Temtor Com ft V "A1 .. Tcnn Cop ft Chem.. 0 Texan Co . . Texas Co rts .. Texas ft Paclflo 1 Texas ft Pac C ft O. 10 Tidewater Oil 6 Tobacco Products . . .. Trans Con Oil . . Union Oil 10 Union Pacific 1301z 10 United Cigar Stores.. 140 8 United Fruit Ill 14 .. United Rwy Invest... II 4 .. United Rwy Inveat pf 21 U 8 United Retail Stores. tS)4 ..US Food Products. 8 U S Ind Alcohol.... ...US Realty ft Imp. . 8 U S Rubbor US Rubber 1st pf. . ..US Smelt ft Ref... 8 U S Steel U S Steel pf 24 . 72J4 . 88H . 77! .10194 . ?3H . P14 .lovi; Utah Copper 5594 Utah Seo 11 Vanadium Corp 8894 Va-Carollna Chem ... 21 Va-Car Chem pf 63ii VI vuudou lno 7 94 Wabash 8'i Wabash pf A 2394 Wells Fargo Express 00 Western Maryland .. 1114 Wost Maryland 2d pf 2014 Western Pacific .... 'J0j4 Western Paclflo pf . 07 )a Western Union Tel.. 00 Westlnghouso E ft M 489, weatinir 1; ft m 1st pr 58 E, Whcellnc ft L 4 White Motor . White Oil Corp.... . Wlllyo-Ovorland ... 5 Wilson ft Co 0 Worthlngtoii Pump 11 4154 194 10 13 '314 tar thla wcfk, s.nna.OGO shares. I,nvr to4 f8794 3114 1014 314 484 2814 8314 1HJ4 1154 101 5614 0 1714 4714 794 88 15314 23 1414 2914 1294 73)4 .; 114 2254 6314 78J4 514 1294 7014 71J4 3014 54 1894 "14 9814 :r.?4 8014 10 394 37 14814 IS" 4014 1M4 J394 3896 7114 6414 3594 U14 4714 2014 34 3194 20. 3714 10)4 3994 1394 10 60 10314 43 14Hi 7514 14 3594 74 32 64JJ S014 6S94 2114 29 314 A 09 11J4 hi m 6 14 48 2794 43 -.714 22 H A0J4 147 ION .'0)4 43 0J4 43 1794 9 94 4114 214 39i 3914 17414 5114 "Vi 23U 120 140 11114 11 23Jj 5714 23 H -.154 0594 ,7094 101 94 M!4 "314 100 '4 94 1014 is 14 29 85 754 MJ4 2314 C394 11 30 30 6714 8H 4894 58 .1014 0J4 16 OH 43 (3 y y 9 I 14 y y Vz U4 1J4 94 94 194 14 94 IS 'li VA 314 !4 "l4 !4 J4 'l4 Vi V, 14 14 5 14 'A VA 1 94 14 li" 14 94 TwUjr'sNel Clone Ch 5194 14 8791 101 - 5014 0J4 1714 4314 7)4 88 2814-1394-7314 394 33 V 43 r 2294- 6JJ4 80 514 1394 77 T 71J4 31 -84 1894- 13 H054 r 10 - 314 37 - 14514 1514 4014 17'4 14 3894 71J4- 6114 3594 1114- 4714- 2014 64 3314 30 38 - 1094- 2994- 16 -66 14 1494 1 7014 4514 3394 74 -32 -C514 214 2014H 314 6 - 694 1114 t4 1814 094 48 27JI . 3 - 7li 23H- 10J4 147 - 10S ro94- 43 -86 54 42 17 H 094- 4114- 3J4- 24 2014- 17414 54 94- 13 2314 .. -10 11114 11 2414 94-71J4-6H 77 - 10194- 3 li 85K -100-'4J4-11 M9i- )4 14--'314 6594- 11 - 2014- 29)4 f 894 38 10Ji -34-43 13 - T RACING CURB WITHOUT FEATURE Outside Market Puroly Holiday Affair Anglo-American Oil Soils Off - 94 1 114 Mi 194 'l4 14 14 li 14 J4 14 V A 94 114 14 14 94 314 1 li !4 14 li 94 1 14 New Vorlt, Mny 7. There wns no upcclol feature to the trading on the Hroad street curb today, tlir market being of n purely lioli.lny character wltli many of Uwhp concerned In the outside trndlng bclDg nway from the street for the week-end. There was n fair degree of Interest shown In the trading In Snguenay Paper, the common selling nt 4 nnd preferred nt fi. Sweet Co. continued in good demand, selling at .'1. Its high price for the year. Acme Pack ing continued Its recovery, being n hrtsW demand and moving up to H. Durnnt Motors was steady, helling nt 20 V4 to 20Vi. , , There was a fair amount of business in Intercontinental Uubber ut 10 to 11. Southern Coal and Iron was Ktcady, with fialcn of 5Mi. Acme Conl held firm, selling at 1 and 1. Anglo-American was the feature of the oil stocks in the enrly trading, when It advanced to 22, but later wild off to 21. Standard Oil of Indiana woh steady, with sales at 7(1 to 75 . (Jran ndu Oil again ranged from I) to 8. Klk Uasln wns steady, xelllng nt , 1), nnd Slmms Petroleum ranged from 11 to INDUSTIUALH nuii Acnw Coal Acme I'ncUIn Amer Leather Auto Kuel uurant totor Kmplre Kood Imperial Tobacco Inter Itubber I.Mke Torpedj Perfection Tire Kadlo Com Iladlo Com pre! Hesuenay PP.... Kairuenar P P P' Houthern C h 1 Hneetn Co V S Dletrlbutln U B Hhlp Corp II a Steam United net Candy ... BTANIMM OILS Anslo-Amer Oil 2J Stand OH of Ind 7 INUKPENHKNT OIIJ) Allli-J Oil lloone Oil Ilontnn Wyomlnic Carlb Hynd ..... ritlea Service H rienny Oil Dominion Oil . . . . Klk llaaln Pet .. . nnKlneem Petrol . Federal Oil Oranuda HmlKon Oil . ... Int Petrol Keystone Hanger Muracalbo Oil Mexico Oil Mouttaln rroducta Noble Htrrmn Pet Texon tin TVini Oil .... United Itnyatty . . Victoria Oil new . T Oil Caled Mln . . .... Calumet A Jerome .. Candelarla JI ... Creneon Oold . . Creacent Aicnamara Kmma Silver 13.. 1VS Kureka K-jreJta r.i.,ta ar. Holly in Hold Tona Uold Devel UoM Kewana Uold silver J'ick Oolrt Zone urcat nena iron Illoaftom Jumbo Kxtenplon Knor Divine MeNamara Mrh Mining Jluther I"de new National Tin Nlplaalmr North Stnr Ilex Cons Itnchester Mint Son Toy. . .... Silver KIiik Ilvliie . . . Ho Am P A O . . . . 8 Silver Ind St Croix Succeea Mln Tonupah llelmont .... Tonopah C'aah Hoy . . . Tonopah Divide . . . . Tonopah 12xtenloti . . Tonopah-JIni Uutler . . Tonopah Midway Tonopah Mln Tonopah Mlipah . Tonopah M.mtann Tonopah Heacue liuu tl H Cont United Eaulcrn Victory wmt nnd Con White Capa uxi .. .. Wllliert Yukon Gold IiFt I.aat If, IVi J7 M ,1U 8V4 1.1 ta is 41 41 41., 20'4 20 2Ui 4W I'i Vt & "1 ,VW 11 10i It , i is i;4 2Vi -Ji 2V. 4 4 r, s 6 64 tt J4 a 3 24 24i 24i A Jl J 7 3 1 0 10 lr, 7 17 2(1 11 1 4i n 12 0 4 Si A nA i 5 J'i V' 14 I'' 0 IB 1 m 11 4 1 40 12W 14 02 2 n 0 is 2 lr. 7 17 24 in 11 40A 04 iA 2 J 0 is 2 IS 7 17 in 10 BANK CLEARINGS DECLINE 1 a ItONIH Allied Tarltera ?a . mer Airrll rhem Amer Tel O, 11122 Amer Tel flu, 1H21 AnacondA fl . . . . Armour 73 ... Darnadiu nn Dclh t'teel "a Copper Kxport Copper Export Copper Kxport Clalena 7a .... Goodrich Tire 7 Heinz Co 7.. Humble Oil Tfi . . Intorboro tl Konnerutt 7f I.'ffRett Mvera ila . M r N II II In Pan-Amer Pet 7i Solvay x Southern Itv 7n. So N Y 7a. 11)10 Swift flu Swift 7a Vacuum Oil Weatern Kleetrlr 7 7H. 102.',. . a m:n Ha 11.114 Ha IbL'.'i . 47 . t(7 s . sn'l un, ii :,4 n:i ioim ori'd innvi, 01 . II2T, nnv . P7 774 nm ii'iii . (in dl loo fi'.tt 102 . finl . nn ino", mn s 11 o 0 . 1 r. 1A 0A 14 114 s 18 I SA 4 1H 144 tifl'i B7 !lSi n' uflVi S4 0.1H mou nn inn4 03 tlJtt 0(14 nnH 774 ua4 on4 no nm Ml'i finV4 102 lini nr, innvi ioo B 12 U 4 ;.. . 1H 5v; 14 iA O 18 S 14 B 4 14 444 on; 07 S liftH 04 U0H 1IS4 R',4 100H (Hi4 1004 OS 02'. 014 07 774 onv., 004 nn pi' on o.is 1024 004 nn4 lonn 109 De- per the Local Exchanges 16.5 Per Cont low This Week Last Year Local bnnk clearings fell 10.fi cent during the week just closed, aggregate being ?34fl,fj3,lMb, com pared with $4111,388,250 the corre sponding week liift year. Total clear ings of nil the bank of the United 8tates, un compiled by the Commercial and Tlnunclal Chronicle, were $7,200, 220,733, ngalnst $S,72!),730,!)07 this week 'In 1020 or a decline of 17.5 per cent. Comparisons follow : New Dee 1031 1020 Pet, York 13.470 01. 120 .K0..ViO,lOl 8.0 ChlcaKO rhlln. . . . JloMon , , Kiin- C'y St. Iouln.. Han I'ran. . Plttahurah . Detroit Ilaltlmore N. Orleana Increaae. 61O.17.-...')03 34il.Hl.l.tt4S 241.101 5V'S 120. itin 13" 101 1(17 207 ns.Bon.ono 114,lllr,,S22 si ion 4IS O'J 7.12. or,2 48 443.20. .Mia.n27.401 8.4 4 1.1, 338.2.10 18..1 32n,ia.i8r 28.0 Jim.OOO.OOO S0.7 132.(120 nil 28.7 110.B21.fl73 20.5 121.175 078 7.7 102.000,000 20.0 75,170.1)81 7 2 07,281. 810 28.0 LOADING RECORD MADE DANK CLEARINGS 214 7B ?S8 Ctfl. Commodity Markets Pbot DIVIDENDS DECLARED ?rl P?el;..it0,JL.3.V?r'riy 1H per cent on vyuio jun. 1 to ptock o( wtra'a.' COTTON MARKET New York, Mny 7. Without Indus netlve, tlie (ottnn mnrket was cnnililer nbb steadier this morning, with llrit prices -1 to ." points higher, followed b) mlwinceK that carried Jul about points over lnt night's dote. Spot houhes s-old near inoiitlm nnd bought Into delhcrleH. Wall street wan a buyer, while southern v.lro concerns .sold. Some Irnde price fixing In ,Iul wnH repurtcd. I.nter the southern selling increaned and prices rencted to about jeaterdaj's dos ing Ioo1h. I.ater lu tlie first hour the market de veloped 1111 eusler tendency on the l'im weather map, local reaming ami win hniiRe Helllnz. Business. 11s n wliolu was not active and, after selling off Io net decline of about Tt to II points, the reaction was checked by covering nnd further price "iiingH" by the trade. Optimistic cables legurdlng the pms pcctH of a settlement of the llrltish conl strike were received In the trade, but failed to Htlmulate new billing. TihI.iv'h . i'n mm 13.27 13. H.' 14 IS 14 20 14 52 future. Commission houi.e selling fea tured the start. WhoiU Open High Lo Close MJ 1.4Vl 1.17 1.4.1 i 1414 Julv 1 1.1 l.lfl 1,134 1 13. 1 'urn M.J Julv Oaf. Mu Jui Torli M) .. . Jul) l.ar.1 M n Ju' ItlliH Mil) . Juh 3iVi l'2 Si 304 3HV, SO 4 (12 "4 r4 3H, 584 1S 311 3h r.9' 014 3(1', asij ,n so 17. so 17 ,10 0 no .10 (IB II CO 10 0,1 11.55 (1 00 1O.05 10 U.'i 10,04 17 10 17 BO I) (10 0.11,1 0 70 10. OO Mm July Dec Jin Mai iiw. Veil cloeo , 12 75 13.10 13.7U II 10 14.1(1 14.43 FOREIGN EXCHANGE New Ynrl(, Mny 7. The opening for eign cchnnre :nnrk. r thin mnnilm local realizing and wile show ed inprnvi incut nil along the line. I lie particularly strong spots were Trance mid Itullun uud Swiss exchange, nil of which made great gains over night. Steillng cables were 3.IWI-10, de niand 3.117 fi-10; franc cables S.37, checks 8.30; Belgian cables 8.3(1, checks 8.35 ; Swihs cables 17.88, checks 17.8.1; peseta cables 13.07, theckH 13.11.": Stockholm cnbles 23. 10, checks 23.35: Chrlhtlanla cables 15.12, checks 15.37; Copenhagen cnbles 18.15, I'lierkn 18.10: lire (iibles 5.15, checks r.l4Vj : mnrks 1.524. The into ot premiuni nn New York funds in Montreal todn.i was 10 15-1(1 per cent. The rate of discount on Ca nadian funds In New York today was l7, per cent. Central Kurupeaii exchanges were ir regular, llrci'k was 0.02; Itiiiiinnliui, 1.110; Bulgarlaii, 1.311; Austrian. .27; lNilnml, .13; Czecho. Slovakia, 1.32. TOPAVH OIi:.NIN(l OUOTATIONH Hlurllnv rruncs I.lr.' Clulldora lirmand , I'ktlei . 12, SO 13.2.1 1.1 N2 14. 1C 1 l.n 14.32 Ixivv Cloi c 12 110 12,00 13.01 1,1 1.11115 1.1 Ut 18,ll!lr"0 ri.n.' II Hi 14.110 llOHWOt) 14 27 '14 23 GRAIN MARKET Chrfngo. May 7. Mn) wheat started lMiC to 1 "$( lower and July 1 14 to 2c off. There was general commission house selling, while support was lack ing, rtains In the Southwest, some Increase In leceipts and more liberal country offerings; were incentives for the selling. Ilecelpts inspected yester day were 41 core; Inst 3 ear, 1 cur. The cash market wus easier, with premiums being shnded. , Domestic de mand was quiet nnd export bujlng.wns checked b the rapid advance In prices Country offerings to arrive were nmre liberal. Weather cnnilitlunH generally were favorable, although rains arc said tu be needed lu parts of Oklahoma and Kansas. Week-end evening up is ex pected to feature the trade today. Corn started with Mnj Hie to 2Va' lower, .Inly U'1 to T'sc off and Sep tember VjC to lower. Trade woh moderate with general comml.islou house Helling anil lark of tnipiwirt. Ootn opened 1c lower for May ml c to c oft for more deferred lllln mil I ul.leM NEW pnl Mny . June Julj . AuiiUK Sept. Oriuber Nov Dec January r"eb. .,, March , llld. 3.07 A 8 311 5.114 U. UK ft H 37 O 1.1 CU1HINO QUOTATIONS Bterllnw Pranca I.lre Qullilera . 3.U.S S.8J B 14 3.1 42 il.HM, H 34 3 III 33 .12 YORK COFFEE MARKET lent Oiwrj HUh I.n Ci.e l'loe . . 7 23 1(7 311 7 JO ,1 72-l 711 B 75 , . , .1 RlKTS 110 B (111 e.ootfo: ii.no n oo n on, n.ui .i m .... I), luff II 211 11.25 u:ioitf i.i ii.ii) 11,40 n.siHi'0,40 h h 11,43 II, 51 4l II .111 II III! . . II 7lUfll,72 11,7(1 (1.SSW03 (l.HK ll,S3 ll.S.ltfll.MT U.K.' 0 0,1 H.II.1W7 (III 7. (I J . .. .. 7.0.1KII7.10 7.11 7,14923 . 7 1307.20 7,30 Philadelphia Stocks SOS Am Strs.. (ill 1." do pref.. 03 lOOtChi M & St I' .. 20 llrt Klec Stor.llrt riOOtNlundOil 4-i 50 Key Tele 10 100 mw Sup 0 311 I.eh N'uv. (IS 131)5 I,eh Vol 54 2111 I'll It It 35 2.'I5 l'hll Klec 22V, 2.15 ,1., prcf. 2151 5SS do its f p 20V 300 1' H T. . 18' Kill Tun Bel. 1 200 Ton Mm IVj 15 I n 'J inc. 31 V. 170 V C, I.. 3S 350 M' S Stl Mi Totlll aali'B 1587 a S5'' 03 20 110 I' 07S 54 35 avS 18;s 1 l'j 31 Vi 37 85 Vi Clone 50 i 03 Net chir i2 -r-3 -r- 20 11(1 4'4.. to .fm 08 H-l ltz r 2-, 20 1 ,, 183,- s l'S,.. lr.. 31V.. "79. !, )A , IX Ma i'h I.1H7 ahnpa ,-..... .-., T n li,,. v.i.r.i.. ...' v;"",,S'"" wl" shi7i .v,;; ,u" iar 'o1" 'K s.lli- on ill time .made by comparlrnn with Its Ne ..rk Stnclc L'lchanne, I'HIUMir.I.l'lUA MONDS 0500 I.iherty 3d 1 Vi 11000 Mbertj 3d 4is ' 1000 Liberty 1th 4'4 ' 1000 Vlcton 44 s 1000 Amer iiih .t Klec 5s..." 3000 Ilcll Telephone 7a.... lots 10IM) Wictrlr .S. I'eo 4s IIIOII I .oil Ir-li Villi i' i fruit Ka 1000 I'emiB Iv.nnln 0M,s. . . '. " !i"m' 2000 I'eniiHyUnnln OVjs lots mi nitiii I'liiiniieipui- co cons rs, . . S2'd 1(100 Heading general 4 7s 10000 Itradiug general Is 77:1; 1000 Heading-Jersey Out 4s... 78 Totul 141 ,100 lomptrtil with in noo e. lenlay Thus fir thla week, 34N,.',i). OO.IW IHI.HO K7.4I1 l)K.(X) 73 103 V, 5(1 02 V, United States Treasury Certificates Maturing Date IB 1121 Int Kate tB Juno il June 5 4 July n auk t3 4 Hei't t3 Hlt tB4 (Vt 34, Oct I'll lire t,l4 Mar IB, 10.M IB UUl 1(1 1021. 1,1 111.' I 1.1, 1021 IB, 1 112 1 1.1 11121 IB lir.'t 1.1 1021 Aalieil YleM I S.l 111,1 100 1.32 1O04 mo ;t.:r.'uooA , 03 100 t-32 1004 4 7S n' 1-32 100 332 .1 1.1 IOOA 10OA 3 0.1 "" VS.3 "0 -32 B L'l IO" 3-32 1 0(1 A. 5 2(1 ? JiaiA B 2.1 I0J.A . lHOA r. 40 ell Kmpt from n.irmal frUeral tnr.Ln .. einmrnt ncoine, tAi'Ceptahle for payment of Income lax due on date uf nmtiirlt) Skelly Oil Passes Dividend New York. .May 7 -WUolly on rjo. pataeil the quarterly dividend due at time, i hnn Hill niE Irdle . . Hooth lloKi U Mont MlMNft I.I 1U 111 14 14 1 07 04 07 4 BS H4 234 20J4 204 11 11 11 0 0 0 14 14 14 1'. 14 IS 0 84 S it H lni 104 lli 1 1 1 304 30 SO iS is ii 114 114 114 43 42 43 114 114 114 4 ) 4 24 24 24 H W k 3li 3A (It C,3 04 Hank clearlnv todn comn'.red with cor repondlnir dm '( ti o "nnil r 1021 1020 1010 rniiia. . 157 431.(170 tm 11.1.704 $10.0402.17 noeton .10 VII. 027 71283,412 4.1.432 470 V YorU.(ln.4 001.370 Ilaltlmore 14.1S1 434 14.370,20 . . Chlcaa-o S2.331 Odd AR SILVER Domestic liar slher wns unchanged a( 004 n In New York today. In tendon th. nrlcn waa .124 e un le In Ixindon th prlc waa 4d hlhr. at 354'1. Cloverseed T.ile.lo. O.. Mnv 7. Clnvera.1 prime rnh. tl.l .10. itot.er. ID DO: December, 0 10 Allk prime rash, 13 50 Auini.l, !11 50: OctolKT SI0 2.1 Timothy, prime rnrh 1011 J2 0V 1010. 3i 1020 and May. $3.0.1. 8er'ei,nlier H 40: October. ?3 3.1 Mauretanla Brings More Gold New lork. May 7 Oold valued at more than 75,000 000 arrled today on Him Maure. tarda from EnKland. corrjlmcil to New York bankers 276,000 Bushels of Grain Put ont Vessel In Eight Hours All records for the speedy loading of vcsselH nt this or nny other port were bellcied to have been broken here with the cleafance nt the Breakwntcr yes terday morning of the Uritlsb. tcnm ship FUxton for Hamburg. Arriving here early Thursdny morn ing In ballast from Hnltlmore, the vessel wns taken to Olrard Point and there turned over to Murphy, Cook & Co., master stevedores. At 8:30 A. M. work wuh begun In fitting out th ship for receiving cargo. This was completed shortly nftcr noon, and nt 3 o'clock lr inc afternoon actual loading was started. Hent on establishing u record, load ing was rushed, and at 11 1 M. Thurs day tlie Fllxton had received her com plete cargo nf 270,000 bushels of grain. 'Hie vessel was loaded nt the rate of approximately 34,500 bushels nn hour. Reserve Banks' Discount Rates Official redlacount ratea at the twelve Fed- NEW YORKBANKSJATEMENT Contraction In Loans and Deposits. neserve Position Materially Strengthened The Impaired reserve position ot the New York Clearing House Institutions woh corrected this week. Tlie actual condition for the week showed a reserro of $3,r8J4,010 In excess of legal re quirements, an ngaltiBt a deficit of ?3, 45,1,300 Inst week. The reserve credit nt the Federal Hewrvo Ilnnk showed nn Increase of $.1,240,000. At the same time liabilities were cut down in the decrease of $14,183,000 In demand deposits. Tills resulted In an Increase In excess reserve of $7,0-13,370. Despite the week'n pronounced brondcnlng of trading on the stock exchange, loann nnd discounts were cut $30,753,000. Iletnlls follow: AVERAGE Thla Weelt iAit Week Exceea Iteeerve. A7eate rere 1-oin.i, etc ... faun In aulte and member banks . . rteatrve In mem ber bank re eerve banks Iteaerve In atate bnnka and trust companlea Ileaerve In atate banks and truat company depoal tnrlea Net demand da- pomtH . . . 3.733.S70.000 3, I03. 020,000 Time deposits . 21K.2JO.tssi zs7.lie.nno circulation- .... 3l.3os.ooo united mates deposits deducted 01.4R7.O0O ACTUAL Kiress reserie.. I3.BSS.01O Arnrerate reserve 494.70n.ooo JO 0(11.0(0 AS3H,20 .105. 409.000 400,220.000 4 74S. 032,000 4.73.43g,0O7 RO.432,000 R2.30J.O0O 487.311.000 47R,020,00 0.430,000 s.612.000 cral Heserte Iloaton ... New York Philadelphia ("leNeland fllchmond . . Atlanta . . . Chlcaco bt. Iuls . Minneapolis Kansas City Datlaa . . . San lYanclaco Dlacounl banka are Treas, ctfa. 0 H 0 (I . C (1 . .! . a B4 il fl 0 follows lb Com'l Dkrs. Honda raperAceept, 04 I! il .; 04 o a 54 n it a a 54 B4 (1 11 Irterest rate Iwrne by eerimeatee pledged as collat eral. Tilth minimum nt 1 p-r cent In the case of KaniMi City and 54 Per cent In the case of Philadelphia il B4 (1 fl 0 .1 54 0 fl il 1 rata correeponda l (I TTltll Ians. etc Cash In vaults and member banks , . , , Reserve , In mem ber banks 4b re serve banka ... . Reserve In stala banks and trust companies ... . Reserve In state banka and trust company depositories Net demand d' posits ... . Time deposits . . circulation . United States deposits deducted tDenelt 0.331,000 t.fllO.OOO 81,458,000 108.833.000 tfft, 435.80 40,0.10.000 4,728.1112,000 4,750,303.000 70.273.000 7R,83,0OO 470,r,Bl.OOO 471.81a.00n s.r.es.ooo S.BSO.OOO P.40O.OO 8.841,000 3. 703.211.000 3,717,394,000 248.078,000 248,738,000 31,053.000 31.580,090 7C.227.00O 103,710.000 Tobacco Co. Passes Dividend New York, Ma 7 IIrector of the Torto Rlcan-Amerlcan Tobacco Co pssd tho qu-irterly dividend of 3 per cent due nt this time This course was decided upon as a result of the strike which has kept a'l of the rompan's clirar factories In. l'jrto Rico closed since January 1 German Bank Statement Iterlln. May 7. The statement of the Im perial Hank uf Germany Issued etrday shown the folio Inc ihanxes us uf April 30. Increases Treaaury notes. 31s. 427. 001 marks, bills discounted. Il.h72.035.000, notes In circulation. 2.490.378.000, deposits. 4, Oil . 039,000 n-reaeee Coin 31 OHO itold. 400O notes of other banks. 1 n7s ooo advances 22.6i3.000 treatments 370 000. other ee curltles, 144 452 000; other liabilities. 14s -R18.000 totnl guld boMlnci. 1 091.570 Ooo The Increase In the Item show Inc nntrs In circulation was the hlisbest noted since the end ot September last year LIVESTOCK QUOTATIONS Chlciio, May 7 CATTI.TC Receipts, .1000 head Compared with n week aro: Oood and choice heavy beef ateers. 3.1o to Sue blither, others arm earllncs steady to 25c hlsher, fat she stock and bulls steady to 2.1c hither: veal calves, mostly 2.1c hlrhsr: stoekers and feeders steady to 25o hlrntr, HO08 Receipts. 7000 head, active and atronsr to 10c hlrher. Top, 18.80; bulk of s-iles. IJ..30 to 18.75, pigs steady, $7 25 to 18 31 81ir:nP Receipts. 4000 head. Recelcts today all to packers direct. Compared with eek ago; Ked Iambs, 25c to 40c higher: sprlna; lamba uneven but sharply lower; earllmrs and sheep sen-rally steady Kurt nnffalo. May 7. CATTLE Receipts. 200 head Plow, dull Calves receipts, 250 head. Fifty cents lower: $312 1IOOS Receipts. 1000 heed Steady to I.V hluher Heavy .2S0.50; mixed and vnrkers J0.5Otf9.C5. light yorkers. IP. ISO 9 Bo. plirs 10.23. roughs, I7C7 25; stags. M 50 a 5 r,o 8HEEP AND IAMRK Receipts, 200 head. Steady, I.ambs. Jlffl! 50; yearlings. I7ffl 'I 50, wethers 17 507 73: ewes, $2(7; mixed sheep. 17 37 23 BOND TABLE ON NEXT PAGE $10,000,000 Libby, McNeill & Libby First (Closed) Mortgage 7 Ten-Year Gold Bonds Dated May 1,1921 Due May 1,1931 Interest payable semi-annually May 1 and November 1 in Chicago at Harris Trust & Saving? Bank, and New York at Harris, Forbes & Co. or Central Union Trust Company of New York. Bonds redeemable at the option of the Company at 105 and interest on sixty days' notice to und including May 1, 1926 and thereafter at 105 and interest las 1 for each full year or part there of from May 1, 1926. Denominations $1000, $500 nnd $100. Registerable as to principal only. Harris Trust 6s Savings Bank, Trustee. Albert W. Harris, Co-Trustee. Tlie Company agrees to pay interest without deduction for any Normal Federal Income Tax to an amount nt exceeding 2 which it may lawfully pay at the source. The Pennsylvania Four-Mill Tax will, on application, bo refunded to holder who are residents of Pennsylvania Sinking: fund of at least $500,000 each year for the yearn 1924 to 1930 will be applied to the pur chase of Bonds at or below the prevailing redemption price, or, if not so obtainable, to the call of Bonds by lot at the redemption price, thus retiring about 35 of the issue before maturity. Tiie following is aummarizH in a letter from Mr. W. F. Burrows, President of the Compaiiy: Business The business of Libby, McNeill fit Libby was founded in 1868. The company is the largest pro ducer and distributor of canned food products in the world. Its products are widely diversified, constitute a necessity of every day life, and are internationally known and sold in practically all parts of the world. The directors of Libby, McNeill & Libby are Louis F. Swift, President of Swift & Company ; Edward F. Swift, Vice-President of Swift & Company; Charles H. Swift, Vice-President of Swift & Company; L. A. Carton, Treasurer of Swift & Company; G. F. Swift, Jr., Vice-President of Swift fie Company; Harold H. Swift, Vice-President of Swift & Company; W. F. Burrows, President Libby, McNeill Ss Libby; E. G. McDougall, Vice-President Libby, McNeill 5s Libby, and Henry Vceder, General Counsel. - . Security These bonds will be, in the opinion of counsel, the direct obligations of the company, secured by a first mortgage lien on all of the principal real estate and plants of the company, subject only, as to two tracts of land in California, to the lien of two purchase money mortgages totaling $585,000. The company's real estate, plants and equipment arc carried in the balance sheet, on the basis of an appraisal as of 1914 plus subsequent cash expenditures, at $24,654,570.02, against which a depreciation reserve of $5,089,043.88 has been set up. After giving effect to this financing, the balance sheet of the company will show total tangible assets of more than $75,000,000 and net current assets of more than $18,000,000. Earnings The net profits before interest and Federal taxes for the seven years May, 1914, to May 1920 averaged $4,674,398.49 and for the ten months ending March 5, 1921, amounted to $2,921 032 72 The annual interest charge on the First Mortgage Bonds is $700,000. In spite of the general business readjustments in this country, the net profits after payment of interest, Federal Taxes and all charges for the ten months period ended March 5. 1921, amounted to $506,006. The company's financial policy is con servative and dividends will be paid only from net earnings from operation subsequent to March 5 1921 The capital stock of the company was increased in the year 1920 from $12,800,000 to $27,000,000. Mortgage Provisions- he mortgage will provide that net current assets shall be maintained at an amount equal to at least 1 0 of the First Mortgage Bonds outstanding. The mortgage will also provide that no dividends shall be eclarcd or paid out of net earnings of any period if such dividends would reduce current assets below 150 of current liabilities. umu icuuco Wo offer the above bonds for delivery when, as and (issued and received by us, subject to the approval of legal proceedinii by counsel. f 70 Price 95 and Interest. Yielding over 7.60$ Dillon, Read & Co. Harris. Forbes & Cn Continental and Commercial Trust and Savings Bank Illinois Trust & Savings Bank The ..tamarion ctalaetf In .hi. sdtl.em, .. bn .bumed from source, which coa.ldn ..liable Wh.l. not ru.r.ud, i, .. .ccrpt.d b, , .. o,,.tc Orders have been received in exce.s of the amount of bonds Available This .K-r .: . t i " " ""'"" nvoiiauie, litis auver tuement appears as a matter of record. -t c m $ M. A . W , l , Jvi.1 - . j i
Significant historical Pennsylvania newspapers