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
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4894
58
.1014
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OH
43
(3
y
y
9
I
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y
y
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94
94
194
14
94
IS
'li
VA
314
!4
"l4
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V,
14
14
5
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'A
VA
1
94
14
li"
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94
TwUjr'sNel
Clone Ch
5194 14
8791
101 -
5014
0J4 1714
4314
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2814-1394-7314
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43 r
2294-
6JJ4
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514
1394
77 T
71J4
31 -84
1894-
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r
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1514
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1094-
2994-
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7014
4514
3394
74 -32
-C514
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314
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694
1114
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1814
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3 -
7li
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10S
ro94-
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42 17 H
094-
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-10
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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 - .
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