f
$
pSKM
r 'Dividend Cuts and Omissions
i Unpleasant Results ot uena-
tion Program
;:.." j "-;--r j j---irgsril in r m nnpmroe li iZaUr wdb- nwn
NEW YdfeK STOCK EXCHANGE tKANsACTIONS
Nw York, 3lny 21. DnlincM iinrt
heaviness Vcro the ruling frnturcs ut
i..!,,'. rloMns stock market. 'The ef
fect of the shock of the. tlcfrrrliift of tlitH
CfteMpcnUO Mill vmio iuvmiiihi uiiiu-
entlr had not spent its force, but in the
t'bwncc of ronl liquidation there ynn nn
' Appreciable nnrrowlim of the dealing
' 11 nlonc the lino. At tho unme time
-cek.omi cTcnlnr up of the protcsoiow-
it contributed to stabilize, the llijt nnd,
In conscniicnce, nfter the enr y dip the
'jSiSm 'port of the list drifted Idly
within a narrow nren.
SrlllnK of tWf rnlls wns resumed nt
,i the opening. ChMopcnko nnil Ohio Iof
fni nn Additional 2 point, but declines
from substantial frnrtjons to over 2
nolnW were common both nmons tho
r...ttnnni HlmrcM and the lownr tinned
J Issues as well. The Hill sharea writ
particularly soft, nlthoujh Union lu-
''clfic also gnvc coiiRltlcrnblc ' nrotind.
While Borne of the industrials stood up
better, there were many soft spots nlso
to crop up In thlsdlviMon. Hliortcovor
In supplied about the only Support to
the market, and when this demand auto-
matlCAIiy rciaxeu pricvs urgun iu uiuuii
While the week's developments sup
plied additional concrete tosttmony of
continued Improvement In both funda
mental and economic conditions, them
were others giving painful reminders
of the actual rcMiltH of the deflation
process. The Inherent strength of tiie
market, as a matter of fact, was put to
a severe ordeal. Hod It not been for
Its thoroughly liquidated condition
i there is every probability a much lif
) fertnt tale of the week's price move
ment might have been told. It is very
' nice and quite comforting when toklnc
a" lonK-distance view of the situation'
to have these happenings, indicating
material progress in thn constructive
program. It Is quite difficult, however,
to look pleasant und accept this grndual
progress of the reconstruction while at
Mi same facing announcements day
after promising n constant shrinkage of.
Income.
With tho announcement of the deci
sion of the Hnllrond Labor Hoard that
I wages must be cut, virtually tho last of
big problems which has been giving
the market world no end of worry,
.misgiving and uncertainty was removed
as a value menace. Of course, every
one recoKnizi'.' mm.ii rcmniiii id uc
.done before the railroad readjustment j
1 becomes an assured fact, but the right I
(step has at last been taken in tlie rigia
direction. With so many dividends still
apparently in jeopardy a great many
more appreciate this fact todav thnn
did several months ngo, Majority
of 'the holders of railroad securities
curiously gave little thnucht as to thn
maintenance of their dividends so long
da they received them regularly nt the
nuarterlv or MTni-nnir.inl ncrloils. but
immediately tensed alarm when the j
tafcty was in the least questioned. I
During tho nve months ot tho cur
rent calendar year ninny, have hecn un-
able to reconcile the lack of sustaining i
power revealed by tho mnrket. This at
times appeared to some extent paradox -
leal in view of the general acceptance
of the belief of the worst side of the
situation having been discounted, if not
over-discounted, by tho tremendous
glirinkngc in market values. Within
the five months' period at least three
forward swings have been started, all
of which terminated abruptly when
' manipulative efforts were withdrawn.
Today the twenty active industilnh nre
ncnily 14 points under the top privet
made last September und the rails arc
nearly 12 points down. The answer is
famished almost each succeeding day
in the dividend omisxions and redue- I
tions. Previous breaks measured the
buslncf-s doprei-Mon and tho serious ,
credit inflation. Prices nru ('rumbling
now because of (he undisguised d'sap-
poiutment in thoj ilhcovcry that, despite'
the fabulous profits made during the I
war period, cnmparKthcly few of tho I
country's corporation manucrrx w- I
Msod sufficient foresight to have laid
away miflioltnt funds fvom these, im
mensely swelled earnings for the inev
itable rainy day.
Bnlti
80
30
100
99
lea
KM
100.
300
000
1700
ZOO
too
JflO 1
10ft
00
0(0
1P0
1060
2800
000
100
000
800
300
700
nsoo
000
1400
100
300
1800
100
00
100
100
101
130(1
1800
10t
1700
2300
lion
100
7104
3300
loo
loo
2000
000
100
101
400
4 on
100
80)
200
1303
100
100
1400
200
2703
10200
000
1400
1S00
700
20)
4000
100
800
00
200
180)
.700
too
100
100
400
000
400
11700
510
8100
100
300
800
200
310
40!
010
coo
430
30'l
090
830
06)0
200
SO)
4000
203
soo
390
2100
200
200
S0
200
SOO
80)
400
100
3)0
400
no-)
3)0
HJO
100
230
1S0O
83
100
100
30J
too
too
rii
tnt
1 inch
Adams KxpreM 44
. . Advance Xhimely .... !)
AJax Rubber .,.,.... 82
.. Alaska Jun'rau t M. . 14
Allied Chem A Dyo... 4H
7 Allied Ch6m & Dye pf MM
i A!!!"-Chnlmer 16 H
VAIIIs-Clialmers pf .... 7H
8 Am Atfrlo Chcm.... 60
.. Am Beet Bugr 38M
0 Am Doach Magneto... 46J4
.. Am Can ,.... 3H
l Am car ft Fdy ..;,,,. 13! u
Aw Cotton OH, sak
.. Am Drug Sym U
Am Kxpresa .,,,,...131
.. Am, Hide & Leather,. I1M
. . Am Hldrft Leather pf 63 M
0 Am Ico pf 02
.. Am Intcrnat Corp.,t 46
.. Am Linseed ..i..... 32 y4
0 Am rcomottvo . . ."7? 87
4 Am Iladlator 70H
.. Am Safety naxor.... 4
.. Am Ship & Com...... 10li
4 Am Smelt ft net i
1 Am Sugar Ilefi ". 10
Am Sumatra ........ MJi
0 Am Tel ft Tel....'. ...10814
12 Am Tobacco 127 W
0 Am Tobacco pf new. . 00
12 Am Tobacco D 13616
1 Am, Woolen 7l
.. Am Zinc Lead ft Smlt OH
.. Anaconda Copncr ... 43
4 Asso 'Dry Qoods 33Jtf
0 Asso try Goods 1st pf 05
7 Also Dry Qo6ds 2d pf 6i
0'Atch Top & Santa I-V S1J4
.. Atlanta nir ft Atlantic ski
7 Atlantic Coast Line. 80)6
.. Atlantic Fruit 0i
10 Atl Oulf tWI)S 38i
.. Atlantic Pet 18
7 Auto Sales Cprp pf.. 13
7 Baldwin Locomotive.. MJj
.. Baltimore ft Ohlo,...,A
4 Baltimore & Ohio pf . . 40J4
.. Datopllns Mining .... 1
6 Bethlehem Steel B.... 09J4
.. Booth Fisheries S
.. Brltlyn Bapld Transit 13H
.. Bruns Tcrni 4
. . Butte Copper ft Zinc. . P
.. Butto ft Superior Cop. 1(U
.. Caddo Centrnl O ft 11. 15
. . California Petroleum 47
2 Cnl Zlno ft Lrad Byt
10 Canadian Paclflo ....1114
.. Case J I iYi
7 Case J I 1st pf. ..... 83!
. . Central Leathor 30U
S Ccrro de Pasco 20
lb Chandler Motors .... OS
4 Chesapeake ft Ohio... S7J4
.. Chicago ft nt West.. 'A
.. Chicago Mil ft St P.. 27 Ji
. . Chicago Mil & St P p: 42JJ
8 Chicago Northwestern f4?4
7 Chi ft Northwest pf,..10t
. . Chi It I ft Pac 33
7 Chi It I ft Pac 7 Pf ?
.. Chile Copper 1212
.. Chlno .Copisjr WYx
.. Coca-Cola 2016
O Colum Gaw & Elec... 00
.. Col Oraphophone .... )',4
7 Col Grnphophone p. . 3S
7 Consolidated Cigar pf G0J6
.. Consolidated DIs Ins. . 8
7 Consolidated Gas .... SS'j
., Consolidated Textiles. 10!b
,. Continental Candy ... iV
4 Corn Products Ilef. .. 70J4
!.CO Cosdcn ft Co AS
8 Crucible Steel ".2'i
7 Cruclblo Steel pf 8IU
5 Cuban Amcr t-'ugar. 2: 4
. . Cuban Cane Suu"ar. . . 18Ji
7 Cuban Cane Sugar pf. fl!-S
0 Delaware ft Hudson.. 100
. . Denver & r.lo Gr pf . . 1 Si
1 Domo Mines lofs
A KndlcoU-Johnsou .... (3i
.. Erio . 13H
.. Erie lat Pf S
b Famous Players L. . . . 72!4
.. Flslc nubbcr 16H
. . General Asphalt CSJi
s General Asphalt pf...l03
M General Electric 130!4
1 General Motors 12
7 Gen Motors deb 7.. 70
0 Goodrich B i) ,37
. . Granby Consol M ft M 2
7 Great Northern pf.... 07',4
4 Gt North Ore :tfs.... 2S'2
.. Gulf Mobile ft Nor... 8
.. Gulf State Steel 35
7 Hartman Corn nJ
., Houston Oil 7(t
1 Hupp Motor Car 13?i
7 Illinois Cent SO
GO Indlnhoma Ret fit
.. Inspiration Con Cop.. 30l
.. Interb Con Corp W
. . Inter Con Corp pf . . . . I3J
. . Intermit Asrlcul Of
5 lnt Agrlcul Corp pf.. 49H
.. lnt Mer Marino 15
.. International Nickel . 16
.. International Paper.. ".04
.. Invinclblo Oil Corp... V
. , Iowa Central t'A
.. Iron Products 3t
.. Island Oil !
Jewel Tea 8
Jewel Tea pf 5M
' 1314
lfK
33
l
lt
81M
3K
76M
4014
814
414
2814
1314
2014
131
H14
tm
03
38
tm
7014
0)4
10 '
41M
004
6SH
10.1
120
SO
120
74 H
M-
41M
33 H
OS
I
MM
314
ton
014
3814
18
12
84 y
SOW
60(4
1
2814
414
12J4
4
A
14
l5l
0M
a
1I3M
014
8314
38M
20
r.4M
0J4
814
27 K
41M
6414
101
3114
75
1'tli
20
2014
5914
J
35
co 14
8
f71&
10
M4
60'
34 W
:o
8114
S3U
iy
50
otl4
1
1"
133k
1314
20
73
1H
68
105
135 i
1214
79
30?;
34
cr.
214
0
T3J4
734
75 14
1314
00
5
30
4
1214
!i
40J6
IS
GO 14
1
14
31
4 -
21H
M
H
14
114
H
Todty's Nf
Clou Chs.
4314- 1
1GJ4-
4414-
MM
3IM-
7M
SO t
3814-
414-
2814 r 114
124J4-
3014- H
J4 ..
131 - 3
H14-
3i4- m
63 - ft
4514- 1
2 - 414,
86-7014-14-10
41M
127944
126
78 -
41 H'-
05 .(
01 14
tOM-
314-
tOM-014-
38M
18 13 '
84J4-
50J4
1
8Ji
44r
1214
4 -
ft
14 -
114-
46M-
6 -
114 -
6i-
8314 l'i
3SJ4 - H
29 - J4
G5 ..
5714- H4
814- 14
37J1 M
43H-
0114-
101 -
flnlen
3M
20
1100
100
900
31C0
400
100
100
200
Dlv,
In)
Hfth
Kansas City Southern 2614
4 Kansas City So pf,
4 Kelly-Springfield Tire,
. . Kelsey Wheel
.. Konnecott Copper
. . Keystone T A It
0 Lackawanna Steol ...
. . tfLalco Erie A West. . . t
, , Lako" Erie ft West pf 33
3 Lee nubbcr Tiro,,... 30M
114
'A
ta
49
1314
700 3.60 LohlKh' Valley 53
7030 t Loewe Co 10M
3)0 12 Lorlllard Tobacco ...15014
103 0 Mackay Cos 68
100 4 Mackay Co pf , 6014
lOO 7 Manhattan Kiev gtiar. 44 1
300 ., Markot St Itwy ft
100 . Mnrket St Ity P rr.. 4314
10500 is Mexican Petroleum ..140?4
3-ia 2" Miami Cooner 2314
3100 i.eo Middle States Corp..
sua
100
100
100
'
1M
Mldvalo Steel 11 Vt
Minn ft St Louis..... 1314
Mo Kansas A Texas.. 2M
Mo Kansas A Texas pf 414
600 .. MIminiirl Pnelflo 22
130 ,, Missouri PaclHo pf... 41
100 .. Montgomery Ward .. 31
200 .. National Con A Cablo IX
000, o Nat Enam A Stamp.. 6114
3oo . . Nev Con Copper 13
3no iN'O Tex A Mex. .-..., 05
3200 s New Tcrk Central.... 0914
,400 2. no New York Dock.
M
Yi
'Vk
14
'a
'
14
M
V
14
3li
75 -1214-2t'
314
CO
m-
35
co4-
8
81 '4-lKi-
114 .
CA14
34 ,
71 -84
U
23 U
-0t!i-I
-19-
ni
I.-.-4
21)
:2 -
13'-i-
oM-i-
105 -
13JW-
li J4
70 -i-36Ji-24
G0-
20!i
9 -4
-7314-7614
124
90 -
5
36J4
4
12'i-
!!-
40?i-;
15
15-
C3J-
1M4
C14-
31 -
4
89i-
394-
14
1
14
i
i
M
is
H
'A I
I
14
2!4
Ji
M
"v
14
!4
tH
1
14
14
2H
400 . . Now York N H ft II. .
100 i New York Ont A W. .
000 7 Norfolk A Western...
10100 7 Northern Paclflo ....
600 .40 Oklo. Prod A Ref. ...
300 3 Orpheiim Circuit ....
100 a Otis Elevator pf . . . . . .
loo ., Otis Steel
100 s Paclfla Gas A Elec. . . .
000 ,. Pacific OH
4000 6 Pan-Amer Petrol ....
100n 6 Pan-Amer B
100 . . Parish A Blnprham. . .
290 2 Pennsylvania B, It. . . .
400 .. Penn Seaboard Steel.
1000 .. Peoples Gas
400 . . pere Marquette
Ion .1 Pere Marq prior pf...
100 3 Philadelphia Co
10 .. Phillips Pet
1500 . . PIcrco-Arrow Motor .
100 s Plercc-Arrow pf
300 . . Pierce Oil
190 8 Pierce Oll.pf
200 .. PlttsburKh A W Vn..
200 ft puts Coal
l00 1 Pond Cjcek Coal
200 8 Prcsped Steel Car. . . .
200 4 Pub Serv Corp of N J 69
2100 s Pullman 101
300 r. Punta Alegro Sugar.. 3814
13)0 4 Pure Oil MJ4
100 3.11 Band MIn Am Shares. 21M
300 . Ray Con Copper 14J4
2003 4 Beadlnr 1H
400 .. nemlnirton Typewriter 35ft
2300 nepublla Iron A Steel. 67 ?4
100 4 Republic Motors 10
000 s.20 Itoyul Dutch N Y. . . . fl4
30
is m
1714
90M
7014
J4-
20
80
1314
53
3714
G5
59
12
35
10H
50J4
21
65
3214
fWl
38J4
6J4
0J4
7014
30
62
14U
K1
DROOPING PRICES
IN LOCAL MARKET j
Restricted Money Supply Is
Slill the Dominating Re
larding Influence
.Fees continued to "droop in tho local
imarket in today's short session. While
jar- denlings were ngnin small there
Jins,nn,,!n"R,.la,l' cnd distribution for
!.?.i ,f"im,,,,q-v- Ti"' mnrket. however,
ntinueil eonspintouMv nnrmw and
Ti. 'Jn? vcr' frnnt lm.vi'"? demund.
Jiic utility group were nmnng the
irmer spots, while the mils continued
.. ii "Rn, '""".vlvanla Railroad
rolln. '" '"""'"'d "t .'l.r. In the ,,ls.
rellancous M.nres lower prices were
genera My registered with tho maximum
&nJ Point sustnined by Kleetrie
forage Hotter- in n decline to llU.
on &,cr'orIlt3,",Pnitlon fell back
of feature' W"H (,""''(,,J' ,Uv,M
en!?.!tlui ,0,,lnuwl narrowness of the
current loca speculation there is to be
fu 1.. ro,nvln,'3 nrgun t of ti,,:
able nL f ',!,,ntl,, "I'on any formld
?h fhangc In market conditions until
tailor Vf ""HW r(,n''l"'H a ,"1",,'
easier stngc. (,ffte number of mli-
fmin gfir?ImrtN a,ni1 Htntfinciits Iive
mind their way In print, Klvinir the
n?lMn8iV f, " "''"; Hmrortn t
r.l It n.i hnv.,.nB hvv, ri'n,'hv, '' tho
fo..n 1,l,Qtl,,n- Thow who have
'Wnt!, I"' l"-n'ptly furnish
?ar n .r,n,rnllf,t'",.v stntement. Inso
aceonimtin'.iH,ock mnrUci nr hrohers'
L .?. .t '?tl(J?H nro ,?rornl. monov
irirs'sr.
tp., n ii . l l"u "inrnei in M.,
ISSi-.C?u? nl !!' 1 "R ls " additional July
M..W.I i ' e uivuienti I'hnnsft. which V."1
fotal bu'W .(18.100 Hhi'.rts. compand with CS'-Mlnu shnrci jtmerilay.
800
100
100
200
403
400
403
10500
too
2500
2000
400
100
300
100
9000
300
200
200
4400
3350
1809
100
309
3700
500
6300
JCOft
100
100
2)0
1300
12 0
1110
1030
103
2990 ,
300
910
4700
300
10)
1200
too
AOj
no
200
100
30 10
300
300
3100
300
100
Thus
St Louis San Fran... I3J4
, . St Louis Southwest.. 28
.. St Louis Southwest pf 3814
, . oantiv Cecelia Sugar.. 3
, . Saxon Motor 5
. . Sears-noebuclt 70
. . Seneca Cop Corp 17 14
. . Sinclair Oil 264
n SloSB-Sheff 40
4 Southern Paclflo 75J4
. . Southern nail 21
5 Southern nail pf 61(4.
5 Stondard Oil of N J.. 130
7 Stand Oil of N J pf. .108 14
2 Stewart Warner Speed 37 ?.t
7 Studebaker 7714
1 Submarine Boat 814
. . Superior Oil Corp.... 714
. . Tenn Cop & Chem.... 9J4
8 Texas Co 3814
. . Texas & Pacific 24 Ka
1 Texas A Pao C & O.. 27 W
. . Third Avenue 17
0 Tobacco 'Products .... SM
.. Trans Con Oil 1014
5 Transuo Wm Steel. ... 3014
.. Union Oil 25
SO Union Pacific 110J4
4 Union Pacific pf 05
. . Unit nwy Invest pf . . 24
U.S nealty ft Imp
6 United Retail Stores.
. U S Food Products..
8 U S Ind Alcohol
8 U. S Rubber
.' US Smelt ft Ref
ft U S Steel
7 U S Steel pf
4 Utah Copper
. Vanadium Corp
. Va-Corollna Chem . .
8 Vn-Car Chem pf . . . .
. Vlvnudou Ino
. Wabash
. Wabash pf B
. Wabash pf a
. Western Maryland . .
7 Western Union Tel..
7 Westlnghouse A Brake 03
4 WrsMnchouae ii & 41. 47
,. Wheeling ft L E..
,. Whtto Oil Corp...
, . Willys-Overland . .
, . Wlllys-Ovrland pf
6 Worthlncton Pump . .
fur this wed;. 3,3.",2. tno,
OSVi
, do 14
, 21
. o14
. 7lJi
. 34
. b2
.101
. U
. 33J2
. 31
. P4J4
. Ti
. "54
. 1
. 214
. 1014
88
014
1414
37
'
IOW
2614
tin
4314
65
31M
14
48J4
1314
33
3C14
6314
1014
15014
68
6814
44
A
4314
14614
2314
13 'A
37 M
1314
2M
414
31
-.4014
21
IK
5014
13
C5V
OS
3SH
IBM
1714
on 14
C914
314
26?4
80
1314
53 M
3714
64
57
13
34J4
10
40M
31 M
55
3314
2014
28 M
envi
on
70 y,
20
oi U
14
K1J4
09
9M
38
3314
21M
14 W
.0i
35
6C4
10
C3
23 M
28
39J4
3
5
70
10J4
20
40
75 'A
20H
61
150
10' 14
27
70
K
714
OH
3S
2314
20J4
17
56J4
10
30
244
118
Of
34
Ian
59
21
6814
7114
34
2j
109
6514
314
30 H
414
7H
LULL III BUSINESS
8
14 ?i
2114
I04
KH
93
9!4
13J4
-M
60J4
TMny's Nt
Clone Chs.
ay- y V
ali 14
4314- 14
85 .
3 1M ..
1414 W
46 ,
1314- y
23-1
2014- M
834- 14
1614- 14
16614 1M
8 314
6614 W ,
44' - n
- H
4314- K
145J4 - V
3314- 14
1314- W
37- '4
1314- 14
8M- 14
414- 94
31-14
4oi4- n
31 r.
iX -.
80J4- 14
13-14
66 - 3
814- 1M
381
18M- 14
1714- 14
bo yi- m
64- M
314- 14
25 - '4
80-6
1314- M
53 14
37W .
f414- Vi
88
13 - 114
34J4 14
10 H 14
50 - M
2114
65-1
3314- 14
2014 14
2814- M
6014- 1
0J4- 14
7014- 14
30 -
,01- 14
14 ..
M314- Vt
co 14
90- 114
.18 - 14
33J4-
SIM - 14
1'14- 14
7 y- n
35
6714- 14
10 - 114
6314 14
23H
28 - 14
3814- ?4
3
5-14
70 14
1714 54
20 J4- M
40
75-
20(4-
61
160
10814 ..
27- li
77
s - J4
5 14 ..
8i- 14
3H -
2314- 1',
20J4 - 54
17 - ..
BQA- M
io - a
30 - 14
24 '
118 - 2
65 14
24 -f 54
55T4 54
694 - H
21 - 1
881-4- 54
H4- 14
34
62J4- J4
108
05 8- 54
3114- 2'4
31
8414- 54
M- 14
8 - 14
14-
2114- ii
10 54- 14
H .
03 - I
40J4- "4
01i- 54
13 n
M 54
37
60J4- 14
ONT
f NUES IN WEST
Retailors Refuse io Make Large
Commitments Crop Con
ditions Favorable
NEW YORK BOND SALES
fiimmsry ef Individual TraiiieiIon cm New York Exchanf
Chlcnffo, May 21. lluslncss Inter
ests .Jn tho West wcro favornbly Im
pressed with the decision to reduce the
wbrcs of rail employes, bcllevinK this
to be n step townrd normal conditions.
It Is the general opinion that wages In
the building trades nlso will have to be
readjusted nnd that as soon ns tu
deadlock In that industry is broken
there will be much greater nctivlty.
Trade conditions ccnerallv are show
InR little change. The 'steel Industry 1
not nicklne tin. ns cxncctcd. and tno
lull In building operations is partially
responsible for this, while there is not
much dlnna!t(nn tn m tntn new under
takings at the present time. Fear of
foreign competition In the steel trndo Is
an Influence In thin quarter. Hallroaa
tramc returns reiject n slightly in
creased movement of general merchan
dise, but mail order concerns havo
found little improvement in the general
demand.
According to tho reports of wholesalo
houses, buycm nre present in largo
numbers, but the main part of the buy
ing Is in small lots for hand-to-mouth
distribution, few retailers caring to
make large commitments at the preB-
cnt time. In some cases there is n
broader trade, nnd the demand for cot
ton goods is said to he better. Leather
goods have come into n fair demand,
nnd for woolens there is also a slghtly
Crop conditions, on tho whole, arc
favorable, although the usual bad re
ports incident to the growing season
have been distributed. From nn agri
cultural production standpoint, the
season bids fair to be favorable. In
wheat tho country has liquidated pretty
freely, nnd the prices obtained have
been comparatively high In view of tho
shrinkage in the price of everything
else. The corn acreage promises to bo
about the same as a year ngo. Livestock
prices have held about xtcady the last
week.
Money is In fair supply in the West,
but, while accommodations generally
are caster, to obtain, rates show little
change. Chicago banks quote rates
on collateral 7 per cent; commercial
paper, 7 to 79i per cent, and over the
counter, 7 per cent. Collections are (.aid
to be quite good in most lines.
BANK CLEARINGS DECLINE
Local Exchanges 25.0 Per Cent Be
low This Week Last Year
Further declines In the bank clear
ings throughout the country nre shown
in the figures for the week, the aggre
gate of nil the clearing houses in the
United States being $7.04(1,101,041.
ogntnst ?S.'Kil,riH0.8II2 this week last
year, or n drop of 20.4 per cent. llusl
ncss by the locnl banks was 25 per cent
below tho corresponding week last year,
the total being !$.'l.-fl,380.77.'l, compared
with $440.(110,040 during the same pe
riod in 1020. s
Comparisons follow :
tl)21 1B20 1'. e.
New Tork.J3.3:!S.OHR,n:!0 f3,0.in.U8.8M) IR.lf
Am Dk li 1 B
0 00tt
AmStlK 6'
1,... T0H
l.f... 7K
A.,... 7014
Atnn TtTJi
1 83
1 82
8..... 82U
Atnn T 4 T Oi,
1,.,.. 08
6w... MM
1,.... 08
Armour 4'A
1 70W
A T B Fo Ct
l.... 08U
1 08W
X T & 8 l'o
2 70"i
B 70W
A Coast I. elt
l,..,. noTf
1.. .. 08
A Coast U 4a
7 71H
1..... 70V4
Atl'o Fruit "
4 ou
Atl nf ct UH
2 0OK
8 0H
8 no
1 918i
1 09
Halt L Ohio cv
3 07K
a 07"i
1 07S
1..... 09
1 071.4
1 07M
Bait & Ohio fti
2 714
1 71
1 70'i
2 70W
23 70W
Unit & Ohio 0
1 dale) 80 H
1 80tt
i so;
1 80H
Dtil T 7 rct
(flALF.S IN 11000
O N Tk 4i '57
1 80
city rria oi
n, . . .
1
3.....
4
:i: .. .
l
l
l...
l...
n...
14, ,
1,..
3...
t...
2.1...
24.,
gov;
00
00 H
now
no V
oo u
99 tt
nou
nnvfc
onu
nnu
oo h
ooh
nn'.i
onu
oo u
City Zurich s
1 07H
era ctn Chi it
StIi4W
1 7BV4
Cl'il Cln Chi 4
St Loul fl
2 88i
Colo & Ho'n 4s
2 80S
Colo & 8 iV,t
1 74
ConsM Oss 7s
1.... 101
Cubab C 8 ct
1 81
Dl ft Hud 7s
1.... 102H
Denmark Con
ct A 8s
11.,..
5....
l,w.
!,...
l..t.
11....
3....
P914
ooh
OOH
ooh
non
00V4
0014
K He I Cm TV,
1.
2...
4...
7...
A...
1...
1...
1....
4...
1...
1...
8.
nan
08
nsn
08
00
on
no
08
08
08
0BS
00
K Bels-Tn rets
2.,
n..
1..
1.,
B..
a.,
3..
2..
08U
08 Si.
08 Vi
OBH
08
08i;
ns ,i
08
2.,..
&.. .
1 ...
2.. .
1....
1....
Ileth 8
1..
8..
1..
f...
1..
2..
2.
Tenna It It 7
8(sale) 101
1..., 101
Ftople Oas V
C Co B
1 74V4
Per Marqt 4
1 OBW
Port'd Ttwy ti
I.lsht 6s
1 72
Reading- Ity 4 s
1 70S
IUp Chile rets
1
2.....
1
I t t
a
4
l
n
l
2
20,..,.
1..
0BH
U0
00
na
05
03
0B
ns
03
0B
113
B
102
102H
101
ion
102',
102
Ss '30
. 77V4
IJ C01 Co 7 Us
1 0SH
Iiush Illd'K 3s
B T4
1,... 71
lluxli Tcr'l Bs
1. ... 72
2 "2
Cnnadlun N 7s
3.... 101
i . . iom
1 ... 101
1. .101
Ctl Leather 3s
1. . 8
Ctl Pacific 1st
B 72
1 . 72
... 72"
Cen'l I'ac MHs
2.. . 78
3.. 784
Cerre do Pasco
Copper 8s
II.. . 100
1.... 100
1 ... 100
C t Ohio 4V"
3 .... .74
C & O iv 4
1.. . 73
10.. 7B,
1. 73';
IB 75
1... . 73
CM: t O cv Bs
07
07
ns
08
ns
08
us';
ns
07
Denmark Con
ct II 8s
i ns
I.. .. ns',4
i . . . ns
2 nsn
Den & It O fd
0... , 4B
Den & It O 4s
1 03
Del Hdi Co OS
88
D Match 7Vji
1 . . . . 102
1.... 103
Do Canada '21
B 00
Do Canada '26
12 02
m.. .. n2Vi
Do Canada '29
l na
3 02Ni
Do Canada '31
2 88
:i 88
12 .... 88
D ! Nemours
Pwd 7V4 wl
("hlcaiso
j'mia. . . .
Uovlon . ,
Kan. City
fit. J .nulii
N. I"Tnn'co.
PlttHbursh
Detroit . . .
Ilaltlmore.
N. Orleans
4111.007.323
n30.3S0.773
M3.MI7.0OS
110.210.72(1
101.7S4.4S3
II 2.300.000
113,300,303
U7.207.177
04,234.871
40.410.757
nAt.1K3.ni2 21.4
440.010.040 i'O.B
340.872.348 2.1.0
105,423,304 3P.0
150.304.332 3t.O
133.440.S00 13.7
135,784.147 111.3
llfi.374.n00 18.0
sn.Rin.3fin 2.1.4
03,007.017 37.0
Philadelphia Stocks
j;in i.t
20 Am Sti. ."iSVj "SVj
40trol(4ranh 7 7',t
1(75 Kle.'Stor.ll2U'. 112
"V(
Net I
cn. I
,"s
n.
0
05i
r2
:i4T,
sin
U2V5
20-V,
2.-.r,
IS
1
1 It
:i2
no
21)
C'lOK"
.-Sll,
1 Is
112 -1
2!)'i U
0 vi
u.i,i ?
n2H
.'14 Vh
Vl
',
- .. -. . . iim
HI I L.O .- . -V4
2d Key Tele. nl
440 Lake Sup 0
10 I,eh Xhv. 05 Vt
115 Leh Val.. r2't
.soo ra n n.. ws
5 l'hlla Ins
Wire... 5 PA
40 1'hi'n Kle;. 22
250 do prof.. 2ll1't
150 do ret f-p 25
20 l'hlla It T 18
.'lOOToim Hel. l!!s
lOOTono Mlu IVt
25 I'm True. 2
285 it, i, any,
50 West der
& K.... 20
tNrt chnna" mail lv eomparhon wilh lafct
salt "U New York Htwk Ii'hnnuc.
Total i-.vles. 2034 Hiiur-w. lompnred with
33117 shares c-lenln. Thui Mr this werl..
21,200,
1MUI.A!KM'III. I10M1S
1000 Liberty 4th 4V,-
14000 Liberty 4th 4V,s
1000 Liberty 4th 4V,
,'1000 Hell Telephone h....... .
1000 Lehigh iVnlley general 4',ts.
20110 I'ennsylvnniii 0'ts
1000 rcnnsylvnnlii OVts
lOOOrhlln Rice 1st 5s lots
:i00 I'hiln Klec 1st 5m ...
5000 Tnltcd Hallway 5s....lotn
5P',
22'..
2(1
25
1R ..
!
IV'....
:i2 . .
atl -
i0
NEW YORK BANK STATEMENT
Deficit of $424,930 In Legal Re
serve Shown This Week
For the second lime within the cur
rent month the reserves Xew York
Clearing House institutions nre under
lcgul rcuuliements. The stntement of
actual conditions in tho weekly state
ment today showed a decrease In excehs
of S4,715,8.10, which made a deficit ot
$424,0.'!( of legal requirements. Tills
apparently resulted because of the
week's unsiially heavy financial opera
tions, reflected in 1510,888.000 decrease
in icservo credit at tho Federal Heserve
Hank, and nlco in the remarkable con
tract Ion of SG.I.fiOU.OnO in demand do
posits, while .time deposits increased
?0:i,.'l70.000. The contraction of
!J1,(I50,000 In loans and discounts re
flected the reactionary movement on
the Slock Exchange.
Details follow:
AVEUACJK
' Kkci'Sh rencrve,
This week
11,S(1L',070
1110,373,000
1,0311,470,000
S7.5S
87.40'
S7.a2
102
70
.-
no
R'lVi
84
70
Total. 3'...30ll 01111.11 r.-.l th l'
terd.iy. 'thus far this eek, ISSli.UUO.
COTTON MARKET
I'relous
('lc)hl'
12.41
12. 7 K
13. IS
Open
12.10
12.75
13.4.1
;..' 1 ""P,',tcd drmnnds ot sKr.. i4.so 11.30
m, """ ot counternl envcloiios.
tar , hfm U fl,,r'-V -nn1 ''"I
H'.ol 12.U0.
lllvih
12.43
I2.S1
13.52
lV.oi
14.311
Low
r.'.no
13.31
13. si
14.17
ClOnO
12,33
12,1111007
13.37
ih'.hi
14 IS
Will at
. m-rii u iiiir.r jjiioii lieiliailll
nertmhn , T" "i' t,w !h-r1- ln"pT
wn ... ",,H ml" Kn(1 di'iuand likewise
isse "m'"',1 f("; n "u,",,,,r "f P "'
issuM T ,e imm) mnrkpti hnwevw. Is
SnnJ'i H,inwl"B 'B8 "f again np
?eneh "? n, ,Hn1,,1,nn' Iliit similarly
over I " ,,rt,llr,,.nr' "H ,t of th
on, r'i"'. lou ,,f ,,ni' WIHes at the
Xr " fl,f rn,, Tl,p wnIJiwtmrn!
a onnln x,rJ!l,C(1 ('r(,,UtK ,,nK "W'Wltnteil
a.cnnKidecnhlp Bllinunt of m.w f1nn,...l...
of ;?,.s?mo t,llu' t,,c r"P,(1 multiplication Ju 'a.
for fn i'88J,(,N rPvpn,M hu"?r-v donmild July ...
enrnLl'.i fr0lli ITiict I.-nlly aft classes if Hvi.t. . . .
$5Won"' 'R tr,,.,h' tUc l'ntlablc Ju l",".
PD'e film h. Tho l,vni..u n, 111.. 1.. ...
1m.pp"0'! .nBBln t0 F,,nri1 against tho
jeaft suspicion of tiiidlKChtpd HecurllieH.
lomssuo
ORUN MARKET
May . . .
July . . .
Corn
July ...
Hoi
Oats
July ,.
Hriit. . .
t'orl
May
Open
l.nn
1.24
onvi
in
ss
411
0.11.1
U.07
10,23
Hlnl-
l.nn
l.ShVi
J)2.
O.'l '
12
43i
0.S3
10.13
1.511
-1.23V4
llO'.i
02 S
SBVii
40
0.05
U.U7
Clnso
1.031.
1.2M
nis
111;.
ll
43ti
ABRrtrfato rns..
Iyjans, etc
Cash In nhuIIS
11 11 l un in Lit
tanks 78, 270, 000
Hrivno In mom-
nr naiiKs nun
reserve hanks. .
Iti-sorvo In state
IiiiiiI.h & trust
rumpanlos .... 0,401,000
llrscrve In statv
hanks & truxt
lomii.tny clfpos
liorlos 8.040.001)
Net demand do-
litiKItu -j,oi..ii;i..iiuo
Time deposits.. 3ia.Oil7.O0U
Ulrruliiliun ....
-I'. . d 'posits
deducted
Last week
I1.7SS, Mil
100, 0.13. 000
1,0110,01111,11011
Bl.O 12,000
178,532,000 481,500,1100
0,40.1,01)0
31, 1135, lien
85,7112,000
ACTUAL
This wofk
124.1130
I82.S20.IHIU
4,1123,735.000
8. 502,000
3,003,318,11110
247, 5U7. iMirt
HI,il2n,()U()
07,724,000
Hvcfsn reere.
Accre, roserve,.
Loans, tc. . . .
Cash In vuulti
and mem. uks,
I'.rsere In mem.
her hanks and
icsene- hanks.
Iteserve In statu
hinks ft trust
I'HinpanU's ....
Ilferve In stalu
hanks & truit
nmpany Uo-
tinMlfnrleM
Nel demand dep.3.irjl,047,iioo
Time rtrposUii.. aa7.S2.i.ooii
Circulation .... 32,133.000
IT. H. deposits
deducted .... 84,310,0(111
tfixcess.
I.Aht week
1 1,21)0,00(1
411.1,814,0011
i,tl..,llb.l,IMIII
77,111.000 78.782,000
40ij482,000 17.1.370.000
0,270,001)
0, 0115,000
ti, 7D2,0OO
8.8.12, OOI)
3,0111,2111,000
244,4411,(1011
31,7(111,001)
54. 020, 000
17.:
17.
0.72
10,03
10 02
10.30
nn. iw,,,w,,,t '" n postponement of v
plnJH" contc,MP,n'e,l ew fluanefng
BAR SILVER
bar silver was uiifhsnseii
was iinehsnfreil in
,w York ImUf at OUlici forels-n, 5Sc. an
.liane uf U 0. In London tM prico was
id hither at SSUd,
BUTTER, EQQ8 AND CHEESE1
Xrw York. May 21. IIUTTllll steadv. Ho
celnts. 14,1181 tuhs. Creamnry, li'.etier than
extras. 2hViC20e: creamery oxtras, 02
seore, .oc. nrsi", on iu w ,pu,vv ". -ivsc.
':
athered. extra firsts. 24(p5e; nrsts. 21 &
Philadelphia Markets
1VIIKAT Itcti.Iptfi, 40.H70 bush. Mjrkft
llrm and f urthi r advanced lc. Car lots In
export eleator No. 2 red winter. S1.72W
1.77; No 2 red winter Rarllcky, It.anft
t.05. Other erndes quoted at tho foltow-
Int schedule ot discounts: Mixed wheat Oc
under rd wlntei; No. II wheat 3b under No.
No. t wheat 7o undor No. 2: No. 5
whea lie under No. 2. Sample acoordliiR
to tiualin. x
COItN IMcelpts. 01. 277 bush. Market lc
hlshcr. Car Ja. In export cloviitor No
2. 74'i 7SC.VNO. 3. 71V4 072c; No. J,
70&70Vic. J
OATS Itocofpts, 10,200 bush. Quiet but
firm. Cir lots as to loiutlun No. 2 whltr.
BOSiSO'.ic; No. 3 white, 4O04Oio, No. 4
white, l.lii 4fle.
FLOUH ItecelptH. 803,701 lbs. In sacks.
Market ilrni and hluher In sympathy with
whtat, but trudc. oulet, Tho quotations, per
10(1 lhf., packed in 140-lb. Jute sacks Suit
v Inter, straight western, J77.'J3! do. do,
nearby, eil.757.23: hard winter, straight,
fstrs.no; do. snurt patent, 18.30!); sprln
llrst clear. 17(&7.3(); do, patent. I8.30; dn,
ehort patent, n,30lo.no; fancy sprlnK and
Lily mills patent, family brands, flO.'.yJMl.
lt Hour. J8W8.60.
I'llOVISIONM Steady but nuiet llesf. In
Bfis. smoked and nlr dried, Ble: beef
boiled, lionolesi, 41c; picnic shoulders. S. 1'
cured, loos loo; do, smoked. 10c; lollies. In
I'irKie. loose, jnc; ureniiiast bacon, 22c; lard,
HWe.
lll'TTUn Firm with sollrl.packcd creanv
cry He higher, Solid-packed creamery, hlsli
M'orlnjr good, ao'ifaVe; extra. 20c; extra
llrsts. 20cl tl.-sts. 224 24c, sexonds, 1821c
sweet creamery choice to fancy. 31fi33c
loir to Rood, 2iiiic;iiic; tancy prints Jobblnc ut
OlMU'lic; lair 10 ruoicn .ll'U.inc
KHOS Hteadv nt I'tto adnnce. Quntntlnrm
Nearby firsts, 23'g0I current iccelpts, 25e;
western, extra llrsts. 24 23c; firsts. 23'
Sf2lc; Inferior lots lower: fancy selected cbks
Jobbhuj at OBfiSOe; fair to wood ut 2liitf34r
I'Hl-JKMi: Steady but quiet. The followlm;
woro the quotations: New York, wholc-mllk
fiats fancy, fresh jift u 17Hn do. common
u'J?iT- '""P' 15wt0ci Lonithorns. frtsh.
lilW17i" slnulo Daisies, fresh. 'tHiV17'aci
ji I blnK sales of fancv iroods, 2O02lti.
1.IV1J I'OULTHY Quotations: Fowls,
fancy, fat, 31413.1c; Inferior. 32Q33c; sprlnir
chickens, broil) r, not Leghorns uood uuul
lly. "velBhlnu Hi 2 lbs. app. .I.IWOOe;
sprlnit chickens, broilers not lKhorns, good
iuiu(t, wcikiiiik i ! inn. apiece, 48fii
1
duek
MONEY-LENDING RATES
l'lllIDKLlMlIA Call. 0 ner e-nl- tlnm
0 per cent: commercial paper, three to six
months. 0 per cent.
Note Those an' merely nominal quota
tions, the legal rate of Interest Irr tho State
of Pennsylvania helnir fixed at (1 por cent.
Plus premium and commission. tlm money,
for thirty and ninety days, is ioarwd at 7 to
7la pe." cent, while conrmerclnl paper, from
thirty to ninety days, Is loaned nt 7 to 7H
per cent.
LONDON Money Is quoted a" 0 per cent.
Discount rates, ihort bills. 0U per cent.
Three months' bills, B'j per cent.
FOREIGN EXCHANGE
New Yorli, May 121. Sterling was
maintained at around yesterday's clos
ing level, demand selling this morning
nt .I.OOVi. unchanged. French ex
change ivas 1 point higher and Italian
was nlso up 0 like amount. Hwiss held
strong. Marks were strong with an
Improvement of f points.
The premium ou New York funds in
Montreal today was H-'Jj per cent. The
tate of discount in New York on t'onu-
dlsn funds was lO'J. per cent.
The I entrnl European exchanges
were: Greek. ,".f0: Uuniunlnn. l.SO:
lliilgnrinn, 1.32; Austrian. .37; Poland,
.1.. ! izeeno-Miavaicia, i.u.
TESTERDAY'S FINAL QUOTATIONS
Sterllnc Francs Lire Oulliler.
Demand 3,01)4 S.73 3.50 35.83
Cables . .. 4.00VI 8.7.1 O.fSS 33.05
TODAY'S OPENINO QUOTATIONS
Sterling Francs Lire Guilder.
Demand . ...fl.DO'.i 8.70 n.50H SS.0O
Cables '4,00 R.77 3.37 33.03
CLOSINO QUOTATIONS
Sterllns Francs Lire Guilders
Demand . . . 3.U'4 S.77 n.BO 3.1.83
.uu
8.
7..
1..
1..
10..
1..
20..
3..
13..
20..
30..
11..
30..
1..
,100
100
100
100
100
100
100
100
100
100
100
100
100
100
13..
1..
1 .
t .
1..
5..
3 .
81
st ;
st
81
81U
sin
81
81 i
C fc O Itlch
A dlv 1st
1 '
Chi D & Q sm
3 "fl'i
Chi n & Q neb
B. ... R9"l
2 . . . 88 Vi
2 . . 88'.
1 . . hD',1
2... 80U
Chi B fc Q 4s
Duq Limit 0s
80
8!)
8!)
88 ;
88 ;
RSIJ
88
fifiV
00.34
on. at
1)0.34
110.54
09.54
3..
S. .
3..
Erie Oenl Lien
1 4 2Tt
1 421
C 42lj
1 42li
Erie It It cv A
3 40
1 39V4
Erie It R cv D
1 30'i
Erie It It cv D
1 42
Fre Ell; Mon
Pal 1st
0 100IJ
Gcne'l Elec Bs
1 . .. 85S
Oene'l Elec 0s
1 ... 100
2 .. 100
1 100U
S ... 1004
8.... 100H
Klncdom Den
mark ct ss
2 MMi
1 004
1 00
Klrurdom Nor
way ct 8s
1..., 10O
1.... 100t
I,..- 100VI
1 1004
IC of Italy 04
2 834
Kin Swd'n 0s
3 84
1 81
Lack Steel '30
1 74
Laclede O'a Co
ot St I. ns
1
1 75
L 8h SI H .14"
1 07
Lako Shore SI
S'n 4s '28
4 83U
LehlKh V 4 4s
85
L Isl 11 It fd
1 03H
Lou & Nash 4s
2 81
4 81
1 HI
1 81
Lou & Nash 7s
1.... 102
SIan 17 4s sta
11 B34
Mex Pet 8J wl
12 084
1... . 084
20.. . 084
Slid 3 & Or 5s
1... . 77U
1.. .. 70
Silt Gas Co 4s
2 814
Sltn & St L 4s
1 ... 42S
3... . 424
MIn & St L fd
1 414
St & St L fd Bs
1. . . 41 '4
Mo K & T 2nd
40
Mo IC t T 4s
3 004
Ito Pacific. 4s
1 B4U
1 Bt4
4.. .. 84
1 33
2 .... 33
8 san
Jtonfa I'wr 3s
83
B. . 831,
1 834
N It ot SI 14b
1 24
Ntl Tube Co 5s
X., .. 89
nep Cuba 4W
2 704
1 714
1 71
rtep-c its r,s
2 83
Hock H'd A &
Loul'a 44s
1 00
8 004
St I. I'n Sit A
S'n Itly 4s
1,,
1..
3..
a..
l..
03 4
034
004
05
05
United States
Ilratll 8 wi
40 H
404
40
40
40 4
49
1
1
1...,.
St L S
1
1
1
4... .
8
4
4
1.
7i);
00
004
V n
004
no 4
co 4
OflVi
no 4
004
00
004
Beab'd A L J
1 31'.
Beab'd A ! ''
t..,i. 40
2 404
Sekb'tl A I 0t
1...A 404
l.....
0,....
1....,
B
1
1.....
Sinclair C Oui
Corin 74
1 03
1 034
1 034
1 034
0..... 034
1 .... 084
0 03i
B'n llelt Tel 3s
1 814
S'n Pao cv 4s
78
2 78
D'n Itallws 4s
3 50,
1.. .. 80
B'n Itnllws Bs
1 S3
1 S3
1 83
fltand'd Oil of
Calf rets
1...-.
nt ,
2,...i
1
2,....
2,....
0
9...,.
1
a
1
8..,..
0
1... .
2
B
0,
07
07 ft
07
07
07 .
T
07 ft
07
07 ft
07
07
07
07 .
07
tun
07
07 S
07
U H ileilco 4s
1 30
U S Slexlco 3s
1..
1..
3..
1..
74i St L & S V In
2 ns
23 82
2 Bl
!' 81
1 5t
8 814
3 81 :
r... . Bt
fl B2
20 81
1 81
8....
1
1....
1....
1
....
1...,
1..
1024
102
102
1024
1024
1024
1024
10111
404
40
40H
40
404
40
40 4
Untd Rds Ban
P eqct 4s4
8 84
1 83
U S It & 1 Bs
lt.... '
1 804
U S Itubb'r Bs
1 784
1 78
0 7S4
1... . 784
U S Hub 74s
1.... 100U
2.... 100
V S Steel Bs
Clibie
8.70
fl.BS
33.03
Reserve Banks' Discount Rates
Official rediscount rates at the twelve Fed.
eral Iteserve nanks aro ns follows:
Trena. Lib. Com'l Ilkrs.
ctfs. Donds, Taper. Accent.
Ilniton .
New York .
Philadelphia
Cleveland
Richmond .,
Atlanta .
ChlCBBO . .
St. Lotus .
Minneapolis
Kansas City
Dallas ...... .
S.in Tranelsco...
DIcount ram
0
n
n
n
11
a
ii
n
B'.i
n
n
n
a
n
54
n
n
n
n
34
n
0
n
0
n
S4
B
a
n
8
04
n
8
with
a
n
54
a
n
n
a
5
34
a
a
Interest
,2c! siirlnit chlrltens. Lenhorns. woliihliie i
14 lbs. apleco. 40tf45e: roottors. 20c.
lurks, YVhito ivkin. 2i)O30c: do. mixed
;nlors. 23ifC2he: PK.ons. por pair, old, .1liu
"h-kllled.
13 lbs.
33 !. Tic;
voune. .13 44 10c
DIIKMSKD 1'OUI.TltY
Fowls. freh.1llln.1
,,.i...:i- ' ";.' '. ..
. eiKllinK !
IV, IPS
rlrv. nicked. In boxes-
nnlece. 3S4e: welehlne
welhlnir 3 lbs,, 3M34i" fowji, fresh.led
In bhls.. dry-plck-lWjIshinL- 4ft.1 l's.
uintici'. ,mj,fuy-u , -iv. .vnwmnv -firn u,s
(lf8ilp. wolchlnix 3 llis. and undor. 3133c:
aiiltce, ice-pacKcii ;i,c; weiRiunir 34 lbs., 31
ohl roosters, dry-picked, western. 22c: do. do
southern 21e
NEW YORK COFFEE MARKET
Slay
score, .out in".. " - . V.'
i.nniiinu Ktnrk. current make. No.
IX111H llrm. llecelpts. 20.73.1 cases. Fresh
234cl state, Peimsylvanla and nearby west. June
ern hennery wnues. nrsis w ojuhi. agianc; ..,
tate, Pennsylvania and nearby western hen. aub. .
nory browns, extras, 31 0 32o: do, gathered pept..
browns and mixed colors, firsts to extrax. el..,
23fl2se: storaue packed," extra firsts. 204 O Nov.,
27c do. firsts. 2320c. . . . Dee,.
CHEESE unsettled, llocslpls, nsoo boxes. Jan
Stale, whole milk, fiats, fresh, specials, 1B Feb
104c: do. averave run. 13 f lBiMUate, Slarch 7.01
whole milk, twins, specials, 1.1010c; do, April.. ,.
average run, 13 WlBe. Uld.
Open
3.00
3,110
3.70001
o.'jnGso
oriitfso
llluh I.ow
5.01
o'.si
8.00
n'.iii
. Ve.
Hose Closo
n.IlWTB n.71
n,nisx,t
B.ll'.'tflia
II. 1301 13
0.31 33
0.411047
n.ninn2
1.777S
0.8741 SK
n.n7ros
7,n7ifn
7.17070
3.80
3,80
0,(10
0,28
0.38
o.r.o
U.75
0,83
0.0.1
2.0.1
7,15
corresponds
.at a Wime bv certificates' nledced as cnllni
eral with minimum of 5 per cent In the. case,
of Kansas City and 34 per cent In the case
of Philadelphia.
BANK CLEARINGS
r.anlc clearlnss today compared with cor
responding dav Init two vears-
l2t 1020 1010
Phlln. ."13 771.083 182.422 312 $(18,801,22.1
Palto 10.700.208 10,700,338 .'.
NY. 572.07(1.(140
"lii.-ton . 43.3.11.023 11,1.033.711 ".
H.lcnro 78.152.874
German Bank Statement
llrrlln. May 21 The statement of tho
Imperial Danlc of flermany Issued yesterday1
shows the follow InR chnnncs as of Slay 14;
Increnses: Gold 1000 marks; notes of other
hanks, 348,000 marks; bills discounted,
1,034,072,000 marks! advances, 1.357.000
marks: Investments, B,B20,0nn mnrlts; rtepos.
Its. 88,527,00(1 marks. Decreases: I'oln.
2(13.000 marks; treasury notes. 2.442,021..
000 marks; other securities, 2,811,348,000
marks; notes In circulation, 28ft,so2,ono
marks; other liabilities. 2.017.234.000
marks. The tol.al sold holdings were 1.091..
S78.000 marks.
United States Treasury Certificates
Asked Yield
inn,v 4v
100 1.32 4. as
1004 4.3S
100 7.2 4,1)3
100 3-32 3.14
100 l).32 B.OS
lOO 3.32 R.20
100, ,20
100,1 B.1R
Iooa .-,,40
Mi
lnt Slnturlni:
rtalo Date nid
t54 June 13. 1021 . 100
trt June 13. 1021... 100
54 July 13. 11121 ..100
nj nir. Ill, 12t . 1004
54 Sept. AR. 1021 ..lOO
t0 Sept. 15, 1021 ..inoA
34 Oct. 15, 1021 ..100
B Oct 15. 1021 10,V
t0 Dee. 15. 11121.. ino,v
34 Feb, 10, 1022 ..100
fnK Mr 1.1. 1022...100V
F.xnnpt from nurinnl Federal
.nL.rnmfnt Income.
tAci'i'l'lal'le for payment of Income tax
due on date of maturity.
Butter at New Low In Milwaukee
MUwimkfe. WK, Sliy 21. Putter sold at
Mm un est wlnli'sa'e price hnre ln five yiars
rsterdsy when It dropped Io 204c a pound.
A enr nso butter retailed at 03o to 70e
. IKIUIld.
Hub 8s wl
00.34 Qoodyenr T &
00.84
09.54
09.54
, 09
00. B4
00.84
3..
5..
0.
21..
11..
B..
T
1
13 .
1..
10..
3 .
n .
3
C n Q 4s nt
101 00.44
C1UQ 04wl
15 004
l . .. 004
1 . 004
t. . . 00
2 . . . 004
Chi i. G IV 4s
1 .. Bl
2 . .31,
3 . .. 81
3 . . 31
Chi Mil A I'Bt
Hound 4s
2 Ot
1 014
ChlcaEO Mil &
St P d Is
1 .... 01
ChlCHKO Sill ft
St I" 4s '25
2 .. . 78
B .. 73
Chlcaao Sill &
SIP fd 4 4s
i . .. no;
a flOR,
Chlcatto Mil ft
FtP cp 33
3 .... 004
Chlcau'o ft Nth
W'n 04s
2 . . . "9
1 . 98
3 ... n
Chicann Nth
West'n 7s
1. .. 101
1. .. 101
1. 101
2. . 101
1 . . 101
Chi Kullw s Ss Gd Trunk rets
1. . "IV
1 054
Chi 71 1 1' M
Now Or TfX ft
Slexlco Ss
1. ... 01
1 . . 01
N Y Centr'l 4s
IB 704
8.. .. 704
NY Cen'l 4 'is
2 77
N Y Cent! 0s
1.
3.. .
1. .
3.
Gvo' t
2...
80. .
20..
1
11.
4 .
1..
1.
20
8.
I
....
1 ..
3 .
1 '.
5..
5.. .
1...
13..
30 .
7 . .
3. . .
5.
5...
0
1..
4
7 .
33 . .
1...
2.1 . . .
O Swlts'd rets
1 103
3 . . 103
I 4 103
II ..103
100
100
100 4
100
10 4
1004
100
100
100
100
K 8s
U8
09
99
99
0l
110
inn
no
98-,
119
Hit
904
U9
09
90
99 4
09
99
094
99
Ml
Oil
99
99
99
99
99
99
99
90
99
90 '.
B .
1.
1.
3..
3 .
13 .
3 .
1 .
11
N Y
1 .
1 .
1
2
S .
1..
8.
89
, 894
, 80
. 80
, so
89
88
88
88
is rets
09
100
99
100
, 99
100
00
Bt L ft 8 Fran
Series A
1 014
St U k B Fran
Series B
8 74
St L A B Fran
Berles C
1 80
8 80
St L Sow'n en
1..,.. 044
8 044
S 044
1 04
1) 044
Bt L Sow'n 3s
1 084
Bt I ft Kn C
S L 44a
fi 034
Et P'l ft Sioux
City 7
3 02
Sao Paulo of
Brazil ct 8s
2 034
1 034
.'
'
t -j Hush. Ms
flow tok Curb w
."-.
V
INDUSTRIALS
Xeme Coal ,.,,.,,,,,,,. ,14 i
Auto jtih .... ,,,.. . 41,.
urii-Amcr TODacco coup..
C ft K J... ,,.. ,,,,
D L A W nis
EmDtra Food ...........
Olerj Alden .,..,.,,.,,.,
Perfection, Tire ,..,.. 1..,
u h Distributing
D H Hhln Corn ..
U ft fllonm ..,.,,....,..
united rrotlt Sharlnif
8 Oil of Ind
IS
HTANDARU OLIS
75
,
fl , 'l"i
"Ia "lAfi ''1
23 33 H iW .'
4 p s
14 ) ,
74 75
l.NDK.rKNDKNT OILS
.. .,.... 0 fl.
imin ........ wj bi .
7ft 74
co "11" ctfs.. 27t 27ft
aU r4
:
Third Ave al
8 32
Tidewater Oil
1... . 94V5
1.. .. 944
union Pac ev
1 83
1 8.1
Union Pao fd Utah P & I Bs
7 73 B 80
Union Pac 4 s V C Chem 1st
6 804 1 034
U K of O UrltiVa C C'l 74
8..
5..
18..
5..
3..
1..
r...
1..
5 .
1..
U 8
1..
, 05
. 93
. 034
..034
. 934
. 934
. OS Vt
. 03
. 93
. 034
Bs ret
044
ft I'd 1021
1.. .. 09
3 00
U K of Q Drll
ft I'd 1022
7 074
7 07
n.. .. 07
3. . 074
U K of O Ilrlt
ft I'd 1029
7.. . 014
2. .. 01 "i
1 01
U K of O Drlt
ft I'd 1037
2 80
3. .
1..
1..
3
0..
1..
1..
80
85 :
8.1
h:
85
85 ,
85
85
1 02ft
1. ... 02
0 024
Va Ilallw's Bs
1 814
Wn Paclflo 1st
1 .... 804
1 80
W Union 4 4s
1 794
We'll Union As
f. .... 80
W ft 13 Sift 7s
1.
1..
n
i". !
3.
1..
09 j
99
99
99
100
100
99
99
Allied DM
Boons Oil .....1.... 1
noston Wyoming .,....,. in
(.arm nyn
uuifs ntrvico
Denny 01
Elk Basin Pet
I-llk llssln Itta ,,..
Engineers Petrol ........
Federal Oil ,,
Hudson Oil
lnt Petrol
Livingston ,.4,,...
Srnrncnlbo Oil
Slexlco Oil
Nohta
Omar Oil
Producer A Iteflnora .....
Htmms Pet ..............
Pkelly Oil .......
Texon
Un Texa Oil ,
lUnlted Iloyalty
.MINING
Atlanta.
Booth
Boston A Slont
Caled SUnlntc ...
Cnndtlarla St ...
Curler silver
Treason Gold
Crescent SIcNamara ....
Emma Sliver
Eureka Croesus
Eureka Holly ,,
Gold Cons
Geld Devel
Goldfleld FlnrVice
Gold Silver Pick
Gold Zone
Great Bend
Ileola Mining
Jumbo Extension
Knox Divide
SlcNcmara
SUrsh Sllnlng ,,...
Mother Lode (new)
Nlplsslnir
North Star
IUx Cons
Ilochestcr Sllnes
Han Tov
Silver Klnir Divide
So Am P ft O
Success Mlntnc
Tonopah Belmont
Tonopah Cash Bov
Tcnopah-JIm Butler
Tonopah Midway .......
Tonopah Mlnlns
Tonopah Stlzpnh
Tonopah Slontann
Tonopah Ilescuo Eula . . .
ti H Cont
United Eastern .... ....
Victory
West End Con
Whlto Capa . .,
IVllbcrt
BONDS
Amer Arrl Chrm 74a ...
Anaconda ns
Anaconda 7a, 1929
Armour 7a
Cons Oaa 8s
Copper Export 8s. 1923...
Topper Export Ss. 1924.
14
01.
fi
04
-lie
UT
4ft
sa
ii;
W ft L i: 4 4s
1 494
Wilson Co 1st
1 80
1 .... 83
Wis Ollt'l 4s
1 00
Total. S4. 510. OOO r.nmnnre.1 uMlh in fcntt .
OOo yesterday. Thus far this week. 132.
Today's Range In Liberty Bonds
ItlBJl low Clone
S8.30 fH.V2 KS.l'J
S7.U0 S7.120 87.1MI
87.10 87.10 S7.10
87.54 S7.S2 87.32
87.LM 87.14 87.14
1)0.70 110.00 1)0.00
87.40 87.28 S7.JU
07.72 l)7.Ca) 117.02
05
874
113
Copper Export
tiaiena ,b ,
GuU Oil 7s .
Humble Oil 7a .
Interboro 7a
Pan-Amer Pet 7s
Sun Oil Ss . ..
Vacuum Oil 7a
8s.
. 744 74M
. !i 1 HIV!
. . 0B4 115'J
.lf)04 100
Liberty 3 ...
Liberty lnt 4s . .
Liberty 2d 4n ..
Liberty 1st 4Vs.
Liberty 2d 4'4s.
Liberty 3d 4,s.
Liberty 4th 44s.
Vic Notes 4;,is. .
New Y N II A
II 4s of '59
3 41
3 41
New York O ft
Wast'n 4 a
1 58
N Yk Itwy a 4 s
3 204
14 20
N Y Itya ct 4s
2 20
N Yk Ilwya 3s
1 ... 4
N Y S Illy 4 4
7 33
Y Tele 4 4a
3. ... 80ft
N Yk Tela (Is
1 . .. 924
8 924
1 924
3.. .. 02
Nla F Pwr 5f
1 87
Nfk ft W'n 4s
2 004
Nfk ft IV cv 0s
h.. . 101
N S. W Poco'a
Coal Co 4s
1 734
Nth W B T 7a
li.. .
1. . . .
1. .
3....
5. ..
1.. .
1. ..
1 ..
Chi It
08
004
00
00
LOW
on 4
00
oo
v ts
09
. . o:
Chlcaao Ft Lo
ft New U 3s
2.. SS
Chicago Union
Sta ct 04s
. 109IU.
ChT IV I 4s t
14... . 94i
Olilla Cop'r Us
on
99
904
99
994
Pie5
99 4
99 4
994
994
N Pacific II 3s
1 ... 101 I 0 3.1
1 . .. 101 I 1 S3
1 . 101 Nth S l'wr 5s
1 .. 101 1 704
Great N By 7Si 1 79
7. ... 904 Org & call ns
1 . .. 904
1 . 904
1 .. . 904
G Bay ft IV II
2 . 0
Hud ft Stan fd
1 ..08
1 . 08
3 08
1 07
I 07
1 . . 07
1 . .. 07
Hud ft Slan tr
5 8S
38
38 ft
1,.
1..
100'j
.1.40
foreign
1.
3... 75
Chile Cop'r 7s
1.. .. 93
Chinese Illy 3s
1 .... 404
2. . 47
1.. . 47
City of Bergen
8s rets
1 .... 95
1 . . . . 90
Clly Berno 8s
1 98
2 97
V 97
1 98
Cty'c'hris'a 8s
2 97
2 074
Clly Cop'n Bft
O'i.lntb Slct 4 4
704 2. .. 17
70 I 3 . 10
70 llntboro It T fd
1..
4. .
1.
.34 4
31'
34',
344
314
34
34 1;
31
53 s,
3.
3,
1.
City
1.
734
. .. 73
... 7.14
... 754
.. 78
Lyons 0i
... 81
10
1.
I
1..
Jap Gove't 1st
1 .... 84
1. .84
Jap Goe't 2n.l
3 84
2. ... 81
Kan C Ft S 1
Stemp 4s
1 00
Kelly Sprlnifd
Tire Co 8s wl
5 094
in 994
1 994
K Belgium ns
3 89
Org-W'n II Co
Nnvl Co 4s
,1 70
2.. .. 71
1 . 71
Pac G ft 11 5s
1 774
rackard Slotor
Cur Co 8a
2.. . 98
4.. 97
Pa n It 4 '48
78
ra 1111 en 44s
1 S3
Pu II gm 4 4
1 .. . 70
3... . 77
fa R 4fta '21
IB .... 90
Penna II 11 3s
1.... 84
1 . . . 85
2.... 81
Penn 11 H 0
0 094
Pens. II It 04'
LIVESTOCK QUOTATIONS
rS:hlva!, ,Mlur 21. CATTLE P.eceints.
BOO head. Compared with week ago: Beef
stoera mostly ateadv: nloln h,niv n..,.
15025c lower; sho stock and bulla steady:
snota weak; veal calves, 253r.0c higher:
niuv.iuB Kim icvurm, it.vi.tic nigner
uvei nkverr, or weeK. 'J.U.I,
jiuum llecelpts, 4000
uic nicner. top. u
top
head. Generally
bulk. 18. 50 8.85; pigs
nerntnallv ateady: holdover light
HHLEl' llecelpts. 4000 head. Virtually
all nackern direct. Pnmn.',re ,w,i. nAuv
ago; Best light fat shorn lambs Heady to
.'.ic lower; heavies and culls, 50c lower.
l.v.".r ""'"'' '"".."a nianer. matured sneep
iccfll lower; noavlf-s r.nd cull ewes off
iiiuiri jrurjinga irregular.
.l,t!b,"?h' .. Jra'' 21 HOGS llecelpts.
10OO head. Illsher. ltenvlea In v,....
light workers end pigs, 10.00(310.'
HlfKUP AND LAStBS Receipts. 300
head. Steady. Top sheep, $3, top lambs,
CALVES Receipts, 23 head
Steady. Top,
DIVIDENDS DECLARED
Galena Slimal OH Co.. quarterly 2 per
cont on preferred, payable June 30 to stock
of record Stay 31.
Flsk Rubber Co.. quarterly 1 po- lent
on 2d preferred, pnjable Juno 15 tn stock
of record June 1.
Ohio Oil Co , extra 11.2,1 in addition tn
quarterly SI 23, payable June 30 to stuck of
record Stay 2H.
Rockhlll Coal and Iron Co.. quarterly 2
on preferred payable June 1 to stock of
record Slay 21.
New York Transit Co. quarterly 14. paj
able July 15. to stock of record June 21
Organize to Export Edible Oils
,.';j. Stay 21. Organization of n
ll.ppo.ooo corporation for the export of
edible alia ivaa voted at the annual conven
tion of the Interstato Cotton Peed Crushcrt,
Association, which closed today"
FINANCIAL
NOTICE RKI'ITILIC Oil. AND ().Si"ll
riBSjT .MORTGAGE 07e I'ONVKKTIIM.K
r.i.-wki.-.tf m. ..! iiiji.w Jift; Sealed
nropojals will be reeelved at tho office of tho
Trustee until 3 l'. il .llay 3B. 10il, for the
sale f $43.(100. par value, of the above bonds
ni inc lowest price not exceeding 102 nnd
nccrued Internet to be apnlled nminr h
ttrms of the mortgags for the Slnklnir Fund
nnil otner put-puses tnercin provided. The
bonds accepted hereunder shalj be presented
to th Trust, e for payment on July 1. 1921
after which date Interest thereon will cease
All offers should bo Indorsed "Proposals
for sale of Republic Oil ft Gas Co 1st Sltge
Honda." nnd nddressed to
THE PENNSYLVANIA COMPANY FOR IN.
Sl'RANCE ON LIVES AND
GRANTING ANNUITIES
.117 Chestnut st . Philadelphia. Pa.
Junior Bankers Elect Officer
At a meeting and dinner of thn Bnnrd of
Governors of tho Philadelphia Chapter.
American Institute of Banking, nt Strath
Haven Inn. Swnrthmore, l'n... the following
nfdeera xrere elected: President. William F.
Hitter. Centrnl Trust Co.: vice president.
C. J. Tully. United Security Life Insurance.
end Trust Co.; IV, J, Davis, assistant cnshlar
Federal Reserve Bonk: secretary, " William
Sf Carty. Bank of North America, and
treasurer. George Weldy. Market Street
Title, and Trust Co. I
PENN
NATIONAL BANK
Independent
of Control
try any individual or group,
conserving its crWn individuality
and lending its aid to ell legit
imate and p ruder t bujfnesj
transactions on the basis of
fair dealing! and mutual inter
ests. Resources
$20,000,000
"Market nt Seienth"
Do You Need
Additional Capital?
Broker with large organization
will finance growing corpora
tions in need of additional funds
by the sale of stocks, bonds or
notes quick action. Must havo
300 or more stockholders. In
quiries treated in strict confidence
Address H. R P. O. Box 372,
City Hall Station, New York City.
LIBERTY BONDS
BOUGHT SOLD QUOTED
Townsend Whelen & Co.
llrm. ot N. Y. und Phlla. Stork Eichuniea
505 CnKSTNUT ST.
t..
ii..
5
on,
o..
4 .
1..
.v!
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PENNSYLVANIA COAL & COKE CO.
First Mortgage 5 Bonds
Seriea "A" Sinking Fund
Notice is hereby given that pursuant to the Sinking Fund pro
vision of the above mortgage dated July 1, 1902, proposals will bo
received at the office of the Commercial Trust Company, Trustee,
City Hall Square, Philadelphia, for the sale to tho Trustee of a
sufficient number of bonds to consume tho sum of $50,773.19 now in
the Sinking Fund at a price not to exceed 105 and accrued inter
est. Tho right is reserved to reject any or all proposals in whole
or in part.
Proposals should be sealed and marked "Proposals for the salo
of the Pennsylvania Coal & Coke Company Series 'A' Bonds" and
be presented to the undersigned before 12 o'clock noon, Wednesday,
June 1, 1921.
COMMERCIAL TRUST COMPANY, Trustee
HENRY C. GIBSON, Treasurer
A FEW FACTS
Told in
PLAIN ENGLISH
about "A Certain Brokerage Firm." Ask for them.
Alan A. Alexander & Co.
STOCKS and BONDS
COLONIAL' TRUST BLUG., PHILADELPHIA
llrlll leiist (l3t()-l.J-3- Kryslanri Hare 0110
llrumh omi, llrldielon, N. J.
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