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JtiYJjJjLvlNl AUJb,L10 LEDGJbiK JHILAMLPHI,, THURSDAY, . JfrNE 2, J921
1
H.V
; '
??
rtA
rf
V.
&.,
ii .
11" 4 '
A.
C
Service and Stability
WcsMeet
Every Need
of the business man. f6r
banking facilities.
In addition to the UBual
service required by com
mercial accounts, we can
assist in real estate
matters.
Sound and seasoned ad
vice on values is yours
for the asking.
We insure titles.
Integrity
Trust Company
Fourth and Green Streets
Capital $800,000
SurptuM and Profit. . . .$1,760,000
BEARS DIG OUT
IRE WEAK SPOIS
Liberty 32s Touch the Lowest
Quotation Recorded for
That Issue
PRESENT
INVESTMENT
OPPORTUNITIES
INVESTMENTS mado
today in conservative
securities will give the
purchaser about dou
ble the yield ns com
pared with the ylold
on the same security
in the normal pre-war
market.
We shall bo rind to ad
vise you regarding the
conservative investment
of your funds.
Kindly atk for Circular K-SJ
CASSATJ V CO.
COMMERCIAL TRUST BLDG.
PHILADELPHIA
Hiwvonn
BAtTl MOfl E-PITT55CI oo - sea AKTCH
m
w3m Sri i
L 1! I '
JllaWft
What Return
can you obtain from your
investments?
'Permit those familiar with
the best securities to ad
vise you which one gives
the highest yield possible
with unquestioned safety.
BATTLES & CO.
Established 1800
Independence 8qnn.ro (EiMt)
EfirainT2Kiim.cujn:BJi;:!!ffinTEnii;KiirjicnimaiW!m5M;ira3inii"
Ki
rn
A Home
Investment
We offer and recommend
the Equipment Trust Certif
icates of a corporation
operating in Philadelphia
using the largest plant of
its kind in the United States.
Investment in these Cer
tificates will yield about
7.60 free of tax in Penn
sylvania. HARPER &TURNER
Investment Bankers
Members of Philadelphia Stock Exchange
Stock Exchange Building
Bcranton Philadelphia Heading
New York, June 2. Today's stock
market drifted deeper than ever Into
mr uoHimms. tiio movement wns very
spotty with conspicuous weakness tie
voloplng In scattering parts of tlic lint.
poftncsi In others, but the greater part
of the list Blmply marked time. The
buying power continued extremely lim
ited, while the Helling of the profes.
monals was noticeably cautious. Tho
market was forced to contend with scv.
eral adverse Influences, Including the
continued weakness of the Liberty S'fcs,
which reached the lowest quotation yet
recorded for that lisuc. The call loan
renewal rate wbh fixed at 7 per cent,
but before half of the requirements
were aecommodntcd the rate was Jacked
up to "SVi per cent. In the meantime
the foreign exchange market developed
a heavy tone. Improvement shown in
the cotton crop was passed unnoticed
and only academic interest was mani
fested In the more favorable Interpre
tations of the Railway Labor Hoard
wago ruling.
With sluggish uneven price movement
there accompanied a marked contraction
In the volume of dealings, indicating
almost a completo elimination of out
side interest. The operation virtually
! evolved into a quiet but aggressive
hunt on the part ot a combination of
bear plungers In seeking weak spots.
Some few were dug out, the more no
ticeable being American Sugar Refining,
Crucible Steel, U. S. Industrial Alco
hol and Cieneral Asphalt. In thene
selected bear targets registered declines
ran from lai to Ii points. The weakness
was localized and had little or no
effect upon the bcverul groups with
which they are popularly classified.
In several of tho above-named issues
not only were now low prlrcs for the
year recorded, but in one or two tho
lowest quotation for many years were
registered. American Sugar Refining,
for Instance, touched the lowest since
1804, when It sold at 7(5. At that
time the stock was paying 1- per cent
dividends. Current rate is 7 per cent
and some doubt is expressed as to
whether it can be maintained. Condi
tions of the sugar industry ore any
thing but encouraging largely due to
the outcome of the poor -sighted policy
ot the last three years.
Little, however, is to be gained from
any comment of the doy's mixed move
ment. Some unsettlemcnt followed n.
slightly firmer opening due to the fresh
sinking spell in Crucible Steel. Aside
from some of the food hpccmities, no
tably American Sugar, the market rallied
irregularly before noon. High-grade
oils, Including Standard Oil of New
Jersey and the Mexican group, were
fairly active at gains of 1 to 2 points.
Studebaker, Kelly-Sprlngtield Tire,
General Electric and American
Woolen rose 1 to 1 points and the
transcontinental rails, especially Great
Northern and Northern Pacific, were
sustained by the t-trength of Canadian
Pacific. Dealings were light, however,
and largely in the nature of short cov
erings. Some of the steel, equipment, oil and
food shares registered further reaction
in the afternoon when call money rose
to V per cent, but the trend other
wise was toward increased steadiness.
STEADIER TONE TO
THE LOCAL MARKET
NEW YORK STOCK EXCHANGE TRANSACTIONS
Electric Storage Strengthened
by Declaration of Regular
Quarterly Dividend
Electric Storago Ilattery was the
bright spot of the local market. Re
sponding to the declaration of the reg
ular quarterly dividend of $3, the stock
In the initial dealings made a quick ad
vance of $2 to 110. which is $3.00 above
the low mark made last week. The full
gain was not retained, which was to be
expected, considering the continued nar
rowness of the current speculation.
About the only other change of any
consequence occurred in the Inactive
Issues revealing tho continued thinness
of the market for these less popular
Issues. Cramps on the purchase of n
few odd shares was advanced $3 to 43.
On the other hand, the liquidation of u
small lot of Philadelphia Traction caused
that stock to drop buck $1.75 to 54.
In most all the other local shares
tho trading was again of the same fa
miliar desultory character. Pennsylva
nia Railroad was an exception, display
ing notable firmness on moderate in
vestment buying. Philadelphia Electric
preferred fell back to the low price
of the year, but tho common was again
well sustained. United Gas Improve
ment wns a shade better at 30. Few
shores of the preferred changed hands
nt 40.
III ffiplBit
1 v m I II High-Grade
& :s1' Mil Investment Bonds II
l: m Hill may be bought on the
''V ' H 'v Hill Installment Plan
il, ', K ii Illll liund. iind the balanre limy
jfrl 'w fir ' II " I,'1' U' contrnlnit periods, II
Ay f ' Hill WlOINIR BLDO. Phiudciphi
jSH- 1 I Afimkri PiiUAtpli an!
BJC'Bt. 11 '"v " Snt tii'(tl
I '' I . ?
V, :I( A. Httirj Until Norman trillion, Jr.
tjj;
Reeve & Ellison
Insurance
Announce the Opening of
Their Office
at 614 Chestnut St.
rIONE TVAUNUT 1KI
m ik V je: -
Philadelphia Stocks
no
200
12
15
323
0
13
231
3
15
101
20
40
1000
100
1700
1000
1000
1000
300
3000
2MtO
K000
GOO
l:in
IIlKh Iiw l M.
Am Sirs, ."illl, nniV. Mil.
Elec Stor.110 108 108
I ( N' A oij
I.oh Val.. 52'A
Pa R R.. 35 Vl
I'hila Ins
Wire... 51i
Phila Co
cum pf.. 32
I llllll I.IUC l 'h
20
52 i
35
51 Vi
a:
!0
r2"S
35
SIVi
Not
chga.
Vi
-
111! Jiri'I.. iffi
12 32
21 21
o.'ilA 2!iR
PlillaTruc 54 5t 54
I'll Trac. 32Vj 32'i 32,
I'fll... 35 35 35
do pref. 40. 40 J 40
West Jer
& S... 2.S 28 2S
W f'rauip
& Sons. 43 43 43
I'llII.XDl.l.I'IlIA llONDS
Liberty 2d 4'4s
Liberty 4th 4'4s
Liberty 4th 44s
Victory 4s
Hell Telephone 7
Hell Telephone 7s
Electric & People'. 4s. . . .
Pennsylvania UJAs
Pennsylvania OMjs
Phila Elec A lots
Phila Elec 1st 5s
-
1
3
RO.f.O
811.70
SO. 80
UK. 10
101
102
52
115
05
111
85
Reserve Banks' Discount Rates
omclal rediscount rtm nt the twelve Ked
eral Heierva Jlank ure u followi.
Trea. I.ID Com'l rikre.
ctfa. Honda. Vavnt Acn-nt
Toaton ...
N v TorK
Philadelphia
Cleveland
nirhmond
Atlanta
C hlCllKO
Kt. Imli
Mltineapnlls
KHnnaa I'lty
Dullai .
ban Tranclaco
S
n
n
. ii
i
s
a
n
H
n
ii
n
ri
n
ii
n
s
ii
s
n
H'4
rt
fl
a
7
n
6
fl
(1
8
fl
n
a
Bales
eoo
ROO
too
soo
100
aoo
too
1700
.too
100
1100
300
000
00
100
TOO
1S0Q
asoo
100
000
1R00
100
aoo
AOO
100
400
700
11100
100
2M0
1000
1000
5100
100
100
000
300
100
300
100
100
3100
100
100
37000
1700
300
6400
100
100
100
100
100
000
too
000
1400
1300
1300
300
1000
1300
300
1000
3700
300
300
7000
600
300
1500
400
500
700
1000
300
(100
100
300
000
300
1500
1800 :
10200
700
700
3100
100
1300
5100
100
3103
100
3300
400
100
3300
100
1100
100
100
15300
300
100
1109
8700
300
100
3000
100
300
100
300
100
1000
1000
300
300
300
300
100
300
300
700
0700
700
400
300
4700
100
4000
Dlv.
In I
i
7
4
7
a
7
0
4
Hlsh I-ow N,
AJax Rubber W
Allied chem ft. Dvo. . . 4S 4114
Allied Chem A Dyo pf. 1W H
Allls-Chnlmon 'tt "?
AII!.Chalmer pf .... 1H H
Am AtIo Chem 48U 4H
Am AgTlc Chem pf . . . . 78
Am Deet Sugar 30H 34
Am Bosch Magneto... 44J4 4H
Am B 8hos Fdy new. .47 47
.. Am Can "on
1J Am Car ft Fay 1M H
.. Am Cotton Oil 18H 1H
.. Am Cotton Oil pf 43 48
.. Am DrujSyn 5i W
.. Am Hide ft Uithtr.. 13W 1IM
. . Am Hide, ft Leather pf 54tf 58V
.. Am Internat Corp.... 454 43H
1 Am-La Franc Eng... 8J4 814
.. Am Linseed 3114 8014
a Am Locomotive 85 88H
.. Am Safety Raxor.... 8H M
.. Am Ship & Com M
. . Am Smelt A Rr 41 '
7 Am Smelt A Ref pf . . . 70 70H'
8 Am Steel Foundries.. 9W 8
7 Am Steel Fdys pf 85 84H
1 Am Sugar Rof 85 8114
7 Am Sugar Rf pf 95 4H
8 Am Sumatra 83W 414
0 Am Tel A Tel 104M 104H
18 Am Tobacco 11714 1"
7 Am Woolen 75 73
7 Am Woolen pf 074 '14
. . Am Zino Lead A Smelt T014 014
.. Anaconda Copper .... 41 39W
4 Asso Dry Goods lO'a 19'A
6 Asso Oil 09ft 9BJ4
fl Atch Top ft SftntA Fo. 81 W 81 y
5 Atch Top ft S F pf . . . . 70U TV
.. Atlantic Fruit 7& 74
.. Atl Gulf AW I S S... 38J4 37
.. Atlantic Pot 15J4 154
.. Austin Nicholas 8J4 s14
7 Baldwin Locomotive.. S3 80J4
.. Baltlmoro A Ohio 41 Jj 41
4 Baltimore & Ohio pf . . 51 5114
5 Bethlehem Steel B.... 50 Ii
.. Booth Fisheries 4H W
.. Brklyn Rapid Transit 134 J4
10 Burns Bros 89 80
.. Butto A Superior Cop. 1314 l-1!i
.. Buttcrlck 17 17
.. Caddo Central O ft R. . 13H 13H
0 California Packing- ... 57J4 57 ii
.. California Petroleum . 43 41J4
3 Col Zino A Lead 6 4H
10 Canadian Paclflo ....U3 113U
.. Central Leather 374 37
.. Cerro do Posoo 38ft 38
10 Chandler Motors 3 01ft
4 Chesapenke ft Ohio... 59ft 68
.. Chicago A Ot West pf 10 1814
.. Chicago Mil A St P.. . 2K 28ft
.. Chicago Mil A St P pf 44ft 43ft
5 Chicago Northwestern 85ft ft 05
7 Chi A Northwest pf . . . 100 00 ft
.. Chi R I ft Pac 34ft 33H
Chi R I ft Pac 0 pf. 60ft 66
7 Chi R I A Pao 7 pf. 77ft 76
.. Chilo Copper lift lift
.. Coca-Cola 28ft 38
.. Col A Southern 38H 38
6 Columb Oan A nice. . . 50ft 58H
.. Col Oraphophono .... Oft G&
7 Col Oraphophono pf . . . 33 31
7 Consolidated Cigar ... 31ft 30
7 Consolidated Oas ....J 87ft 87ft
.. Consolidated Textiles. 18 18ft
7 Continental Can 48 474
. . Continental Candy ... 1 1
4 Corn Products Rof. .. . 60 08ft
t.SO Cosden A Co 33 33ft
8 Crucible Steel 65ft 0,1ft
.00 Cuban Am Sugar 30 19ft
.. Cuban Cane Sugar... 17ft 18 ?
7 Cubaji Cano Sugar pf. 53J 53
1 Davison Chemical .... 34 33 ii
.. Denver ft Rio Grando. ft 9
.. Denver A Rio Or pf... 1? 1
1 Dome Mines 18 18
8 Kndlcott-Johnson .... 3ft 61
7 Endicott-Johnson pf.. 91ft 01ft
.. Erie 14ft 13ft
.. Drlo 1st pf 31ft 31
.. Erie 2d pf 14ft 14ft
8 Famous Players L.... 73 71ft
4 Federnl Mln A Smlt pf 24ft 34ft
.. Flsk Rubber 14 ft 13ft
.. Freport Texas 15ft 15ft
. . Gaston Wms & Wig. . . 1ft 1ft
.. General Asphalt 69 67
5 General Asphalt pf... 103ft 101ft
fl General Cigar 57 57
8 General Kh-ctrlo 185 134
1 General Motors 104 10 ft
.. Goodrich B F 3Pft 38
7 Goodrich B F pf 79 70
7 Great Northern pf.... 70ft 08;
2 Guantanamo Sugar .. 10 10
.. Gulf State Stocl 33 34
.. Gray Davis tt 11
4 HMkell A Barker Car 50 55 ft
. . Homestake Mining ... 57 57
.. Houston Oil 70ft 60
1 Hupp Motor Car 11 lift
a Hydraulic Steel 13 13
7 Illinois Central 00 89
.. Inspiration Con Cop.. 34ft 34ft
.. Inter Con Cop 4ft 4
.. Inter Con Corp pf.... 13 13$
7 Int Harvester new. .. . 80 89
.. Internat Motortruck.. 35 34
.. International Nickel.. 15ft 15
. . International Paper. . 70 OHft
.. Invincible Oil Corp... 16 16ft
.. Island Oil 4 3ft
..Jewel Tea 8ft 8ft
.. Kansas City Southern. 37 26ft
4 Kansas City So pf. .. . 50 50
4 Kelly-Sprlngneld Tire. 41 30ft
2:80 Net
T.tm.) Cbs.
38 ft
8 f
81ft 4- ft
8ft 4-
78H4-
"ft- ft
78
85ft- 1ft
ft ft
47
80 ft
v w
18 ..
43 - J
ft ..
11144-
Mi4- t
48- 1M
8ft ft
ift m
88- V
8 ..
43ft ft
76- ft
39ft ft
85
83 - 3
94- ft
9ft-
104 ..
137
78 ft
7ft- ft
8ft- ft
40-
39ft 1ft
8t ft
76ft
7 ft
87 - ft
15ft ..
8!4 ft
83ft- 3
41ft 4- 1
51 ft
4ft- 1ft
4ft ..
13ft
80 - ft
13ft- ft
17
13- ft
7ft ..
43 ft
4 ft
113 1ft
37
38ft
03ft- ft
59ft
19
38
43
65ft . .
109
33 ft
00
77ft4-
"ft ft
38 . .
38 1ft
8-
Oft . .
31-3
30
87ft
18ft-
48 ft
I
68ft .
32
03- 1
10ft- ft
10-
53ft. ft
34 - ft
J4 ft
ift..
63 ft
04ft- ft
31ft'"ft
14ft- ft
71 ..
254- ft
13ft ft
15ft ft
lft ..
68
3ft lft
57 ft
135 lft
10ft- ft
30
79 ft
69ft lft
10-
.35 1
11 - ft
ft 1
57 ft
60 -
ft
13 - ft
89-1
3J54 ft
13 "'
80 m
35 1
lft
68ft lft
10 ..
4 ft
8ft ..
ft
50 - H
40
.Dlv.
Bales In I Hlh
190 a Kelly-Biw Tire 8 pf. 7
M . . Kennecott Copper . . .
J .. Keystone T A R
300,1 a Lackawanna Steel ...
100 . . Laclede On of Ot L. .
f8 Lee' Rubber Tire "ft
100 a. so Lehigh Valley "ft
3 ft
lno
300
.100
100
100
800'
100
10o
aoo
loo
loo
800
100
100
800
11500
300
1000 1
It 00
800
too
000
1800
100
100
1340
300
1300
400
800 2
1300
600
8000
4000
400
100
100
1600
2000
800
1500
100
300
100
200
1200
7300
700
100
190
100
3000
500
1200
1000
100
600
4100
380
100
3600
3100
1500 3
300
100
100
100
3100
SV 800
4600
100
7400
1100
1700
300
500
100
500
300
46400
300
700
300
300
170
5300
1400
400
1300
300
1400
1200
100
300
100
800
200
3100
1300
10800
300
4300
13500
300
HPJ300
500
100
100
300
1400
1300
200
400
300
100
ino
100
100
400
7400
400
100
100
500
100
Lima lyooomotlve ... 71
f Loevre Co 14ft
. . Looso-Wlles Biscuit . . 35
7 Louisville A NashvlllelOOft
0 Maokay Co 1 . . . sft
10 Manatl Sugar 89ft
7 Manhattan Elev iruar. 40ft
. . Market St Ry pr pf . . . 40
.. Marland Oil 19ft
.. Maxwell Motor 4ft
.. Maxwell Motor Id of. 4
.. Maxwell Motor ctfs.. lft
.. Max Mot lit pf ctfs.. 5ft
. . Max Mot 2d pf otfs. . .
. . Maxwell Chalm wl 18
12 Mexican Petroleum ..18flft
3 Miami Copper '4
60 Middle States Corp... 18ft
.. Mldvale Steel 7
.. Minn A St Loul 18ft
.. Mo Kansas A Texas. . . 3ft
.. Missouri Pacific 33
.. Missouri Pacific pf. .. . 42 ft
.. Montiromery Ward ... 18
National Biscuit pf... 108ft
Nat Enam A Stamp.. So
Nev Con Copper 11
N OTex A Mex. 81
New York Central.... 88ft
50 New York Dock 83ft
.. Now York N H ft H. . 19ft
7 Norfolk A Western... 8a
7 Northern Pacific 73
Okla. Prod ft Ref 3ft
2 Orpheum Circuit 25ft
Owens Bottllnr 30
.. Pacific Devel Corp.... 14ft
..'Paclfio Oil 35ft
8 Pan-Amer Petrol .... 60ft
6 Pan-Amer B 00 ft
2 Pennsylvania R R. . . . 35
. . Penn Soabonnl Steel. . 10
.. Peoples Oas Chicago.. 51
. . Pere Marquette 33
3 Philadelphia Co 83
.. Phillips Pet 33ft
. . Plerco-Arrow Motor. . 33
8 Plerco-Arrow pf 52ft
Pierce Oil tft
Pierce Oil Df aaft
Pitts Coal 81
Pittsburgh A W Va. . . 29
Pullman 101ft
Punta Alerre Sueur.. 31ft
Pure OH 31ft
Railway Steel Spring. 88
Ray Con Copper 13ft
Reading 73
Rending 1st pf 41ft
. . Remington Typewriter 33
.. Replo Steel 31ft
. . Republlo Iron A Steel. 88
20 Royal Dutch N Y 00
.. St Louis San Fran... 35
. St Louts San Fran pf. 34
. . St Louis southwest... 38ft
.. Saxon Motor 4ft
.. Sears-Roebuok 70 ft
74 Shell Transport 43
.. Sinclair Oil 34
floss-Sheff 38ft
Southern Paclnc 75ft
Southern Rail 21 ft
Southern Rail pf 49
Standard Oil of N J. . .148
Standard Oil of N J pfl06
Stern Bros pf 107ft
Stewart Warner Speed 35
.. Stromberg Carb 38
1 Studebaker 74
0 Studebaker pf 93 ft
1 Submarine Boat Corp. 7ft
. . Superior Oil Corp 6
. . Superior Steel 1st pf . . 07
. . Tenn Cop A Chem. ... 8ft
5 Texas Co 36ft
.. Texas A Pacific 24ft
1 Texas A Pao C A O. . 34
8 Tobacco Product .... 87
. . Trans Con Oil 9
.. Union OH 31ft
10 Union Pacific 119ft
4 Union Pacific pf 05
.. United Alloy Steel.... 37ft
8 United Drug 91
8 United Fruit 109
.. Unit Rwy Invest pf. . 33
8 United Retail Stores.. 59ft
..US Food Products... 30
.. U S Ind Alcohol 65ft
..UK Realty A Imp.... 53
8 U S Rubber 88ft
BUS Steel,,..... 80ft
7 U S Steel pf 108ft
4 Utah Copper 53ft
.. Vanadium Corp 31ft
.. Va-Carollna Chem ... 29
6 Va Iron Coal A Coke. . 88
. . Wabash 8
.. Wabash pf A 23
2 Weber A Hellbroner. . 13
.. Western Maryland ... 10ft
.. West Maryland 2d pf. 20
.. Western Pacific 39 ft
7 Western Union Tel... 88
4 Westlnghouse HAM. 40ft
.. Wheeling ALE 10
. . Wheeling A L E pf . . . 16ft
4 White Motor 37ft
.. White Oil Corp 12
.. Wlllys.Overland 8
. . Willys-Overland pf . . . 36
8 Wilson A Co 38ft
. . Wisconsin Central ... 33
a Worthlngton Pump .. 48ft
2:30 Net
lw (N.Y.tm.) Case.
78 78
89ft 0ft tt
18ft 14ft lft
4ft 46ft ..
13 ft 88ft- V4
8 38 H
52ft 88ft ..
71 71 - ,
18ft 18ft- H
as 88 - lft
100ft 100ft ft
salt nllt- 1
rw' z.zir .
Mtt- ?
44ft- lft
40 - ft
18ft- ft
4ft
80
40ft
40
18ft
4ft
4
ft
8ft
IS
4
lft-
8ft
-
18
148 149-
33
18
30
18
3ft
31ft
42ft
18
33ft ft
18ft ..
21 - ft
18ft ft
3ft ..
31 ft- ft
43ft ft
19 ft
108ft 108ft- lft
53ft 53ft 1
lift- ft
aift ft
68ft ft
33ftT 1.,
18 K
85ft
73 1
T K
35 - ft
30 1
14ft- ft
34- ft
58
60ft lft
34ft- ft
.10 -r
5tft .
33 - ft
33 ft
33ft- ft
31ft- ft
50ft- lft
0ft ft
09ft- ft
81 ft
39
101ft ft
Slft 1
81ft ft
88-
11ft
81
ao
33ft
lft
95ft
71ft
3
38
30
14ft
34
85
60
84ft
10
81ft
33.
83
33 ft
38ft
80ft
ft
69ft
61
28
101
80 ft
30ft
83
18
71
41ft
33
34
54
89 ft
34
34
38ft
4ft
76ft
41
23ft
38ft
74
20
48
148
ft
13 ft
73 -41ft-
33 -
34
8ft-
4ft-
70ft-
41- ft
33ft
38ft ft
75 - ft
30- ft
48 lft
146 3
106 106 ..
107ft 107ft ft
25 35 ft
381
73ft f 1
93ft ft
7ft
a
97
8ft ..
35 ft
34ft ft
34 ft
0 ft
8ft-
31ft
37 ft
73ft
93ft
7ft
6
07
8ft
35ft
23
34
50ft
8ft
31
ft
H8ft 118ft
OUcount rate correaDnnda with lntrit
rute borne by certlOcatea idedsed collai.
erul. witn minimum or n per cent tn the caae
of K:ima City iind BH Pr cent In the
l an- of Philadelphia,
Commodity Markets
COTTON MARKET
New York, June 2. Nw Orleans,
.Tnnanese Interests and shorts were the
chief bujers of cotton early, while the
South and commission houses led the
selling. Weather conditions In the belt
remained sotisfactory, although some
apprehension was felt over the tropical
storm reported to be developing In the
gulf. A condition of 05 or 00 Is ex
pected to ue announceu oy me wuvrm-
ment.
After the start tho list was steady ot
a net decline of about four polnti-.
fv, ..iKnlnto nt tho nnrtH for the rlnv
are estimated at 10,000 bale. against
10,020 bales n week ago, 17,032 bales a
ear ago and 21,0tiS bales two years ago.
, . 1 . limn
Vest. Today's 13 3u
clone n"n 1' M.
juiy 12 74 Vi V 1-MI3
i,l lor .:.'. . . ... 13.50 ?', I"
n.r.m.lr l.J.UI i...n..u,
Mnrch i4'20
111 ('9
Prices Heavy on Paris Bourse
I'nrla, June 'i. - I'rlcea Hire very heavy nn
the Itoume today. Three j:r cent rentes .IT
fiance 30 centime!) eichnnne on London, 40
franca A0 centime, ft per cent loan. 82
franca 70 centlmea. The dollar was quoted
at 11 francs DIM centimes.
GRAIN MARKET
Chicago, June 2. The wheat market
wax extremely choppy throughout the
wsslon. but prices exhibited an ability
too come bnck after being depressed by
heuvv realizing sulci. The feature nf
the market was the buying by export
interests. The seaboard reported 2,
000.000 to 2,250,000 bushels of wheat
worked to Franco nnd Italy anil more
wanted. Crop reports were of little
effect. Weather wiih ideal for the grow
ing crop with precipitation everywhere
and heavy downpours reported over the
dry spotB of the Southwest.
Cash wheat was unchanged to two
cents higher. The premiums for hard
winter showed gains because nf buying
by exporters. John Inglls was out with
u bullish report on Southwest wheat
conditions nnd a light rarrj -over. He
ei'ipts were of fair volume. Vessel
room for 200,000 bushels was chnrtered
to go to Iluffn'o. This Ik to move out
wheat taken In on Maj delivery. Ship
ping sules were 5000 bushels.
C'orn followed the trend of wheat.
There wns heavy ci-llins credited to a
lnfwllne lflcnl Illll''. llMt htMtnir U'flN
,(.... ...ft ....... n, ..... ..v...n .....
heavy enough to mil prices from every
dip. Commission houses were fair
bujers, but most of the buying was
credited to local Interests. Receipts
were again heavy, but the offerings from
the country hove dried up. 1 lie cash
demand is slow.
Kxporters bid only 21., cents over
July for fresh shelled No. 2 mixed corn,
nearby shipment. Crop conditions are
excellent. Shipping sales were 10,000
bushels.
Outs were inclined to drag. Selling
by longs for profits encouraged local
pressure, while support was lacking
-.
K
early. Covering by these sellers, after
midday, caused some recovery later.
There was a broad shlpplns demand for
oats overnight. Country offerings to
arrive were fair. Shipping sales were
100,000 bushels.
88 05
37ft 37ft- ft
91 91- lft
107 109 - ft
" --M
5ft 50 - ft
18 ft 19ft ..
03 61-4
3ft 53ft ft
06 ft 07 ft
70 70- ft
108ft 108ft ..
83ft 53ft
31 31 - ft
78 30
83 83-4
7ft 8
33ft 33ft ft
lift 13 - ft
10ft 10ft ..
30 30 ft
385B 39ft ft
88 88 ft
40ft 40ft ft
10 10
18ft 16ft-
SJ14 3jft h
8 10ft- 1ft
8 8..
3 36 ft
88ft 3Sft- ft
33 33-3
48ft 48ft
. 1 - ir - in- r "in- - in -1 JSM
a - ',BakH
INDUSTRIALS LED jtth I
OUTSIDE MARKET flHILjl
I "' .Mftn J II I LUnl idle, MffTBBBBaaLB ""SfcgH
wT m
Goodyear Tiro Preferred Soil
at 25 to 23 Oils Qulot.
Minos in Demand
New York, June 2. There wns
seeking for a nearby market in many
of the Industrial Issues that made the
tone on the Drbad Street Curb heavy
today for the majority of Issues traded
lu there. Goodyear Tire preferred wai
n feature, selling nt 25 to 23, nnd
Sweets Co. of America was In supply at
2. to which it declined In yesterday'
trading. Acme Coal was fairly well
held, with sales at IVj.
A few sales of Lackawanna rights
were made at SUM. hut Iteadlnr rlrntf
were neglected, Southern Coal nnd Iron
wns quiet, smoll trading being reported
at- 4. Formal application has been
mnde to list West End Chemical stock
on the curb. The shares of that com
pany arc now being traded in on the
San Francisco market.
Petroleum stocks were generally qulot
nnd without special changes, Slmms
Petroleum ranged from 8 to 8- and
Elk Ilasln sold nt 7 to 7. Standard
Oil of Indiana was steady at 72U. Pro
ducers nnd Refiners sold at 4 to 4.
Mining stocks were in fair demand,
with Knox Divide maintaining an ad
vance made yesterday.
IXDUrmtlALS
High
Acmo coal 11
-mer Leather 14
Brll-Amer Tot coupona .. 12
com Finance 87
D L, W rta
Empire Food . .
Ooodrear Tire pf
Perfection Tire
Hullo Com 3
lUdlo Com pref 2H
Bouthern C I L
Hweeta Co X
u a uiatriuutins at
V a Steam
United Profit Bharlnf ... 1
Universal dum
STANDARD 0IL8
Anrlo-Amer Oil 18
7ZH
1-40
Low T. M.
tt 1
ft 14H Ila
ft 12 13
i 87 87
h BS ass
U 10 io(i
23 1 23
H M H
IT 3
3H 3U
S 4U
2U 2
2 Z4?t
a h
Stand Oil of Indiana,
16
72H
12
NEW YORK COFFEE MARKET
New York, June 2. The local coffee
futures market opened nt an advance
of 3 to 7 points this morning, influenced
by the firmer cables from IlrazIL where
prices are advancing and the difference-!
between the two markets, New York and '
Jirazu, are widening to sucli an extent
that tho trade here Is becoming rather
uneasy at the low levels established in
the enntract market here.
Shortly nfter the call there seemed
to bo some moderate demand for emi
trncts from new outside sources, proba
bly attracted by the low prices nou pre
nillng. This demand brought about 1
further advance of X to i points. Trad
ing, however, wus not active.
Yeat. clove Open
.IUy 1). HOW 81 l).'U.1fl
September 6.B4'6)S.'l fl 70'in-.:
December 7.08&IO 7.17
March 7.88040 Tiiftt:,
MONEY-LENDING RATES
'.VKH' YOHK Miinry on call. Ii.ith rlaaneg
of tolluteral, opened today at 7 our tent
lor lendlns nnd rcnewlns,
rilllHKI.riUA Call 0 per cent. time,
fl per cent: commercial paper, throe tn nix
muntha, fl per cent.
Nnto Theee ar merely nominal quota
linns, the legal rule of Intercut In the .State
nt J'enneylvunU Inlns tUed at H per cent.
Plua premium Mil cnmmlaalon, time mono,,
foi thlrf to ninety day. la loaned at 7 to
7H per cent, while commercial paper from
thirty to ninety diiya. la loaned at 7 to 7'i
Per tent j
LONDON Money la rnioted at IH per
cent. Dlacount rules, ahort hllla ."iH per
cent; three .nontha' bllla. .V.-i us 0-1 n in;r
Cent.
Bank of England Statement
London. Juno 2. The weekly atntement of
the llanlc of England ahnwa the following
chaneejii Total reeervo dycreaed fl. 214. 000,
rlrculatlon Inrroaaed fl.28H.DOOi bullion In
rreaaed flS.M'J , other aerurltlea decreaeed
17.S81.000, other depoalta Increaeed 121,100,.
OtiOj public depoalta Increaaed 177.000; notei
rtaerve decreiedfl.28S.O0li; Uoternment e.
oultlea Increased 130,430,000. The propor
tion of the bank's reserve to liability thla
M.7H per cent Iluto of discount. HH per
French Dank 8tateVnent
Tarla, June 2 The eekly atatement of
the Hank of France ahowe the following
chanseai Oold In hand Increaaed 4110.000
franca, ailver In nana increased sno.ooo,
notea In circulation Increased 1US. 811,000
treasury depoiltj Increased 22,048,000, gen
eral deposits decreased 147.B73.0OO, bllla dis
counted Increaaed 252.8113,000, advances In
creased 22,058,000. fresh advances to thn
State amounted to 200,000,000 francs.
Liberty 32a Hit New Low
New York, Juno 2. Liberty 3H per rent
bonds continued In aupply In I arte volume
this mornlni. startlns at 8(1.78 and declln-Ins-
to 88.00, asaln lowerlrur ths record.
"PENALIZING RATES" TO GO
Leading Bankers Say Removal
Would Ease Credit Conditions
Washington, June 2. Progressive re
discount rates, now In effect In the St.
Louis nnd Kansas City Reserve Dis
tricts described by President Harding
recently as "penalizing rates" prob
ably will bo removed by the Federal
Iteserve Hoard soon, it was said today
nt the Treasury.
Leading bankers of tho country, who
conferred recently with President Hard
Ins, suggested that these rates be re
moved to euse credit conditions, particu
larly for the agricultural Interests. In
the view of Treasury officials, the rea
sons fpr the establishment of progres
sive rates have disappeared and their
operation Is thought no longer neces
sary. Such a step by the Reserve Hoard, in
the Treasury's opinion, would be In ilnc
with u general lowering of rutcs which
Is thought to be coming during the summer-
as n result of accumulated reserves
and a better financlnl situation over the
country.
According to reports to the Treasury
bankers generally are doing what they
can to assist agricultural Industry both
through credit extension and by a ten
dency to refrain from forcing llqulda
tlon of crops held uwnltlng better prices.
BUTTER, EQQ3 AND CHEE8E
New York, June 2. HUTTEn- Hies.iv
necelpts, 23.372 tubs. Creamery hi.h.
than extras. 204 &W: creamer?, extra,
U2 score, 20ci firsts 88 10 01 score Jnfr
2sV4ci packlns atock. current make 'ivo 2.
lions Irregular. ItecHmn, 411204 ca.
I-'reeh-eathere.I extra flrets, 87W tV.SCf
llrsta, 2f27e: state. 1'ennsylVinla ami
nearby Western hennery whites, nrst. ii
"trae. 31aSc: Htate.' PennaylSfi and
rtV.by Western hennery browns, exrna Ii
84o: do, gathered browns und mixed Vol.
ora, firsts to extras, 2aiit80c! Harare nselfi
28 ft. """ 2Saoi dS llrVta1!"
ClliSESi; Irreirular. Itecelpts, 3411 boxa.
., wholo milk, flats. fresnV sptiVusU
UtrtMc. do, average run, MniKe hii.
vhole milk, twins, specials. IfiU Wlflc dn
everase run. 14l5c. ' ""'
BAR 8ILVER
Dmnestln bar sllvor was quoted In New
Jufk. todav nt OOHc ier fine ounce; fiirelJ,,
R7Sc. a recession of (It in ln.on th,
price waa unchanged at 33 Hd.
Qraphophone Co. Defera Dividend
N.lw )'rk. Juno 2.Kollowlns the meetlnr
of tht Hoard of Directors of the Columbia
Oraphophone Manufacturing Co., It waa an.
dend of IH per cent on the preferred stock,
?." JUJ.yi. '.J1"1 ,.,,,, 1,'rred. In eonneci
lion with this action, one of the executlva
officers said, "In view of the present bust,
nasi conditions, which are affecting tha or.
eratlona of this oompany In common with
practically all other lines of. Industry, lbs
directors defarrsd , tb guirtsrly dividend on
the preferred stock,'
INDETENDKNT OILS
Allied Oil 5
Boone Oil 1
Doston Wvnmlnr SO
uenny 011
Elk Ilasln rta ..
Klk. Daaln Pet .
Knglneera Petrol
Federal Oil ...
Ouffey Qllleaple
ltuason OH
Inter Petroleum IS
.Maraoaibo on ,
Mexico Oil ....,
Noco ret ,
Nobt ,
Prod a neflnara
halt Creek (new) 11
nimmi i'lt
Skelly Oil 4
Texon '
Un Texas Oil ... '
United Royalty 3
MIN1NO
Atlanta ,
Kooth
Uoatoa A Montana.
Caled Mining
Candelarta Mln
Cortes Slher
Creaaon Oold
Crescent MaoNamara. ,..
Dundee Arltona
Emma Sliver
Eureka Croesus
Eureka Holly
doldfleld Cona
(loldfleld Development ...
Ooldfleld Florence
Ooldfleld Kew-anas
Ooldfleld Silver Pick ....
Ooldfleld Zona
Great Bend
Hecla Arming
Iron Dlosaom
Knox Divide
MacNamara
Marah Mining
Mother Lode (new)
National Tin
Nlplssln
North Star
Hex Cons .. ......
Iiochester Mlne ...
San Toy
Silver King Divide
8 Silver Lead
Huccnia Mining
Tonopah Belmont
Tonopah Cash Doy ......
Tonopah Divide
Tonopah Extension ......
Tonopah Jim Duller
Tonopah Midway
Tonopah Mining ........
Tonopah Mlipah ........
Tonopah Montana
Tonopah Ileacue Eula ...
Victory
West End Cons
White Capa
Wllbert
IIONDS
Allied Paokers Sa ,
Amer Af rl Chem 7tt a . . . .
Amer Tel Os. 1022
Amer Tel os, ivjt
in.rflniliL Ta. 1020
Armour 7a .............
Can Nat y eq 7 jiijio..
Copper Export 8s. 1023..
Copper Export as. 1024..
nrAvir Tie. !
Orand Trunk Ha
ouir uini
Humble Oil 7a
lnterboro 7a
Llbby McNeill 7a
Llsgett Myora 0s .......
Hears-Itoebuck 7a. 1023..
Southwest Hell 7s
Stand Oil N Y BHs......
Stand Oil N Y 7s. 1025..
Bland on r r i. xuio
S 0
H 1
87 00
H
1 7? 7
Wi 12U 12U
fc IS 15?
'IK 'ft
7W 7H 7W
28 25 25.
4tt 4 4Vi
11H HS
8H 8H
3 2
Stand Oil N Y 7a
Rland CHI N Y 7a.
Swift t Co 61....
Qwlf, lm
Vacuum Oil 7a .
Western tieo (a .
Swiss Qovt BVis
1020.
1930.
1 1
3 3
eo es
10 0
87 88
78 72
IK HI
0 0
Ti
2 2
51 40
1 1
32 82
1 1
5 8
15 15
1 1
3(1 3)4
16 16
18 'IS
16 IB
A 6
Mi sw
4H 4k
3 3
10 10
6 6
8 8
1 1
aA 8A
IK IVi
5 8
1.V 1
lrV 1A
0 0
10 10
IH Hi
7 7
7 7
19 10
8 3
1 1
6 6
3 a
41U 41Vi
03Vi, U8K
oe ens
05W 0JH
B3',i 02U
04U OSVi
100 100
00 K 09 V
09 00tt
00 00
03t 03K
06H 06
98S 0Si
71 70
05 T4 03T4
00 BOVi
oH onn
nH 06H
100 100
101 101
101 mi
101 101
,102 102
00 00
04 01
0(1 00
08 08
, 84 84
on
0
86
75
1
9
ftl
1A
7
1
32
1
5
15
at.
16
18
16
6
"ft
4
8
10
A
3
1
f
8
VA
8
1
1A
0
10
1U
T
7
10
3
1
41
oa
on
05
0.1
03
100
00
00
00
03
06
0A
71
05
00
onn
08H
ion
101
101
101
102
00
04
00
s
Si
FOREIGN EXCHANGE
New Vork, June 2. An absence of
bids for bills at the opening of the for
eign exchange today was reflected in
lower prices for virtually all of the
principal European exchanges.
The quotations were :
Sterling cables 3.H!), demand
3.8K ; franc cables 8.H3. checlts 8.32 :
Belgian cobles 8.32, checks 8.31 ; Swiss
cables 17,.r8, checks 17.B."; peseta ca
bles 13.14, checks 13.12 : guilder ca
bles 34.50. checks 34.45; Stockholm
cables 23. 10, checks 23.05; Clirlstlanla
cables 15.25, checks 15.20; Copenhagen
cables 17.80, checks 17.75; marks
1.57Vj.
Central Eurcpcon exchanges were ir
regular. (Jrcck wns 5.80; Humanlnn,
1.08; ISulgarlan, 1.30: Austria. .254;.
Poland, .12V4 . Czecho-Slovakia, 1.42.
The rate of premium In Montreal to
day on New ork funds wan 12 tier
cent. The rnte of discount In New
York today on Canadian funds was
11 1-lfl per cent,
TESTEHDAY'S FINAL QUOTATIONS
Sterling Francs I.lre Guilder
?; 34,53
5.3d S4.es
TODAY'8 OPENINO QUOTATIONS
tat O.OOlt O.O a.. 34 IF,
. . 8.80 8.83 ... ut.lo
NOON QUOTATIONS
HirUn" rnS" Mr Oullden
r7i"ir ?:.'?? "'
. . . a.nn v n.jnv.
Demand 3.01 8.46
Cables 8.01 H.48
Demand1
Cables .
Demand
Cables .
5.24
BANK CLEARINGS
Dank clearlnrs today competed with cor.
reepondln- day laat two years;
1031 1620 1010
Iloston.. lfll.S41.n04 107,217.574 50,d26.7'7
Phils?, 7S.422.H18 0S.0I2.H.17 00 836 sin
N? Y... n(l,25,187 778.570.1107 SIlsloK.flts
United States Treasury Certificates
. r.,.,pln
ini. ..,-.....
nid
100
.100
.100
.lOOrV
1011
. ... ti.im
6 June 18 102
t6 June IB, I02J
5 July 16. 1021
fl Aur. Ja. 102
I'liH Sept. 10, iuji ..luu
wavi JV " " ""
.a sa- ,iB',iS."
I ".. JZV Ti iftii" ".rtT
t Meb. 18. 1022.., 100
..100 A
AiW Vteld
lflO J.32 4,8S
100, 4 t
JO0A 4 01)
JO0A 5.0(1
nn 8-32 5,10
100 B.05
100 8-32 8.18
100 0-32 J00 1S-3J sii'S
1AOJL R o
--'',. M,n
i Men. io, iv....iuyrf i b.jj
Exempt from normal Federal foreign ov-
ernment income.
tAcceptahle for payment of Income tax
due on date of maturity.
Receiver for Marine Corporation
today sppotntsd Walbrldse Tajt reoelver for
tha Marfnt nd Commares Corporstlon of
I8,518"067, In petition recently fllei
Vacation Time
Protection for Valuab
To inaure complete freerJom from worry at
to the safety of your important papers and
valuable Jewelry, they muat be well guarded
through thoae days and nights that you spend
away from home.
A box in our modern vault, costing you but
$4 a year, gives complete protection against
theft, fire and water. These boxes are large
enough for personal needs. Larger boxes
may be had at corresponding rates.
We are centrally located, one-half block from
Broad Street Station, and invite you to call
and inspect our vault.
Rtiovreti ovor $13,000,000.00
les
Fran
Delaware Are. Office
Dtl. At. A Market St
Open tt30 A. M. to t P. it.
I a iyi rTii f
tmttkir
Ut5t Co.
Weit Phila. Oiti f
52Bd 4 Market Sti,
Open I :t0 X.U.to V(fslsi
Main Office, 15 th St. Below Market
Open a.-ltf A. M. fo Midnight
Tht ntfifttitn Thti Gtvt PAita&MaAia Daj auut Might Service
THE
College Man
Is a College Education worth while?
A question of live and vital inter
est to the business community.
An Address before the 3onventlpn of the National
Alumni Association of Princeton University
held In St. Louis February 12, 1921
By
I. R LIONBERGER
Copies will be furnished free to Manufacturers and
Jobbers upon request to the St; Louis office
of the Company
The AMERICAN CREDrr.INDEMNlTY CO.
The Credit Insurance Company
E M. TREAT, President
511 Locust St., St. Louts, Mo.
i
Branch. Offices In All Principal Cltier:
New York, Chicago, San Francisco, Boston, Phila
adelphla, Baltimore, Buffalo, Pittsburgh, Cleveland,
Detroit, Cincinnati, Milwaukee, Davenport, Minne
apolis, Seattle, Portland, Los Angcle.
Exempt from All Federal Income Taxes
$2,000,000
Richland County, South Carolina
6 Highway Improvement Bonds
$80,000 due April 1, 1022-46 lnclu.lv.
FINANCIAL STATEMENT
Assessed Valuation $28 399 385
Net Debt (Including this iiaue) ....... dOlO
Population (1920 census) 7g,tf2
Richland County is situated In the central part of South Caro
lina and Includes the city of Columbia, the capital of the Ue
and the county seat, being; noted for Its agricultural product.
Prices
Maturities 1922 to 1925, to net 6.25
Maturities 1926 to 1930, to net 6.10
Maturities 1931 to 1946, to net 6.00
Subject to legal approval by M.eere. Reed, Dougherty A .
Attorneye, New York City
HARRISON & CO.
BANKERS
Member, New York and Philadelphia Stoh Exchange.
Lawrence E. Brown & Co.
CERTIFIED PUBLIC ACCOUNTANTS
ii6.4..iiAI' !,'T4r'K. TUl"r "luu.
Vlrclnlav Walla... i. '
tbil. BopM Transit Ce.T,. . S'J iSI?
AUantte Cllr TAtttit C. ' . vi iniS
m mVtwZZeiiZZz otoCK nxcua
M..j i -wra
Ot n
rllT HTRHKT I
C. S. PA'ITON & $
id a enrjirsvT sw.
tiANKEna
" Jind TifMk. boiitM.OM
'jiOSUri
.R.B.CARR
AWUUNTANT
Itrnnlra BIJ
Wllkn-Barr. r.
AUIHffl
Patina.
rui
fi
v
'J"?d