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V
EVENING PUBLIC LEDaEB-PHliiADELPHLA:, SATURDAY, AtfG-UST 6, 1921
.. ?;:
v. I.''
WEEK CLOSED WITH
I
I!" NEW YORK STOCK EXCHANGE TRANSACTIONS
ROOPING MARKET
Mi
We
nt Disturbing Elomonts
V$jkto Conernlly Regarded as
,ff ff M 1
I temporary irmuences
f
' Hew York, Aus. 0. Today's closing
;, . Mock Market wns n typlcnl midsummer
t halt-holiday affair. There wna a brief
,' elriklnsr aprlt at tho opening produced by
f Virtually the same Influences responsible
' lot yesterday's unsottlcraent. Decllnon
from substantial fractions to nearly 1
points were registered through the list
during the first half hour of tho trading.
Once more tho declines woro not fol
lowed ud by selling orders. On th
. cAfttrarr. extreme dullness developed
aall later profit -taklug by Bhorts brought
" Irregular recoveries. Tho character of
&! the trading suggested continuance 01 iw
line fear of some disturbing develop
ment overhanging tho situation, fhls
-possibly was to some extent Intonsiflca
by tho announcement of the cancellation
ot reservations Dy a prominnni miiim-mi
interest who was scheduled to sail this
morning on one of tho truns-Atlantic
liners.
Is It another false start? This ques
tion was on the lips of the rank and flic
after the closing yesterday, when the
whole list, for some occult reason
turned tall and seemed to be slipping
back faster than it had previously
climbed under the revived bullish spec
illation. Possibly the recent marking
up process overran riic reported im
provement In things generally, but be
cause some of the active leaders have
started to retrace part of their upward
steps does not altogether imply there
has been another false start made. Hes
itating, halting nnd conflicting periods
always have and always will punc
tuate the inception of the reversal of
the market swing. Things go along some
times for a considerable distance In the
same sort of groove that it Is frequently
difficult to change Hie order of things,
especially when the mnjority have their
minds set on the one predominating
thought and have their eyes trained In
tho one direction. That is to s.iy, the
greater pcrcontnee of the professional,
somi-profoIonal and public trading
contingent huvf become so fondly accus
tomed to bear markets they can see
nothing else, .lust the same as when
tho woods arc full of crazy, shouting,
senseless nnd reckless bulls. No bull
movement ever carried prices quite up
tO the sky and there will never bo n
boar movement that will carr the level
of security values to a bottomless pit.
In making u casual analysis of tho
list it will be found that most of the
representative share (as specialties oc
cupy an entirely different footing) have
enjoyed a consistent as well as a mate
rial rise within the last two months.
The average prices of these share run
from 5 to U0 points above the low levels
of the year. No ono ever goes broke in
the stock market pnifossliiK tlve wisdom
of cashing in moderate prices. The
people who were responsible for and
who made tho recovery possible enioy
that peculiar kind of wisdom. They
are not idillnntliroplsts, but just or
dinary red-blooded human beings and
quite ready to receive tho wago of their
earnings. It was this profit-taking
which checked the rising tide of values
and reversed the flood to an ebb.
As to the underlying conditions:
1 Every falrminded reasoning person will
; admit things all round arc not half so
b,ad as they were a year ago. There
has been n whole lot of forced liquida
tion recently and there is likely to be a
great deal more of it. When it is stated
liquidation is completed, it means the
more urgent, the more menncing, the
mors, disturbing sore spots are ele.ined
up. There is a whole lot of little sores
Still to he healed. Thorp nre n whole lot
M . ' foolish, over-estended Individuals
wuo still nave to come to tne captain s
desk to pay up for their mistakes, and
there is a whole lot of scattered wreck
age remaining to be cleared up before
the band wagon announcing the up
proach of the real big show can be
aafely put on the road.
The corner has been turned. The
change is almost imperceptible, and
may be difficult to discern for botne
weeks yet to come. Nevertheless, our
backs are turned again to the worst
aide. Those In position. Individually
aad institutions, have begun to pave
the way for restoring the extremely
heavy losses they were compelled to
mark down and they arc going to ac
complish this by averaging their hold
ings In buying equal amounts of securi
ties now held at prices from L'O to CO
per cent under the original purchase
price. If the powerful and money in
terests are convinced the time is ripe
to start these recuperation plans, it is
certainly not tho time to foster pessi
mism or join the overcrowded buur
ranks.
PRICE CHIPPING
IN LOCAL MARKET
Wider Inquiry for Bonds En
couraging Sign of Return
ing Confidence
Dlr.
Mainly as result of tho extreme nar
rowness of the market there was frae
tlonsl price chipping in most f the
locni stocKs. Dealings were exceed
Sales in S irtrt Low
00 4 Air Itefluotlon BIT, 31
100 .. AJax nubbcr ViYt 23W
300 .. Alaska Gold Mines... H
400 4 Allied Chcm & Dye... 87 3IJs
109 7 Allied Chcm & Dyo pf. 80 80
M00 . . Am Agrlo Chem 3414 33
100 .. Am Agrio Chem pf... H
800 .. Am Beet Sugar 2M 20
100 .. Am Can 20 20
00 12 Am Car ft Pdy 12414 124 W
300 ..AmDrugSyn i 14
00 .. Am Hido & Leather pf H
230 .. Am Ihternat Corp.... 33 33
100 .. Am Linseed 23 93
700 6 Am Locomotive 8 84
000 .. Am Smolt & Iter 3S!i 3SH
100 Am Smelt ft Iter pf. . . 73 73
1300 7 Am Sugar Ret 07 Y C0H
200 8 Am Sumatra 4914 fH
00 o Am Tel & Tol 10514 101H
100 is Am Tobacco , . 122 Ji 12? Y
800 7 Am Woolen 70J4 70
100 .. Am Ztno Lead & Smlt 8 8
800 .. Anaconda Copper .... 30 3&
200 4 Asso Dry Goods 20(4 20
000 e Atch Top & Santa Fe. 84J4 H4
200 a Atch Top & S F pf . . . . 7D 79
1800 .. Atl Oulf A W I S S... 2314 22t
300 ... Atl Gulf A W I S S pf 22'4 234
800 .. Baltimore A Ohio 38H 38J&
100 4 Ualtlmoro & Ohio pf . . 014 SO',4
3100 7 Baldwin Locomotive . 77 70J4
2000 s Bethlehem Steel B.... SOJfc 49Ji
100 8 Bethlehem Steel 8 pf 09 00
100 .. Butte Copper A Zlno. . 44 Y
100 .. Buttcrlck 274 274
100 .. Caddo Central O & n. 11 11
300 s California Packing .. . 004 "OH
3i)0 10 Canadian Pacinc 113H 1134
200 .. California Petroloum. 3SH MJ-i
1100 2 Cal Zlno A Lead 44 44
oOO .. Central Leather 33 J, 32
1000 .. Cerro-do-Pasco 234 244
100 o Ccrtain-tecd Prod ... 23 23
2000 o Chandler Motors 40 4S4
200 .. Chesapeake A Ohio... 634 "H
108 .. Chicago & at West pf 17 ? 17?4
200 .. Chicago Mil A St P... 20Ja 20J&
800 .. Chicago Mil A St P pf 414 40.;
100 8 Chlcaso Northwestern 034 014
900 .. Chi It I ft Pao 2H 33H
4110 .. Chllo Copper 10 J4 10
300 .. Chlno Copper 235 224
10u .. Cluett Peabody 40 40
COD .. Coca-Cola Z'JJi 33
400 .. Colorado Fuel ft Iron. 23& 334
200 4 Col ft So 2d pf 474 474
10) e Colum Gas ft Elec.... A4 04
101 .. Col Graphophone .. 4 44
30.) 7 Consolidated Uas . ... 88 i t,4
400 a Corn Products Itef... OS 07 U
fiOO 2.80 Cosden ft Co 274 27 ?j
400 4 Crucible Steel &i 64
1210 2 Cuban Am Sugar 104 1594
100 .. Cuba Cnnu Sugar.... 1194 10
000 .. Cuba Cuno Suijar pf . . 274 27
2D0 0 Delaware & Hudson. .100s ln0
100 10 Del Lack & Western.. 1944 l'J4
100 .. Denver ft Mo Or pf.. 14 li
700 8 Endlcott-Johnson ... 59 9a 69 '4
109 .. Erie 13b 13 !4
3300 H Famous Players L. . . . 40 14
209 8 Famous Players L pf. 78 77J4
7U9 .. Flsk Itubbcr 94 ?
109 .. Oaston Wms ft Wl. .. 1Kb IVti
2909 .. General Asphalt M!i Mffc
13J9 8 General F.lectrio 1184 H7?
1199 1 General Motors lo'i 10f
2J0 7 Goodrich B F pf 73 '4 7.1 Ji
18)0 7 Great Northern pf.... 7314 73
500 4 Gt Nor Oro ctfs 2-04 2J4
339 .. Grccno Canancu Cop. 21J4 214
400 .. Houston Oil 6'- 51?s
400 1 Hupp Motor Car 11 inj'n
200 7 Illinois Central 814 844
199 00 Indlahoma. Bet '.'a
309 .. Inspiration Con Cop.. 33 324
399 o lnt Mer Marino pf.... 4394 45J4
1)00 7 lnt Harvester new. .. . "334 72'4
49) 7 lnt Harv now pf 100&8 094
300 .. Inlei boro Con pf H!i H
Today Nt
Closa Chse,
31 4
'"B II
30 h-
80
33 - 34
Y
8094-
39 -
2094-
1214
33 -
23 -
B5
3SH-
72
07 -
404
1054
122 J4
70 -
8
3594-304-
84
70
23
224 "
-50
-89
44
274
11 -
004-
1134-384-44
49
654-
1794
28J4
41 J4
-10
-234-40
-33J4
234
4JJ4
274
54 94-
1594
10 .
27 -
100
194
14
50 ..
134 ..
49 94
77TS 1J4
9 . .
14 ..
314-"794-10J4-73J4
7.14
2SJ4
11
Y
'it
V.
11
Y
n
14
"14
'-- 8
H
94
94
14
y,
Y
'h
Y
1
94
1
14
94
ifc
94
Y
J4
1
l'
94
"y
Vt
Ji
14
"y
Y
"4
1
394
Sates
700
300
3100
100
300
1400
2000
200
DiV.
in I
niirti
International Paper . . 6094
International Nickel.. 13
Invincible Oil Corp... 84
Island Oil 2J4
Kansas City Southern 384
Krlly-Sprlngflcld Tiro. 4094
Kennecott Copper ... 184
KeyBtone T ft II 12 J4
200 3.80 Lehigh Valley
1UUU
200
100
200
63 Ji
Locwe Co 1194
1 Loft Candy 894
7 Lorlllard Tobaoco pf . . 100
7 Louisville ft Nnshvlllol084
100 .. Maxwnll 'Mntn,. ntfa. . . V
6000 is Moxlcan Petroloum 1064
100 2 Miami Coppor 2994
3000 1.80 Mlddlo States Corp... 114
300 .. Mldvalo Steel 34
400 .. Missouri Fncirto 204
1200 .. Missouri Paclna nf.. S9!'n
100 s Montana Power . . . .
iwu 4 National Lead ....
700 o New York Contral.
auo 2.80 New York Dtoclc.
244-
Yx
334-
1JJ4 H
7.14
99 14 - 34
11'- Vt
300
100
100
1200
290
100
200
409
000
1100
300
aoo
1000
700
100
400
100
809
100
100
200
100
2M
1100
100
New York N II ft II.,
4 N Y Shipbuilding....,
7 Norfolk ft Western.
46
74 4
704
314
10 J4
20
SO
7 Northern Paelfio 704
Okla Prod ft Rof 2
. . Otis Steel 104
2 Owens Bottllnir 274
6 Paclflc Gasft Elco.... 854
.. Paciflo Oil .10 il
Pan-Amor Petrol .... 48
6 Pan-Amer B 43
. . Penn Seaboard Steel.. 8
2 Pcnnnylvanla R It.... 37
. . Peoples Gas Chicago.. 8394
. . Pero Marquette 19 J4
. . Phillips-Jones. .
.. Phillips Pet 10
. . Plerco-Arrow Mot pf. 30
8 Pullman 04
. . Punta Alegre Sugar.. 204
4 Puro Oil 274
. . Hay Con Coppor 1 4
4 Beading- 094
. . Bepubllo Iron ft Steel. 4094
. . ItODUbllo Motorii 0
1000 6.20 Royal Dutch NY 8194
1100 .. St Louis San Fran 21
300 .. St Louis Southwest Df 33
. Sears-Roebuck 054
. Shattuck Arizona Oorp 094
. Sinclair Oil 204
0 Southern Paciflo .... 70 J4
. Southern Rail 204
7 Stand Oil of N J pf...!07
. Stromberg Carb . .
J Studebakor
Tenn Cop ft Chem
Low
094
134
7J4
2J4
254
40
18
1294
62
114
84
100
1084
4
1044
2094
11J4
244
30
304
46
794
70
31
16
20
08
75
U4
10
274
894
3594
47
41
7Ji
374
63
104
Today Net
Close Chse-
400
100
400
2000
300
000
300
3200
100
2400
2100
100
700
100
100
6U0
300
900
1000
.100
lno
409
17U9
800
1800
8090
339
1509
100
300
ICO
200
200
.100
11)9
100
200
109
200
S Texas Co 31J4
Texas ft Pacific. .
1 Texas ft Pac C ft O..
0 Tobacco Products ....
7 Tobacco Products pf .
. . Tol St L ft W ctfs pf .
.. Trana Con Oil
.. Union Oil
10 Union Paciflo
8 United Drug
..US Food Products.
..US Realty A Imp..
6 United Fruit
8 United Retail Storeo
..US Ina Alcohol
..US Rubber
BUS Steel
7 U S Steel pf
2 Utah Coppor
4 Union Pacific pf
. . Va-Car Chemical
. . Vn-Cnr Chemical pf . .
. . Vanadium Corp
. . Wabash
.. Wabaah pf A
4 Westlnghouse E ft M
. . W stern I'aclflc
0 Western Paciflo pf . . .
.. Whlto OH Corp
. . Willys-Overland
74943J7494
19
20
04
294
20
124
094
464
9
504
2JJ4
33
094
094
20
704
1094
1074
304
' 774
7
31
224
184
574
80
17
74
1894
1104
53
17
404
1C3J4
63
48
61
74
108J4
404
064
22
07
304
78 J4
7
Total ialen. 113 400 share. romparcJ wltn 14T.2SO almi.s estordy.
34
184
57 Ji
SO
17
7
. 1894
. 119J4
. 64
. 17
. 40 i
.1014
. 83
. 494
. 624
. 74
.109
.. 4094
. C5"2
. 22
. 07
. 29J4
. 8
. 21
44
21
03
s4
094
7J4
21
44
24
03
S4
0
8094- 94
13- 4
94 M4
3J4 ..
284- ?
4094
; 18 -
12 - 94
63J4 J4
114- H
894- 14
100
1084- 194
4- U
104J4- i
2094 ....
114- 14
3 V
204 4
394- Ji
46
7494- 14
70 - 4
31-1
10 Ji ..
20
oo-4
70
a
1094 14
374 i
554 14
3594 ..
47 - Ji
194- 14
7Ji ..
374
8 4
10 4
794- 3J4
1 - 1
30
04 - 4
294 ..
20 x 54
lt4 ..
604 14
404- 54
a -
61 -
23 Ji- 4
33
654 ..
694- 4
20
7694 ..
tfo4 54
1074- H
30J4 J4
7794 ..
7 - 54
3 54
23 J4- 4
184 ..
67J4 4
80
17-J4
74-
1894- 54
1184 - 94
634- 4
17 - Ji
404-
1044 4
8.1 - 4
40 J4
824- !4
744-
108 Ji- H
40-
054- Ji
23-
07
29 - J4
7J4 a
21
44 - 4
2
03
84-
o 4
Philadelphia Stocks
Net
Men Low Clou ehs.
40 Klec Stor.lUd 10(1 10(1 l'j
10 I.eh Nav. 03 4 fl3 3H ?s
lOtl.eh Val.. !)'.
") Lit Uros. 'i"
304 Pa It It.. 37 Vj
121 PhlluElec 2'jy,
3 do pref.. 2(1 '
4075
IWs -r,2
22U) 22")' Vt
2tS1j M"-f- "
i(l7( il
30 U
33 V.
8 1
1(5
SO
33';
8
lOPhilaRT 1075
11." Un Trac. 304
14 L G I... 33ij
(5 do nref,
10 York Itwy 8
tNot chanco made by compariion with last
sale en New York Stock Exchange.
Total sales. 607 shares, compared with
2710 share j yoiterday.
PHILADELPHIA IIONDS
1300 Liberty 2d ll4s "42
3000 Liberty 2d 44s '42
1500 Liberty 4th 4,is '3S
11000 Amer Gas & Electric 5s.
5000 Bell Telephone 7s
1000 Pcnna It U temp cts 0 .
1000 Pennu B R temp cU 0'is
1000 Penna R It temp cts 6M)S
S7.C0
87.70
87.74
72
105
0i)"'s
0O';,
Total,
tctUa)
123.000. compared with $88,300 y-
Financial Briefs
Drlce o
trUI stocks decllnd o SB per cent yeuterday,
to OS. ill. while twntv railroads wi're 1.12
per tent loucr, at 72 MS,
Authority has teen granted for the eiten
slon of the Interborouch 7 per cent notes
for one sear from .September 1. 1021. and
alno permitting the company to Increase the
Interest rate from 7 per cent to 8 per cent.
The total authorized iumje of the notes was
130. UO.OUO. of uhlch J38.U4.10U have been
Usu-d.
Lewit O. Spohn. Jr , has become asso
clatid with the bond department of Harper
& Turner.
Xloney Iit circulation Ausrust 1. 1921. wai
S.73.'i.77h..-.U7. nnulnt JO 119.07.1. 101 on
Auirnnt 1. 1.'n nnd I'. 774 (Mi O.'i I mi Ju r
1. 1021 Circulation per capita Aunust 1,
1021. was J53.
Net rarnlmrs of rlnn lnil of the rourr.
try were r'dued $101 30H 030 In 1020 on ac.
runt of ra iin.l ,lmiKBP freUht clulm pay
mente acenrdln tn report sent to shippers
rind consignees by the Southern Pac lie i ,im
pany urulns concerted actlun to curtail this
The neorranlratlon f'ommlltee of Allied
Tuckers has mulled to hnhlern. of unJ;
roslted tnerrty-year comertlb'o sln.tini; fun.i
I) r-r cent debentures a circular nnnouncins
extene'nn of time for dopoelta nntll rlrne of
business HeDterrrber IB. 11121 The. committee.
lnl smnll nnrl tvlH, nnn n ,.. .. rolnts out that consummat on ."f.the plan
ile?;. n A .." ;.i"'.iv ..:..'i:'i: nd Br?m?nt appearn so -leir y in in. i
-1 . ..." ..v.,.-. i.viiif,i-. u laiuiuiurr
o'fld lots. Pennsylvania Railroad was
again offered more freely, evidently by
small discouraged holders, with the
stock falling back to 374. Electric
Storage Battery on few sales jiidded tn
'100. Union Traction went buck to
30. while Philadelphia Rapid Transit
on few transactions rallied to 104, V,
G. I. was iinohanued at 33'-i and York
Hallways was off n point from tho pre
vious sale nt S.
One of the most encouraging develop -aents
from u local viewpoint and which
1 accepted ns a precursor of a rapid
ra-estnbltBhinK of the equilibrium of
tho gencrnl situation wns the elgnlti
cant nnd material Improvement in In
vestment demand. The more pleasing
tide, uccording to the statement of au
thorities, was the Increasing inquiry for
yiany of tho old-line high-grade Is
Jmk. The supply of this particular
' .roun. In consequence, das been urettv
tell cleaned up nnd many orders within
?i lat few days wcro fouud difficult
M fill, The shifting of the demand from
40 newer Issues Indicated n willingness
.accept a smaller income return. The
time shifting process has also been quite
'.marked In regurd to a number ot rep
$eentatlve stock Issues. This is be
cause the recent rebound in n number
ef the standard stocks permits the shift
and Is influenced undoubtedly by rea
'son of the relative uncertainty as to the
stability of many of these dividends.
While nioney conditions Miow some
' improvement, tho predicted ensement
!, has tot yet materialised. It is true,
Ate8 oro somewhat lower and easier
m- than earlier In the year. It Is true nlso
M taut a more liberal nttitude ns to ex-',-.
fctmloiia nnd renewals Is shown bv thn
Wnlng jnstltutlons. When it comes
ttowu, however, to bottom farts of the
4M.' the supply Is still anything but
ir. u f debenture r.oi'iers. m un i nan
M per cent of outstanding debentures has
lepn .'eptHliwl. and that hn le- vmII be git n
opportunity to put the committee In a post
t on to consummate tl plan
Deflnlle certificates of tfo (lnerni Amen
liven In
Droad
series an. will be rend
xiigniin fnp tmnornrv
August 8. at Philadelphia Trust Co
and cnestnui Birteiu
More than half of the Northern Parlnc
n...... Vftrthrti lr,int Ihirllnirtnn cllnt-rsl
na, have hen conMjrted Into (lreat Nortli-
em i - ,inii .uriiii-i ii ..v.. in j
NEW Y0RKJ3ANK STATEMENT;
Impaired Reserve Position Corrected.'
Surprising Large Loan Expansion
The reserve position of the New York
Clearing House Institutions was ma
terially strengthened this week. A sur
plus of $10,7,50,200 In excess of legal
reserve requirements was shown In
contrast with a deficit of .'$13,221,120 n
week ago. This resulted largely because
of the inereate of 522.207,000 in the
reserve credit at tho Fedcrnl Reserve
Bank and with tho reduced liabilities
with the contraction of SSO.000,000 in
demand deposits. The burprlsing ex
pansion of $45,322,000 in loans and
discounts evidently reflected increased
borrowing at tho Federal institution
rather than the broader stock market
dealings earlier in tho week.
Details follow :
AVERAGE
This week Last week
Llxcess reiorve . B.S11.420 11.45.1 010
Ak-fruitate reserve 4S3.24S.uOO 402,40.(i00
Leans, etc 4,408 702.000 4,411.350.000
iarn in vaults
74 118,000 70,801.000
Commodity Markets
ond member
ui.uki)
IUero in mm
ber banks und
roservo banks
Reserve In Bt.ile.
banks and trust
ct mranles
Reserve In State
bi 1 ks and trust
con pany depositories
Net demand de
posits
Time deposits
Liicuiation . ...
1' S deiwslls
dt ducted ...
408.17S.O0O 475.005.000
R.333.000
R, 733,000
8,482.000
8.870,000
a, no3 sm.ooo s.fi'so.ino.noo
'U7 S49 000
31.C10.1HJO
U.00 Ooo
32,0112 000
43,120,000
132.S20.000
ACTUAL
Kxcess resere... $10,780,500
Amsrecate reeere 4eO.020.uOO
Loans, etc . 4, 130. 1U3.000 4, iU.lTO.uOo
Cush In aults
115,321,120
4UH.U33.000
and member
banks . .
Reserve In mem
ber banks and
reserio bunks
Reserve In stnte
bar.'ks and trust
cumpanles . . .
Rrere In state
burr'cs and trust
company d( pos-Itorles
Not demand de.
poHs . . ,
Time deposits..
Circulation
L'n led Mates
deposits d v '
ductml
Deficit.
72.070.000 71.0R3.000
473,037,000 450,700,000
8.312.000
8,231,000
8.307,000
R.OSO.OOO
r3,
f.'il, 11 0,000 3,r.3 02 000
207.7.1S,uno 211,520,000
31,450,000 31.U10.UOO
157. 370,000 43.717.000
LOCAL MINING STOCKS
TONOI'AH STOCKS
Did
can Tank Car Corporation equipment trust
v inr o, upr ill x
bonds on and after ' wont End
Cash Roy
Jim liutlor . . .
MacXnmara
Crescent . . . .
Jlldwny ....
Mlzpah Uxt .
Montana
North .Star . .
Resrue Hula .
Tnnopab Zxt
Wot Tunopah
.03
.U7
.14
III)
11
U
05
.0.1
Ask
.1111
.Oil
.10
ll A
13
.0B
OS
01
DIVIDB HTOCK8
Of the
Allied Divide
Alto Dhlde .
H'kr.or
Belch.ir Kxt
1230.000 000 Joint bunds Issued U1.721 (100 I " "ur
were converted Into Oroat North-rn 7 and ' UJu.h ,P'V
fO.107.200 Into Northern Pa-in 0s h total . "v'2 '-
of J120.bSS.80O. Tin. issue ptovlbil that l !' ?Qr
ne io nt o'-ja ,TUIU ii" rinfriei into winrr I r ',. hl 1,1 1
f the ulhei lesues up to Hlf. OO roo 'ri;"' m"J
irn bond Of tho 1 109. 1U 00 Joint ' . j "gl1'' k .:,:
hat are still unconverted fS,'.'78.4nO can i e I ,,ri?rnKi,i Dlv,da
"-.
PX
!.
iVV
thnt
nvertfil into Grfat Northern 7a
in,, mn in.M V-nv.K.im e,in- .la
DdiDVV IllfcU ,v.i.i.,i . ,.v.t. w.
ind tlOS,-
North American Company has nt notices
to stockholders of a special meetlrtK to bo
l.eld AtJtust art. for the purpone of votln
tn an 'nr e-.e In the authorued capital
stock of J30 O0O.000 to 1110,000 000 to con
sist of 000 iil.n shores of U por ient cumu
latle preferred stock and ft similar amount
of common stock, i ar of both Issues J50.
The preferred Is sublect tn redemption at
105 per ctnt and aocrued dl'dends. Stock
will have equal voting- power
DIVIDENDS DECLARED
Cosden A Co.. quarterly l per cent on
preferred, payable September 1 to stock of
record August 15.
uuiette, Bareiy uazor vo.. quarterly o
loer 1 to siock
payable
juir uu.
Septemb
1 to stock of record
German Bank Statement
Ilrrlln, AUK. tl The stutement of the. Im
perlol Dank of (lermanv as of July 3u shots
tho followln chankes lr marks Total coin
and bullion Increased. 170,000, cold In
creased, 1000, treasury notes decreased. 017,
840. 000. notes of other banks decreased, 3..
507 000; bills discounted decreased, 0,112.
040 OOOi advances Increased, 1.000,000, In
vestnivnti decreased. 102.000; other securities
Increased, 03 OflO.000 notes In circulation
Increased1, 2.803. 7Z0.UUO! oepcuts It-creased
S,nUS,H7t.uuui otner iiaoiuuea oscrsasea, sv.. iiucia '.
2i,000; Wtii ild holdlmas Ut0l-tai)d. .'Jlotinr Lode COO
Hlarh DIMde
Knox
Revert Divide
Reno Divide
Itoieta
Bllver Kin
Sutherland
Tonopah Divide
Tonopah Itasbrouck
Victory DlvlJo
Verde Divide
Zone
GOLDFIELD BTOCK3
Ilooth 03
( ointi Fraction
Craokerjack
Dlamondfleld Blue null ....
Florence
.in 21
'i. ''
..0 .75
ui .01
S
.01 ,n2
.OJ .03
.01 . fiH
.01 (ij
.011'
.H7 O'l
.81 .32
.01 .02
.0 1 US
.02 .113
.11 .13
.U2 .Oil
.01 .112
.10 .12
.02 .04
.01 .02
.02 OT
01 02
.78
.02
.01
.02
.10
Oolrtfleld Con .
Hold Dev
Ooldfleld Deep
Great Rend . .
Junrno Kit ...
Kewanas
Ixinii Htar ....
Or j
Rod Hills
Hllver I'lclc . .
Spearhead
.03
.01
.40
.oil
.dl'i
.01
.02
.03
.02
.02
.1,
.02
MI3CELLANKOIJH
Amparo 110
Arizona United 07
Caledonia 08
IMen 10
r.mma Bllver 02
Hurcka Croesus ,44
Kureka Holly I'.k
:?,3
.02
.03
.12
.04
.on-;
01
.02
.12
08
oiVj
02
03
05
.03
04
.lll)4
"'
.03
1 30
.11
.12
20
.03
40
C.S0
GRAIN MARKET
Chicago, Aug. 0. Wheat started un
changed to Vic higher for September
and unchanged to Vic lower for Decem
ber, with scattered selling at the outnet
running Into commission house buying.
There is a report here telling of exten
sive damage to the Canadian wheat crop
by a severe hailstorm. Receipts in
sirected yesterday were 31S cars, last
j ear 104 cars. The cash market was
i datively strong, with better llgures,
i dative to the futures, available foi
choice grain. Country offerings are
moderate.
Trade sentiment is mixed, with buy
ers inclined to be cautious, following the
unsatisfactory culmination of recent
efforts to bring nbout better values,
lluying for known requirements is being
done by domestic nnd foreign shippers,
but the market suffers from the absence
of a broad speculate e trade.
Corn started tnehunged to a4c lower
for September and unchanged to V.4C off
for December, with mixed trade. Tho
market firmed up after I he start on
buying by a prominent shipping house.
Oats started unchanged to ,'e lower
for September and unchanged to sc off
for December, with scattered commis
sion house selling. Resting m tiers took
the surplus off the market nt the decline.
COTTON MARKET
New York, Aug. 0. After yester
day's strong advance, and whilo South
ern spot markets showed general and
strong upturns last night, there was
enough uctlve Southern selling at the
opening to check further advance and
weaken first prices pnrtially ft poIntB
from last night's close. The early buy
ing was by local nnd Wall street Inter
ests. (ioslp around tho ring laid stress on
tho wcnltor technical position ns n re
sult of yesterday's covering of a big
line credited to a Wall street operator.
There wos less outside buying today,
with a tendency on the part of many to
take profitB for over the week-end. At
the end of tho first fifteen minutes tho
market wns off (J to 7 points net.
After Irregularity in the first hour,
the market duveloped fresh strength
around 11 o'clock, selling nt a net ad
vance of abont 10 pointB and prucllcallv
at tho high level of yesterday. Ilullih
tpot and crop advices seemed to be pio
motlug a broader outside demand.
Carollnn nnd l'sistorn mills wore large
buyers of spot cotton in the South yes
terday, whilo cables from abroad In
quired for cotton, with arrival by Sep.
temliee 25 ctiantntced.
Prevloun
Auu..
scot.
tic
Closo Open
12 01 12 83
13.24 18. 02
Ct. .. 13.44 1U.4U
Deo . 1.1. S3 13.81
Jar . 13 80 IS 77
March la
-May 14.
June
Hid. rlpot cotton. 13 00c.
Illsh Low Close
12.07
, . . . . 13 25
13. 35 13.30 18 40W51
13.05 13 77 18 80f3
13.fifl 18 78 13 84&80
14 iu nun 14 02
00 14 20 14.07 14.1(113)20
14..U It UU 11. ill
OUTSIDE INTEREST
LACKING ON CURB
Prices Fluctuate In Narrow
Range Oils Dull Mines
Attract Littlo Attention
LIVESTOCK QUOTATIONS
CMoiEO. Auk. fl. CATTLE Receipts BOO
head Compared with week ag-o: letter
(trades of bef steers stronir, 29o to 50o
hln her. In-between moos steady to stronir.
common and Brassy, 20o to flOo lowr. best
grades fat she stock steady, others 50o to 70c
lower; cannors and cutters. 23o to BOc lower,
bulk veal calves, BOc to 75o lower, stockers
and feeders aDout sienay.
HOaS Receipts, 8000 heart Actlio un
even; opened stronir to 15c higher than yos
terday's averaa-e; hold over moderate. Top
111 15 one load; bulk light and light butch
ers, jlO.BOflll 10, bulk packing sows, $8 03
SO Pls. 25o to BOo lower, doslrabie pigs
motly J0.25HO.7B
8HEEI' Rccelpis 1(100 head. Compared
with week ago Oood fat native lambs, 23c
to r,Oo higher! Westerns, BOo to 78u up; fat
klieep mostly 2Bffl75c lower, somo heavle
and medium weight ewes oft moroi little
feeder trado, ftw llnhtor 23o to BOo higher,
breeding ewes about steady.
I'lttiliurgli. Aug. 0. HOOS Roeelpts
1500 head. Market lower. Heavies, 10 7S
11 heavy ynrkers. llirlit yorkers, ill 75
11.00, pLss. llill BO
BHKE1' AND LAM1IH Roeelpts, 800 head.
Market steady Top sheep, 15 BO; top lambs.
til. i
CALVKS Receipts, BO head. Market
lower. Top. 111.
Kast IlufTalo, N. V., Aue, 0. CATTLE
Roeelpts, 425' head. Blow and barely steady
Calves llecolpts, 830 head: 00o lower, SB
0113 50.
1IOOB necelpts, 200O heart. Blow.
Heavy, tlO.7B011.23. m'xed, torkers and
lUht yoikers. $11.50011 7B, pins $11280
11 50: roughs $8. SO; staas, 14.0000
HIIEEP AND LAS1DB Receipts. 800 head.
Active, unobanird.
Now orlt, Aug. 0. Business on tho
Curb Kxchnngo market was of tho same
nulct character thnt prevailed on tho
Stock Exchange, outside Interest being
small and fluctuations In prices In
nearly nil cases being confined to n
narrow range,
filcn Aldcn Coal showed n firm tone,
with sales at 35 nnd 85&, and Inter
continental Rubber wns In good do-
niana, selling at vyj, to f'Ti. Houtncrn
Loal anil Iron nlso was well maintained
with sales, nt 2Va. Unltod Retail
Cnntiy, which dropped to 5 yesterday
on inc announcement of material roduc
tlons In prices by londlnir candy manu
fnt'tiircrs. wns traded in nt B on a
EUUIM FCIliC,
Dealings in tho tietrolcum stocks were
on n small scale, most Interest being
nttncneu to tne continued liquidation of
oinnanrn vn ot intiiana, wnicn con
tinued Its reaction, sclllna- rlntrn tn 70U .
Ouffcy aillcsplo was unchanged nt 11.
A few sales of Elk Bnsln were mntlo
nt 04. International Petroleum was
steady at lift.
The mining stocks showed decreased
Interest. The Intcrborough 7 per cent
notes made littlo response to the an
nouncement of nn extension of the rate
of interest to 8 per cent nnd were
traded in nt 804 nnd 80.
NEW YORK BOND SALES
Adams Ep 4s
1 01
Am Atr CD
7Us rets
3 futt
0 UAH
ft 0ui
22 0 H
A H A IVlf Bi
1 7DW
1 70
Amn T A T ell
S BOH
1 6011
2 80S
0 80 H
B 80 H
Amn TATti
tSALBa IN 1100,01
INDUSTRIALS
High
Brit Amer Toh r v
Glen Atden 8BH
inter Rubber 7V4
Perfection Tlra 04
Radio Corn 1
Radio Com pref a
Southern C & I aW
u b ship corp ..::::::: 21
U S Steam 34
urmea i-roni Bnaring ... 1
United Rot Candy 0
West End Chem 60
IK
STANDARD 01L8
Stand Oil of Ind 70 H
INDKrENDIWT OILS
Roone Oil
Carlb fiynd
Cities Service (old)
Cities Service "B" ctfs
cusning i'et
Elk Rasln Pet
Federal Oil
Olenrock Oil
tiuney muesple .
Hudson Oil
lnt Petrol
Merrltt Oil
Mexico Oil
Northwest O
Mountalrr Products
"mar Oil
Projucer & Refiner
Halt creek Prod
H.pulpa Rof
Tcxon
MIN1NO
Arlrona Patagonia
11 ,sion a .Montana
Cortoa SlUcr
Dlildo Ext
Onldnold Moronco
Mother LodV) Clt
Low
12
8?i.
04
IT
2
1
I-ast
12
8ft
04
ltt
h
10
S3
1
00
70H 7051
.. 22
.. 4U
..118
.. 18V
.. 10
.. U
.i
.. 80
.. 11
"!
.. 7t4
. . 8.1
.. 20
. . s
.. iu
. . 34
.. 10'i
.. 3
. . 07
58
mi
77
National Tin
r.eada Onnlr
Ray Hercules
Slher Mines
IIONDS
American Tol fis 11)21 .. .
Anaconda 7a 1020
Hethlehcm Ste-1 7a 1030.
Can Nat Ry eo 7s
Chin fn Sta 0?4s
Cons Gas Ss
Ooodrlch Tiro 7s
Ornnd Trunk 014 s
uuic on 73
Heinz Co 7a
Humblo Oil 7s
Intel boro 7s
N V X II 4 II ll
Stars-itoebucK ,s lu.i..
Sears-Roebuck To 1U23...
Stand OH N Y 854
Swift 7s
United Oruar 8s
tVost Eleo 7s
Winchester 7V4
04
28
20
1A
07 "j
03 4
l'3
101S
100.
01H
074
07'4
Olltj
U7'4
0H
B8
0'4
07t4
IUO4
. ... 074
. . .100
1U0'4
02
22 22
4H . 4M
118 118
13Vi lSVi
16 10 ,
83 80
11 11
17 17.
1154 1154
Hi" i"
28 1
l'i 1U
10'i 10J
b n
33 B3
lil 08
07 07
77 77
31 31
12 42
3V4 354
03 03
2S 28
20 20
1A 1A
07J4
344
ur.5
101
07J4
U3'i
101
103 '4 103V4
1UOH
014
U7l4
07T4
00 54
H7
80H,
38
Hi) '4
V1K
IOOS
D754
10O
100H
11:
lobk
0154
07V,
07'4
11 IU j
07U
80
as
oo'4
07H
lOD1
U7H
1011
loon
02
TRADE PROSPECTS
BRIGHTEN IN WEST
Good Prices for Grain Crops.
Stimulating Business in
Other Lines
Chicago, Aug. 0. A greater degree
of optimism characterizes trade senti
ment In the West, and confidence Is be
ginning to come bnck in many lines in
spite of ndverso features. It Is be
lieved that with the heavy marketing
of grain crops the country will begin to
buy ngaln after a loon period of re
luctant purchasing. Retailers expect
more activity in the farming districts,
and this m turn, will stimulate busi
ness in other lines.
Winter wheat has been marketed on
n scale never before witnessed, nnd
considering conditions In trade gener
ally, farmers have obtained good prices.
In fact, the current level of prices would
have been considered extremely high in
pre-wnr times, utner grains are not
brlncine the nriccs. nronortionntelv.
that wheat nnd rye are, but, neverthe
less, subNtantlal money returns are
flowing Into tho rural communities nnd
loans are being liquidated with a con
sequent casing of the tension in that
respect.
One reason for the expectation of
better trado is the fact that supplies of
many kinds of merchandise arc so low
that replenishment will soon have to
bo u necessity. Another reason is that
the ;ountry is coining to the conclusion
that prices for many commodities have
reached bottom approximately, reliev
ing buyers of the fear that they will
load up only to see nnothor cut in
valuations. This has been the fear that
lias kept buying on a hand-to-mouth
basis for so muny months and justi
fiably. Money rates here nro steady, with
commercial nnper 04 to 0ag per cent,
collateral 0V6 to 7 per cent, and 0((i
to 7 per cont over the counter. Col
lections nro fairly good.
Wholesale and jobbing trado reports
show a little moro hopeiulnens. Stocks
are low In many sections, and there is
more disposition to load a little more
extensively. The mail-order house sales,
however, are not encouraging, showing
big reductions for July compared with
that month in 1020. However, more
activity in that lino is expected ns
farmers receive returns for their 1021
crops.
1...
0...
1...
1...
4...
1...
1..,
2.
8414
84
84 T4
84 ti
8S
83
83
83
8854
83
Amn T A T Of
1.... 10054
3.... 10054
1.... 10054
Arte nep'e Bi
1 00
Armour 454s
3 80
1 80
AT4 0r.il
8 T7y4
8 7Ti
7 774
1 77S
Atch Topeka A
S Fa ev 4a
4 70
A C Line 454s
8 70U
Atl'c Krult 71,
2 40
Atlantlo Reft
ct OVls
1.... 101H
Atlas Ftrdr Co
wl 754
7 0854
4 0054
Halt ti Ohio cv
t 71
1 71
Bait & O 854s
1 80K
Rait & Ohio 4s
1 70
1 70
0 70 H
3 70
Dalt A Ohio 8s
B 73
8 73
1 72
2 71
Dalt A Ohio 0s
1 01
1 01
1 00T4
B A O P L E
A W V 4s
3 00S
2 00 H
1 OOVl
RAO Swn 354
1
1
Cuban C
0
2
n
0
6
1
IB
Cuba R
1
Denmark Con
ot A 8s
2.... 101
Denmark Con
ct li 8s
1,... 101T4
1.... 10154
2.... 10154
2.... 10154
Den A R O fd
1
S
1
4.
n a
1.
1.
88
83
... 82
... 8254
O Tol 4s
... BB
... BB
... B4i
Rcth Steel fd
1 8054
Roth S Ss '30
2 77i
1 774
Bkn Edl C "a
00
Bkn Edl D 7s
2 00
3 08 v
Rush llld'K Si
1 74
Canadian Nth
GUjS rets
3 00
1 00
2 00
4 ... 9Si
3 (sO) 0854
1 084
4 08i
1 08T4
1 08
Canadian N 7s
Den A n O 4s
1 0354
1 6854
4 03H
Det Edl Co Gs
2 88
1 8SH
D Match 754 s
8.... 104
2.... 104
Do Canada '20
1 03
Do Canada '31
1 80
Dom Rep'c Bs
1 7954
D Do Nemours
Pwd'r 754 s
1
1....
4....
3
1....
1
0
4.
102
102
102 T4
103
IO214
1025s
10254
10254
Canad'n Sn Bs
B 87
Cen'l of Qa en
2 84Vt
Ctl Pacific 1st
1 (sC) 73
Ctl RR A Bkg
Co of Oa Bs
1 80
Cerro de Faacn
Copp'r 8s
8.... 1075!
1 107
C A Ohio 454s
4 7054
C A O cv 454s
1 77
1 78
C'k A O cv Bs
2 88
2 82
1 824
3 S2ij
8 824
Chi A Alton 3s
3 4B
1 43
Chi A Alt 354s
2 80
1 88
1 83 5i
1 85
Chi 11 A Q neb
2...
1...
; 11 a
1...
1...
1...
1...
B...
2...
23...
00
00
Q 054s
, 100
100
, 100
100
, 100
, 100
, 100
, 100
, 100
, 100
, 100
, 101
. 100
100
Chlcaso Mil
St Paul 4s
Cltr ot Copen-
hasen 854
3 78
1 78
3 78 4
7 (7 78
3 78
3 78
C N'Tk 44'B7
1 01
C N Tk 454'OS
1..... 01
City Paris 0
1 DO
1 00
1 00
City Zurich 8s
G ( 0) 100
1.... 100
1.... 100
1.... 100
4 (s 8) 100
1 ( S) 10054
Cl'd Cln Chi A
St Louis 0
1 00
2 60
Cl'd Cln Chi A
St L Cairo 4s
1 78
Colo A S 454a
1 70
8 70
Colum O A
1st sta
2 83
Cuba A S 8s
00
00 54
a cv
05
05
05
0054
80
06
06
Co Bi
80
7..
1..
0..
4..
8..
1..
4654
46
47
40
47
47
2..
8..
8..
2..
1..
1..
S...
07
07
07
07
07
07
07
07
07
Put Llxht 0s
2 02
1 Dl T4
2 02
Edl II M Y 3s
1 89
Erie Oenl Lien
1 41
8. ... 48
3 4315
2 4354
1 43
Erlo R R cv D
1 4T
Erlo Ry Co Is
1 60
,Ooodyear Tire
A Rub'r 8s
1...
1...
3...
1...
8..
1..
102
102
102
102
102
102
Cove't Trench
R 7s rets
8....
3...
3. ..
2...
4...
3...
8...
1...
1
23...
25 .
8...
6...
2.
ii!!
2...
1..
06
00
00
00
00
00
00
08
00
00
06
00
00
06
00
08
06
K Belrlum Ci
1 04
3 05
1 08
1 05
K Belfm 7s
1.... 101
2.... 101
a.... 101
1.... 101
K UslcTn rets
3.... 100
3.... 100
1.... 100
Klntdom Den
mark ct 81
2.... 102
1.... 103
11..,. 102
1.... 102
3.... 10254
Klnrdom Nor-
Vray ct 81
1.... 10
1.... 104
1.... 103
K Sweden 0s
2 87
2 80
9 86
Lack Steel '28
8 03
Lack flteel 'B0
B 78
LEA Wn 1st
1 81
L B M 8 8e
1 6754
L A Myers 7s
1.... 107
Lou A Ark Bs
1 70
Lo Clnli4s
8 88
Lou A Nash 4 s
1 68
Hanhat E'd 4s
4 86
Mkt St Ry let
1 70
1 70
Marland Oil 8s
1 04
Mex Petr'm 8i
8 08
3 08
8 08
1 08
Mid S A Or 8s
3 70
Mo Pacing 4a
14 84
1 84
8 6451
B 84
New Or Tex A
Mexico Bs
4 60
N Y Cntl 8s
2 08
2 07
2 66
1 67
N Y Cent'l 4s
3 78
N Y Ctl en 4a
B,. .. 71
N Y Ctl ne 4s
4 .. . 48
6 40
N Y Con 4s
8 70
2 70
N Y Cent'l Os
1 02
3 02
11 02
II 03
N Y'k Ct'l 7s
0 ... 102
1.... 101
N Yk Ltcht H
i. Pwr 4s
8 .... 08
Now Y N II A
II 4s ot '60
1 42
New Y N II A
Hart'd 0a
1 00
N Y Rys ct 4s
8 10
N York State
Rwya 4s
23 82
N Y Telo 454 a
2 8a
8 82
N Yk Tele Os
1 03
1 03
New Y W C A
Host 4s
It.... 80
N'k So'n R Bs
1 46
Nfk A Wn 4s
3 78
Nfk A W rt 41
1 77
1 77
N'k A W cv 0s
4.... 103
North We'n B
Tele'n 7
Oove'l F R 8s
4...
O
I.'.'.
6...
B...
2...
1...
6 ..
1...
0. .
B.
110
100
100
100
100
100
100
100
100
100
100
Od Trunk rets
8.... 102
O Nth Rwy 7s
2
11..
2 .
2..
8 .
2..
2..
IB .
B..
1 .
20 .
4..
23..
1 .
100
100
100
100
100
100
100
100
100
100
10054
100
100
100
100
100
1 ov,
10014
100
100
MO'i
100
1110
100
1..
1..
1..
t..
I'.'.
102
102
102
102
102
102
N Paclflc R 6s
1.... 101
8.... 101
Oregon S L 4s
8 84
2 88
Orjr-W'n R Co
Navl Co 4s
2 72
Packard Motor
Car Co 8s
7 00
1 00
ran A Fetr'm
A Tr Co 7i
2 00
Pa R R 4s '48
2 81
Pa R nil 4s
1 80
1 8054
Pcnna II R 8s
1 87
8 88
Penna ltd OH 1.
1 00 Hud . .Man l.l
Chlcasro Mil , 1 . . 07
St I d 4s I j 117 4
GOVERNMENT BONDS
Panama coup 2s. 1030.
Panama reir 2s, 1080..
Panama cou 2s, 1088. .
Panama cou Ss, 1011 .
Panama rer 8s. 1001..
l'hlllpplna 4, iOS ...
l'hlllpplno 4s. 1083
Philippine 4s. 1U8II ...
U H Clov oou 2s, 1030..
U H Gov res- 2s. 1030,.
U B Oov cou 4s, 1025 .
IT H (lov re 4s. 11)23. .
D ot Columbia 8.03s, 1024.
Hid
. . 10u
. 100
. . looii
. . 76
.. 73
.. "H
.. 78
.. 78
. . 1005i
. . 100
. 104Vi
juuvi
03
Ask
101
0i
101
101
1 BO
Chicago Mil A
St 4s 'SB
1 76
Chlcaso Mil
HIP ov 4s
1 07
B 07
1 07
Chicago 3111 A
3tP fd 4s
2 01
Chicago A NO)
W ext 4s
2 00
1 07?;
1 67
Hud 4 Man In
0 .... 4254
1 .... 48
1 42
3 42
III Cent'l Bs
1 01
III Cent'l 6s
4.... 101
2 ... 101
2 . . 101
2 . 101
101
1
3.
1.
1.
1.
1.
1.
1.
I.
23.
1.
Pnnna It U
1.... 103
1.... 108
2.... 103
RoadlnK Co 4 s
1 73
1 73
Rep Ohllu rets
00
OD'i
00 4
00
90
09
92
00
OD '4
00
110
Chi A Nwn 7s jndl'n, Hteel Bs
1 tal) 102 1 1 nou
Chi R I A P 4s jnfo Met 4s
U. S. Certificates and Treasury Notes
Int. Maturing
Rate Date
f.1 Sept., 11)21.
t flert.,1021 .
Dot., 1021 ..
B Oct., 1021..
tfl Dec, 1021..
I'SD. . 111"..
3 March, 1022
aiorcn, iu.. .
1922
1924.
109A
0
:5B
tVi March. 1
fB June, 10
nJ Aug., 19
tB June, 19
Bid
10O 1-02
100,1,
looy,
IUU',1 lull
100 10054
lOOA 100 ft-8
100 A 100 A
100 Inn (l
100A
100(?
100V.
Asked Yield
100 B-82 4.011
10U 0-112
100A
'
100
Kxempt from normal Federal lircome tax.
4.40
4. B0
4.30
4.32
4.HN
B 02
B.02
B II
B 28
6 43
tAccpetable for payment
due on irate of maturity.
of income tax
BAR 8ILVER
Domestic bar silver was quoted In New
York today at UliUci foreign, 81'e...??th
unchanged. In Londjn. tha price was 88 a,
J unchiMsl.
8 73
2 72
B 72
Chi A W I 4s
1 60
Chile Cop'r 0s
1 71
1 71
Chllo Cop'r 7s
1 0.1
1 OS
Chlneso Guve't
Hu-IC Ry Bs
1 48
1 48
Cln ind St I.o
A Chi R 4s
2 66
Cln Lo A Lex
4s
1 88
City of Bergen
8s rets
2 09
1 00
2 00
1.. . 08
City Uerns
8 90
1 00
1 90
1 00
Cty Cbrls'a 8s
1 00
1 0054
..
1..
1..
1..
2. .
b!.
6..
8..
4..
2..
2..
1..
1.
ns5i
08
08
08
08
08
08
08U
0H
00
08
08
00
00
Sao Paulo ot
Braxll ct 8
16
16
10
lnt M ct 4s
8 14
Intbro R T fd
27 B0
1 86
4 56
I M Marine Us
3 70
1 70
1 70
2 70
Jap Uovo't 2nd
3 83
2 85
3 88
Jap Ooven't 4s
18 70
Kan C A C 3s
1 87
1... . B7
Kan C A H Bs
1 77
1 .... 77
1 77
K O T Rly 4
B 78
1 78
Kelly Bprlng'd
Tlr Co 81
6 97
4 97
3 07
8 07
Rop Cuba 4 5ia
1 60
St L A S F aj
1 67 '4
1 07
1 07
Bt L A B F In
1.
1...
1...
3...
3...
1...
B...
6...
0...
1...
1...
6..
87
67
87
B7
87
BT
67
67
B7 54
87
B7
6754
03
08
08
08
08
08
08
08
18
08
4
1...
1...
3...
1...
8...
1...
1...
3...
fl...
Beab'd Ah tl
1 28
8 28
3 28
1 20
8 28
Seab'd A L fd
1 40
1 40
Beab'd A I' 0
1 40
2 80
4 80
1 60
Sharon Steel
Hoop 8s
1 00
Sinclair C Oil
Corp n 7s
0...
8...
7...
1...
1...
1...
1...
1...
.--.
02
02
02
02
02
02
02
02
02
Bo'n Paclflc fd
1 76
1 7651
2 70
3 76
Bo'n Pacific 4s
1 72
Bo'n Pao ev 4s
1 81
South'n Rly 4s
2 87
South'n Rly Ba
1 84
Total, ls.n7rt.noo
210,000 yesterday.
Stand'd Oil of
Calif 7s
2.... 100
4.... 108
8.... 108
4 ( 7) 103
Swlts'd Con 8
1.... 105
2.... 103
2.... 106
flhlrd Ave aj
0 82
Tidewater Oil
Co et 0
4 05
Trl City Rly A
Light Bs
1 02
Union Pao 4s
6 81
2S 81
1 81
Union Pac Us
1.... 100
U'n Tank C 7
1.... 101
U K of O Brit
A I'd 1021
0 00
2 00
UKoIfl Brit
A I'd 1022
1 90
3 90
1 00
U K of O Brli
A I'd 1020
12, ,.
1..
2..
1..
1..
1.
80
80
80
89-
88
88
U K of O lint
A I'd 1037
3 87
1 87
1 88
3 8754
Ut'ed R'd San
F unct 4
8 28
U S Bratt 8s
0...
1...
09
00
, 09
, 00
100
, 00
10O
U S Mexico 4s
1 33
3 3854
1 83
U fl It A I 8a
1 8754
U B Rubb'r Bs
28 70
U B Rubb'r 7s
0 0054
V B Rub 754s
8.... 10154
2.... 101
8 (s 0) 101
U'd a Steel Bi
1..
8..
10..
3..
4..
28.,
04
04
94
04
04
04 54
04
Va-0 Ch 7a
1 01
Va Rallw's Bs
1 83
Wabash R 1st
3 87
Weit'n N Y A
mnn 1st
3 60
Wn Pacific 1st
1 06
W A 13 MfK 7s
2.... 101
1.... 101
1.... 101
1.... 102
4.... 131
IWIlson Co 1st
B 86
1 80
Wis Cent'l 4s
3 00
compared with (11,
High
Liberty 3V48 .. ..88.40
Liberty 2U 4s .... B7.02
Liberty 1st 4'48.. 87.00
Liberty 2d 4s..
ViB. .
Liberty .3d 4
Liberty 4Hi
:7f
87.70
02.00
87.80
Vic Notes SVb.. 03.00
Vic Notes 4s. . 08.
Low
88.20
87.02
87.70
87.02
01.00
87.74
08.04
08.00
Close
88.40
BANK CLEARINGS LOWER
Looal Exchanges 18.4 Per Cent Da
low Same Week Last Year
Further cvldcnco of tho stagnation In
business, ns shown by bank clearing In
tho principal cities of tho country u
apparent In tho ngfrrcgato exchanges
complied by tho Commercial nnd Mnnn.
clnl Chronicle for tho woek. Tho tottl
for the cntlro country wns SO.048,808 .
830, compared with $8,255,121,820 thU
week Inst year, or n loss of 1G.8 nee
cent. v r
Aggregate clenrlngs by bnnks of th
local Clearing llouso Association ver
$313,000,000, compared with $383
537,220 during tho corresponding period"
in 11)20, n loss of 18.4 per cent. d
Details follow:
lnsn mi, .Pea.
&. . -I...,. A lln nni A.. a ,l..' . 1 (L
iicw iuiAiOiiiv,4uir,uyi, J,0UU,0n2.4R2 ft i
Chlcas-o .. 423.003.nln nut laa'sB! .?
HiH.nnn nnn Hht ni n..x 2?,
227.7U7.004
128,148,370
.90,000,000
103,000.000
118,500,000
81,042,371
07,821,787
40,811,088
Phlla
Boston ...
Kan, City.
St. Louis..
h. Frnrco
Pittsburgh.
Detroit ...
Halt
N, Orleans
031,188,829 187
8KI,B37,220 18.1
107.93O.2S0 80 S
127,207,272 24 1
180.000.000 24
148,848 B13 111
105,000.000 248
00,890,797 3 3s
6fl.4l7;u07 28:8
BUTTER, EGGS AND CHEESE
New York. Ausr. 0. ntrTTKn .(.,,.. .
celpta, 13.171 tubs. Creamery, hither ihl.
extras, 48048 ci creamery est, ion
score), 44 044oj creamery firsts, 88 to 91
score), 39043 ci packing; stock, current
make, No. 2. 2854 20c. current
J-;UU3, quiet. Receipts. 21,041 cases
Fresh fathered extra firsts, mi out,.. 1'
fl-sts 33CT37C! Btata. Penna. ami ni-.t'
Western hennery whiten, nrsts tn extras 47
Hi )(. do. browns, extras. 4648o" do
Kathered browns and mixed colors, firsts to
extras. 3604 loj rctrlKorator nrsts. 83a7o
ptirrati i..miI,v t?..!..,.. oiu.
rf..uuuu. ...in,.... . itevn,iB, AIUf OOXCS
State, uholo milk, flats, fresh, specials. 20
2154o, do. avoraee run, 20O20c: State.
noie miiK, twins, specials, 2113121540: do
erage run. 205120 e. '
Reserve Banks' Discount Rates
Official rediscount rates at the twetvn tt..
etnl Reserve banks aro os follows:
Treas. Lib. Com'! Bhr,,
ctfs, bonds, paper, accept.
Boston
New York ..
TJUItaAlnfntn
87.52 Cleveland ..
87.82Blohmond ...
R7 7D Atlanta ....
''" Chicago
01.04 I at Louis ...
R7.R0 'Minneapolis .
08.00 ";,! Clt"
-""
08.00
FOREIGN EXCHANGE
New York, Aug. 0. Tho foreign ex.
change market opened irregular this
morning with sterling up c, francs
nnd llro unchanged, Hclglnns 1 point
better nnd marks oft Y. point.
Tho quotations were:
Sterling cables 3.00Vi, demand
3. 50 ; frnnc cablet t.lAVt, checks
7.73; Uclglan cables 7.43, checks
7.421 ; Hwlwi enbles 10.05, checks
10.02; lire cables 4.30, checks 4.20;
pcxetn cables 12.84. checks 12.82;
guilder cables 30.08. checks 30.03;
Stockholm cables 20.55. checks 20.50;
ChrlBtlnnia cables 12.83, checks 12.7.8;
Copenhagen cables 15.35, checks 15.30 ;
marks 1.23,
Tho rate of premium on New York
funds in Montreal todny wns 12 1-32
per cent. The rate of discount in New
York on CnnoUnn funds wns 1001 per
cent.
Central European exchanges wero:
Greek 5.51 ; llumnnlnn 1.27'4 ; 11 ui
rarlnn .83 ; Austrian .115 ; Polish .055 ;
Czccho-Slovaklan 1.20; Jugo-Slnviim
.57.
YESTERDAY'S FINAL QUOTATIONS
Sterling Francs Ltrn OulMorn
Demand 11.50 7.7S 4.29 .10.51
Cables 3.69 7.73 4.29 30.00
TODAY'S OPEN1NO QUOTATIONS
Sterling Francs Lire Guilders
Demand 8.50 7.73 4.20 30.03
Cabl 3.6054 4.7454 4.30 80.08
CLOSINO QUOTATIONS
Sterling Franks Lire Guilder
Demand 3.00 7.74 4.29 80.01
Cables a.UU'rk 7.73 -i.su su.tu
Philadelphia Markets
WHEAT Receipts, 168,442 bushels. Mar
ket 2c higher. Car lota in export elevator
No. 2 red winter. 11.2801. 33: No. 2 red
winter, garlicky, $1.181.23. Other grades
quoted at the following schedule of dis
counts: Mixed wheat 0o under red winter.
No. 3 wheat 3c under No. 2. No. 4 wheat
7o under No. 2. No. 5 wheat lie under
No. 2. Sample according to Quality.
No. 2. Sample according to quality.
CORN Receipts, 33,841 bushels. Steady
but quiet. Car lots. In export elevator No.
2. 60 070540: No. 3 0754 (18c. Car
lots for local trade No. 2 yellow, 7654 tP
77c
OATS ReoetDts, 25.603 bushels. Again
lower. Car lots an to location No. 2 white
404754c; No. 8 white, 430450.
FLOUR Receipts, 200 barrels and 2,177.
737 pounds In sacks. Market dull and weak.
Quotations: 80ft winter, straight. Western.
10. 1000.35: do, do, nearby. J608 16. hard
winter, straight, $7 2507 ,5: do, short pat
ent, $7.008: spring, nrst, clear. 7 60
7.7B: do, patent. IS.riOftO; short patent,
100 10: fancy, spring and cltv mllli, patent,
family brands, I1O.2S01O.BO. Re nour,
J8.2508.75.
PROVISIONS Firm but Quiet. Quota
tions: Beef, In sets, smoked and air-dried.
51c: beet knuckles nnd tenders, smoked and
alr-drled, B2o: pork, family. 43o: hams,
S. P. cured, loose, 313B2c: skinned, loose,
33334c: do. do. smoked, 35(380o; hams,
boiled, boneloss, B8c: plcnlo shoulders. H. P
cured, looee. 17c; do, smoked, 18a; bellies, in
pickle, loose, 18c; breakfast bacon, 25c;
lard, 13e.
BUTTER Dull nnd unchanged. Quota
tions: ynlld-pnckod creamery, high-scoring
goods, 4BM47C. extra. 4io: oxtra nrsts, 400
nrs
sts.
37 80c: seconds. 83 it 30c; sweet
fancv prints Jobbing at 830
creamery, cholco to fancy. 4iiane. fair to
3V(U'430
rood.
S7iv fair tn flhftle. 47 (it Bio.
ECldH Fine stock scarco and nrui. Quo
tations: Nearby extra firsts. 42c: do. firsts,
41o, Western extra firsts, 40M41c: firsts,
3Sf39e. second, 30W32c: Inferior lota lower:
fancy eMeetct! eges Jobbing at 58(54c;
fair to good at 47052c.
CIIKEHE Quiet and unchanged. Tho quo
tation New York, whola milk, firsts,
fancy, frrnh. 22023c, do, common to fair,
fresh, 20021c; Longhorns. fresh. 2lffl23c.
single Daisies, fresh. 22 (423c; Jobbing salea
of fancy goodi. 25 (if 20c.
LIVE POI'I.TIIY Tho quotations Fowls,
fancy, fat. 80082c! Inferior. 20028c; spring
chickens, broilers, not Leghorns, fancy. el-low-sklnned.
welghlne- 2 03 Ibi. uplwn :im
040c. weighing 1(2 lbs, nplec. 300340;
irrlnir chlrkens, Leghorns, 25(5H0o, roomers,
ltlWlSc. ducks, us to quality, lH023c, nig
eons r-r pair old 4.t1JB0i', voung II.IIMO'
DRESSED POULTRY Quotations Fowls,
fresh-killed, dry picked, In boxes Wolghlnf
405 lbs apl-re. aOc. welghlnit 3 lbn..
3.V, weighing 8 lbs., 31088c. Fowls, fresh
killed In barrels, dry picked, weighing
403 lbs. apiece, dry-packed 39c; lcu-packd
R8e, weighing :i Vfe lfis . 30032c. weighing
,1 lbs and under 2.102Rc; broiling chick
ens, Western, SOftSOc : do, nearby. 30W40
do. roosters. dr-Meliod. WnBlein 25c. do.
do, Southern, 22021c ducklings, 2702ec
BANK CLEARINGS
Rank clearings today compared with cor
responding dav last two jearn:
1921 1920 1010
Phlla . 139.000,000 B7,H47,608 107,277,335
Hnton 80 4M1 BT4 S3 173,811
Chicago . 76. 200,000
Baltimore 12.23s.51il 10,407,472 .. .
N. York 011.200,000
San Francisco
B 8
854 854
8 854
n ii
o o
o o
o n
o o
8 O
0 0
fl fl
5 8
Sit
flH
8
0
0
0
R54
6
0
6
!!!
fl'4
6
0
0
6
0
5
Discount rata corresponds with lntcreit
rate borno by certificates plodgcd as collat
eral, with minimum of 5 per cent.
FINANCIAL
INLAND COAL COMPANY nitfiT MOItT-
OAUI3 COLLATF.KAX TRUST 6
SERIAL GOLD IIONDS
Nntlro Is hereby given that pursuant to the
Continent Sinking Fund provision of the
Mortg-age, datml March 1, 1917, nil bonds of
tho ohova Issue outstanding maturing Mnreh
1. 1924. and 80 bonds as numbered below,
m.ttuilni- March 1, 1023. each for 11000. have
been called for redemption on September 1,
1921, at 10154 and accrued Interest to that
date,
Tho bonds called, with nil unmatured cou
pons attached, should lo presented for pay
mnnt at tho officii of Commercial Trust Com
pany, Trusteo, City HAH Bquaro, Phlladel.
phla. on or after Heptcmlx-r 1, 10J.1, when all
interest theroon will conse.
Nos: 820 842 803 883
82S 813
hUO 8411
Ml 810
830 830
83S MS
800 800
840 801
804
807
MIS
872
873
877
870
8H7
MO
892
807
BUH
010
012
910
010
020
0J2
000 1127
007 02
030
(131
II35
03H
037
uas
930
040
Oil
Pl3
941
943
940
047
949
930
COMMERCIAL TRUST COMPANY. Tru-tes.
HENRY C. OinHON. Treasurer.
NOTICF FREDERICK C. IIOHAN 0',
FIRST MTdlC. GOLD 1I0NU8
Sealed proposals will be received at the
otnee nf the Trustee until 3 P. M August
0, 1021. for the salo ot $28,000.00 par
value of tne above bonds nt tha lowest
prlco not eAceeding 102 nnd acoruod In.
terest, to he applied under the terms of th
mortgage for the Slnklnir Fund. The bonds
accepted hereundor shall bo presented to
the Trustee for pnymont on September 1,
1921, after which dato Interest thereon
shall cease.
All offers should bs endorsed "Proposals
for sale of Fredk. C. Doran 0 First
Mtge. Honda" nnd addressed to
THE PENNSYLVANIA COMPANY
tor Insurances on Lives and arantloc
Annuities, Trustee.
817 Chestnut st.. Phlla.. pa.
TEMPLE COAL CO
mtge,
Trust
Bonds.
Hrst und Collateral
blnklng Fund Gold
6
Under provisions of the mortgage, pro-
gosa'i for account ot the Blnklng Fund will
a received until 3 1. M.. August 10. 19)1,
at the lOfflce of The Pennslvanla Company
tor Insurances on Lives nnd Oranltns
Annuities. Trustee, for the sale to It at the
lowest price not exceeding 101 and accrued
Interest, of na many bonds as 1100,233.28
will purchase. All tenders nhould be ad
dressed to the understsneil.
THE PENNSYLVANIA COMPANY
for Insurances on Lives and Granting
... .. . Annuities. Trustee.
B17 Chestnut St., Phlla.. pa,
Tenders for S. F. Temple Coal Co.
Dividends
TUB ELECTRIC STORAGE BATTERY
COMPANY
Allegheny avenue and 10th street
Philadelphia, July 0, 1021
At a special meeting held this day. the
Board of Directors declared a dividend of
three dollars t$3.00) per share from the ac
cumulated surplus of tho company on both
common and preferred stocks, payable Octo
ber 1. 1021, to stockholders of record at the
close of business on Soptember 12, 1921
Checks will be mailed.
WALTER Q. HENDERSON. Treas.
Proposals
DEPARTMENT OF l'URLIO WORKS
Bureau nt Highways
Room 232, City Hall
l'hlludelphln
August 4, 1921.
Fred C. Dunlnp.
Chief of Bureau.
Healed proposals will b received and
opened In Room 210, City Hnll, at 12 o'clock
noun Friday, August 20. 1921, for:
Rubbish Incinerators.
Constructing two locker buildings, elec
trical and plumbing work, at League Island
Tnrk Bathing Beach.
Inqulro at Room 232, City Hall.
FRANK II. CAVEN.
Dlreotor.
C. S. PATTON & CO.
3D & CHESTNUT STS.
BANKERS
Successors to
SAILER 4 STEVENSON
Bonds nnd Storks limullt anil sold
Members Phlla. Stock Exelmnce
-
Lawrence E. Brown & Co.
CERTIFIED PUBLIC ACCOUNTANTS
1050 REAL ESTATE TRUST BLDO.
Investigate and adjust corporation and
partnership accounts and prepare Income
Tax Returns. i
Bt L & 8 Fran
Series a
1 02
2 01
2 01
St L & B Fran
Series B
1 74
2 74
1 74
gt L A 8 Fran
Series C
1 00
Bt L Sow'n en
1 (13
Bt L Sow'n lis
5 0854
2 08
Ht P'l Minn &
Manl'a en
1.... 101
Ct P'l Sioux
City 7
1..... 80 ,
M.L. Smith & Co.
INVESTMENT SECURITIES
1009 Land Title Bid?. Spruce 6721-2
$450,000
Commonwealth of Pennsylvania
4 Per Cent Bonds
Due July 1, 1934
Coupon ond Registered Bonds Interchangeable
Tax Free in Pennsylvania
Free of AH Income Taxes
Legal Investment for Trust Funds
Price: On Application
Harrison. Smith & Co.
121 South Fifth Stroot
Diddle & Henry
104 South Fifth Stroot
Thos. A. Diddle & Go.
424 Chestnut Stroot
.' Vt" .
.-, i
V.
e
V... ,!
lwft.
-..."wwjn'1'.jit
.t.i.,.
y,.S