Y r" I 2i EVENING PUBLIC LEDaER-PHILADEtPHIA, FRIDAY, SEPTEMBER 9, 1021 I :'.JHHBU' LEBANON riTYONTHEMAP LEBANON, Pi., Is a prosperous commu nlty, with as many (or more) big manufacturing and business enterprises as any other city .of Its size In the United States. ' If your business is languishing through un favorable location, in sufficient help, high taxc3 or want of proper mu nicipal advantages, in vestigate the City of Lebanon. WE INVITE YOU TO LOCATE HERE ADDRESS LEBANON GIAMBERortOMMERCE LKiDAINlH rJ.. PARTNER WANTED Ttventy-five thousand .dol lars. Established whole sale coal business. Prin cipal only. C 129, Ledger Office AN nSTAM.ISIIKD. PBOUKBSSIVR HOUSK. UKAI.INO ONLY IN LISTED ;SECUMT1E3. WANTS A MANAGER F011 1TH LOCAL OKFICU. TII3 orKNINO IS ONLY Foil A MAN WHO IS BIO IINOITOII TO TAKH A HMAl.tj onOANIZATIOK AND IiniNO. IT UP TO A IIIOII STANDAHD. IIEPI.T IN STRICT CONFIDI5NCK TO c 118. lkdoi:r urr;en Ftnth Jerwy (inn, ICIcc. & Trnctloii.S'N 10S3 Waterloo. Cedar Fullfc & Northern. .0' 1U10 ritlflr ITidt lUprrss HiiuId T Cun.idl.in I'adde Kiiulnment 0' Korthrrn l'urlflc Kmilpmrnt 7'a fcoolvllle & Ninhiillp Taulp- fl','j' SAMUEL K. PHILLIPS & CO. Members riilliilelnliln Stork Kxclinnse S07 rilKNTNl'T .STKl'.r.T NEW YORK BOND TRANSACTIONS Am A. & Ch Bs 2...,. 01 Am'rt Aot'c & Chem 1 1..... nsU A H & Il'c Ba 3 77 r 77H '!.... 77T4 Amn TtTSi l snn B..... SOU WAmn T & fls i..., iwun Ars'o Hep'o An 71 Armour 4 Vis 5 82 K T & 8 Fe 4 '4 78 Atch Totieka A H Fe cv 4 2 71V4 2..... 72 Atch T & H Fo CV 49 '00 1 80 A T & a Fa Ai Dlv 4',4 1 83 A Transconll'l Short L 4a 1 7BV4 A Coast L clt 0 78 1 78 A Const L 4s 1 SOU 0 BOH 1 HO Atl'o Fruit 7u 1 07 B 87 Atlas Ptvdr C 74 a wl 2 071 Unit & Ohio cv 2 70U 1...H 7014 Unit & O 3Vis 8flr, Unit Ohio 4s 1 71 1 71 Unit & Ohio fts 1 72 1 72; 2 72p,i Unit ft Ohio lis 1 02'i 1 021. 1 02'i 2 02 H A O P L 1! A W Va 4s 1 07 Unit ft Ohio H Wn 3V4s 2 88 4 M Bell Telephnno of Pa 7s 1.... 104V Dkn IMI D 7s 1.... iniV4 1.... 10114 Brliyn IlTTi 3 B2 IJrkn Rapid T ct 7s stn 8 40 2 40 1 4014 3 r.o Cnnnd'n Nth'n fl'js rets tSALCS IN $10001 17.. 20.. 3 . 8.. B.. 1.. IB.. B.. 1.. 3.. 100i 100 V, 1 on'; 10014 1001,4 100 100 loovi 100 li 10014 Cannd'n N 1 . Hit' 1 104 2'.... 104 V4 3.... 104Vi 3....- 104 'A Cnnnd'n Hn Bs B 87 1,4 Cannil'n 8n 8s 1.... 101 Ctl Leather Bs 1 80 Ctl Pnclfle 1st 2., .11 70 25 75Vi Central r fls li.... 05H Cef ro le Pasco , Oop'r 8s ' 2... 100 C'k A Ohio Bi 2 01 C'k A O cv Bs 1 83 v; 4 83 U C 11 ft Q. 0V4 1.... 102V4 1.... 1112 3.... 102 3.... 102 1.... 102V4 Chi A O W 4s 1 01 Chlcnno Mil A St Pcv4'.4s 1 03 4 OBVi 1 0.1 1 0BV4 1 05 Chclniro Mil A St P fd 4V4s 1 30 Chlcnxo Mil A SIP cv Bs 4 03 Chicago St 11 M ft O Bn 0 83 C & Nwn 04 2.... 102 C K I A P fd 1 00H 1..... 01)1,4 C It 1 A P Is 1 73 B 74 Chicago Union Stn ct 0V4s 2.... 100 1.... 1110 i.... looy. C7.il A tl W 4s 1 01 2 oiv; Chile Cop'r 0s 2 71 11 71 B 71 1 71 City of nenten 8 rets 1.... 1001 City lierne 8s 101 Ctv Chrln'n 8 3.... 101 rity of Copen. hasen BV4s 1 70 2 78 1 70 1 70 1 70 1 70 "lty Lyon 0s 2 83 City Paris 0s 3.... 00.13 11 ... HO. IB 0.... 00.15 rlty Tokyo Bs 10 03 City Zurich 8s 1.... 101 3 100 2.... 100 4 ... HH 3 101 rl'il Cln Chi A HtL urn 4 1 00 I' Tab . It 0 1 80 Cons'it bi 7s ... 101 2.... 101 Cuban C B cv 1 B7 1.,... BV4 1 B0 0..... 53 1 B0 12 B0 1 B0 Del A Ituct cv 1 84 Denmark Con ct A 8s B.... 102 1.,.. 102 Dn A n O M B 441: Den A R O 4s 05 Dot IMI Co 0s 4.,,.. 00 1 00 Do Canada '31 1 00 B 00V4 8 00 4 00 D Do Nemours wd'r 7's 1 08 1..... 08 2 08 2,.... 08 Duqu Light 09 B (13 nnst T Va A (In tl Bs 4 nn Eric 'den I Lien 1 (2 3 42 1 43 Erie R R cv A 1 38 Erie R R cv D 8 42 4 42 1 42 Erie lty Co 4s 8 B0 Erie R Pn 4 s B 74 Fre't Elk Mo Vnt I 1.... 101 Ocno'l Elee 0s I.... 102 Ooodyonr Tiro A Rub'r 8" 2.... 101 1.... 101 4.... 101 1.... 11 Ooe't French It 7 Vis rets 1.... 2:... l.i.. 1.... 25,,,. 2i... a liny a D 102 102 102(4 102 102, 102 102 102 W II 7 ."'" 00 00 110 00 110 07 00 00 00 00 00 00 00 00 00 Oovo't F R 8s ion: 3.. 1.. 101 101 101 101 101 mi 101 101 101 1111 101 O'd Trunk "k 1 103 2.... 103 O Nthn Illy 7s 1.... 102 8.. 1.. 1.. I.. 1.. 1.. 1.. 4.. 4 . 1.. Itud A Man fd I.... 1 07 111 Central fd 1 78 III Cenl 4s '52 8 73 111 Cen'l 4s 'A3 4 72V1 Ills cen'l 0s 0.,.. 103 III C Bt li A N O Jt lids Bs B 83 Info Met 4 20 14 Int M ct 4i 20.,... 12 20 13 lntb'o R T fd 1 B3 7 53 17 B3 1 M Marine 0s 1 78 Int'l Paper Bs 1 82 Jnp Ojvo'I 1st 1 80 Knn C A B 3s B...... B7 Kan C A H Bs 2 78V 1 78 KCT Illy 4s 1 74 Kelly Bprlnv'd Tiro Co 8s 1 00 K llelelum 0s 1 05 1 03 1 05 2 05 2 03 B..v. 0B K IlelK'm 7r a.... 103 K Dels'm rets 2.... 102 1.... 102 1.... 102 0.... 102 1.... 102 2(snle) 102 1.... 102 2.... 102 Bi... 102 Kingdom Den mark ct 8s 6.. 1.. 1.. 1.. 1.. K'm 1.. 102 ; .. 103 .. lO'l . . 103 . . 103 Italy 0 ... 88 KlnKdom Nop way ct 8n 1.... 104 1.... 10 K Hrtcden fls 1 on 2 00 Lnvk Steel "2.1 2 01 1 03 Lnke Shsre M So'n 4s '28 1 87 31 87 L A Myers 7s 1.... 107 Lou A Nnsh 7a 4.... 104 Mrx Petr'm 8 1 00 2 08 1 00 Mln St P A S Ste M 0 wl 2 100' b...: 100U Mo K A T 2nd 2 40 2 40 B ! Sfttt Mo K A T 4 2... It 0.1 6 03 1....I 03 B 03 Mo Paelflo 4s 4 53 1 B4 1 B4 B B3 15...,. 53 1 B3 N Y Cntl 3s 3 07 1 07 N Y Cont'l 0 4..... 03 2 02 4,... 02 1,.... 02 2 02 1....'. 03 N Y Cent'l 7 1.... 102 1.... 103 New TN1I4 llarl'd Os 5 04 N Yk Lluht II A Twr 4s B 00 New York? O A Wesl'n 45 1 01 B 01 N Yk Rlys Bs 2..... B New Y Vf C Host 4s 1 85 N Y llya ct Bs 1 4 1 B N Yk Tel'o fls 2 03 Nbrth We'n B Tel'o 7 1.... 103 1.... 102 1.... 103 1.... 103 1.... 103 N PnclOc R 3s 1 B7 N Paclllo R 4s 1 77 1 771,4 2 77 2 77 lire A Calif Bs 1 .... 02 Oregon S L 4s 1 83 Oregon S I. Bs ... 02 t'nc O A E Bs 1 81 Packird Motor Car C 8s 1 07 B 07 Pa R R 4s '48 1 82 Pa R en 4 1 0 Penna R R Bs 1 88 2 88 11 .... 88 2 88 1 83 Pennu ltd 0s 101 101 101 100 101 101 101 101 I'enna R R 7s 1.... 104 Peoria A E 1st 1 B rhlla Cnty cv 1 07V 4.. 4. 1. 1. 4. O l! B.. Reading Co 4a 1 78 2 77 Rep Chile rcti 1 09 1 03 2 08 1 08 2 08 R Cuba 4s 3 07 1 00 R Cuba Bs '114 B 70 Rep'c of Uru- euy 8s wl 1 00 1 00 1 00 1 00 0 00 Reck ll'd A A Loul' a 4s 1 08 St U Pn Mt & 8 n Rl.v 4s 1 74 St L Pn Mt A S'n Rly Bs 2 80 0 80 Vi 2 80 St L I Mt A B R A O dlv 4s Zt.... 00 flt L A S F nS . B 08 1 08 St U A 8 F In B B8 2 B8 St L A 8 Fran S'lles A 1 02 1..... 02 1 02 St L A B Fran erlei U 4 75 4 75 4 75 B 75 St U A 8 Fran cries C 1 01 Bt I. A 8 Fran Km Bs 1 00 St-L Sow'n en 1 04 St I, Sw'n 1st 1 08 St Paul BIjux City 7a 1 02 Sno rnulo of Rrazll ct 8s 2.... 07 1 07 1 07 Senb'd A L nl ... 20 ... 20 Seab'd A L 0s 1 40 Rlnctnlr C Oil C-rp'n 7s 01 01 01 01 01 00 01 00 01 01 T Bs 88 82 83 1 1 4 S'n Uell 1 1 B S'n PaclOo fd ! 78 So'n raclflc 4s 1 73 Sn'n Pac cv 4 s IB 82 Suth'n lily 4s 0 B8 Bn Rlr Mobile A O Clfs 4s H...1. 83 SUml'd Oil of Calif 8a 1..,. 103 1.,. 104 ,,1.... 10 SwIts'eVCon 8s 1.... 107 Thrd Ave aj ,... 33 2 85 Union Fao cv 2 87 12 87 2 87 2 67 Union Pac fd 1 7M Union Pao 4s 1 82 Union Pao 0a 2.... 10O 1....I100 U K of O Urlt A I'd 1021 2 00 2 00 U K of O Urlt A I'd 1D22 1 08 2 08 U K of O Urll A I'd 1020 1 00 l.i... 00 1 08 V K of CUJrlt A I'd 1037 1 80 1...,. 80 1..... 80 8k.... 80 0 80 U 8 Uracil 8a 8 1 B 2 8 1 1. t. . B 0 1 3 00 00 00 V4 00 00 00 00 00 00 00 00 00 2..... 09 U 8 Mexico Bs 1 40 8..... 49 4 40 B 40 U 8 Rubb'r Bs 1 78 1 77 U It Rub 7s B 00 1 00 1 00 1 00 U'd 8 Steel BS 2 04 4 04 04 2 04 1 04 Va ttatlWa Bs 1 83 1 83 Wabash R 1st 1 87 1 87 WALE 4i 2 81 W U 0s wl 3. 2.... 1.... 1.... 1... 1.... 100 100 100 100 100 100 2.... 100 W A E Mfic 7s 1.... 101 1.... 101 1.... 101 1.... 102 Wilson Co let 87 87 87 87 Vi I Liberty 3K.8 .... Liberty 1st 4t ... Liberty 1st 4VJ. . Liberty 2d 44s.. Liberty 3d 448.. Liberty 4th 4Vt8.. Vic Notes -I-")!... itlch 87.40 87.00 88.00 88.0S 02.10 BS.tS 00.08 TyOW S7.14 87.00 87.04 87.00 02.04 S7.04 00.01 1:30 i'. ji. 87.au 87.00 as.oo 88.0i 02.10 S8.14 00.03 1U21 1H21 RoMon 72.0 71.4 New York 72.0 73. B Philadelphia .... 09,3 ilfl. 0 Cleveland 00.3 71.4 Richmond 42.0 40.1 Atlanta 4.7 40.8 Chicago 00. S 70.0 St Louis 57.4 B8.0 Minneapolis .... 38.8 89.4 Knnens City .... (tn.l BO.O Dalln 40.n 4(1.1 Ban Francisco .. 01.(1 04.0 Total 03.2 00.8 Federal Reserve Ratios TVnnhlnrton. Scot. O. Ratio of tntnl re serves to net deposits and Federnl Rnservn noto liabilities combined, for the twcHo Fed eral Reserve iianxs and tne entire system as of Heptember 7. 1921, compered with previous weeK ana a vcar ago, ioiiow: Sept. 7, Aug. 81, Sept. 10 IllZO 44.11 30.5 50.1 40.8 45.2 40.2 43,7 40.0 311.2 40. 41.0 44.0 42.S Bank Increases Capital NewYork. Sept. 0. According to a certln CNto of Increase nf rnnltnllzAtlnn. Olml with Lthe Secretary of State of Connecticut, the mock of the Mercantile Bank of America, Inc., has Nen Increased from 110.000.000 to J2S.000.000. The Increase comprised 1BO.00O additional shares of stock at 1100 a share. of which 100,000 nro common and BO.nnO preicrren. jierore tne increase tnere were nutstnndlnc K8.0')n shnrei of thn rnmmnn Of tho $15,000,000 additional stock recently auuiunr.ru, if,ij,uuii nns ocen laKcn Dy ltockholders of the bank, all In preferred ine suDscriucra ana tho amounts of the pro forrod each look wero as follows, according to tho report to th Connecticut Secretary of Stnto: J. A W. Sellgman A Co., $840,800; Columbia Truet Company, $344,800; Czarnl-kow-Rlonda Company, S017.7O0: Prown jriiwturB re 10., 91.1SU.OUU, JVaO'IO Mnlll. $700,000: aiiamnty Company of New York. $5,000,000: Ouaranty Trust Company of New jork, $78,800. The names of the following directors wero stcned to. the certificate filed: Albert Struusn. Jnmes Ilrown. A. Ilretnn. w. ', Conway, William Phillips and Thatehnr $i. Ilrown. Prices Heavy on Paris Bourse Paris, Sept. 0. Prices were heavy on the rourso today. Three per cont rentes. 50 iruni-n uii ceniimes; exennngo on London 40 frnncs 45 centimes: 5 per cent loan. Hi francs 13 centimes. Tho dollar was quoted in i.i minus ,-! ccnunias. "V NEW ISSUE $3,500,000 Standard Gas & Electric Company Secured 7 Sinking Fund Gold Bonds To be dated September I, 1921 To be due September I, 1941 Redeemable at a ohole or in part at the option of the Company upon 60 days' notice at 07Vt and inttreit prior to September , 1926 and thereof ter at & leu for each succeeding year. Interest payable semi-annually March I st and September 1st In New York or Chicago. Principal payable In Neio York. Coupon Bonds In denominations of $1000, $500 and $100 with tho privilege of rcgutratlon at to principal only. InUreat payable without deduction for Normal Federal Income Tax not In exceaa of 2. Pennsylvania four mill tax refunded upon application to the Company. The New York Trust Company;, Trustee i From a letter signed by Mr. Arthur S. Hue;, Vice President of the Company, the following salient features are summarized: Company Standard Gas & Electric Company and its subsidiary companies constitutes one of the largest public utility and management organizations in the United States. The utilities are mainly electric and gas. properties serving a population of approximately 2,135,000 in 533 communities including Minneapolis, St. Paul, Louisville.Tacoma, Mobile, Oklahoma City, San Diego, Stockton and other important cities. Only 3 of the Gross Earnings are derived from traction service. Coafera5ecuricy-These$3,500,000 Secured 7 Sinking Fund Gold Bonds, to be due September 1st, 1941, will be a direct obligation of the Company. Pledged as part collateral security for these bonds will be the entire authorized and outstanding capitalization of the Byllesby Engineering and Management Corpor ation, including contracts of that company, extending beyond the life of these bonds with the public utility subsidiaries of the Standard Gas 6c Electric Company these contracts covering the management and the supervision of the operation and construction of their properties. Theie services are indispensible to tho public utility subsidiaries, and the charges of ouch services are included in operating expenses and property accounts of the public utility subsidiaries. The charges for these services in the past five years have averaged an amount in excess of the present $300,000 annual sinking fund requirement and the annual interest requirementon these $3,500,000 bonds. There will also be deposited as additional collateral security $2,019,000 face value Bonds and Notes and $4,9 1 2,800 jjar value dividend-paying Preferred Stocks of companies in which Standard Gas & Electric Company has investments. The total appraised or market value of the securities to be deposited is in" excess of $8,700,000. Purpose of Issue The proceeds from the sale of these) $3,500,000 Bonds will provide funds toward the payment of $3,107,500 7 Convertible Sinking Fund Notes due November 15, 1921. The Company has deposited cash to pay the $620,000 7 Collateral Trust Notes due September I, 1921. Earnings The annual net revenue from collateral to be deposited is $1,402,000 or over five times the annual interest charges on these $3,500,000 Secured 7J Sinking Fund Gold Bonds. The net, revenue of the Company is in excess of 2.6 times the annual interest charges on the total funded debt of the Company, including this issue. Approximately 98 of the earnings of the Company are derived from the Company's holdings of public utility securities. Sinking Fund Trust agreement will provide for sinking fund of $300,000 per annum for the first three years commencing December I, 1921, calling for de posit with the Trustee of $25,000 on the first of each month. Commencing December 1, 1 924, Sinking Fund payment will be $160,000 per annum on a quarterly basis. Sinking Fund monies are to be used for the pur chase of Bonds of this issue at lowest prices tendered up to the redemption price.Total cash payments to the sinking fund will exceed before maturity the total present issue of $3,500,000 bonds. fuifv-These$3,500.000Secured 7 Sinking Fund Gold Bonds and $6,500,000 Convertible 6 Bonds due 1926 are senior to $8,790,650 unsecured Notes due 1935, $12,667,400 Preferred Stock regularly paying 8 cash dividends and $12,679,550 Common Stock. The present market value of these Junior securities is in exce3S of $18,000,000. CURB TRADERS IN TROUBLE Property Owners, In Injunction, De clare "Outside Market'' a Nuisance New l'orlf. Sept. O.JJrokors who railed to follow tho New York Curb Indoors, but who havo continued to trade In otocko In the open nlr on Uroad street, .delighting BlithtBcrrs with their rIrii Inngiingo, aro defendants In a milt brought by abutting property ovncrn, on file In the Supreme Court today. Tho plalntlfTs, who hot forth that tho value of their property nggrcgate more tlmn $1.1.000,000, nk for nn Injunction, as serting that the oprn-nlr mnrkct 1m n nuifinnec. Interfering with tho rinhtu of realty owners nntl the public. Jo or years, the curb market had been the feature of the AVall Street district for tourists, but a year or to ago nn expensive building was erected and the market wan sunnoscd to co Indoors. According to the plaintiffs, however, nt least HKJ brokers ore mill trading In the oncn air and they linvn formed nn association. LONDON STOCK MARKET Grand Trunks Feverish .Some Industrials- Firm Rubbers Sag London, Sept. 0. Grand Trunk shares were feverish ojraln on the Stock Exchancd today. The quotations were nominal, p.nd they niotcd upward anil downward. The decision of thC Arbi tration Board, which declared tho pref erence and ordinary issuca to bo value less, continued to be discussed. Generally tho markets were stale, and tho nttendanco In tho house was small, many brokers remaining nway for over the week-end. Alterations in tho oil section wero narrow and mixed. Shell Transport and Trading was 4 01-32 and Mexican Kaglo 0 3 -10. Some Industrials were firm. Hud son's Hay was 0. Rubbers sngged, but they were Idle. The gilt-edged list con tinued to bo maintained, hut was with out feature. French loans were dull and unchanged. Dollnr descriptions Improved, but wero quiet. Homo raite also were hard. Argentine rails gained ground on re buying. Knfllrs wero firm, but dealings were professional. LOCAL MINING 8TOCKS TONOPAIt STOCKS Rid 03 07 Cneh Roy , Jim Dutler MncNnmnra MncN'amara Creacent Midway Mlipah Extension .., Montana North Star ..,., Rescue Euln Tonopah Kxtenslon ., West End Wost Tonopah UIVIDE Allied Dlvldo , Alto D.vld Helcher Jlelcher Extension .., Hen Hur Hrough Dlvldo , Divide Extension .... 1'iviue uuns 15 09 11 07K 04 02 ' 20 1.50 01 STOCKS OOtf 02 02 02 !!!!!! ,oo 02 .11 .02 .01 ,011 .02 .01 .02 .01 .01W .70 02 DUIdend 114 East Dlvldo , oi ...ilium .,,,,,,,,, "hrouck Dvd High DIldo Knox Ilcvort Divide Reno Divide Hosetta Silver King Sutherland Tonopah Dlvldo Tonopah Itaabrouck .... vipinrv 11 iiiii a. Verde Divide ..'.'. '.'.'.'.'.'.'.'.'.'. o2 Zone nl OOLDFIELD STOCKS Booth 02 Combination Fraction Crackrjnck 02 Dlnmondfleld B U 01 Florence 45 CSnldfleld Cone on (.oldfleld Development 02 .01 "A .02 .03 .02 .02 (loldfleld Deup Oreat Rend . . . Jumbo Extension Kcwanns Lone Star ...... Oro Red IIIII Silver Pick . Spearhead a.oo 10 02 MISCELLANEOUS Amparo 1.10 Arizona United O'l Caledonia 08 ..uvt. .......,,,, ,,u Emma Sliver 02 Eureka Croesus 30 Eureka IIollv m Hecla ? 4,00 Mother Ijde 5.00 Nevada 1 II 11 01 Nevada Wonder 17 Success 11" Tecopa Mining or While caps n."i Wilbert oi Ak .OS .00 .17 .11 .IS .osH .07 .03 .22 1.B0U .03 .04 .01 .83 .03 .oott .os .34 .0.1 .00 .02 .13 .03 .01 .11 .04 .1)'.' .03 .02 .02W .73 .03 .02 .03 .00 .04 .01 .04 .02 .47 .OS .04 .02Vi .03 .0.1 .03 .03 .00!i 4.00 .11 .03 1.30 .11 .12 .20 .03 .32 .Oltt 4 23 B.7B .02 no !n3 .00 .on .03 All legal mattera pertaining to thia iaaue will he subject to the approval of Meairs. Cummina, Roemer & Flynn of Chicaroe.ml Meaaera. Winaton, Strawn & Shaw of Chicago. The account of the Company are audited annually by Haakins & Sella, Certified Public Accountanta, We offer these Bonds for delivery when, as, and if Issued and received by us. PRICE, 94 and Interest, to Yield over 8.10 Federal Securities Corporation Chicago fc H. IVI. Byllesby & Company Hambleton & Company Chicago 302 Franklin Trust Bldg., Philadelphia Tl Information tontatntj htnln It JeilixJnm Munct uihlth uk rtarJ rtllahlt, tnJall iloltmenh In thlt aittHlumnt an baud u(tn uuh Infamathn, f ' I Phlla. Federal Reserve Bank The cnrdltlon of tho Vederal I!oi-rv nni. of PhlladclpMa nt the cloeo of business Sep tember 7 follows: Gi1 and Bold cor-tlllc-iti'S (J ii 1 d nettlenient fund, IVdral Re icrve 13ank RESOURCES Sept. T 12.131,080 Au. 31 12.003,743 31,051.777 40,011.043 Totnl cold held by bank ...... J34, 103,437 148,074,700 Oold with Federnl Reierve nuent .... 130.000,303 152,753 113 Gold redemption fund R.filt.OOO 3,110.400 Totnl cold re- nervoi $213,003,782 1200,843, 30,1 Lecal tender notes, sllcr, etc 0.373,700 3,440 07.1 Totnl reueneti . 1220,170,402 1210,200,041 tl I 1 1 s dlicounted necured by V, S. (Juvt. iibllk'ntlons.. $70,030,754 All other 20.240.423 llllli boueht In open market .... 2.288,333 7. 140.972 2S. 379. 020 3.127.50.' bills on and Total hnnd U, S. bonds note ... U. 8. rertlMcates of Indbtrdnem Ono scar rertltl- rntea (Plttmnn Act) All other 1103,471,313 100,03S,101 1,448,000 1.448,000 23.280,000 110.500 23.280,000 140 000 Totnl earning assets ,.$130,810,018 $134,325,301 Hunk premises .... 5 p. c. redemption fund nmilnt Krd ornl ReBene Ilnnk notPi . I'rcolieetivl item . All other ro-sourcei $532,780 700,000 1.010,747 412,033 $529,331 700.000 43,530.313 4 10. 000 Total resources .$301,782,571) $301,083,147 paid Capital Furplua Res' veil for franchlso tax . . . . Deposits (loernment Sf.'niber II a n k. lies, ncct All other LIABILITIES $t.0S3.1BO 17.5tW.127 In .. Govt. 3,210,000 0,444.083 00.347.010 i.iit7,(ion i.ni.n.-.o 17,504,127 3,148.000 2,185,581 07.175.743 1.00d,424 Total depoelts . .$103.8ii0.nSI) $100,007,752 P, dernl Res, notes In actual elrcula- tlnn ... , $213.818.4 13 $213,704.03.-, Ped-rnl Res. Ilnnk notes In circula tion (net liability). 7.2S7.O00 7 001,000 Deferred availabil ity Items 30.413014 40,103,131 All other llnblll tie 053.022 ,800,R30 Total Ratio liabilities.. $301 782.370 $301,083,147 of totnl reere to detmslt nn,l i-ptu'rai iinwrvr nui- iiiiiinitiFs roniniiini, September 7. 01'.3 r cent: previous week, 110 0 twr cent. Ratio of Bold rsTves n iVdern lf..re notes In rlrculntlon after si-U'mi aside 33 ppr rent aKulnst deposit Ilali1llllis, week nf jtvxu tember 7. 80. 0 per cent, previous week, 81.11 per cent. Above per eentaires rnlru'ntcil on basis nf nt deposits and Federal Itescno notes tn circulation. MEMORANDUM' Contlnwent liability on bills purchased for foVelun correspondents, week of September 7 $2,7211,220: previous week. $2,003,532. ' Improvement In Wool Market lliiHlnn, Sept. 0 The Commercial Hulletln tomorrow vlll sr.y. "There has been con Mid' rnble liupnmm nt In thn oo market dtirlnir the list week und falrlv rnnldernhln wclehu of fine r,id On. medium territory wools and of hrlvht medium wools are ri. portid lo have, been told nt fullv ilrm prices Tim Government miction of low wools showiMt averaKO advances nf 5 tn 111 per rent with drawals nmnunt ns W only nbout 17 per rent. Tho goods market seems to 1m ralh r Improved and the carpet auction has been fairly successful. The foreign markets aro nil strong. LEATHER MARKET STEADY Demand Is for Colors and Dettor Grades Staple Lines Firm Tho leather market Is steady nntl shows Improvement In volume of soles, accprdlng to the weekly review of trade for tho Philadelphia district by R. O. Dun & Co. Glazed kid manufacturers nro fast approaching pro-war produc tion. Tho demand continues for colors and better grades, but staple linos aro selling In larger amounts. Tho manu facturers soy they have received sub stantial orders for standard boots, while oxfords in special styles arc in demand. There Is little change. In the chemi cal market. Tho retail drug business Is fair, but tho sale of crude drugs to manufacturers is slow. A fair demand exists for dyostuffs. Prices nro nbout normal. Tho paper market shows little change. Manufacturers and Jobbers re port little buying exceptor Immediate needs and prices arc declining. Continuing, tho review goes on to say: "Paint manufacturers, dealers in paints and painters supplies report ilttlo chnngo in business. Purchases aro in small quantities and for Imme diate needs. There appears tn ho little work under way. An Increase, how ever, in this line is anticipated during the fall. Thcro is llttla "hangc in prices and collections nro slow. "Wallpaper manufacturers, Jobbers and dealers report business quiet. Tho volumo of business U much Icsh thnn for the same period of 1020. atid, while there has been a decrease In prices of material, there appears to have been but little change in the amount of work done and collections are reported slow. "Tho wholesale leaf tobacco market continues quiet. Thcro Is a moderate inquiry for old grades of Pennsylaynln and Connecticut, but high prircs rule, generally. Sumntrn and Havana are coming In small lots to meet immediate requirements, fJtlier tobaccos are ? selling In small quantities. ,;, "Tho large cigar manufacturers' rsv port more activity, but tho business i not In normal condition, although it U expected that during tho next stir mouths trade will materially IncreaW. Tho smaller manufacturers nro hand!' capped for want of capital and lild; nriccs of tobaccos. Tho local rets trndo is in fair condition, but there haa' been considerable cutting in prices which materially affects profits. Col lections still contlntio slow. "Sugar is dull and with .Ilttlo de mand, owing to fruit rrop falluro and a further drop in price Is anticipated." India Cuts Wheat Production ATaahlnrton, Sept. 0 According to a cable gram received by the Department nt Com merce from .Its representative tn India, the cultivated acreace of nheat In that rountry Is 25,722.000, a decrense nf 14,1 Per cent, or 4.827,000 acres, fiom Inst vear. The produc tion of wheat la slated at H.700,000 tons, a decrease from last vear nf 38.7 per cent, or 8,413.000 ton. The tstlmate for the re maining area, for which no exact fig-urea can be ulven. a 432,000 acres and 11 J, 000 tons. rTfa"H3b "HiVi?' i . i.i i" i i- t t ii i'i i afiifTML-1 1 ii J il ' Jrf lllllljlii. jRjB Treasury 'Building, Washington NEW ISSUES United States Treasury Three-Year Notes Series "B" Dated September 15th, 1921 due September loth, 1924 One-Year Certificates 554 Dated September 15th, 1921 due September 15th', 1922 Six-Month Certificates 5 Dated September 15th, 1921 due March 15th, 1922 We solicit subscriptions in amounts of $100 and upwards Price 100 and accrued interest Commercial Trust Company Member Federal Reserve System CITY HALL SQUARE Spruce 8200 PHILADELPHIA NEW ISSUE $1,070,000 City of EVSemphis, Term, Municipal 5, 5, 5 and 6 Bonds Due serially 1923 to 1961, inclusive. Principal and semi-annual interest payable In New York City or Memphis. Coupon bonds in denomination of $1,000. Exempt from all Federal Incomo Taxoa (both normal and surtaxes) Memphis, with a population, according to 1920 census, of 162,., ..;, located in the heart of the Mississippi Valley. It is the largest and most important city on the Mississippi River between St. Louis and New Orleans, and is said to be one of the largest inland cotton and hardwood markets in the world. Memphis is also one of the largest grocery jobbing markets in the United States. Maturities and Yields 1923 to 1924 yielding 5.00 1923 to 1930 yielding 5.70 1931 to 1935 yielding 5.00 1930 to 1961 yloldlng 5.50 1 Complete information on request, Harris, Forbes & Company Pine Sftrcet, Corner William, Now York Widencr Building, Philadelphia Harris, Forbes 4 Company Incorporated Bcatoo Harris Tmst and Savings BnV Uond Department Chicago " D ' A ""M ,.t- A fl Vi N l:C ' n i; f - 1 m ii '4 tfl r $ f M 'SH 1 1 V Pi I &!&' : vjjft jfititarue&Vi jhii WtMlat ft ' V i V iv t :" J?v"- j???y n?i& . 'fcg &3 -t 3tfrjyM.ll &i -ii'Vitkj