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MACKAY&CO. BANKERS This is the time to ex? change your Real Es? tate mortgages, and buy United States Government Liberty bonds or selected un derlyins:. first mort gage, discount bonds. By such exchanges you will obtain equal ae curity combined with greater marketability, larger return over a longer period of years and excellent possibil itie.s of enhancement in value. 14 WALL STREET NEW YORK Members Aea> York Stock Exchange Cities Service Company 6% Curaulative Pref d Stock To Return Over 9% 1. More than 24,000 hold? ers of record. 2. Monthly dividends. 3. Monthly statements de scribing in detail oper ations of company. 4. Broad, active market. Dividend requsrernents earned several times over Circulcr P-4 for complcle. information Henry L. Doherty &. Company Bond Department 60 Wal! Street, New York City of Schenectady, N. Y. 5/4% Coupon School Bonds Due Serially 1934-41 Exempt from all Federal and .Yen* York State Income Taxes Legai Investment for Savings Banka and Trust Funds in New York State At prices to yield 5.00% Parker & Company 49 Wall Street, New York Formerly Goigate, Parker & Co. STANDARD L ISSUES WEEKLY SUNIIVIARY on STANDARD OIL and MISCELLANEOUS OIL SECURITIES contains. timely information regarding the developmcnts in the oil situation. IVill be mailed free on request. CARLH.PFORZHEIMER&Cu Bealers in Siandard Oil .Secnrltt?? I I SS Broad St. IMiones 48''0-l-'J-3-4 Broad I public lUillt't &mtrUics 111 tfruauwau. ?fc? -fiurk Adirondack Power & Lt. Co. 6%, due 1950 Cities Fuel & Power Co. b';, due 1922 Empire Gas & I*uel Co. 6%, due 1924 Pbonen Rector 0080-5. 07?S-7, 6822-3 Prlvata Phonea to PbiUdelptiia h Boatea -,-,-,-1 Wall Street Exchg. Bldg. Del., Lack. & West. Coal Lord & Taylor FREOERiCH.HATCH&CO. ?*?<*, fVvay NY -IKl.mXxi!) it8Sj~ Tel RtcloriMo UMfcK COSN.^oriOHS ?05TON CM1CA6CI PH1LA .MO.sTPJEAL PlTT.SfiURiil* Guaranty Trust Stk. tDnjuiriet liiiitcJ McCLURE, JONES&REED Membtrn New York Stook Exchange 118 Broad way PhOM 8881 Kertor Prices Higher,. Tone Dull in Stock Market Te<-iiiical P o b i 1 i o n ln fluencee Traders, Who Cause Kully After Sol back; Rail Shares Quiel Again transactions on the Stock Ex? change were. cxpression? of the fluc tunting wbims of profes .onal specu? lators, rather than of a great mass of outsi.e individuala throughout tho country. Change. in the trend during Ihe day were, therefore, the result of export estimates of the technicul posi? tion of tho market. In the morning tlie tendency was lower, especlally among tho industrial stocks. Short selling' facilitated the process but failed to bring out fresh liquidation on u. signilicant scale. As a result traders covered their commitmenls and sq doing caused a recovery in the after uoon, despite a riso in the call money rate again from 7 per cent to 7_. At the close average prices of both industrial and railroad stocks were higher than on tho previous day. It was clcar that the technique of tho market placo itself rather than! outside news motivated prices. The motor shares, which had been con spicuously weak, wore steady yestcr-1 <!ay, despite a grouping on one day of many price cut.. The changing price level has upset. consumor conlidence in the stability of existing prices, thus depressing the automobile trade, nnd has been to that extent superficial ly unfavorablc. However, fundamental ly the adjustments are helpful, because students of the industry agreed that a lasting revival would not come until prices fell. The trade itself felt that it was only a matter of time for these cuts to come, and it seems consltruetive to get them out of the way. By July 1 most of the dealer price guarantics will have cxpired and the last artificial barriors to stability removed. In reacting to the announcement of a 12 per cent reduction of the return to railroad labor railway shares were list less. They fluctuated uncertainly in the morning and later in the day were firm, but scarcely buoyant. Railroad execu? tives expressed disappointment over the award. but speculators appeared to re I gard it as favorable. The actuality of I the decision was at least up to expec I tations. The indications that the $750, i 000,000 debt of the roads to the gov | ernment might be funded was a favor? able consideration in the minds of I traders. With the first German reparations payment completed the F.uropean ex changes continued firm yesterday. Cot? ton prices, nevertheless; were a trifie casier, but wheat quotations for July persisted in their upward movement. Money and Credit Call money opened on the Stock Ex? change yesterday at 7 per cent, but, as on the preceding day, advanced to 7_ per cent before the close. Government withdrawa's from the banks to-day wil! total $20,000,000. Yester- Year day. afco. On industrial collateral 7 G On mixed collateral.... 7 6 Time money (mixed collateralj: Sixtv davs . 6%@7 8(u__ Ninety days . 6_(.7 _<_8_ Four months . 6%(_7 8(n}8 _ Four to six months.. 6 _@7 8@8_ Bank Clearings?Bank clearings at New York yesterday were: Exchange*, $990,700,390; balances, $04,370,035. Silver-London, 33 _d; New York, domestic, bar, 99Vic; foreign, 57%c; Mexican dollars, 44_c. The Dollar in Foreign Exchange Foreign exchange rates continued i yesterday the recovery begun Tuesday, | although the net gain at the close was I not so large as at one time early in the j afternoon. Demand' sterling, which at I one time got up to $3.91 _, closed a ! cent lower than this at 1% cents net j higher. French francs and other Continental I rates worked slightly higher, but ' changes were relatively small. Polish marks dropped.to 10 for a cent. , South American and Far Eastern rates were stsady, although there was a slight reaction in Argentine pesos. EUROPE Yester- Pr*vlotis Year day. day. ago. GREAT BRITAIN (par J4.86 a sovorelffn) Demand . :*--0 _ 3.88% 3.92% Cables. 3.91 3.89% 3.93 fiO-dav billa_ 3.86% 3.85% 3.86% 90-rtay bills-.3.84% 3.83 Vi 3.84 _ : FRANCE (par 19.3 cents a franc) Demand . 8.89% 8.37 "S0 Cables .8.40 8.37 . 7.81 . BELQIUM (par 19.3 cntsa franc.) Demand . 8.38 _ 8.36 8.08 Cablea . 8.39 _ 8.35 _ 8.09 ; FWITZERDAND (par 19.3 cents a franc) Demand .17.62 17.50 18.00 Cables .17.64 17-53 1S.07 ITALY (par 19.3 cents a llra) Demand . 5.30 5.24% fi.no Qables . 5.30 _ B.25 ti.01 HOI.l.AND (par 40.2 cerit*a florin) Demand .34.56 34.33 S6.50 Cables .34.58 84.36 36.625 OE_M W'Y (par 23.8 cents a mark) Demand . 1.68 V4 1-69 2.63 Cables . 1.68% 1.59% 2.05 AXJ8TRIA (par .0.3 centa a crown) H'-mand .24 ,24% .75 Cablea .24% .25 .80 NORWAY (par 26.8 cents a orown) Demand .15.30 15.33 17.S5 Cablea .15.35 15.38 18.00 SYVEDBN (par "6.x cents a crown) Demand .22.95 22.D2 21.50 Cablea .23.00 22.97 21.65 DEN MARK (par 26.S cents a crown) Demand .17.SO 17.70 16.60 Cables .17.85 17.75 16.75 Sl'AIN (par 19.3 cents a pesota) Demand .13.21 13,11 16.20 Cables .13.23 13.22 16.25 POItTl'GAl. (par 108.05 cents an escudo) Demand .10.50 10.50 40.25 Cables .10.75 10 75 40.50 GRBBCB (par 19.3 eontr a drachma) Demand . 5.76 5.77 11.55 Cables . 5.80 5.82 11.60 P< i LAND (par 23.8 cents a mark > Demand .I1) 1 0 Va .55 Cables .10 ? ,n .57 CZECHO-SLOVAKIA (par 20.3 cents a crown) Demand . 1.46 1.47 2.55 Cablea . 1.47 1.18 2.60 Ol'CO-SEAVIA (pur 20.8 cents a crown) Demand .., .80 .80 .92 Cables .805 . 80>_ .97 Rl'MANIA (par 19.3 c .us a leu) Demand . 1.60 1.68 2.40 Cablea . 1.69 1.69 _.47 FJNI.AND (par .19.3 cents a mark) Demand . .2.08 2.10 5.45 Cables . 2.10 2.12 5.50 FAR EAST CHINA (Shanghai par. 106.39 cents a tael) Demand .66.50 66.50 113.50 Cab'es .67.00 67.00 114.00 CHINA (Hongkong, \r.<v un??-ui-d) Demand .49.00 49 23 si 75 Cabtea .49.5" 49.75 '81.88 ,,'A PAN I pai 19.8 .ts .1 yen> Demand .48.86 48.12% M : . Cablea .4S ;.o 4S.37 _ 51.50 INDIA (par 43.65 cents arupee) Demand .26.2B 25.12% 41.50 Cables .25.60 26.27% 41.75 8TRA1TS SBTTLBMENTa (par 66.8 cents a dollar) Cablea .- - 46.50 THE AMEHICAS AR.KNTINA (par 42.44 centa a paper peao) Demand .32.37% 32.50 42.40 Cables .32.50 32.62% 42.65 BTiA'/.lL (par 32.45 cents a paper mllreis) Demand .13.37 _ 13.26 25.375 Transactions Yesterday in Listed Stocks Summary of Stock Exchange Dealings tCopy right. 1SS1 NVw Tork Trlbunt STOCKS Ino.) Railroad .torks Other stocks AH stock* _ Yesterday, r. g, -roT?rnment bonds $9,303,000 Railroad bonda . 1,304,000 Other bond.- . 2,455,000 All bonds . 13,063,000 Bay Year January 1 (0 date. Yeslerday. before. ago. 1921. I920. 1919. 56,400 59.700 91.300 16,791,400 29,741200 28.146,C00 . 51;?.900 404,100 331,300 53,901,800 87.998 900 80.391,300 . 569,300 463,800 422.6CO 75,693,200 117,740,100 103,537,900 BONDS January 1 lo dale. Day before. Year ago. 1921. 1920. $8,821,000 $3,044,000 $703,418,000 $1,184,637,OT>0 1,402,000 1,861.000 199.986,000 229,264,000 1,263,000 2.374,000 233,877,000 232,526,000 11,486,000 12,279,000 1,229,281,000 1,696,327,000 Adams Expreaf . Advance Kumely . . . do pf . Air Rrdurtion . AJax Rubber . Alaska Gold.Mlnea .. Alaaka Juneaa . Aliied Chemical .... do pf . Allis-Chalmors . do pf . Amer Agr Chemical. Amcr Bmk Note . . . Amer Heel Sugar . . . Amer Boach Mag . . . American Can . do pf . Amer Car & Fdy . . . do pf . Amer t'oilon Oil . . . Amer Drug Synrl . . . Amer Kxpresa ....'. Amer Hide & Leath, do pf . Amer Intcr t'orp .'. . Amcr La France . . . Amcr I.inseed . Amcr Locomolive do pf . Amer HniiiiMor . Amcr Safety Ro/.or . Amcr Ship & Com . . Amcr Smelting .... do pf . Amer Snuff pf. Amcr Stccl Fdy .... do pf . American Sugar .... do pf . Amcr Sumatra Tob.. Amer Tel & Tel._ do rights . American Tobacco . . do B . do pf new. American Woolen . . do pf . Amer Wrlt Paper pf, Anaeonda. Asscts Rcaliiation .. Asso Bry Goods. Assoclated Oil . Alch, Top & San Fe, do pf . Atlanta, Blrnt & At. Atlantic Coast Line. Atlantic, Gulf & W I 2 Atlantic Pctroleum . Austin Nichola . Baldwin Locomolive . Baltimore & Ohio... do pf . a Barnsdall B . Bethlehem Steel _ do Class B. do P% pf. Bklyn Rnpid Transit do clfs . Brunswick . Bnttc Copper & Zinc Butte & Sup Copper Californla Packing . California Petroleum. Callahan Lead & Z. . Calumet & Arizona. Canadian Paclflc .. . Case Plow . C'cntral beather .... do pf . Cerro de Pasco Chandler Motors .. Chesapeake & Ohio Chic & East 111 Chic, Mil & St Paul do pf. Chic & Northwestern Chic, R I & Pac. .. do 7% pf. do 6% pf. C, C, C & St Louis. Chile Copper Chino Consol Cop Cluett-Peabody pf Coca Cola Co! Fuel & Iron . . . Colorado & Southern Columbia Grapfa . . . Consol Cigars do pf . Consol (ias Consol Tcxtile Continental Candv Corn Product.s z Cosden & Co Crucible Steel Cuba-Amcr Sugar Cuba Cane Sugar do pf Bavid.son Chemical Bcere Co pf Del, Lack & West . Denv & Rio Grande do pf Donte Mines Emcrson-Brant End icutt-Johnson Erie . i do 1st pf do 2d pf Famous Playera . . Fed Min & Smlt pf Fisk Rubber Tire.. Frceport Texas Ga.ston Williams Central Asphalt do pf Ceneral Cigar General Electric General Motors do pf do 7% pf Goodrlch, B F do pf Gt Northern pf (it North Or? sub (iulf Sta'.e Steel Hcndee Mfg Houston Oil Hupp Motors Illinoia Central 60 Indiahoma Indian Reflning . . , Intcr Agriculluic do pf. ln.spiration Copper Intcrbor Con Corp. da pf. Inter Harvester .. . Intcr Mer Marine j Inter Molor Truck. International Paper Sulcs. Open. ITith. Low 400 42 42 42 Net li ihge. Bld. Ask. 300 15 200 46 200 400 1700 400 34 28i V/ 15 46 34! , 28', 2 ;14 1'/4 1600 42|/a 43 300 91\ 9134 2200 31% 32 200 7314 731/4 900 48'., 48>a 100 61'/a 51> 2 1400 36'/a 36!'2 900 441B 44/a 44 1600 29 30 29 ?100 83** 83% 83?8 83%? l/a 200 123% 123'4 1231/4 123'/4 i V/a 123'/a 124 700 109'3 109". i 1091 2 109i-2 I- >% 109 111'/a 300 18*B 18'is 18% 18**? ?''a 18% 18% 400 6 6i 8 6 6',B? !/a 6 6'? 200 130 130 128 128 ?2 . 127 133 40700 \z ft i/2 \/2- i/g a 4900 124 127 124 125 + % 126 127 1500 124 124' 4 123 124l4? 1% 124'/a 12S'/a 400 907a 90^3 90-8 90%+ % 90 91 6200 72', 4 7278 71'.4 72%+ a8 72'/2 723.', 100 98 98 98 98 - l/2 97'/a 2C0 3 1',a 31' 'i 3900 3934 200 2 200 28 200 99 200 81 300 500 1400 700 871,4 87'/4 871/4 871/4 1000 53'2 53'2 53% 53 % 1100 34 34 3900 66% 08% (i6]/': + 1% 68 Reeord of Stock and Bond Awrages (Copyrltjlit, 1021, Now York Tribune Inc.) YiMter r!?j\' 20 Itnllrond slorhs . 62.80 10 Induxtiinl stocks . 72.97 33 Stocks . fi3.31 10 Railroad bonda . 72.44 10 Industrial hnnds . 82.30 5 IMility bonds . 73.15 _ Ilonds . 76.53 BTOCKB Dsv before. 62.70 72.87 68.84 Year a?o. 62.65 B0.70 79.48 Range Jan. 1 to date. FL.h. Low. 66.60 130.25 79.13 71.70 74.12 67.06 Range fall year 1920. Illjrh. Lo* 73.80 58.601 110.30 67.67 92.05 64.30 BONDS 72.40 82.31 73.15 76.55 69.02 84.06 69.70 75.17 76.23 84.53 73.70 78.4 1 72.44 02.05 70.13 76.31 76.97 91.45 74.53 81.71 66.73 31.30 67.44 | 73.94 I ijth. Low. Div. 1921. 1921. Kate. Hnle.i. Open. fligh. Low. 70% 6 Ho pf stpd. 200 72 72 72 13! _? Inlrr Nlckcl . 3300 15 15% 14% 14%? Invlncihlr Oil . 4600 17 17 16 3% ?? Island Oil . 1600 3% 3% 33_ 181.? Knnsn* Clty South.. 2700 27'/i 27% 26% 35% 4 Kelly-SprlnBfleld _ 13900 30% 39% 38 78 8 do 6% pf. 100 78 78 78 35 ? Kelsey Wheel Co_ 200 53 53 53 16 ? Krnnecott Copper .. 2600 20! '? 20% 20 8' .v ? Keyslone Tirc . 2800 14 14 13% 4-1/4 '-- Lnckatvanna Steel .. 1400 46% 47% 46% 171. 2 Lee Rubbcr & Tire.. 12300 26% 23 26% 47% 3% Lehlgh Vallry . 900 51% 52% 51% 13% 2 L_-_, Inc. 10700 14 14"4 13% 91/2 t Loft Candy . 900 11 11 10% 136 12 Lorillard, P . 100 155 155 165 97 7 Loutsv & Naahv _ 300 100 100 100 46% 7 M.-.IIinson pf . 100 67 67 67 38% ? Mark St Ry prior pf 200 40% 40" _ 40% 19 ? Mnrland Oil . 300 19% 19% 19 12 ? Maxwcll-Lhalmers . . 200 12'/2 12% 12% 2% ? AInxwell Motors _ 100 4% 4J_j 4% 5% ? do 1st pf . 100 6 6 6 5 5 -? do lst pf ctfs .... 100 5 5 5 93i'4 6BI/2 8 May Depurt Stores.. 200 33 E3 83 167% 136% 12 Mexican Petro) _ 30900 148% 149% 1*6% 15% 2 Miami Conaol Cop . . 400 22% 22% 21% 11% 1.60Mlddle States Oil .. 4600 13'% 13% 12% 25% ? Mldvnle Steel . 2400 26% 27% 26% 9 ? Mlnn _ St Louis now 600 13% 13% 13% 2 ? Mo, Kan _ Tex _ 900 2% .2% 2% 4 ? do pf. 200 4% 4% 4% 16 ? MUsourl Pacific ... 2400 21% 22 21% 33%.? do pf . 1600 42 42% 41% 14% ? Mont Ward . 700 18% 18% 13% 20 ? National Acme . 600 20% 20% 20 I -? Nnt Con ? Cablo_ 200 1% 1% 1% 49 6 Nat Knam _ Stamp.. 2400 50% 51'% 49 9 ? Ncvada Con Copper.. 2100 11% 11% 11 CO 6 New Or, Tax & Mex. 300 61 61 61 66 5 New York Central... 1900 68% 69 68% 20% 2% New York Dock. 200 32% 32% 32% 14% ? N Y, N II & Hart... 1600 19% 19% 19 16 1 N" Y, Ont & Weat... . 700 10 18 18 9 ? Norfolk Southern ... 500 11 11 10 92% 7 Norf _ Western. 2100 95% 95% 95% 64% 5 North American .... 200 59 59 59 68% 7 Northern Pacific _ 6700 70% 71% 70% 29! _ 6 Nova Scotia Steel... 200 29% 30 29% 1% ? Okla Prod & Ref_ 2090O 1% 2% 1% 24% 2 Orphcum Circuit .... 100 25% 25% 25% 12% ? Otia Steel . 300 12% 12% 12% 29 2 Owcns BoUl Mach... 300 *29 29 ~ 29 11% ? Pac Ocvelopment_ 200 14% 14% 14% 46% 5 Pac Gas _ Electric. 200 51 52 51 27% ? Pacific Oil . 9600 35% 35% 34% 63% 6 Pan-Amcr Pctrol .... 8100 65 66% 64% 57 6 do B . 400 59 59 59 -5% 7 Pcnny, J C, pf. 100 90% 90% 90% 32% 2 Pennsylvania R R. . . 1600 35% 35% 35 8% ?' Penn Seab Steel. 900 9% 9% 9% 33% ? People's Gas _ Coke 600 51 51% 50% 15% ? Perc Marquelte . 2400 22% 22% 22% 34 ? do pf . 200 41 41 41 50 5 do prior pf. 200 54 54 54 31% 3 Philadelphia Co - 200 32% 32% 32% 21% ?- Phillips Petroleum .. 1200 23 23 21% 19% ? Pierce-Arrow . 7600 22% 22% 21% 51 ? do pf ., 1100 65 55 51 9 ? Pierce Oil . 1600 9% 9% 9 69 8 do pf . 3C0 69% 69% 69% 24% ? Pitts _ West Va.... 4600 29% 29% 29 98 8 Pullmun Co . 200 100%. 101 100! 2 29% 5 I'unla Al _re Sugar. 3400 30 3C% 29% 30% 4 Purc Oil . G700 31% 31% 30% 11 ? Ray Consol Copper.. 600 13% 13% 13% 60 4 Kcading . 8900 70% 72% 70% 37| 4 2 do 1st pf. 209 42 42 42 40 2 do 2d pf. 200 44 44 44 23% ? Remington Typewr . 500 24% 24% 23% 54%? Rcp lron & Steel.'... 8900 54% 55% 54% 23 ? Reptoffle Steel . 1700 24% 24% 23% 06% 5.2C Royal Dutch . 16900 58% 59% 58% 2% ? Santa Cecilia Sugar. 200 3 3'' 3 19% ? St Louis & San Fran 4900 24% 25% 24% 23 ? do pf . 200 34 34 33% 23% ? St Louis Southw'n... 400 28% 28% 28% 35 ? do pf. 300 37% 37% 37% 2% ? Sa.Ton Molors . 700 4% 4% 4% 65%? Sears Roebuck ...... 2800 75% 77% 75% 123,4 ? Seneca Copper . 300 16% 16% 16% 4% ? Shattuck & Arlz. 12C0 6% 6% 6% 38% .74 Shell Trans & Trad. 2300 41% 42 41% 19% Sinclair Oil . 27900 23% 23% 23% 28 ? Sloss-Shef Stl & lr.. 400 38% 38% 38% 70 6 Southern Pacific _ 5600 75 75% 74% 45 6 So Porto Rico Suff... 200 45 45 45 19 ? Southern Railroad .. 900 20% 20% 20% .47% 5 do pf. 200 47% 47% 47% 105% 7 Stand Oil uf N .1 pf. 1100 106% 106% 106% j 77 7 Steel & Tube pf. 400 78 78 78 I 25 2 Stewart Warner . . . , ,700 25 25% 25 27! 4 ? Stromherg Carb - 400 36% 37%" 36% 43% 7 Sludcbaker . 49100 71% 72% 69% 6% 1 Submarinc Boat . 1600 7% 7% 6% 3% ? Superior Oil . 200 6 "" 6 6 7 ? Tcnn Cop _ Chem... 800 8% 8% 8% 35% 3 Texas Company .... 27100 36% 36% 35% 16% ? Texas Pacific . 16700 24% 24% 23% 21 1 Tex & Pac C & Oil. 3900 24 24% 23% 45 6 Tobacco ProducLs . . . 3400 55% 56% 55% 79 7 do pf. 200 83 83 82 6% ? Transcontincntal Oil. 2500 9% 9% 9 99% 7 Union Tnnk . 100 101 101 101 17% ? Union Oil . 2100 22% 22'% 21% 112% 10 Union Pacific . 1600*117% 118% 117% 63 4 ??? Pf. 200 64% 64% 64% 85 8 United Drug . 3400 93 93 g-|3; 43 3% do 1st pf . 200 43 43 43 97% 3 United Frult . 5800 109 109 107% 19% ? United Ry Inveat pf. 200 23 23 22% 17%? i; S Food Products.. 2100 19% 20 191'_ 64% 8 tl S Ind Alcohol .... 3900 65% 65% 65 41! 3 ? - 8 Rcalty & Impvt 1900 52% 52% 52 ,48 6 United Retail Stores 15600 58% 591,4 57% 62% 8 U S Ruhber . 16100 66% 67% 65 _ 26 ? _ S Smelt & Ref... 400 32'. 32% 32% 77% 5 U S Steel . 39600 79% 80% 78% 107 7 do pf . 400 108 108% 108 45% 4 Utah Copper . 8000 53 53% 523 = 8% ? Utah Sccur Corp ... 200 10% 10% 10% 26 ? Yanadium Steel - 2600 30% 31% 30% 25% ? Va-Car Chem . 200 29% 29% 29% 6% ? Vivaudou . 400 7% 7% 7% 7 ? Wabash . 600 8% 8% 8' 18 ? do pf A . 3100 22% 22% 22 9% ? West Maryland - 500 10% 10% 10% 15 ? du- 2d pf . 200 19% 19% 19% 2334 ? Western Pacific - 800 29% 293^ 293^ 42% 4 Westinghouse Mfg . 700 46 46 46 8 ? Whecling _ L E_ 400 10 10% 934 14%? do pf . 200 17% 17% 17% 12% ? White Oil . 900 12% 12% 12% 35% 4 White Molors . 400 37% 37% 37% 14% 4 Wickwire-Spencer .. 100 15 15 15' 5% ? Willys Overland - 2900 8% 8% 8 30 ? do pf . 1700 36!4 36% 3514 43 6 Worth Pump & M . . 600 49 49% 4734 61 6 do pf B . 100 63 63 63 *Ex dividend. Net Close. chff. Bid. 71% 72 ? 14%? 16%+ 3%? 27% '?? 39%+ 73 % -# 14 _ 16% 3% 27% 30% 73 50 % 20 % 13% 20% 133/4. 46%- 46% 28 I- 1% 27% 52% ;? % 52% 14% '- % 14 10%? % 1034 155 ? 4% 153 100 67 100 66 40 40%? % 40 19 ? 1% 19 12%? % 12% Ah_. I 7? 15%' 16% 37/8 , 27% 39% 79 57 20% 133/4 46% | za 62% 1"% 11 154 101 68 41 19% 13 5% % 83 1% 149% - 21% ? 13% 106%- 106'/4 78 - 78 25%-:- yz 24% 37 + % 36% 72% f 1% 72% 6%? % 634 6 ? % 5% 8%? % 8% 35%? % 3533 23%- % 23% 24% + % 24% 56%-,. y4 56 82 ? 1 81% 9 ? % 9 101 -,- 1 99 21%? 1 21% 118%f % 118 64%+ % 64% 93 ? % 92 43 - 40 1C8%? % 107% 22%? % 22% 19_? 7's 19% 'V T ! 8 IU 17%+ 1% 16% 12%? % 12% _ "71 ' I / _ ___ 37% 15 8 36 47% 62% 20% ?17% 106% 79 25% 37 72% 7% 6% 8% 3534 23% 24% 56% 85 9% 104 21% 118% 65% 93 44 109 23! 2 19% 65% 52% 59! 2 67% 343_ 80% 108% 54 11 31 29% 77/8 8% 22% 10% 20 29% 46% 10% 17% 12% 3734 16% 8/3 37% 49 64 Cables .13.50 i".37',ij r^.oo PEBU (par $4.86 a pound) Clneks . 4.00 4,00 4,76 i ECUADOR (par 48.60 centa a -nioro) I CHILK (par 36.B cents a peBoj Cheoka .11.43% u.37 co.iu UBUGUAY (par 103.42 uenta a puso) Checks .70.00 70.25 _ VB.NKZUB5LA (par 19.3 cents a bollvar) Chocka .15.38 15.38 ?_ Canadian Exchange?New York t'unda in Montreal, l!"i, per cent premimn; Mon? treal i'unda ii- Now 'Vork, 1U-S per cent discount. Securities at Auction $200,000 Douglas Copper Co 6 per cent debenture bonds, due 1!' 17, Int $''0 100 shares 11,un Silver Mlnea Co, $1 each; 1,466 shares Tlntlo Co, $;' oach; 07 shares .stami ?in.i Plunger Elevator Co., cpmtnon, Sioo each; 20 shares Standard Plung.-r Elevator Co, preferred, $100 each; 250 shares National Cape Noino Ootd Mlning nnd Tranaporta tlon Co pf Alaska, SI i." li, '^t .' SD soo .siiar.'s National Ti:, Corpn, 6Qc eaoh, a uhan . . ! '? i ICO.OOO Gaaton, Williams S Wlirmore, Ino, 6 pbr cent Uotes, rtua April 16, 1921, lot. 300 London Copper Market LONDON, Juno 1. Standard coppe spot, ?73 2s 6d; futures, ?73 7s 6' . Electrolytic, spot, ?76; futures, ?; ,. Tin, spot, ?173 2s 6d; futures, ?173 17s 6d. Lead, spot, ?22 Ifis; futures, ?22 10s. Zinc, spot, ?27; futures, ?25 16s. Bid and Asked Pollowinj-j are the closintr bid and ttsked ouotations of stocks list.ed on the Stock Exchange in which there were no transactions yesterday. Bld. AsUed. Ill.l. A<kcd All Am Cihle.10.-, HIS AI1I Realty ..70 ? An, ak Oil pr 73 A .Itk Not? pr 47 A II s & Fy. 47 do pr . S7 Am CTlicle .. 15 Am Col (>!1 pr 43 Am Ice . 58 (8 50 471'. do or (II 63 A Llnoeod pr. 68 7:; Am Malt ft (I l :*??_. ).; A S"m T pr SO Am Tel * ( A Zlnc & L, ? 1 do pr . 28 Ani) Arbnf .. Sli \ do pr . 15 : v ?-'?'.?; 111 Co. ' A I) (i lil pr i:.!'-i G ,?? ",l t>r .. .''.I :; AO&W1 l ?? pr 32 A'lamle lieL.930 do pr ...100 ll .. i i. k . . 17% my AuMlii Mchols kU <i > t.? . .*>?>>L. 7?-. Auto Sales pi UVJ '?'-. Uarni'ti J-?a.. 4', 3t'i 1030 Itrown SIioo. . <io pr .... Hu.T K ,i. 1' 1'uff & do pr Ilurns II 62'4 87 do pr 41 .100 43 80 110 Rii'.li Tcrm... Rutterick Co. 19 17 Cal Pet pr... 7.*>H 7?H Chii Southern. 40Vi 45Vi Case J I nr.. si 85 On Hit ,\" J.l!"i 200 Certainteed do Ut pr... do 2d pr... Chl A. Alton. 70 pr 10 2!l\ 80 7C K III. do nd . 8-K : Chi Ot W pr 18'H ia C & N \v pr P9 loo C H !' V. & (i 96 81 il'i pr . -lo 80 HCC* 8 I. pr ii" ?-j G4 ritt 4' 4.* Bumndall , .. 83 Batopllaa M . '? Beocti Crcek,.. 34 B Nul 1' pr 04 Vi Iteth Btee] pr 90 Bwtli Fish... 4 ltkn Ediaon*... 93 Illra On Gas. 87 Con Dlst Cont Can pr. sn ft; Cont Ins Co. k^ ,;,( Corn Pro.I pr.100 10214 - iCrci Carpet... 35 UlHiCru Siao'l pr. 83U 83 4*41 Cu Am Slu pr ? 87 96 ll*el A. Hud. 97 100 70 l>ct Kdlson... 03 95 BM. Asked Det 4- Mac. 45 do pr . :.o Ket l'n RR., 70% Dlamond M..10O lio 11 S S & A . . ,' ? j 5 do pr .... 0 7 IXd ,V Sup. . ? 17 Duriiam Hos. '-!'- 29 do pr . 85 fl'l East Koduk. .607% 079 (lo pr .10.1 Eiuil John pr 94% 95 Elec st Bat.,115 120 Elkliom Coal. 30% 42 Km Hiant pr 25 80 Erie A- Pltta.. 43 Fam Play pr 84 Falrbanks ... g." Fed XI & S. 8% Flsher Body_80 Guan Sugar .. 10% Qen Am Tuk 44 Qn Mot ? drh 86 (illliland O pr. 80 Oray Davis... 11 Orrt-no O C, 22% Gulf M & No 0 50 9 88*5 11% 4'.' O'l7; ICrp! & CO., pr 88 82 Krosge S B.,125 r do pr . 99% 110 Laln. K & \v. 13 13% do pr . 23 27 Lee Rub T.. 27% 28 l.iCK & M T.,145 l?3 d? pr .100 10214 dO II .140 1.14 Llma I/x-o . . 71 78 do pr . 01 pr, L-W Blscult.. 114 35 do tst r>r... 96 ?o do 2d pr... 09 lir, lorlliard pr. 103% 10.114 Markay Co?... 06% Ks dr> Rr . 56 38 M'ah C>al ...3;,o 700 Malliiisi>n _ 14 15% Manatl Sugar 45 5.*) do pr ......? 94 Maidiat Beach % 2% Man St By.. 3"-i 4% ,dO pr . 19% n do 2d pr... ti 7 Mar Parry .. i:,\ 17^ M.ir Rockwell. 6 II Mat Al \V... 13% ?1. Max Chal pr 50 52 Mav M 2d pr 1% 4M Maj I),; Ht pr.101 Mi-x Pet pr . 88 !?. MBPA 8 s M 68 7., do or . 82 00 do Isd lines. 51 ,',7 SloM Power, . 53 do pr . . . . 93 99% Morrls & Kh. 84 ? Mullir.s Body 10% LI do pr . S.: N'ash & Chat. 00 100 Nat Bl cuit. ..113 118 do pr .100 113 Nat C! & S. 31 34 do rr . 70 80 N E is S pr. 88 92 Nat I.cad ..78 79 do pr .102 108 NRB M 1st pr 8% 10 N Y Air Br. <S ?8 Bld. Aaked, N y r. & s h do 1st pr... 84 do 2d pr. .. 58 N V I, & \V 81% Norf & \V pr 04 Ohio Bo,1.v .. ,s% Ohio Kuel .. 43 Ont Silver .. 4% Orpli Ciru pr. ? OtU Klev ...139 do or . 82 Otls Sp*el pr.. 60 Owens Bot pr ? Paclflc 18 51 90 04 Ti 100 80 14? 100 15 M 40% do 1st pr. do 2d pr. FadfiV Mali.. Pac Tel Ss T. 4 Parrlsli Blng.. 1 Phil Jones .. 4. ,? do pr . 78% 90Vi PCC& ,S I. pr 63 64 P & F W...11? IMtts Coal_ 60? do pr . 86 Pl'.ts Steel pr 80 P & W Va pr 75% 8 Pond C'C .. 14% 1 Pr Steel Car. 81 8 do pr . 87 8 CUuditrd Oil, 148 Rt Jos I.cad. 12 Steel Tu'oo .. 78 Htern Bros pr 105 stiuiobaker pr. 90 8up Steel ... S6 do pt . n7 T A- P )d tr.2i0 Third Av HH.. 10V ridewater. 011.151 " 161 lo 50 po pd.ltl 61 87 V l: S-S S & I pr ' P It Svi r tndard Md Bid. Asked. 105 100 148 300 TS1.& W ettl 11 12% do pr ctfi.. 18% 20 Trans & \V 'S 38 89 Twln (*tty 11 T 43 4<i do pr . - - 95 On Tank pr.. 85 100 On Cigar 8t.l25 200 do pr .100 107 Dn Ry Inveat in% ii ? lo pr ... . 22? 23% l.ii'lerwood T.188% 149 do pr .101 jeo USC1 do ... V 8 Express I' S I Al (. it M [,i & F II 47 |Vs RolS .V: to... 8 i.o Ut pr... 48 RetO T lsr pr - Uo 2d pr... R I & S pr. 87 Rens is Bar. 101 Itep Tnlek.... 14% Savage Arms. 1.",% Seab A 1j... 6% do pr . 11 Ti 'h pr & C I v Raal 1.?; pr 80 UWabaah pr It ltv IWebei & Bell n |We?t Pac pr. 65 Weat'ae A n. ?s Wiekwlra Sn. 15 Wilson Co pr. :ilwig Gentral.. 80 , Wuolrvorth pr.108 'WP A U pr A :,; 18% ??,' The Central Union Trust Company of New York has been appolnted trustee of the Kelly-Sprimrtield Tire Company $10. 000,000 8 per cent flinlttng fund gold notes. due May 15, 1931. In Wall Street Would Close July 2 Members of tho New York Cotton Exchange began yesterday the circula tloil of a petition f.o cior.e the ex- ; change on July 2, the Saturday pre- : cedlng July 'Ith holiday. This would glve the brokers a recess of thre'- day*. similar to that mj-.yeH over Memoriul L%y. Next week a petition will bc put in circulation on the floor of the New York Stock Exchange asking the gov crnors for the July 2 holiday. General Motors According to an nnulysis of the posi? tion of the General Motors Corpora? tion, piepared by Hornblower _ Weeks, the big motor-producinj: organization 18 doing everything to cut down over? head and extra expenses. "Emptoyees' bonus and' other such charges have been reduced," tho firm says, "for which $9,378,000 was charged to in come account in 1920, Production of: Buick, CadiUac, Chevrolet, Oakland, Olds and Scrlpps Booth cars for the J first quarter of 1921 was 24,629, against | 96,421 in the first quarter of 1920. Aceordingly a reasonable estimate of the fir;(t quarter's earnings may lr itKttie on the basis of $220 profit a pas? senger car produced, or $5,400,000 be? fore taxes and depreciation. Deprecia tion and taxes would take at least $2, 400,000, leaving $3,000,000 available for dividends. Quarterly dividends in pre? ferred and common require $6,606,000. On this basis, to earn current dividend requirements, would call for quarterly car output of 41,000 cars, or, roughly, I : 40 per cent of 1919 and 1920 average ; production. The balance sheet of De- i cember 81, 1920, showed inventory of 5164,684,000 and notes payable of $72, 1421,000. Based on first-quarter pro-1 i duction, it is probable that inventory , was liquidated at least 815,000,000 and I by June 30 mav be cut down $40,000 000 to $50,000,000, so that bank obliga tions have doubtless been materially reduced. Tho Reparations Payment Although definite information rela tive to the. disposition that is to be , made of the $35,733,000 paid into the j Federal Reserve Bank of New York by I Germany on reparations account is not j available here, bankers directly inter j ested in the operation expressed the ! opinion yesterday that the funds would | be allocated in the near future to the , different Allied govcrnments by the : Reparations Commission. With the dis j tribution effected the funds would iike : ly be kept on this side and used by the several governments to pay for com ; modities bought here and to meet | tinancial obligations falling due from , time to time. Belgium, according to j the terms of the Treaty of Peace, has I a first call on the reparations payment, j so that that country is expected to get the biggest portion of the amount paid in New York. The Federal Reserve ! Bank of New York will hold the repara I tions deposit pending receipt of fur ' ther instructions from th. Allied com ! rnission. _ Germany. Foreign TCalances One of Wall Street's banktrs, who has made a careful survey of nn_ncial conditions in Europe, has received in i formation that the G-.rman interests j have unu3ually large balances iri Bel ! guim. In fact her balances there are j r.nderstood to run far in excess of ' those in other foreign countries, sjiles i of German paper marks in Belgium having annrcximated 6,000,000,000 since the end of the war. VA porticn of these ' balances were transfcrred to New York I via London to meet the tirst repara-: i tions payment. j - Uruguayan Loan OiT Neg-tiations for a loan of $12,000,- | ! 000 to the Rcpublic of Uruguay, to be floated iiere by t.ie local banking ! group, are reported to have been broken I off by the representatives of that gov ] ernment. The bankers impress.d the I Uruguaynn tinancial agents of the neeessity of meeting market conditions here. which would have meant putting j out an issue that could be offered on better than an 8 per cent basis. The terma were cons dered excessive, it is | aaid. According to the local banking J-view, Uraguay is li.kely to resume nego tiations again in the not distant fu j ture. The situation with res^ect to the i projected loan to Uruguay rccalls the fa lure cf the negoti&tions carried on , here some time ago for a loan to Ar I gentine by a New York banking group. [ In this case also the terms were re | garded as excessive by tr.e Argentine | representatives, while the bankers I were unwilling to underwrite the j amount sought by the South American | rcpublic. Corporate Financing Heavy Corporate financing in May ran into j large ligures in the aggregaie, tho total I amount of new security flotations by I American corporations reaching ap proximatcly $325,000,000. This com ! pared with $220,970,750 in May, 1920. j The largest single operation was the i offering of $90,000,000 in new stock by j the American Telephone and Tele i graph Company. Total corporate finan? cing since the beginning of the year amounts to $1,443,000,OuO, compared with $1,753,000,000 in the correspond ing five months of 1920. Acceptances Outstanding Bank and bankers' acceptances out? standing on April 1 in this country aggregated $064,092,113, compared with $799,001,237 a year ago, according to a compilation of the American Accept. ance Council. This was a decrease of 18 per cent. The Kansas City Federal Reserve district was the only one to j show a gain over last year, whiie I losses in the other districts ranged j from 5 to 80 per cent. The smallest i i-hrinkage occurred in the New York j district, where acceptances outstand ! ing on April 1 were witbin $27,000,000 ; of the total of $187,057,597 reported a ; year ago. An important factor in the ! maintenance of the volume of aecept i ances in New York City is the heavy j influx of import bills into this market I and the large increase in bills to cre I ate dollar exchange. On the other I hand, a stagnation and low prices in i the specialized markets, such as cot? ton nnd wool in Boston, cotton in the j Southern states, silk and grain in the j West, and meat and foodstufYs in Chi i cago, account for the quite general de^ cline in the respective territorics, No Belgian Financing Rumors of new financing here by the Belgian government brougbt a pronipt denial yesterday from Baron de Cartier, who adviscd the Guaianty Trust Company yesterday that they are without foundation in fact. The baron added thnt Belgium is not con sidering any tinancing in the United States at the present time. No Large Foreign Issues Expected Bankers conversant with the finan? cial position of most of the leading ?foreign countries assert that no '.arge foreign loan flotations are likely to J be arranged in the country during the I romainder of the year. The dollar j needs of Great Britain, France and j Belgium coverin-j requirements tu the end of the year have been provided for ' already. The possibility of the ctTor ing here ot' German reparations bonds | on Aliied account is not co&sidored | seriously by American bankers. who I have made it clear that this market j is not in a position to absorb any lurge amount of such securitieso London Monev Market LONDON, June 1. -Bar silver. 83V4d per ounce; bar gold, 105s 9d. Money, 4'i per cent. Discount rates?Short bills, 5*ra per cent. Three months' billa, 5 11-16 per cent. The Trend of Bond Prices The long decline in bend prices has apparentiy ended and tho trend u now apwsrd in responae to tlie gradual easing of the money --rt-jation and the consequcRv lowerins** of interest rates. Fixed interest bearini;: securiUes shouid, therefore, appre ciate in market value in direct ratio with the in? crease in the purchap;ng power of the principal which they represfnt and the income which they yield. Write for CircuUr No. 1043 Conservative Invrs'.mrnts SpencerTrask&Co. 25 Broad Street, New York AI.IIANY BOSTON CfDCACO ldembere N< *? Fork Stoch ;.-.. -^^j alemb- ? .-.acje To Yield 8lA% ATLAS FOETLAND 8% Pfd. A cumuiat;ve usue with an unbrokrn dividend record of twenty-two years. JL\I Mcmkcrs Al'*i> York S'.ocb Exchange 25 Broad Street, New York Direct Private W re CHICAGO DETR01T PiTTSBURGH GRAND RAP1DS KANSAS CITY J.K.Rice,Ji- & Co.Buy&Sell CnppieCr'kCent.Cm.&Pf Mohawk Vaiiey Co. MY.StateRys.Cm.&Pfd. Sesi Sen Chiclet 6s Singer Manufacturing United Cigar Stores J.K.Riee9Jr.&Co? ?r,i^N,vi UiAitiAiVi & r*HtNlX r*0) NATIONAL BANK \J5/i <opita? ? Sorplus. 812,000,000 XVp^sM- Kesourcen .I165,OOO.OM ./.\\K l-?* Broadway, Sin?*er Bld;. Ar>d 1? Bmtirhro. . Un~ I.- *~~* Weekly Market Letter on IlequesL Garpender, Caffry & Co. Members New York Stock Erthange t 74 Broadway ? 520 Fifth Ave. MARGINAL ACCOUNTS INVITED Mark A. Noble Tiicodore C. Corw!? ftOBL? & COmNM !ZS Brosd St. N?*w York BANK, TRUST, INSURANCE j AND INDUS" RIAL STCCKS BOt'GHT AM) SOT.I). l'eiepbone illi Broad, Cut in Coast-to-Coast Freight Rates Expected - Plan Would Reduce Charges On Eastbound Foodstuffs 15 to 25 Per Cent Negotiations between the Eastern j trunk line railroads and the transcon ;tinental roads, includinp- the Southern j Pacific and tho Santa Fe, are expected i to result in definito action soon on the , proposal put forward by the latter lines j to reduce transcontinental freight rates on certain commodities, in order to i meet water competition on shipments | from Pacific coast points. The plan would reduce the rates from 10 to 25 per cent on east-bound sbip ' ments of peas, rice, beans, canned good*? and dried fruit, and may be effected ' without the prior approvai of the Inter? state Commerce Commission, provided consent is obtained from the I j trunk lines receiving freight at Missis j sippi point.-. The proposed reduction on west ? bound shipments, however, requires the I permission of the Interstate Commerce : _ommission in order to release raw ! roads from the provlsions of the long ! and short haul clause of the Federal ; law. These reductions would cut the j rate on some iron and Bteel products ! from $1.50 per hundred weight to $1.0 > ! per hundred weight, and on some other iron products to $125. Other reduc? tions in varying percenta^'-s will be proposed on west bound shipmenta ot ; canned goods, paints, building paper, i y/all paper, book paper and floor eover | ing.. On receipt of the application th6 i Inlerstate Commercc Commission i j expected to set a date for hearing* on this proposal in accurdance with the ! regular procedure. -;-? - ??? ? U. S. Delegation Sails for World Cotton Conference .More than 140 delegatea to the world cotton conference f> be held in I.iver pool, from June 13_to 23, sailed yes? terday on the White Star liner Adriatic Others on board were Frank J. Mac* kay, of Chicago, and Mrs. Mackay; Mr-. Henry Clews, wife o:' ti: banker, and Robert E. T<>d, recently ap* pointed Commissioner of Iininigratio_ Paris Market Heavy PAR1S, June 1. Prices were heavy on the Bourse to-day. Three per cent rent.-s, 57 francs J0 cetttim**; ex? change on London, 4t> francfl 43 cen times; 5 per cent loan, 82 fiancs 7d centimes. The dollar was quoted at 11 francs 91 centimes.