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?The*?, Raotat? 5000 Joscp?itha?'&Ca 120 Broadw*y, New 1 \T 1 SsV.T ork m Memhers ?Ve? Verij Sie??*; Exchant* Foreign Securities Private Wires ti Prindpal Cit?ls t*m.Y*fa?'" -???"?*.?"?<?"?-? '.'g???yt?'', Banking House of Members of Is'. ?. Stock Exehancc. 11. 13, 15, 17 and 19 Broad^St., N. Y, Interest nil o wed on deposit account? subject to elieiin?'. Stock, Bond <?nd Noto Tssuea ..i' Railroad and Industrial Com j nli .? I : ??.:'.; ai -! Sold for cash; al3o ? itlve term?. FOREIGN* I.KTTEKf? OF CREDIT I?SrED LIBERTY BONDS Branch ) "-O Fifth Ave. .'SO Vnion Square Of fie?: ) 173 Pnane St. tir, Enst GOtli St, 10 Court St., Brooklyn. THE BANK OF AMERICA ESTABLISHED 181? with -which is merged Franklin Trust Company Wall and William Sts., New York. 1(0 Y?ar? of Ccmmtrciai >i?t.it C^. CHATHAM & PKEN1X NATIONAL BANK Capital * Sorpl.? S13.*9?,*i? iTiov4?^ '?????urr?".si36,eoe,?ii, 6a\K i*9 Broadway, Siriser Bl?v? And l?i Hra-ukM Gaston, Williams & Wigmore to Cut Capital 85900( Reducing Stock to Corre? spond More Nearly With Net Worth Will Be Acted on Within Few Months Plans of Gaston, Williams & Wig more, Inc., for reducing its stock capi? talization to correspond more nearly with its not worth, as suggested to stockholders in the annual report issued this week, will probably involve n curtailment from a declared capital of $12,000,000 to approximately $", 000,000. Officials of t^e corporation said yes? terday that it may be several months before the readjustment recommenda? tion is presented to shareholders in definite form, but it is understood that the main details of the change have leen approved by tho board. Under present provisions of the company's charter, payment of dividends cannot be made to stockholders until the pres? ent profit and loss deficit has bee:: made up from earnings. Although a decrease in the declared capital would result in augmenting taxes, it. is be? lieved that the benefit derived from cutting the declared capital to corre? spond with what the company considers the net worth of the stock would place shareholders in a position where they would be in lino for receiving dividends inoro quickly than if tho capital was left unchanged. It is understood that the plan pro? posed does not contemplate any i hange in the 300,000 shares of no par value stock now outstanding, as this would be unnecessary under the charter of incorporation. Officials of Gaston, Williams & Wig more believe that tho company has seen the worst of its troubles. They point out that the writing off of nearly $5,000,000 in the fiscal year ended dun?..? .'i? for losses in inventories and doubt? ful accounts left the company with a clean slate. The r?sultant profit and loss deficit of approximately that ?mount was due to the unsatisfactory conditions prevailing in Russia and the unfavorable course of foreign ex? change. Allowances were also made f?r losses which might be expected as a result of further readjustment from a war to a peace basis of operation. Paris Market Irregular PARIS, Aug. 6.?Prices were irregu? lar on tho Bourse to-day: Three per cent rentes, o? francs 65 centimes. Ex? change on London, 60 francs IS-Vfe cen? times. Five per cent loan, 87 francs &0 centimes. Tho dollar was quoted at U? francs 90 centimes. London Monev Market LONDON, Aug. C?Har silver, fi9%d per ounce; bar gold, 114s 3d. Money, [> per cent. Discount rates?Short bills, 6?-"8 per cent; three months' bills, 0%?fl 11-16 per cent. Gold premiums ut Lisbon, 140. Equipment Bonds (Quoted on Name. Ha.t A Ohio.. . Beth fcUoel . .. Host A Alb. . . hurt. R & P.. > do. Canadian Nat. ?anadian Nor Canadian Pao C, C ?fc St J-. do. Caca & Ohio. . (7)i, It I A 1'ao ? 111 A N W_ C. St I. ANO. ' ?-1 <b H mix ?n Erle . Krlaco Cons... Hl Central_ Kan City ?o. . J.oul? A Naf.ii. Wich Central. do . W, S I? A s s M ?o. do. N i" Cent :. . . do. N Y Cent R ? ?;.?. N Y. C ?Si St 1. do. N Y. N H A H Norf & \V.?Nt.. North Pacific. Pue Fr Bxp.. Pennsylvania,. Reading Cu.. . Seaboard ... "Southern Pa;. do. ?jti'ithorn Ry,. I'nlon I'a. If*.;. I'?linn TanU . . Vlr?in(an P.y. IVabMt? ..... lnoom? Rat?. 4*5-8 ? 7 4 ?4-6-1 6 5 G 4Vi ? i,4 -5 4Vi 5 4 ti 414-? 6 4?*-? i "27 '7'7 4 Vi -6 6 4 4 5 rere??" Ma tu 1920 1921 1020 1931 1921 3 925 1920 1930 1920 1921 11?.' I ? 1920 1920 1920 1 120 1921 1920? 1920 1920 1 1.1 19 20 1920 1921 1921-' ,') 1920-'28 '22 32 uta-ra basis) rlty. Bid. Ask. '27 S SO 7.B0 '30 '27 713 ?33 7.50 7.50 7.35 8.50 4Vi 6 4 '?-5-6 4 4'i 4V?-S-6 ! 120 ' : ?. 1921 1921 1 9 3 ! 1920 1020 1921 192 1920 ln2! 1920 192 ' 1' 4'4)-5 1^20-'26 7 ) 9 2t - ' ? j 7 19it0 I JiJJO-'IO '' mi 7.77. 7.60 8 25 7.60 7.75 7.50 S 2 i 8.25 7.60 7.73 7.60 7.37 7.37 7.60 7 60 7.50 7 117 7.37 7.50 . ' . 7.25 9.00 7.00 7.00 7.12 7 12 S 25 7 00 S 00 7.110 7 <?U 7.5? 10.1,8 6.50 7.00 7.00 7 O?) 7.00 6 7 7 00 e 7., 7.. 0 ? 6.75 6.80 C.50 6 50 7.60 7.00 i liO 7.0? 7.11 Rallv in Market On Profit Taking Bv Short Sellers Break in Early Trading Fol? lowed by Easier Money and Better Sentiment as the Stock Pri?es Rise Traders who have been prospering through the decline of security prices took profits yesterday afternoon. To do so they had to cover their short commitments, and their operations caused a rally in Btock prices in the afternoon. The upward movement came after further liquidation in the morning had dragged many of the in? dustrial securities to a new low level. The break in the forenoon was large? ly a reflex of the declines of earlier days. The melting awa"? of market values had the effect of making hitherto ample margins thin and insufficient, and brokers were rfreoccupied with sending out unwelcome calls to their '. customers for additional margin. In those numerous cases where specula i tors for a rise replied that there would bo no more margin, ptock was tossed into the market place. Aided and abetted by short selling:, those who liquidated their holdings helped to facilitate the bear movement to? fresh valleys of decline. Toward mid? day, it became apparent that the worst ''. of the day's selling pressure had spent 1 itself. Then the call money rates fell from 7 per cent to 0 per cent, and cables of a less disconcerting character wore received from Europe. Tho specula? tive element placed a favorable inter? pretation on the published note of the Russian representatives in London to the British government, which indi? cated that it might be possible to arrange an armistice. M. Kameneff's reply to the British note of Tuesday I argued that the sole obstacle to a cessation of military operations was ; the absence of tho Polish envoys. Market operators, who yesterday ! .were confronted with a specter of per i haps a new general war, seized upon the change in the character of the 1 foreign news as a motive for changing : their tactics. The shorts began to ' cover, although not excitedly, as they i seemed to dominate the market's movements, and, in the wheat market, | which has been rising on thelpros | pect of more serious complications in ! the Old World, there was a sharp break in the afternoon, following: a ; rally in the morning'. Gains of eight I cents a bushel which was made in the ; morning: were lost later in the day, and nt the close ret ?iodines of .71:.? I to 4 cents were registered. Moreover, in the foreign exchange ' market, which reflects the fluctuations j in the international situation with even greater sensitivity, sterling advanced I more than six cents to the pound after ! having again slumped earlier in the | day, and she continental exchanges I were likewise firm. In the stock market the rally was not spectacular. Toward the close money rates again reached 7 per cent and some of the final quotation:; were lower than the peaks of the day. However, tho technical changes in the market were obvious as the ex? cited selling: pressure was lifted. Against the timid recovery of stocks which were emerging frorn a series of terrific declines, the striking perform? ance of Delaware, Lnckawanna & Western stood in dramatic contras:.. In a week of tumbling quotations this security has made a net gain of ,'il'j points, ciosing yesterday at 2,'?s!?;. up lri1;'. points for the day. The spurt has been accompanied by rumors, but by no authentic announcements. Mar? ket operators yesterday took much interest in the report that the road was about to acquire the Nickel Plate to obtain an entrance to Chicago. It has also been gossiped that the ! road would soon divorce its coal I properties from the rest of tho com? pany, but officials have declined to admit the truth of this version. Year ago. 6 GVsj Money and Credit Call money opened at 7 per cent yes? terday, then dropped to 6 per cent, -find finally closed at 7 per cent. Pate in the afternoon an increased demand arose from bankers because of the fact that there is no call money n arket ti>-day. Time loans continue to be re? newed at slightly under tho prevailing rates, but otherwise there has been no change in tins part of the money mar? ket. Yester? day. On mixed collateral.... 7 On industrial collateral 7 Time money (mixed col? lateral): . Sixty days .S@Z% 6%@t Ninety days .S/.'SLj 6%@6 Four months .8?8% ','??. a ? Pour to six months.,s"rV 8-? 5%@G _ Bank Clearings.?Bank clearings nt New York yesterday were: Exchanges, $711,430,406; balances, $6J,968,824. Silver.?London, 59%d; New York domestic, !?i)V?c; foreign, SjUc; Mexi i can dollars, 72r'8C. Sub-Treasury.?United States funds reserve credit balances, $63,497,238. Canadian Exchange.?New York funds In Montreal, $129..MS premium per $1, 000; Montreal funds in New York, $114.55 discount per $1.000. "The Dollar in Foreign Exchange After further weakness in the morn? ing, sterling showed a net gain of more than G cents yesterday, as a result of cables frorn London that the specula | tive community interpreted as indica? tive of the possibility of a truce be? tween Poland and Russia. Continental exchanges were firm. Yesterday's rates, compared with those of a week ago, follow: (Quoted In dollars to tho pound) Yester- Week day. Sterling, demand . 3.6825 Sterling, cables . 8.69 Sterling, sixty days... 8.6426 Sterling ninety days... 3.''225 (Quoted in cents to th Francs checks Francs, cables . 7.36 Belgium, francs, checks 7.89 Belgium, francs, cables. 7770 Lire, checks . 5.17 Lire, cables . 6.18 Swiss francs, checks... 16.70 Swiss francs, cables... 16.75 Marl? s, checks . 2.IS Marks, cables . 2.IS Guilders, checks . 33.526 Guilders, cables . 85.75 Austrian crowns, checks .5'! Austrian crowns, cables .66 Sweden, cheeks . 20.85 Sweden, cables Denmark, checks Denmark, cables Norway, checks Ago. .'?.7275 8.7350 8.6875 3.6675 unit) . 20.95 . 15.50 . 15.50 . 15.7,0 Norway, cables . 15.?75 Pesetas, checks . 15.15 Pesetas, cables . 15.20 Greece, checks . 12 00 Greece, cables . 12.10 Manila, checks. 47 25 Manila, cables . 47.50 India, rupees, checks.. 87.25 India, rupees, cables... 37.50 Japan, yen, checks.... 51.25 Japan, yen, cables. 51.50 Argentina, checks .... 86.50 Argentina, cables . 86.75 Brazil, Rio, checks.... 21.16 Brazil, Rio, cables. 21.25 Czccho-?fovakia, checks 2.60 Czecho-?7*.ovakia, cables 2.00 7.64 7.05 8.13 8.14 5.31 17.00 17.06 2.29 2.50 84.30 34.40 .02 .62 21.15 21.25 15.80 157.10 17.'70 15.95 16.37 15.42 12.42 12.45 47.50 4S.00 37.25 87.50 6L50 51.75 90.10 90.35 21.60 21.75 2.22 2.22 Transactions Yesterday ? in Listed Stocks Summary of Sloek Exchange Dealings (Copyright, 1^20. New York Tribuno Inc.) Dnj Year .Tanunrr 1 to ante. Yesterday, befare. fiir<>. 1920. 1919. 1918. ; Unilroad ?lorkii . 169,900 361,700 299,100 24,972,300 ?6.n98,100 19,224,700 ? Other ?1ork*. 790.800 803.200 1,778.500 117,223,000 144,781,500 67,3t6,900 ! All stock? . 900,700 1,164,900 2,077,900 142,193.900 101,779,600 86,541,600 Yesterday. Day before. Year neu, 1920. 1919. ? tT. S. (overnftent bonds. $6,059,000 $7,968,000 $8,764,000 $1,891,734,000 $1,481,643,000 Railroad bonds . 1,172,000 1,246,000 2,103,000 206,824,000 220,310,000 Other bonda . 2,370,000 2,145,000 3,782,000 227,419,000 225,992,000 ? All bonds . 9,609,000 11,359,000 14,649,000 2.325,977,000 1,927,951,000 H?i?b. 1920. ?-'.6 46% 88H 2% 3 53% 95 48'a 103% 128 ?P., 613.,. 1473s 543a ? 15! a I 175 . 30% i 122 531/a i 1191/2 ! 14'2 95 ! 99% 109'4 ! ?54 ! 17% ! 30'2 I 72 | IOOI/4 I 115% I 50 '; 142% 1CG34 10u34 283 310 I 97% \ 1651/2 I 105 ','2 21% CG' ? 6% 67!-4 74% 24 8 6'/a 82 9 93 176% 75 low. niv. 1920. Kate 25 ? 25 ? 44! B 6 ? Va ? 1/a ? 30' a 1 76 8 39 3 74% 8 81' fi 10 124' ? 24 9T? 95 13'/ 73 Sales, 400 1200 12 641 '2 10 611/4 83 82 30 11% 16% 541/4 85% 86 341/4 117 yt 77 92! "a 8 107/2 12 107 12 851/4 6 741/4 7 92 7 11'2 - 50 4 2' 4 - 28 4 20' 'a 76 72 5 82i/a 137 61% 1481/2 IO31/4 38% 27% 49% 40' a 154' 2 114 111'2 102 Adams Expr?s? . Advance Rumcly Ajax Rubber . 200 Alaska (.Old Mines.. 2200 Alaskn .limen 11 . Allis-Chalmers .... Amer Art Cham.... Amer Hank Note... Amor Heel Sugar. . Amor Hose h Mag. . Amer Can . Amer Car & Fdy. . Amer Cotton Oil. . . 80 Amcr Drusr Synd.. Amer Express . Amer Hido & I.rail?. Amer II & L pf. . . Amer lee Sccur. .. . Amer Int Corp.... Amer La Fronce. . . American Linseed .. Amcr Linseed pf... Amer Locomotive . . Am Malt & Grain. . Am Safely Razor.. Am Ship & Com. . . Amer Smelting Am'Smelting pf.... Amerienn Snuff . . . Am Steel Foundry.. Amerienn Sugar . . . Am Sumatra Tob. . Am Teleg & Tel_, 1700 9E>34 Amer Tobarco . 700 111 Amer Tobacco B... Amer Tob pf new?; . Amer Woolen . 1600 Amer Woolen pf. . . . 200 American Zinc . ?00 Anaconda . 2500 Assets Keal Co. 100 Associated Dry Goods 4O0 Assoc Dry (ids 1st pf ?00 Au.sfin Nichols. Alrh, Top & S F Atch, Top & S j" pf.. Atlanta, Hirm S. At. Atlantic Coast Line All, Gulf f.? W I... AU, Gulf & W I pf. . ?laid Loco Co pf 1, .. 100 1500 200 500 100 800 141! "2 1441/4 137'/2 140 200 63% 63% 63% 633/ 61700 105/2 106% 103/4 106?/8-| 139/4 140'/3 i'2 63 64 % IO6/4 106% '8 13 32' 2 96 5 a 102' 2 114 17 13% 15 129 11 /a 23'4 27' , 28?: j, 86' 2 46 75'? 69 134 100 7934 ! 104% ! 0138 16 1% : 59/2 1 15% 71 72% 83?% 10-1 10 e/i 2 6 66 ! 553 21| 441 1C6 403 110 91% IO/2 49 40 81 yz 47 6 12 ?4 7 '97? 3C ? 64/ 54 42 13 25!; 73 92% 67 56 93% 20% 9: 'a 14'2 64 ??S'a 278' 2 60% 106 -r?'J% 857a 99% 240 28 45 117 104 15% 25' 4 93% 95 91% IC2 44% 135 <8 36'2 19'2 75% 172 42 85''4 93 85/4 1023 4 55'a ?24% 41% 38% 81% 46/4 77% 23! 4 109' o 93% 61% 4% 16% 142% 115 51% 111% 170 9134 7C7? 26% 47% 9% 51' 3 7% 30 19% 152% 95 98 % 33' , 43% 91% 28% 47/4 200% 110! a 26 23 70 18334 6934 151! 2 80% 52% 33' 2 30; ] 38 ?22 3P/z 80' 2 50 44 *5% 10% 75 10/a 76'4 30 1 15'. 2 39 100 38/a - 77 83/4 1G5 1 4 - 9 2^3 - 18 - 33 G2 92 9% - yiyz - 48 ? 6 5/a 80 10 26'/4 100% ? 25% 20 ? 9% ? 58% 134 2C% 68% 80 50 86 34 ? 67% 31% 23 45 24% . 50 13 75 80% 46 3 8% 112% 104 23% 73% 45 62 % 70 15% 34/a 6' 2 36% 5% 20 13% 71% 53! a 82' 2 22 I8/2 63 21 3934 130 99 19 12 4-4 125' 2 61 101 65 38'4 24 20 12% 151% Bait & Ohio . 8900 34' Halt & Ohio pf. 200 45 Barrett Company ... S00 135 Barrett Company pf. 3C0 103 Batopilas Minina: . .. 900 1 Beth Motors . 1200 16 Bethlehem Steel _ 200 71' Beth Steel, Class B.. 13200 74' Beth Steel 7% pf. .. 100 92 Beth Sleel 8% pf. . . 600 105 Bklyn Rapid Tran.. 300 10' lililyn Hap Tran ctfs 300 67 Booth Fisheries Co.. 100 7 Hums Bros . 300 102 Butte Cop & Zinc. .. 19C0 7 Huile & Sup Cop. . . G00 18' Buttcrick Co . 3C0 12' Caddo Oil . 500 12' Calif Packing . 500 64! Calif Petrol . 2100 23' 7 Calif Petrol pf. 200 66' 4 Calumet & Ariz. 200 52 0 Canadian Pacific . . . 7 Case, J I, pf. ? Ce e Plow . 5 Central Leather .... 4 Cerro de Pasco. 0 Chandler Motors .... 4 Chesapeake & Ohio.. Chicago & Alton ? Chic & Alton pf. ? Chic <? Last II!. ? Chic Gt West. 2 Chic? Gt West pf_ Chic, Mil & St Paul. ? Chic, M & St P pf. . 5 Chic is Northw'n. . . ? Chic, I: 1 ,-v Pac 7 Ch, It I & V 7?, pf.. 6 Ch, RUF 6% pf. . ? C, C C & St Louis. . ? Chile Copper- . 1/2 Chino Con Copper... 8 Cluett-Peabody . 4 Coca-Cola . 3 Col Fuel & Iron_ ? Col &. Southern. 1 Columbia Graph . . . 7 Columbia Graph pf. . 5 Col Gaa & Dec. 4 Comput-Tab-Rec .... 7 Consol Gas . 2 Con Int Callahan M. 7 Continental Can .... 1 Continental Candy . . 4 Corn Products . 3 Con Textile . 6 (rex Carpet Co. . . . 2' 2 Cosilen & Co. 34! 2 + 45 IO434 105 % 100% 102 5900 116% 118'% 1143/, II534? 1/4 115/2 115! 1'a Crucible Steel . 7400 128 70 Culia-Amer Sugar . . 6Q0O 39 Cuba-Amer Sug?tr pf. 200 100 Cuba Cane Sugar... 3800 40 Cuba Cane Sugar pf 3C0 7734 Delaware & Hudson. . 1800 91% I), L & W . 630 225 I Denver & Rio Gr.... 600 5% Denver & Rio Gr pf. 800 9% DiiUf So Shore & Atl 4C0 5 Elec Sloras-f Bat rts 200 2% Elk Horn Coal . C00 19% Elk Horn Coal pf. .. 200 35 Endicott-Johnson ... 1500 62% Endicott-Johnson pf . 200 92 Erio . 600 12% Erie 1st pf. 1500 19% Fairbanks . 2C0 48% I Famous Players _ 1800 67 I Famous Players pf. . 200 83 Fed Min & Smelt... 200 10 ' led Min & Smelt pf. 200 33% ) Fisher Body . 100 107% I Fisk Rubber Tire_ 1200 26% Freeport-Texas OU .. 600 21% Gaston, Wms & Wie. 900 10 5 General Cigar . 800 59 1 General Elec Co_ 300 140 General Motors . 47500 20% (?en Motors 6% deb. 200 69 Gen Motors 7% deb. 300 81 Goodrich, B F. 2800 50% Goodrich, B F, pf. . . 200 8S Granby-Mining . 600 34! 2 Gt Northern pf. 1300 72% Ct North Ore subs.. 4200 32% Greene Can Copper.. 4 00*23 Gulf States Steel_ 4C3 46 llcr.de.? Mfg . 300 25% lla.sk & Barker Car. 1200 67 Hupp Motors . 1700 13% Houston Oil . 1500 85! 2 ?% t Illinois Central . 400 83 Inspiration Copper . . 800 46% Int-Cons Corp . 600 3 Int-Cons Coip pf_ 300 9/8 lnt'1 Harvester.500 120 Int'l Hurves pf. 100 104 Int Mer Marine. 1200 233't Int Mer Marine pf... 24C0 73/-. Int Motor Truck. . Inter'! Paper . Int Paper pf stpd. Inter'l Nickel _ In?, intible Oil 600 3600 2C0 1800 38C0 .60 indiahoma . 31C0 Iron Products Island Oil & Tr. . . Jones Tea . Kansas City South. Kelly Springfield . Kelsey Wheel .... Kelsey Wheel pf. 1000 2 Kennecott Copper ... 1.20 Keystone Tire . 6 Lackawanna Steel . . Lee Rubber & Tire.. Lchlgh Valley . Ligcett & M Tob Co Liggett & M T Co pf Loe ws, lue. Loft Candy . Loose-Wiles Biscuit.. LorUlard, P. Mackay Cos. . . .?Jj>.. . . Manat? Sugar . Mullinsen pf. Manhattan Elevated. Manhaltan Shirt . . . Marlin Parry . Ma?cwell Motor Co. . Mexican Petroleum . 2 3/s 12 7 2 12 6 7 1% 2 3900 2234 23 22 23 - 5900 19% 19% 18''2 13% 2000 65% 65% 64 65% 300 21 21 21 21 - 600 44 4-4 43% 44 - 100 130 130 130 130 - .100 101 101 101 101 - 2CO0 203a 20% 20% 20% 6200 12% 127a 12 12 - 200 45% 45'"8 45 45 - 400 125% 1277a 1251-4 127% 200 61 61 61 61 - 300 101% 101% IOI34 101% 101'.'a 102 10 2O0 22% 22''2 22% 22''a? 1% 19% 20 8C0 12% 13 12% 12%? % 12% 13 9000 154 157/a 161% 165U+ 2^??, 155% 15? Record of Stock and Bond Averages (Copyright, If;!), r?J?W York Tribune Inn.) Flock? Rnnge thus Range full Dny Y?ar far 1920. year 1919. Yesterday, before. nin. nijrh. Low. High. Lo?,v. 20 Railroad stocks . 63.40 62.90 68.00 08.70 68.60 78.80 63.35 30 Industrial stocks . 84.03 83.87 103.03 110.30 83,87 119.33 79.20 00 Stocks . 75.78 75.M8 30.02 92.05 . 75.48 99.54 75.92 ? Bond:? 10 Railroad bonds . 71.77 71.01 77,08 76.23 PC.73 82.80 72.83 10 Industrial bonds . 83.53 83.43 93.32 91.45 83.08 95.70 60.50 5 Utility bands . 69.00 69.00 83.84 74.53 63.34 87.7'j 71.80 25 Bonds . 75.92 75.83 84.95 ?81.71 73.94 87.91 80.21 High. 1920. 26 71% 62% 18 '/a 80 11 18 31% 49% 40 D1 40 125 86% 97 13 89/2 93% 11C 7% 17% 47% 117 77% 48/a ?6% 100! a 59% 84% 77% 56% E% 9% 10 ?'?1% 65 7S 116% 111% 43% 36% 16 42 32 42% 44' ?. 82% 23% 93 64% 33% 2734 113% 50% 124 120 106% 2234 94% 94 12434 55% 93/a 1233? 8334 21% 17% 26% 22 32' 4 9% is; 2 243 13 90% 48% 82% 105% 310 30% 60% 850 113% 51/2 II3/4 726% CO 1333 50% 47 53% ?7/4 65% IOC 34' 4 383/i 66' 2 26 127 33 124%' 69% 148 53 224 2934 25! 2 78% ri6% 10334 69% ? 96' 2 14334 115% 76 109 115% 80% 12% 9? 80% 112%. 21 10! 2 31 12% 32^4 1 ?9 55' 2 3 ! -"a 82 % 14% Low. D1t. 1920. Rote. Sales. Open. 18/a 2 Miami Consol Copper 400 19 IO/4 1.60 Middle States Oil...131400 12 37/4 4 Midvale .Steel . 7200 33% Minn & St L new... 400 13% Minn, St P & 8 S M 100 72% Mo, Kann & Texas. 300 6% Mo, Kans & Tcx pf. 400 11 Missouri Pacific . . . 2200 24% Missouri Pacific pf. . 2500 43% -- Mont Ward & Co... 500 33% 4 Mulluns Body . 200 33 3% National Acme _ 200 35 7 " National Biscuit _ 900 105 ? National'Aniline ... 2400 76% 7 National Aniline pf. 200 84 ? Nat ,Con ft Coble... 1000 6% 6 Nat Enamel & Stpg. 300 55% 6 National Lead . 800 71 7 National Lead pf. . . 100 102 ? Nat RR of Mex 2d pf 200 4% 1 Nevada Consol Cop. 800 11 % ? New Orl, Tex & Mex 100 36% 10 N Y Air Brake. 1000 94 5 New York Central.. 4100 70 2% New York Dock_ SCO 23 ? N Y, N H & H. 17900 33% 7 Norfolk & Western. 400 89% 5 North American . . . 400 50 7 Northern Pacific . . . 2600 74% 5 Nova Scotia Steel... 600 47% 2% Ohio Fuel . 100 46 .40 Okla Prod & Ret... 5800 3% ? Ontario Silver . 600 5' 2 7 Olis Elevator pf. . . . 100 80 Wet chge. Bid. Ask. 9 ? 63 7 3/a ? 7 ? 21 ? 30 ? 29% ? 32% 32% 105 44 83 6% 55' 2 70% 1C0% 4% 11% 31 90% 64 % 21/a 23% 85 48 6634 47! 2 44 80 20% 47 3 39% 4 71 % 6 67% 6 27% 3 17% ? 9 ? 23 ?? 22% ?? 31% 3 34 ? 40% ? 11 ? 80 % 8 51 % 5 21% - 13 /a 1 84 8 37 4 1083/4 8 73 5 88% 8 14 1 64% 4 65 ? 78% 6 37 ? 34% ? 69% 40 6'2 14! 2 15% 11 20% 6 10 135 8/2 60% 24 69/2 83% 200 18 50 625 100% 33% 50 59 41 9 40% 25 ? Otis Steel . 1400 9% 6034 26' 10! 73'.2 26 110 61% 108 ?70 176 16/a 14 5338 77'2 90 40 63 ' 82% 102' 4 52 843-4 104% 60! 2 7% 42 69% 104 1434 7 20 % 8% 20'2 1C2 44% 25' 4 51% 9 15 46 16 100 58% Owens Bottling Mach 300 47% Pacific Development. 300 39% Pan-Amer Petroleum. 10900 77% Pan-Amer Pet B... 1800 73 Pennsylvania R R.. 3900 40% Penn Seaboard Steel 2100 13 Peor?a & Eastern... 100 11 Peoples Gas & Coke. 300 28% Fere Marquette _ 3000 233? Philadelphia Co _ 1600 32'% Phillips Petroleum . 2800 34 Pierco Arrow . 6430 40% Pierce Oil' . 40Cq 12 8 Pierce Oil pf. 230 80% 5 Pittsburgh Coal .... 600 56 Pitts & West Va... 1800 26% 1 Pond Creek Coal.... 100 13% 8 Pressed Steel Car... 60O 93% 4 Pure Oil Co. 2000 37% 3 Pullman Co . 400 112 5 Punta Alegre Sugar. 4100 73 8 Railway Steel Spring 200 93 1 Ray Consol Copper. . 400 14% 4 Reading . 97 CO 87 >8 - Rem Typewriter. 670 55% 6 Repub Iron & Steel.. S900 80% Rep Motor Truck... SCO 4G% Replogle Steel . 7103 70 5.50 Royal Dutch N Y sh 6400 70% 6 Savage Arms . 200 40 - Saxon Molors . 3600 6' 0 1 St Joseph Lead. 100 15 St Louis & San Fran 4800 23% St L Southwestern.. 3100 10% St L Southwest pf.. 200 20% - Seaboard Air Line.. 100 7 - Seaboard Air Line pf 2C0 13% 8 Sears-Roebuck . 133 135 - Shattuck & Arizona. 170 8% .74 Shell Trans Ter. . . . 3070 61 Sinclair Oil . 16800 24% Sloss-Sheff St & Ir.. 403 GO Southern Pacific ... 6100 91% So Porto Rico Sugar 100 222 Southern Railroad .. 12900 27% Soulhern Railroad pf 1600 60% Stand Oil of N J . . . 30 625 Stand Oil of N J pf 400 105% 4 Stewart-Warner .... 900 33% 4 Slromberg Carburetor 4300 67' 4 7 Studcbaker . 12700 62'2 6 Superior Steel . 800 47 4 - Tenn Cop & Chem.. 3100 9% 3 Texas Company .... 16200 40% Texas & Pacific_ 18C0 35% .60 Tex & Pac Coal & O 2900 33 - Third Ave Railroad. 1C0 9'2 6 Tobacco Products ... 400 61% 7 Tobacco Products pf 100 33 - Times Square Auto. . 300 27 - Transcor. Oil . 9100 10% Transue \V Steel.... 403 46% Twin City Rap Tran I00 33 8 Union Bag & Paper SCO 8! ? Union Oil . 36C0 26% 10 Union Pacific . 4800 117 4 Union Pacific pf_ 200 6*% 8 United Drug _ 4 United Alloy. 12 United Frtiit . 6100 ? Un Kv.y Invest pf.. 1400 112%+ 1% 110 75 ? /, 75' V 1053u 1C5 5 2% 300 1C8 400 40'. 194 S Cast Ir I' & Fo S Food 1'roducts. . S Ind Alcohol_ S Ind A Ich pf_ S Realty ,?'. Imp. . United Retail Stores 5630 63% 64 U S Rubber. 9100 83% 84% U 8 Rubber 1st pf. . 100 102% 102! a U S Smelt & Ref... 300 52 52 U S Steel. 648C0 85% 86% U S Steel pf. 14C0 105% 106 Utah Copper . 13C0 6134 62% Utah Secur Corpn. . 100 734 7% Vanadium Steel .... 34100 67 67 Vir-Carolina Chem . 900 63 63 Vir-Carolina Chem pf C00 105% 105% Vivaudou . 800 14% 14% Wabash . 400 7% 8 Wabash Western Western Westing *Ex dividend pf A. Maryland Pacific .... Air Brake. . Westinghou-ie Mfg . Wickwire-Spencer ... Wilson Co . Wheel & Fake Erie. . Wheel & L Erie pf. White Motors . Willys-Overland _ Woolworth . Worth Pump & M. . 300 1C2 403 46% 100 107/? 2C00 59/ Bid and HI. Asked. A l Rumely pr 01 Alb .'s SU3...120 AU Am Cable. 100 Al Chairo. i?r 70 Am Ag Cb pr SOU A HU Note pr 41 A Boot a pr. SO AU S ft b" pr so Am Can pr.. S7 A 0 -ic F pr.107 A Cot Oil pr. ? Am lea Ho pr 53 A Linseed pr. i"i Am Loco pr.101 Am Mall & G ? All) Shlpbtdg. ? Am Sm pr A 73 Am Snufl" .... U7 do pr . 73 A St I?"y pr. S3 S7 Am Sugar pr. 101 :? 108 A Sum T pr ?2 S3 Am Tel cfc C. 4s 30 A Tob pr new SS ?.? Am Wh pr.. sS Am Wo >1 it. 91 Ami Arbor .. ID'-j 11? 47 S3 11?) 135 74 10:2 i Dut I'n I.? S tt & U,ui.am ; do pr . 92-Vi 07 Em Brant .. 13 20 ! ?Ui pr . ? 72 lEii.U John pr H2 05 . Erle ft Pitta. 45 55 Kara lJlny pr. .so 83 Flshei l-.y pr.l02V4 HO Gen Chem. . ..100 ICO 1 ?In pr . ??>! 1?-, .(In Clg pr dob ? 93 ,.i pr A ;> G 2d pr T.: -? a Ass 01! SO AUantlo Ref.. ? 1123 Aul i Salea pr 13 23 Bald U..j pr 01 % 97 sdalJ via Id 31 ft .No pr 2J Ci S H 1st pr ? bforaeeuke . . 60 Int Agrlcul pr 7?',? In M I' 1st pr 70 I do 2?J? pr... 65 i flit Paper pr 05 Im. Nickel pr - Int Salt _ 00 Iowa Central. 4 Jowel Tea pr. 30 Kayser J ...93 K.( t-'S&M pr. 50 i?.y So pr 43 iKelly s; r pr.S.'i : . ?? ; : pr. 00 21 s ! ?-.. do pr 35 Barnett Loa.. 50 do pr _S5 Barren Co pr.lot Bainpllas .M., 1 Beth a 7ih pr 0?) lo 8 1?; pr.104 I!!;:. EdlSOIl.. St ! I'.kn Un Gas. 50 I?.: iwn Shoe. . 85 Burns I!? pr iisVi 1 Brunswick . . 4 Burr It ft 1? do pr .... Buff ! S s ; '.?o 1 ? 154 100 ms IKeok & H M. il,? pr . [Kress i Co.. Lacledo Gas.. Lake E ft Vf. do 1 20 30 8UVi 100 35 37 11 ?? 12 pr 10 '/? dO IT ?12 Bush Terra. Cal & Ariz.. 5.1 Can Southern Jl> Caso 3 I pr. . 92 Cen?. Le? pr. '.."I ? on of N .1. .210 Certal itoed .. 4?; CSPM&O pr. SO 11'?'* S I. pr BJ Cluett Pea. pr '."> C ft s 1st pr ?H do 2d l>r. . . 85 Con Cigr.rs pr 79 Cont I".?i C>?. OS Corn Prod pr.lOO Cm Sti'el pr. 92 Deer? Go pr.. 93 Pa Beers ... 2?s Jj.i. ?Militai... M I.Ik i- .M T 11 120 13 I.-W B Ist pr 04% 100 ?I? 2d pr...l05% 128 I/irtllard pr. . 90 105 Mackay Cos pr 59% 0OH Manat? *u ] r 55 90 Mmliat UeatJl '3 2'-. Mar It? dwell. 40 5-'-, Mat Al W... M Max M 1st pr 10 i do 2d rr. . ? May n? St pr 9 Mex l'et pr. 0 Mich Centra] 75 32% ?? '?. 102 90 MSP& S M 72 i do ls.t lluee. 50 Mo it Power.. 59 L> 51 Morris & 17s. 58 M, *M I r -, Nasa ."e Chat.Il 0 110 1 ? ?-?, N 1- Bis pr. 105 49 S O & S pr 90 40 N B ft S pr 90 HI NRB M lut pr 3 72 NYC4SI, Ut. 53 1074, I do 2d pr... 50 93 N 3' Dock pr 40 96 N Y h ft VV 7?! 2S Norfolk 60 . . 17 ?? Watt ? W S> ?* Onto Body .1 . Otis J?.:, v ? O . stool t)w ? Bol p Paclflo Coast. . 11U l.Vi >,?..::, i:..o pr 105 ?7') . 11 ?'.a 125V?!S-S S1ft 1 i " ??U S',1 2d pr. Pao G ft Pacific Mall . 2* fa.? Tel & v. ..:?? Parish ft Bin? 2:? IV:,n J C pr.. 87 IVr.) Mar pr. ? do prior pr. 54 I' C C .V S L 72 IV!l! Mulll. .. 80 do 1st it... 05 Phil Jonca . . 60 do pr . SO P I?' \V ft C.I 13 Pitts Steel pr 85 i' ft \V V i pr 72 i'r St l?ar pr US r> s P. ... ?>r 7 2 : Sup Sti el pr. 3? I' & V Id ir..J Tidewater 01 IS5 [TSL& \V etfa 12 do pr ctfs.. 17 T C H T pr ?53 Underwood T.101 40 S3 loi 117 Cn Cigar St..i:0 IT do pr t<3 55 ?!' I'm? 1st pr 44 40 83 ?l.SCll'ft V pr 40 4.1 120 U S Express., ti 8?4 00 ' 1' S 1 Al pr r>0 95 70 17SS ft H pr 42"i 45 101 Va I C ft C.104 Ho -5'. Wos Md 2d pr 13 13% By St Spr pr 9S?4 1">; Wilson Co pr. -- si Heading 1st pr 4" 43 Willys ?) pr.. S0'?i M's, lo 2.'. pr... 42')? 43 Woolworth pr.103 110 Roll ft Co... 12 10 \VP & M pr A ? 90 do pr . 77 M',I do pr I!- 63 6'3 Dividends Rata and Period Pavabl'j !'. B C Co, stk. 1.60% <lo common... 1% '/c Q ? ':??.nt Pipe L. 73c Q Sept 15 Elec lr.v Cp pf. 1%%Q Aus 21 Pi ?1 Util, Inc pf l'-j '".: Q Sept 1 P R-A T Co, sop $% Q Sept 2 Super Oil Corp.. DO?? l? S,-pt 1 G S P Co of T, 3 6% (Jet 15 do stk. 25':;-. Oct 15 Holders of Rec. Au*f 2 4 i Au? 11 Aug 14 Auf 1 4 : Aug 23 Auy 10 I Sept3u ' To Extend Erie Bonds Formal announcement was made yes? terday of the Erie Railroad's plans for ?extending the company's consolidated mortgage bonds, maturing September 1, for a period of ten years. J. P. Morgan & Co., acting in behalf of the raiiroad company, stated that $10 a $1, 0U0 bond would be offered as an in? ducement for extension, making the net ' yield of the extended bonds approxi? mately T'a per cent. The amount of the Erie consolidated ? mortgage 7 per cont bonds outstanding is $20,590,600, consisting of $ 10,891,000 I of tho Eri.? proper, and &9>j699,500 of the New York, Lake Erie & Western. In Wall Street Delaware?, Lackawannh & Western The chief outstanding feature of this week'? market haa been the continued ctrength in Delaware. Lackawanna 6 Western, even while the industrial lisi was weakest. The' final sa " ' ? ' ?.? an 204, and v to? day the stoc> 240. At 2.7.'?'? the price of tho was J'.',:? points abovi Thursday'? closing /il". Abcut all tl at ? m ''7? day's news which would account for the sensational advance was a report that tho compan is planning to acquire the New York, Chicago & St. Loais (Nickel Plate), which would give it an entrance into Chicago. For twenty years prior to ?010 control of t?V- Nickel IMate rested with the Lake Shore & Michigan Southern, a subsidiary of the S'ew York Central, in that year the majority sto,ck was rold to Cleveland interest! President Trucsdalc in the past six months has repeatedly denied that the I). L. ?& W. was contemplating a segre? gation of its valuable coal properties, but nevertheless this Btory bobs up every once in a while. Maxwell-Chalmers Merger It is understood that the chief inter? ests in the Maxwell and Chalmers motor companies have about completed the long awaited merger plans. Advices from Detroit yesterday stated that the consolidation had already been arran? ged, but inquiry hi re only brought forth the information that some an ' nouncement may be made the early part of next werk. Morris Note Issue Planned Advices from Chicago to the financial district yesterday stated that Morris <v Co. are negotiating with a banking group for the sale ?if $10,000, 1000 ten-year 7 per cent coupe:?, not i Concerning the company's plans, which are also understood to include the declaration of a stock dividend, Vice I President McFarlane said: "Our plans aie too embryonic for a definite state ? ment. We don't know how much of lour surplus we want to capitalize, not whether we wish to borrow five, ten, nfteen or twenty million dollars. Whatever change we make in our capital will probably be in the form ol a stock dividend. It is not probable that we will sell stock to either employees i or the public at this time." The com? pany has $3,000,000 stock outstanding ? and a surplus of approximately $54, 070,000. American International Much of the heavy selling of Ameri? can International this week has been | attributed to the liquidation of im | portant accounts that finally had to be [ dumped on the market because of in? ability to carry them further on mar? gin. Directors meet the latter part of this month for dividend action, and there is said to be no present reason to doubt that the regular quarterly rate of 1J/2 per cent will be maintained, not? withstanding rumors to the contrary that have been current in the Street. Undoubtedly American International has had to write down its investments ,-.r, a result of the drastic fall in prices. Chief among the company's holdings are International Mercantile Marine and United States Rubber. .". >th issues are now near their low ?eve's for the year. More Cold Arrives The $2,000.000 gold which arrived yesterday on the White Star liner Adri? atic was understood to have !.. . cha:ed in the open market in London ''or the account of New York b? For some weeks exchange ci:;! - have been such that American bankers have found it profitable to bid for Brit? ish gold. Against Par' Collection Legislatures in Louisiana, 31 sis sippi and South Dakota have expressed opposfi ton to : !'?? attempt of the Fed era] Reserve system to provide for the collection of checks at par in all parts of the country by passing laws n :al for notaries to protest checks where the reason for non-paynv nt : : the unwillingness of the presenters to pay exchange on the check. At the Reserve bank it ..as said that these laws would not inte-fere with the de? velopment of the par system, be< lu ? it is not necessary to protest local checks. Instability of Wheat Market The acute sensitiveness of the mar? ket for wheat futures in ' ,*h ?'? has characti rized 7 '",. I rad the Board OKTratle pit ever since I ?resumption of operations on July 15 -.'.. - again emphasized yesterday, when ya)u< suddenly collapsed aft? r ab.ou ight cents over the op ?. Continu i unsettled political cond I i abroad were reflected in higher pi ci during the forenoon, but when a from Europe indicated that the Rust Polish situation might imp: ove i fl i ings became numerous and the market more than lost its previous advance in tho sharp decline that followed. Easier Money for Cotton The denial by Governor Harding, of the Federal Reserve Board, that mem? ber banks had been advised by the b ird in regard to loan?- on new crop cotton had a bullish ??effect on prices here yesterday. Traders who had been' banking on tight money conditions, forcing holders of cotton to sell for whatever they could get, evidently took Governor Harding's announcement to mean that banks would be more con? siderate in the crop belt. Trade' in? fluences continued bearish in the mar? ket, however, ami although October contracts showed a slight advance, the later months were weaker. Railroad Veterans Act The New England Association of Railroad Veterans, comprising ? than 2,000 employees of the New Eng land transportation linos, at their re? cent annual mid-summer reunion ' adopted a set of resolution calli practice of the Golden Rule as it may i apply to the relationship existing be- ? tween employer and employe?'. "Be it ? resolved," said the memorial, "that the New England Association of Rail? road Veterans, collectively repr? senting many thousands of years of continu- , ous employment in every branch of that service, in serious and thoughtful ! appreciation of the conditions which; face the industry from which they de- I rive their livelihoods at present and1 in the immediate future, when the lines ? shall have been returned to absolute private ownership, bespeaks for its: membership the exercise of loyal and efficient service and recipro?ssl co? operation with those upon whom de? volves the duties and responsibilities ' of management that the highest pos- : sible production may be obtained and the future prosperity of the industry they in common serve assured." Liverpool Report Helps After the bears had Jicon success ful in driving the industrial average to a new low for the year in yest-rday's early trading it became evident that for the remainder of the session they would have to contr-nd with more ; favorable news regarding tho Russo Polish situation. The result was a sharp covering movement, which before .1 o'clock had more than wiped out many of the earlier losses. Baldwin was especially helped by the prospect that Poland may work out her troubles, ! and after selling at 10314, a new low for the year, the stock rallied to above ! 1-00, where it showed a gain over Thursday's last sale. One of the in- ; fluences that brought about this better ment was a cable from Liverpool to a brokerage house stating that Premier Lloyd George is expected to make pub? lic announcement within thirty ' days that a state of peace exists with the Russian Soviet government, and j responsibility for its obligations to the i Allies will be assumed. ?I On the New York Slock. Exchange Earnings from Stoclc? X h>- ? ?*' r ?*t < ' ? .. ?. ? i - \'<rV. ?s fol 0??"??. Av-rur? ' - i ltatlr?a?3? 1 'Y, Tob " eon ' ' I ,;?, sie??!? ?s 5 m% \ul?? ft :i< '? i? i ' e. '.?', y ?imI ru?: : ,<l , Thtl ?" ? ?????? ? A. A. Housman & Cd. I N- ? 20 Broad Street, T.'cw York I : ? i - ? 85 W?-*t a il 1 ? ?'.. ( , MbertJ ;. J. K. Rice, Jr. & Co. Buy & Seil Cl?nch?ield Coal Penn. Coa! & Coke Del, Lack, ? West. Coal Lehigh Valley Coal Sales J.K.RiccJr.&Co. By M>KI IN I!. Ml l.l.KK '. -UN'. \\ i.DN KSI) \'>. lliilM il. iltti, B ? ? NOS. 14 AN 7 ? I"?.!' A 1,212 ?. 1,184 1.7.7 ._?.,... . < 100 .- .-. ? ' : Goii & r - prefl 2 I .. - $114 Sou . 6*16 - ? -Co. pi4,oo p. :.. For Acruui '' : .- -,.,-??. Ciwh Turns Steady & ?"? "V Eli I* -l?er-Vw Uecliiie; Prices irrten lar Many ? Issues Regain Lossea Made in EarlyDepression, bil? Others Fail to Re cover: Sen! U fter Tradi ng " -, ? ? ifter i 1 cor. litioi ? noon and < . .. ? iuc a soft tone ... it a j -. . ? ; ? ?. ere a . i ? ? . ? pro . . ? ? late tra? ? ? ? - Bhoww Gardner M ? mow to ?les P?P? showed a ? EfP?0' merican p . ,- Zinc. Ranier -??-?'?? Oils, wii i or were - . eased off 'nd?c??a Ryan Consolidai ? ? fraction, up a p ' truleUTJi ? Oil *a?1? fractionally hi Industrials ! ? ? . ' ... ? !? A ' ?v !.?r ' ? I 1 i H* ? ? ' ? ? ? r ? . ; ? ... ' ' - too '.' i ?" 200 * ' ? ?. ; ?' - f ?Karr ? :? *: , ? * I 10" ?, : ". - ?'. . 45O0 In.hin le. . . ?.. " *? ? & I l'-"?i C00N P ?2 ? ? . "7 . ... ... ? * : ? pref .?. ?. ??Rainier Mo . ?I'.ev 1.? T I? I:, , . ' , * <" 10 "Singer Uta 121 1 lf'i ?HWlft .?. . 400 ?I'd Ca 1800 Un 1 ? l'un Re? ? ?' ?;???. 100 ??\Vyllin Coi '7 200 do 2d prei ?" id I & S . ? BOO ?Wm J .'?:., ?'? Standard Oils 20 ?St O of s V ? , ? Jtf Other Olb lfionn ?tAUIed Oil .. 19 :i I* "? 1200fAnna i? ffyO >-i S H ,3 ' ' \rk N:,!| Ou.. 10 1 '.'?'il) ?Atlan Quit i?. :???-, : ' '? , 1800 l?iclit 1' A It. . 3 t., ? \ 2200 ?Boon?) Oil ... . -. *3 "3 6500 ?fBoat-Wyo O. H ?"?? "? ?.Continued on nrxt P???J