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New-York tribune. [volume] (New York [N.Y.]) 1866-1924, July 13, 1921, Image 14

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PRE-WAR
PRICES?
Whether industrial deflation
ha? run its cours? or whether
the general .scale of prices is
to return to a pre-war status
is the subject of an extended
discussion in the current edi?
tion of our weekly review.
This review comments upon
the real meaning of the press?
ent crop situation and con?
tains suggestions as to in?
vestment selections.
A few extra copies arc avail?
able for interested investors.
Send 2c postage for Circular
No. 100.
MOODT'S INVESTORS SERVICE
JOHN' moody. President
35 Nassau Street, New York
Boston Philadelphia Ohicnso
Oregon & California R. R
First Mortgage 5s
Duo July 1, 1927.
Guaranteed as to both
principal and interest
by endorsement of
Southern Pacific Co.
An absolute first mort?
gage on 679.91 miles of
important mileage.
Earnings cover total
interest charges by a
wide margin.
Price on application.
Parker & Company
49 Wall Street New York
Formerly
Colgate, Parker & Co,
Our
Selected List
of
Municipal Bonds
will be valuable to those who
have funds for
July Investment
Municipal Bonds are exempt
from all Federal Income Taxes
and at present are selling at
lower prices than have pre?
vailed for many years.
Ask for Circular AS de?
scribing selected issues yielding
5% to 6%%
WMiam R,{c>mpton (b.
Investment Bonds
14 Wall Street, New York
St. Lours Chtrneo
Cincinnati New Orleans
BANKING HOUSE O*
Members N. Y. Stock and Cotton Exchanges.
11. 13, 15. 17 and 19 Broad St., N. Y.
Interest allowed on deposit accounts sub?
ject to cheque. Stocks. Bonds and Noten
Bought and Sold for Cash and carried on
conservative terms. Cotton contracts handled
FOREIGN ?.KTOSKS OF CREDIT ISSUED.
T LIBERTY BONDS SSKS?
Branch ? 320 Fifth Ave. 3? Union Square
??101*5173 Dunne St. 145 East 60th Ot,
16 Court St., Brooklyn.
J.K.Rice,Jr.&Co.Will Sell
JO? American Meter
10M American Meter Deb. 6V.
100 American-Hawaiian 8. S.
2.". Hela., 1-aeU. & Western Coal
25 Guaranty Trust Stock
2"> Home Insurance
fill Niin.ii:. Insurance
100 North River Ins.
100 I'nderwood Computing: Mneh.
100 West Va. 1'ulp & 1'aper
Phones 4000 to 4010 John. 38 Wall St., N. Y.
STANDARD
New ^^ Mailed
19th v to Investor?
Edition Free on
Booklet. m Bequest.
L
CARL H.PF0R2HEIMER & CO.
Phone 4860-1-2-8-4 Broad. 25 Broad St.,N.T.
"Gulf Oil
West Va. Pulp & Paper
Virginian Ry.
FREDERIC H. HATCH & CO
r4?WayKY H.?,^M?|J?^-Te|. B o Gr. 1220
Willi CONNPC.TIONJ
OOSrON.CrUCAG? PHILA MONTR?AL PrrTS?lLR.&H'
George H. Burr & Co.
Investment Securities
Commercial Paper
Equitable Building, New York
Guaranty Trust Co.
National City Bank
McCL?ft?, JONEM/?S?SO
Member? New York Stock Kxchaxo?
I If? Broadway Fhone 3821 Hector
Firmer Tome in
Stock Market;
Bonds Improve
Foreign Exchanges Recover
With Pronounced Vigor;
Sterling Above S3.65;
Wheat Prices Rise Sharply
Prices worked higher in a dull and
uninteresting market at the Stock Ex?
change yesterday. The main impulse
was imparted by the scattered buying
orders of professional short traders,
and tho movement had little moro sig?
nificance than a reflection of changing
technical conditions within the market
itself. Of moro importance was the
much better tone in the investment
bond market, where prime issues rose
in response to ft steady flow of buying
orders. I " ?-;!; ;i-j1 *<?'$
Attention was agaSn attracted to the
foreign exchange market, where quota?
tions, reversing the process of the day
before, rebounded with groat vigor.
Sterling exchange rates, which were
exceedingly weak on Saturday and
Monday, recovered in striking manner,
demand sterling moving above $3.65,
compared with a close of $3.62*4 the
preceding day. The Continental ex?
changes were also strong.
Shares of oil companies operating
outside of the country were helped
yesterday by Washington reports In?
dicating that opposition is growing in
high government circles to the pro?
posal to impose a tariff on imports of
oil. Mexican Petroleum, so severely
affected when the. announcement of the
proposed tariff was first made, jumped
to 102%, but receded from the high
and closed at 99%, up 1%. General
Asphalt and Atlantic Gulf issues were
also improved.
Exceedingly pessimistic reports rela?
tive to the Cuban situation led to a
renewal of pressure against the sugar
shares and American Sugar fell off
sharply for a time, regaining, however,
most of tho ground lost before the
close. Important developments are
looked for in tho near future which
may involve the floating of a large
Cuban loan, ?nabling the Cuban gov?
ernment to p-urchase a large tonnage
of raw sugar and remove it from the
market, thus relieving, in a measure,
the pressure of the present huge sur?
plus supplies.
With tho approach of the middle of
the month, when large United States
government operations will take place,
call money worked into a firmer posi?
tion and the rate went to a high of
6% per cent at the exchange in the
afternoon. Government withdrawals
from local banks on Friday will total
$66,000,000, the largest in a long time,
and will provide for meeting the New
York district's holdings of Treasury
bills maturing on that date. The ag?
gregate of certificates due in the coun?
try at large is $132,000,000. No new
issue of certificates is contemplated at
this time, which shows that govern?
ment finances are getting into a much
stronger position.
The commodity markets were irregu?
lar. Wheat prices shot up in spectacu?
lar fashion on less favorable crop ad?
vices, while cotton lost a part of its
gain of the last few days.
Money and Credit
Call money worked into a firmer
position yesterday in anticipation of
heavy government withdrawals on Fri?
day. The renewal rate was 6 and the
rate went to 6% in the afternoon.
Government withdrawals on Friday
will amount to $66,000,000 In this dis?
trict. Yeterday withdrawals were $18,
300,000.
Yester-, Year
day. ago.
On industrial collateral.... 6 8
On mixed collateral.6 8
Time money (mixed collateral):
Sixty days. 6 8@8%
Ninety days. 6 8@8y2
Four months. 6 8@8M?
Four to six months. 6 8@8V?
Bank Clearings?Bank clearings at'
New York yesterday were: Exchanges,
$657,900,000; balances, $65,400,000.
Silver?London, 37d; New York,
domestic bar, 99?>ic; foreign, 59Vic;
Mexican dollars, 45%c.
The Dollar in Foreign Exchange
The foreign exchange market yes?
terday enjoyed a recovery from the
severe decline of Monday and Satur?
day with sterling moving above $3.65.
German marks were also stronger.
Cable advices said that German banks
were selling dollars in London and
buying marks. The turn over in
mark3 was the heaviest in weeks.
EUROPE
Tester- Prevlou? Year
day. day. &go.
GREAT BRITAIN (par $4.80 a sovereign)
Demand . 3.65% 3.62% 3.93%
Cables . 3.65% 3.63% 3.04%
? 60-dav bills. 3.60% 3.68% 3.88%
90-day bills.3.59 3.57 3.86
FRANCE (par 19.3 rents a franc)
Demand . 7.86 7.76 8.40
Cables . 7.86% 7.76% 8.42
BELGIUM (par 19.3 cents a franc)
Demand . 7.69% 7.60% 9.03
Cables . 7.70 7.61 9.04
SWITZERLAND (par 19.3 cents a franc)
Demand .16.68 16.54 17.95
Cables .16.60 16.55 18.04
ITALY (par 19.3 cents a lira)
Demand . 4.61 4.48% 6.01
Cables . 4.61% 4.48 6.02
HOLLAND (par 40.2 cents a florin)
Demand .-,131.96 31.8? 36.25
Cables .31.98 81.85 36.37%
GERMANT (PRr 23.8 rents a mark)
Demand . 1.3 5% 1.27% 2.61
Cables . 1.36 1.27% 2.65
AUSTRIA (par 20.3 cents a crown)
Demand .15% .15 .89
Cables .t?<% .15% .71
NORWAY (par 26.8 cg?Vts a crown)
Demand .13.56 13.60 16.65
Cables .13.70 13.65 16.75
SWEDEN (par 26.8 cents a crown)
Demand .21.32 21.16 22.10
Cables ...21.37 21.20 22.20
DENMARK (par 26.8 cents a crown)
Demand .16.15 16.00 16.55
Cables .16.20 16.05 16.65
SPAIN (par 19.3 cents a peseta)
Demand .12.84 12.63 16.13
Cables .12.85 12.64 16.18
PORTUGAL (par 108.05 cents an escudo)
Demand .13.25 13.00 35.95
Cables .13.50' 13.25 36.20
GREECE (par 19.3 cents a drachma)
Demand . 5.47 5.55 12.95
Cables . 5.52 6.60 13.00
POLAND (par 23.8 cents a mark)
Demand .06 .06 .59
Cables .06% .06% .61
CZECHOSLOVAKIA (par 20.3 cents i
orown)
Demand . 1.33% 1.32" 2.45
Cables . 1.34% 1.33 2.50
JUOO-SLAVIA (par 20.3 cents a crown)
Demand .65% .65% 1.55
Cables .66 .66 1.57
RUMANIA (par 19.3 cents a lou)
Demand . 1.46 1.46 2.75
Cables . 1.46 1.46 2.80
FINLAND (par 19.3 cent? a mark)
Demand . 1.89 1.68 4.85
Cables . 1.72 1.70 4.90
FAR EAST
CHINA (Shankhal par 106.39 cents ? tael)
Demand .70.00 70.00 102.00
Cables .'0.60 -70.60 102.50
CHINA (Hong Kong par unsettled)
Demand .50.25 50.60 73.00
Cables .60.50 60.75 78.10
JAPAN (par 49.8 cen?* a y?)
?i ?-nand .48.00 48.00 61.50
Cabio*.4S.25 48.26 ?1.71
INDIA (par 48.SS ointi a rupa?)
Transactions Yesterday in Listed Stocks
Summary of Stock Exchange Dealings
(Copyright. 3 921, New York Tribuno Ino.>
STOCKS
Yesterday.
Railroad stork? . 40,700
Other ?locks . 291,500
All stock? . 341,200
Ycsterdny,
IT. 8. government bond/i $4,296,000
Railroad bonds . 1,616,000
Other bonds . 2,822,000
All bonds . 8,734,000
Day
before.
6.1,800
360,800
424,600;_
BONDS
Boy before
$7,614,000
902,000
2.273,000
10,789,000
Year Jannary 1 to date,
neo. 1921. 1920. 1910.
102.300 33.571,400 33,674,400 46,002,300
547.100 94,124,900 04,784.700 107,822,600
649,400 127,096,300 128,459,100 154,724,900
Jnnuory 1 to dnte.
Yeara*o. 1921. 1920.
$9,066,000 $1,123,548,000 $1,408,019,000
1,869,000 234,351,000 297,305,000
2,207,000 340.0G3.000 373,521,000
13,142,000 1,697,962,000 2,078,865,000
Record of Stock and Bond Averages
(CopyrlKlit. 1321, Now fork Tribune Inc.)
Yieter
dny.
20 Railroad stocks . 63.16
30 Industrial atucks . 66.02
50 Stocks . 64.86
10 Railroad bonds . 73.20
10 Industrial bonds . 81.48
5 Utility bonds . 73.08
25 Ronds . 76.49
STOCKS
Bay
?rfor.".
?63.15
65.."/,;
64.74
BONDS
73.03
81.43
73.08
76.40
Year
airo.
63.20
92.10
80.54
69.65
83.46
G9.37
75.11
Ranee Jan. 1 to
date.
High. I,ow.
60.60 57.40
79.13 63.53
74.12 61.08
76.23
84.53
78.70
73.41
71.01
80.46
70.13
75.25
Bangs full
year 1920.
High. Zjo-w,
73.80 58.60
110.30 67.67
92.05 64.30
76.97 66.
91.45 81.
74.53 67.
81.71 73.
Low. t>iv.
1921. Rote.
26/2 ?
18 ??
i/2_
1 ?
35 4
83 7
28% 4
351/4 ?
46 '/a 4
253;? ?
23/a ?
15% ?
35/2 ?
41/2 ?
115 8
40'/2 ?
57 6
29?4 ?
21 ?
73 Vz 6
4 Vn ?
6% ?
32% ?
24 3
631/4 7
851/4 7
40% 3
95% 9
% A "
12934 UV/2 12
1273-4 110 12
Hieh.
1921.
46
39 l/j,
1*4
B8'/a
93%
39/4
65'/z
54
51
3234
23'/2
67
S'/4
125
6734
65
. 53'/i
62!4
91'/2
10
14
443,4
313/4
96
107! 4
88
108/a
Adams Express
Ajax Hubher
Alnilia Gold Minea
Alaska .Tunean
Allied Chemical
do pf .
Allis-Chnlmers
Amer A/rr Chemical
Amer Bank Note . . .
Amer Beet Sncar . .
Amrr Can
Amer Cotton Oil
do pf .
Amer Drop Synd
Amer
94
82i/4
431/2
633,4
84'/2
76
23%
941/4
423,6
35
1
65
14%
93
? 534
25'/8
19%
64%
49%
79
7'/2
87
57
33%
45
76'/4
18
12/2
62/4
600
50
2200
300
1300
2000
300
300
900
9600
200
2100
Amer Tel & Tel. 3100 103/8 103/8 102% 102%
do rishts . 107C0 fl,
American Tobacco .. 2400 118
do R . 600 117/;;
do pf new. 200 883,4
American Woolen ... 7800
Anaconda . 1700
Asso Dry Gds 2d pf.
Atch, Top & San Fe.
Atlantic, Gulf & W I 15800
Am Hide & Leath pf
Amer Ice Sccur pf. .
Amer Inter Corp . . .
Amer Linseed
Amer Locomotive
Amer Safety Razor
Amer Ship ?3; Com
Amer Smeltinc . .
Amer Steel Fdry. .
American Suear . .
do pf .
Amcr Sumatra Tob.
2'/2 Atlantic Petroleum .
7 Baldwin Locomotive..
30% ? Baltimore & Ohio...
14% 2'/2 Barnsdall B
% ? Batopilas Mining- .
Beth Steel Class B
Bklyn Rapid Tran.
Burn? Bros
Butte & Sap Copper.
Butterick Co
Caddo Oil
California Packing.
California Petroleum
do pf
Call Lead & Zinc
41/2 5
9/2 -
8I/4 10
IO/4 ?
14/2 -
10 --
54 6
25 ?
68/2 7
4/4
119/4 101
43/4 31%
10 Canadian Pacific. 1800 110/4 HO/4 109/8 109%+
? Central
96
32/2
86
esyz
31
46%
-Of/4.
343/3
67/2
48
66
12%
12%
63
12
21%
5
76/2
44%
107/2
33/2
26
67/2
103%
2%
2134
690
253,4
69/4
95%
I5/4
2234
15%
83/2
90
19%
20/2
534
78%
1383/3
I6/4
7134
703/8
85
79/8
32/2.
11/2
86
1634
93
7/8
1334
67
37%
5%
16 <
IOO/2
65%
68/8 ?
23 ?
4334 6
46 ?
22 ?
32 ??
49 4
22% ?
56/2 8
32 ?
60 5
9 ??
4/2 ?
52 6
5 ?
14% ?
34 _
59 4
25%
51/z
12% 2
6% ?
19/2 -
90 9
Vz ?
10/a 1
640 10
16 ?
52 5
87 7
11% ?
16% ?
Il/a ?
48 8
76/4 8
11/4 ?
12/4 ?
1 ?
40/4 ?
12C/j
9/2
63
61
62/a
60
25%
7/8 ?
47 ?
10/a 1
85/2 7
2
6/2
36/a
29%
3/2
71/4
42
do pf
Cerro de Pasco
Chandler Motors ....
Chesapeake & Ohio. .
Chic, Mil & St Paul
do pf
Chic Pnenm Tool
Chic, R I & Pac
do 6% pf
C, C, C & St Louis
do pf
Chile Copper. 2500
Columbia Graph ... 300
Columbia Gas & Elec 200
Consol Dist . 240O
Consol Textile . 1400
Continental Candy .. 200
4 Corn Products . 800
2/a Cosden & Co. 1500
4 Cruciblo Steel . 2900
2 Cuban-Amer? Sugar. 1100
Cuba Cane Sugar .. 2900
do pf . 2400
Delaware & Hudson. 200
Denv & Rio Grande
Dome Mines
Eastman Kodak
Elk Horn Coal
Endicott-Johnson
do pf
Erie .
do 1st pf
do 2d pf
Famous Players
do pf
Fisk Rubber Tire.
Frccport Texas
Gaston Williams ...
General Asphalt ...
General Electric Co
General Motors . 8600
do pf .
do 6% deb.
Goodrich, B F, pf. ..
Great Northern pf...
Great North Ore sob
Gulf, Mob & North..
Houston Oil .
1 Hupp Motors .
7 Illinois Central .
.60 Indiahonta .
? Inter Agriculture ...
? do pf .
? Inspiration Copper .
? Intcrbor Con Corp...
? do pf .
5 Inter Harvester . 11800
6 Inter Mcr Marine pf. 300
High, low. Di?
192j. 1021. Rate.
42 ! 28 ?
73% 43 Vz ?
17
26
4%
11%
28%
647b
94
22%
17%
29%
57'/2
21'/2
12%
7
7/a
13 ?
10 ?
2% ~
4 ?
18'/? ?
31% 4
70% 8
10 ?
8'Va ?
17/2 2
8nb-s. Open. High. I*ow. Close.
Inter Motor Truck... 300 30/2 30!/2 30'/2 30i/2?
Inter Paper . 6800 53'/* 54% 53 63 +
Inter Nickel . 1700 13% 13% 13% 13?4?
InvinclblR Oil . 1100 11 11 10% 11 4
Island Oil . 1900 2% 2% 2% 2%?
Jewel Tea . 300 10 10 10 10 +
Hanson City South.. 1400 26'/4 26l/4 25% 25%
Net
chge
Vz
Va
Va
Kelly-Sprinriield
1800 37
3 7'A 37
37 Vs + 1%
do 8% pf. 100 77'A 77'/4 77% 77% + "A
Kenncrott Copper . ,
Keystone Tim .
Leo Rubber & Tire.
47'/B 3/2 Lohlzlt. Valley
10 ?
8% 1
2% 2
2/4 ?
167'A 87% 12
24 15% 2
Loevr's, Ihc .
Loft Candy .
Mar St Rway.
Maxwell Motor
Mexican Petroleum.
Miami Consol Cop . .
1800
1700
200
300
600
300
100
200
78
20!,
12
27
51 "4
10%
9
3%
3%
15%
33/a
14%
23
43%
25
10/a 1-00 Middle States Oil. . .
120% 102
79% 551/4
22 ?
9 ?
16 ?
33'/2 ?
14% ?
7
Midvalo Steel
Minn & Ht L new.
Missouri Pacific ..
39SD0 100
1400 20%
3700 11 /4
900 23%
400 11%
800 20
20'/a 19% 10%
121/4 12 12'/4+
27% 27% 27%+
51% 51 51 ?
10% 10/2 10%
0% &Va 9%+
3% 3% 37/8
3%
OS/a
20%
%
3%
102/2
21
do pf. 1300
65
741 2
23'/2
1047s
61/a
88/4
12%
4
16
56
41/2
41
64
13/,,
Montgomo-y Ward...
National Biscuit ....
Nat Cloak & Suit pf.
Nat Enamel & Stomp
New York Central...
N Y, N H & I?. 11C0
600 17/2
11/4 10%
23%
11%
20
39
17/2
54
01%
8/2
1% -
9/a ?
46/4
27 y?
3 CO
600
2900
100
600
100
79% 39/2
71% 35%
41%
17
57%
23%
35/2
31/a
42/4
32/4 2
6% ?
33% ?
15% ~
20
16
15/a
34
7
64
12/a
64
89/2 8
25 ?
36% 24% 4
15 11 ?
8914 60% 4
65 37/4 2
38% 17/8 ?
73/4 41/a
241/2 12/a
7 Norfolk & Western ..
5 North American . . .
7 Northern Pacific ....
1Vz Nunnally .
- Okla Prod & Rcf_
Otis Steel .
5 Pacific Gas & Elec..
I/a Pacific Oil . 1900 34/a
6 Pan-Amcr Petroleum. 12600 48%
6 do B . 1700 43/2
2 Pennsylvania R R... 2000 34
Penn Seaboard Steel. 400 S'A
Peo Gas & Coke. 200 51
Pcre Marquette . ..
Philadelphia Co ..
Phillips Petroleum.
Pierce Arrow . 4500
3%
99'/a 4- 1/2
20%? /a
11 ? /a
23% 23%? '/a
11% 11%? %
19% 19%? %
38/a 38/2? /4
17/4 17/4? %
300 113% 114 113% 114 4- 1
400 63/8 63/a 63/8 63/B? 3%
400 45/a 45/a 45/a 45/a ?+- %
1800 70/a 70% 70/a 70/8 + l/4
17% 173/4 17/2 17/a? /a
96/2 9 6/a
60 59
73% 73
9/4 9/4
1%
11
53
r>c,i/2
59
73%
9/4
1%
11
11%
78
16'/2
96
HI/2
51/
1%
11
53
34/a
50
44
34%
8/4
61
20%
100 29% 293/q 29% 29%+
1700 18 18 18 18 +
19%
40
7%
65
15
600 53
400 20%
96/a? '/a
69 + 1
73 -
9/4? 1/4
1%~ /a
11 + %
53 -?
34/8 34/a? /4
48 48%+ 1
43 + Vz
34/4+ 1/4
7%?
51 -
19% +
43
34
7%
51
19%
Vz
400
600
200
300
200
Va
18! 4
39%
7%
55
14%
71/4 71/4 71/4 71/4+ 'A
9 6/2 98/a 96/a 97/2+ V/z
19
40
7%
66
14%
do pf.
- Pierce Oil .
8 do pf.
1/a Pond Creek Cool....
8 Pressed Steel Car. .
8 Pullman Co . 1400
Punta Alegre Sugar. 600 28 28 28
Pure Oil. 1300 26% 26/2 26
Ray Consol Copper... 100 12% 123/4 12%
Reading . 2900 68/2
do 1st pf. 1300 39
Hem Typewriter. 400 20
Rep Iron & Steel_ 800 43%
Rep Motor Truck_ 100 12/4
183/4?
39%?
7% +
55?2
15 4- 1
64/a 46/a 6.20 Royal Dutch . 4600 56
5/a 2
25% 19/a
30/a
7/4
98%
49
28%
66
101
24%
73/a
110
19/a -
5/, ?
62% ?
38/2
17%
32'/a
07/a
17%
6734
1051/2
Santa Cecilia Sugar.. 600
St Louis & San Fr.. 600
St Louis Southw'n... 300
Scab Air Line. 200
69/s
39
20
49
121/4
56%
2
78
68 '/a
39
20
4734
I2/4
56
2
Sears Roebuck . 7800
.74 Shell Trans & Trad..
263/4 ?
433/0 7
4% 1
4% ?
29 3
16/a ?
1634 1
6
46
93/4
, 103/8
13/4
45
27/a
36%
58/4 45
12/a 8 ?
13 6% ?
75 62 8
25/a 17% ?
122/a 111 10
68 63 4
81/2 8
37 3/?
953/4 8
7/a ?
15 ?
48
48
Sinclair Oil .
Sloss-Shcf Stl & Iron.
Southern Pacific.
Southern Railroad...
Stand Oil of Cal.
Stand Oil of N J pf.
Stromberg Carb.
Stadebaker . 39600
C00
9200
200
4800
300
200
2
24/a 24% 24/4 24%
24/a
5%
62%
24/a 24/a+ /3
5/2 5'/2? 1
623/8 63%+ V/z
41/4 41/2+ /2
20 -
35 + 1
75/a
20 -
. 73/a+ 2/a
200 106% 107 106% 10634? \/z
200 33/a 33/a 32/4 32%?
241/
5%
65/a
411/4 413/4
20/a 2034
34 35
75% 75% 75/a
20'/a 21 20
73/a 73Va 73 %
?0
34
Submarine Boat ...
Superior Oil .
Texas Company ....
Texas & Pacific _
Tex Pac Coal ?- Oil.
Tobacco Products . .
T, St L & West ctfa
Transcon Oil . 1600
Union Bag & Paper. 100
Union Oil . 200
800 23/a 23/a
4200
1700
200
Vz
18% 19/4 18% 18%? 1/4
53% 54% 53/8 5%+ 1%
10/2 10/2 10/2 10/2+ Vz
7% 8 75/a 8 -
62 62 62 62 ? 2%
19 19 19 19 + %
106
47
207
12/4
27/4
74/2
62/4
8
7934 47/8
103% 91/a
86/a 70/4
112 105
59/a 45%
Union Pacific . 500 119/a 119/2 1l9i/? 119/8? /6
do pf . 200 63/a 63/2 63% 63/8? /8
United Drug . 1400 85 85/2 84/2 85/4+ 1
do 1st pf . 100 41 41 41 41 + /2
United Fruit . 1900 101% 104 101% 104 + 2%
United Ry Invest ... 300 8/8 8/; 8 8 _ 1
U S Food Products, 600 16/a
U S Ind Alcohol ... 0600 48/4
United Retail Stores 2100 53/3
U 8 Rubber . 28800 48
do 1st pf . 100 95/s
U S Steel . 12900 74/4
do pf . 800 109
25/8 ?
7 ?
18 ?
8% ?
14/2 ?
22/8 ?
41% 4
734 ?
29/4 4
51/4 ?
117/a IO8/4. 8
7/2 6/2 ?
41
9
24/a
11/2
21
30%
49%
17%
44
10/a
Utah Copper . 1500 49%
Vanadiaum Steel ... 300 29/2
Wabaah . 500 7%
do pf A. 800 22
Western Maryland .. 200 10
do 2d pf. 200 18/a
Western Pacific _ 300 25
Westinghouso Mfgr .. 200 43%
White Oil . 2100 8/a
White Motora . 600 32/4
Willys-Overland .... 500 7/a
Woolworth . 100 112
Wright Aero ....... 300 7/2
16/s I6/3 16/a? /8
50 48% 493/3+ 1%
54 52% 64 + 1
48% 47% 48 + Vz
95% 95/a 95%? %
74% 74/a 74/4+ /a
109 103/3 109 -
5O/4 48% 49 ? /4
Bid.
30
53
13%
11
2%
9%
25%
363/4
75
19%
12/4
26 Vz
51
10/a
9
3%
3/4
99/a
20
10%
23%
11%
19%
38/a
17/2
110
03/a
45
69%
17%
95/2
58%
723/4
9
1%
101/2
5234
34
48/a
42/a
34/a
7%
51
19%
29
17 Vz
18%
37
7%
53/a
13 Vz
71/a
96%
28/2
26
12%
68
39
19%
48
12%
56/a
2
24
24
5/a
63%
40/2
20
34
75/8
20
73
10634
32
8O34
43/4
4%
33%
22%
18%
64%
10
62
1834
119/a
63
8-1/3
40
103
S
16/a
49%
5334
48
95
74/a
109
49
29
7%
21%
10
18
24/4
43/4
8/a
31/a
7
112
7/a
Asli.
31
64
14'/8
11 Vl
2%
10
26 Vz
37/a
80
20
12/a
2734
M/a
10%
9%
4/a
4
IOO/2
21
11
23%
12%
20
39/a
18
114
67
47
/O/a
18/a
96'/a
69
73
9/2
2
11/2
53
34/8
49
43
343^
8/2
51 Va
20
30
18
19
40
7%
54
15
72
97/2
29
26/4
13
68-/2.
39%
22
48/2
14
56%
2/a
24/a
24%
. 53/4
64/4
41/4
36
75/a
20/a
77
107
33
81
5
6
34/8
23
187s
55
H/2
64
19
1193/
6334
85%
41
IO334
9
17/4
49%
64/4
48/a
95
74%
109%.
49%
29%
8
22
10/4
18/a
33
7/a
113
8
Demand .23.50 23.25 38.50
Cablea .23.75 23.50 39.00
STRAITS SETTLEMENTS (par 56.8 cents
a dollar)
Demand .42.60 44.00 47.00
Cablea .42.75 44.25 47.26
THE AMERICAS
ARGENTINA (par 42.44 cents a paper
peso)
Demand .29.37% 29.60 41.37%
Cables .29.50 29.62% 41.50
BRAZIL (par 32.45 cents a paper mllrels)
Demand .10.50 10.62% 23.37%
Cables .10.62% 10.75 23.60
PERU (par $4.80 a pound)
Checks . 3.47 3.47 4.79
ECTTADOR (48.60 cents a sucre)
Checks. 3.60 3.60 -
CHILE (par 36.5 cent* a pe?o)
Checks .10.50 10.60 22.00
URUGUAY (par 103.42 cents a peso)
Checks .61.62% 62.00 -?
VENEZUELA (par 19.3 cents a bolivar)
Checks ....17.18 17.18 -
Canadian Exchnnge?New York funds
In Montreal 14% per cont premium; Mon?
treal funds in New York 12% per cent dis?
count. .
Day's ISeiv Issues
The Shawinigan Water and Power
Company has sold an issue of first re?
funding mortgage 6 per cent sinking
fund gold bonds, due July 1, 1950, to a
syndicate consisting of Brown Broth?
ers & Co., Lee, Higginson & Co., Alex?
ander Brown & Sons and Jackson &
Curtis. The issue is being offered for
public subscription at 90%. Principal
and interest are payable in New York
in gold or at the holder's option in
Montreal in gold without deduction
from bonds held by residents of the
United States for present or future
taxes of any nature imposed by any
taxable authority in Canada, or for
normal United States income taxes up
to 2 per cent. The company is one of
the largest producers of hydro-electric
power in the world. The issue is call?
able at the company's option as a whole
or in part after July 1, 1926, or at any
time for the sinking fund on sixty
days' notice at 105 during the first
fourteen years, 104 during the next five
years, 103 during the next three years
and 101 thereafter plus accrued inter?
est. Proceeds of the issue will take up i
the present floating debt of the com- |
pany and provide for new construction, i
Watkins & Co. have purchased an
issue of $226,000 City of Maiden, Mass.,
6 per cent, 5V4 per cent and 5V? per I
cent bonds, maturing from 1922 to i
1951 inclusive, at prices to yield from ?
G.7b per cent to 4.90 per cent, accord- '
ing to maturity. Th bonds are a legal
investment for savings banks and trust
funds in New York, Massachusetts and
Connecticut.
London Metal Market
LONDON, July 12.?Standard copper,
spot, ?72 2s 6d; future?, ?72 5s; elec?
trolytic, spot, ?76 10s; futures, ?77 10s;
tin, ?pot, ?163 7s 6d; futures, ?168 7a
Cd; lead, spot, ?23 2s Cd; futures, ?23;
line, ?pot, ?26 16s; futures, ?27 7? tid.
Bid and Asked
Following are the closing bid and
asked quotations of stocks listed on the
Stock Exchange in which there were
no transactions yesterday:
Bid. Asked. Bid. Asked.
71%
63
4T%
65 '"*
86%
46
11%
:> i -\
s%
82
r>4
?
13
1%
Adv Rumely... 12% 14
ilo pf. 39 41
A.1r Reduc... 29% 35
Al! Am Cabio. 103% 110
All? Heal...
AlUs Ch nf
Amal Sugar
Am Aft C pf
Am 11 N Pf... ?
Am Beet Sug. 27
do pf.SO
Am Bosch.... 35
Am B S & F 42
? lo pf. 90 9.1
Am Can pf.. 70 81
Am Car F...124% 126
do pf.103 110
Am Chicle_ 15 19%
Am Cot Oil of 38
Am Hide ft L 10%
Am Ice. 52%
Am La Ft_ 9
Am Lin Oil pf 5?
Am Eoco D?..102 105
Am Malt & G 12% 13
Am Kadiator. 68% 70
Am 8 4 K pf 71 71%
Am S pf A.. 07 6SP/4
Am Snuff. ?X 110
do pf. 72 85
Am Steel F pf 80% 82
Am Sug Re.. 66% 66%
do pf. 87"
Am Rum pf.. 71
Am Tel & C. 50
Am Who! pf.. 87
Am Wool pf.
Am W P pf.
Am Zlno & L
do pf. 25
Ann Arbor.... 6
do pf. 15
Art Metals.
Assets Be....
Asso Dry O..
do 1st pf...
Asso Oil.
A T ft S F..
do pf.
Atl Blr ft A 2%
Atl Const L.. 84
Atl Fruit. 5
Atl G W I 1st IS
Atl Befln.825
do pf.105
At! Taek. 15%
Aust Nichols. 8
do pf. 52
Auto Sales Co 3%
do pf. 11
Baldwin Li> pf ?17
B & O pf... 50
Barnett Leath 46
do pf. 76
Bartisdall ... 15
Beech Creek. 34
n Nut P pf
Beth Steel..
do pf.
do 8!h pf
Booth Fish.
Bk Kdlson... 8S
B H T Cts... 6%
Bk Un Gas.. 63
Brown Sh_ 33
do pf. 73
Brunswick. .. 3
Buff R & Ft.. 60
do pf. SO
Bun* & Susq.. ?
d:i pf. ?
Burns B pf...l00
Bush Ter_?
But C & %.. 4
Butt? * Sup 13
Butterte? ... S3'
Calla ZA L.. 4?
Cal & Aria.. 45?S
Can South... 40 45%I
Case J I pf.. 70 72%
Case Plow_ 4% 8
Cen K N J..170 190
Cert Corp.... 20 80
do l?t pf... ? 78
do 2d pf... ? TO,
ChVo * Alton 6% ?%
do pf. 8 12
Hilo B ft Q..19S ?
ado & E 111 % 1>
do pd. 6 ?
do pf. % V
Chle. Gt W.. 7% 8
do pf. 17% 18
Chic ft N W 64 65'
do pf. 95% 98
Ohio Pn Tool 50% 81
ChRI&P 7th pf 73 74
C St P M O 30 54
du pf. 75 80
Clovo & Pitts 55% ?
CTuett Peab.. 36 87
do Pf. 79 ?
Coca Cola.... 29% 30
Col F ft Iron 27
do pf_
Col & So.
do 1st pf... 51
do- 2d pf... 45
Col Gru pf... 21
Comp Tab.... 31
Con Cigar_27
do Pf. 65
Consol Gas... 85
Con Can. 44
do pf. ?5
Con Insur.... 59
On Pr Rf pf.. 98% 10
('rex Carpet.. 33
Cm Stoel pf.. 76
Ou Ara Su? pf 72
Day!? Oiem.. 85
Be Beers..14%
Beere C pf.. 69
D L ft W...174
Ben R G pf.. 1
Bet Edison... 88
Dot & Mac. 45
do pf. 50
15%|Dot U R R.. ?
1% Dia Match... 100
30% 81% D S S & At 3
do pf. 5
...37
106
38%
53
SO
44%
60
37
18%
80
185
1%
91
04%
46
90
99
3%
Dul ft Sup... ?
Durham Ho?. 17
do pf. 70
East Kodak.. 625
do pf.105
Eleu BtOT B..1?5
Elk Horn pf.. 38%
Em Brant...
do pf.
Erie 2d pf..
Erie & Pitt.
Fairbanks .... 35
Fed M ft S.. fi
do pf. 22%
Fisher Body.. 79
do pf. 94
Flsk Tire_ 11%
Frceport Tex. 12%
f?en Am T... 39%
Gen Cig&T_ 53%
do pf. 88
do 1st pf.
120
40
4 8
? 28
13% 14
96
11%
13
83%
90
74%
9% 31%
Gen M 7 deb 70
GllliUnd O nf 25
Goodrich
anby M
Gray Day_ 11% 12%
Green Copper 21% 21%
Cuati Sugar.. 7% 8%
Gulf M ft N 7 ?t%
do pf. 20 23
Gulf St Steel 30 84
llabir Elee... ? 10
Hac Wat pf.. ? 26%
Hart Corp_69 71%
Iloskoll B_ 53% 54
Hondeo Mfg.. 15 17
Home Min.
Hyd Steel..
Ill Cen L L
Indian Ref... 7% 9
do pf..? 85
In? Copper... 33% 34
Into C Cor.. 3%
do pf. 10%
Int Cement... 20
Int Ha C rrf. .100
I M T lrt pf 68
do 2d pf... 58%
1st Mok at.. 7?
55
5% 10
3%
11%
25
?0
M
7
23%
10
50%
00
83 %
140
151
103
148
Bid. Asked.
Int Paper pf. 90 103
do pf stp.. 68% 70
Int Salt. 45 ?
Iowa Central. 4%
Iron Products 22
Jewel Tea_ 9%
do pf. 30
Jol & Fast.. 90%
Jones Tea.... 18
Ka C F S pf 00%
Kn at S pr 49
Kaysor J. 72%
do 1st pf...l0l%
Kelly Bprg pf. 7G
Kelsey Wheel. 58%
do pf . SO
Keolc & I> M. 5
do pf . 20
Kiiwgo .122
do pf . 07% 112
Kross Co _? 82
do pf . 88 ?
Lar.lede. Cas... 50 52
L B & W_10 14
do pf . 19%
Llgg & Myers. 14S
do pf .100
do B .140
I4ma Ijoco .. 64
do pf . 80
Ijoews Ins ... 10%
Loft Candy .. 9
L-W Biscuit.. 30%
do pf . ?4 99
do 2d pf.... 94 115
Lorillord .141% 140
do pf .100 105
Ixniis ft Nash.lll 114%
Mackay Cos .. 03%
do pf . 55
Malllnson .... 12
do pf. 56%
Manat? Sugar. 3?
do pf ?.?
Manon Coal...310
Manhat Beach %
Manhat Elee.. 22
Manhnt Elev.. 38
Manhat Shirt. 21
Mar St By pf 10
do 2d pf.... ?
do prior pf. 33
Marlin Rockw. 8%
Martin Parry.. 15%
Math Alk W. 13
Max M 1st pf 3%
do 2d pf.... 1%
do A .?
do B . 9
May Dopt 8.. 80
do pf . 98
Mex Petrol pf 89
Mich Cent ... 58
MStP & RSM 68
do pf . 82
do 1 1. 52
M K & T pf. 8
Mont rower... 48
do pf . 93
Morris & Er?. 65
Muliiiis Body.. 18%
do pf. 88
Nasa & Chat. 90
Nat Acme ... 15
N Biscuit pf.108
N Oil; & St.. 28
N Con & C.. 1%
N En & St pf 88
Nat Lead .... 74
do pf.101
N It M l?t pf 5
do 2d pf.... 4
Kev Con Cop. 11%
N O T ft M. 50
N Y Air Bke. 55
X T C 4 St L 48
BML Ai?T-?.
7%
0? 97 T
14 80
50 100
40
9%
9%
83%
700
Owens Bat
do pf .
Pacific Coast..
do 1st pf...
do 2d pf....
Pacific I>ov ..
Gas & Klec 5
Pacific Mall. . 11
Pauli P & K. 5
lo pf . 85
Parr Blng ... 10
Penny .1 C pt S2
Peor?a ft East 10%
Pert. Mara pf. 35
do prior pf. 51
Pettlbone .... 50
do pf .107
Phil .Iones ... SO
do pf . 68%
Pitts Coal ... 55
do pf . 84
Ft W & 0.117
Pitts Steel pf. 80
P & W Va pf. 72
Pond Cric Coal 13%
SU Car pf 81
8 C of N J 68
Rys P?rur ... 55
Ky Steel Sprg. 81
do pf .10O
Rand Min ... 17
Buading 2d pf 39
Reis Co . 6
do 1st pf... 48
Rein Typewrit. 19%
do 1st pf... ?
do 2d pf_?
Benss & Sara. 101
RoploglB Steel 18%
Rep I & S... 48
do pf . 81
St Jo Lead... 11%
St ti & S F pf
St L St W pf.
Savage Arms
32%
2% Saxon Motor.
60
10
53
11%
12
75
12%
86
11%
40
54
107%
60
88
83%
75
15%
87
69%
S5
20
42
8%
52
22
75
75
22
48%
84
12
33%
33%
12
pf. 9
63%
9%
14%
6%
16%
18
4%
5
45
10
82
89%
00
70
9?
49
98%
67
22%
109
15%
114
91
100
15%
7
41%
56
28%
48
77
do 1st pf
do 2d pf..
N Y TKx*..
do pf _
N Y E ft W
K Y O & W 17%
N Y KMpbldg. 20
Norfolk South. 10
Norf & W pf. 64_
N Scotia Steel. 2~
Ohio Body ..
Ohio Fuel ..
Okl Pr ft K.
Ont Stiver .
Orph Circuit.
do pf
in*
O?1
do pf .
OU? Steal pf.
T%
39
?3
21
M%
T8
Scab
40 I Sears Itoeb
23% do pr.
17% Seneca C _
7%|Shattuck Arts.
Shell T & Tr. 40%
Sloss-Sheff pf 65 72
S P K Sugaf. 35 42
Pf .? 98
South lty pf.. 45% 47:
Standard Mill 93 100
do pf . 66 77
Standard Oil..135 136
Steel Tubo .. 72% 76
Stern Bros pf.114 120
Strom Carb... 32 33
Studebeker pf. 92%
Super Steel pf 92%
Tern CFA.. 7%
do B . 5
Tenu Cop ... 7%
T & P Ed Tr.225 300
Third Avenue. 15 16
Tidewater Oil. 110 150
25% pd.225
Prod pf.. 77%
TStLftW etfs. 10
io pf cKa. . 18
Transue W .. 2S
T.v City R T. 38
do pf . ? 95
und Typewrtt.121% 172%
do pf .101 115?
Cnlon Tank .. ?
do pf . ?
D Alloy Steel. 22
unit Cigar St. 125
do pf .100
On Rv luv pf. 19
O R Store A. 53%
U S C I P&F 14%
do pf . 42
U S lirpress. 5%
IT S I A!e pf. ?
U S S ft Ref 29
do pf . ?
Utah Seeur .. 8%
V Ruai l?t pf 78
Va-Car Chem. 28
do pf . 71%
Va I C ft C. 70
ViVBUdO? .... 6%
Wabash pf B. 14
Web-Hell ... "
Well? Fargo.
West Md pf.
Weet Poo pf.
W V Tal...
32
51
87
18%
27
11
67%
25
8%
42
2
4%
22
100
93
95
84%: w?>t Air Bka,
toa
53
18%
84
86*
M
05%
9%
~%
240
S 2
11%
19
35%
inn
54%
15%
9%
73
80
7
16%
l"%
58
63
81%
(Hi
W ft Ii B pf. IT
White Motor.. 31%
White OU .
Wick Spen
WU-Oyer pf
Wilson Co
do pf _
Bid. Asked.
,8^
10
32
S3
17%
33
8%
13
36%
? SO
Bid. Asked.
W?s Cent _28 82
Wcolworth pf.109 ?
Worth Pump.. 42% 45
do pf A_73% SO
do pf B_ 66 59%
Wright Alrpl.. 7% 8
London Market Quiet
LONDON, July 12.?The tone of tho
stock market was quiet to-day. Bar
gold was quoted at 113c 4w. Money
was lent at 4 per cent. Discount rates
were: Short bills, 4% per cent; three
months' bills, 5% per cent. Closing
quotations on stocks were:
Consols, money. 47%
British 6% loan. 88%
do 4% . 81%
Atchlson.112
Bait & Ohio_ 52
Cana Pacific_149%
Chest & Ohio... 74
Chi & Grt West. 10
St' Paul . 37
Den ft Rio Grd. 1
Erio. 18
<3o 1st pf. 26
Grand Trunk .. 4%
111 Central .125
Louisville.151
M K & T.
N Y Central...
Norf & West...
Ont & "West...
Pennsylvania_
Reading-.
Southern Ry ..
-Southn Pacifies.
Cnton Pacific. ..163
TJntd St Steel... 101
De Beera . 10%
Rand Mines ... 2%
3
. 95
.132
. 23
. 46
. 92
. 27%
.108
Paris Market Quiet
PARIS, July 12.?Prices were quiet
on the Bourse to-day. Three per cent
rentes 66 francs 40 centimes. Ex?
change on London 46 francs 78 cen?
times. Five per cent loan 82 franc3 70
centimes. The dollar was quoted at 12
francs 86% centimes.
Equipment Bonds
(Quoted on Incomo
Name. Rate.
Atl Coast Line. 0%
Bait & Ohio.. . 4%
Beth Steel ... 7
Boston & A. . . 4%
Buffalo R & P. 4%-6
do . 6
Canadian Nat. 7
Canadian Nor. 4%-?
Canadlan Pac. 6
do . 4 %
C C C & St L. 6
do . 6
hes & Ohio.. . fi %
Ches & Ohio. . 6%
C R I & P- 4%-5
Chic & N W. . 4%
do . 6%
C St L & N O. 5
Del & Hudson. 4%
Erie . 4%-5
do . 6
III Central ... 4%
do . 6 %
do . 7
Kan City So.. 5
Louis & Nash. 5
do . 6 %
M S P & SS M 4 % -5
do . 7
Mich Central. . 6
NYC Lines.. 4%
do R R. 7
N Y Cent R R. 4%
N Y C & St L. 4%
do . 6
N Y, N H ft H. 4%-5
Norfolk & W. 4%
Nor Pacific.... 7
Penn*ylvanla.. 4-4%
Pitta & L Erie 8%
Reading Co. .. 4%
Seaboard . 4%-5
Southern Pao. 4%
do . 7
Southern Ry.. 4%-?
Vclon PftOtflo. 7
percentage
Maturity.
1922--27
1921-'27
1921-'30
1921-'30
1921-'33
1921-'33
1935
6 3924-"29
1921-'S2
1921--28
1921-'29
1921-'27
1924-'36
1924-'S6
1921-'27
1921-'23
1925-'36
1921-'34
1922
1921-'27
1?22-'2S
l!i21-'27
1926-'36
1926-'?5
1U21-'21
1921-'23
1922-'36
1921-'26
1928-'35
1921--30
1922-'30
1922--28
1922-'35
1922--32
1921-'26
1931
-6 1921-'23
1921-'24
1922-'30
J921-'23
1921-"86
1921-'2T
-? 1921-'27
1921--28
1921-'35
1921-'2S
I?I4-H
basis)
Bid. Asl<.
7.00
7.50
7.60
7.25
7.25
7.25
7.10
8.50
7.15
7.15
7.25
7.25
6.90
6.90
8.00
7.25
7.25
7.25
7.25
8.25
8.00
7.25
7.00
7.00
7.00
7.25
7.00
7.25
7.10
7.25
7.25
7.25
7.15
7.30
7.00
8.60
7.00
7.10
7.15
7.10
7.00
8.60
7.00
6.00
7.25
?.90
6.40
6.75
7.00
6,50
C.50
6.50
6.90
7.00
6.40
6.40
6.50
6.55
6.33
6.35
7.00 I
6.50 I
6.50
6.50 |
6.50 I
7.25 ?
7.25 !
6.50 j
6.40 ?
6.40 j
6.50
6.60
6.40 j
6.50 ?
fi.50 ;
C.?0 I
6.40 j
6.50
6.60
6.45
6.50 j
6.25 '
7.50
6.25
6.50
6.50
6.35
6.60
7.25
6.40
6.40
?.75
cet
In Wall Street
Variance in Mar!y>t Opinions
As one walks from one Stock Ex?
change house to another in search of
information concerning the future
course of security prices he is met
with a wide variance of opinions. One
broker, who is a governor of the ex?
change and who until about a fort*
night ago was decidedly bearish, now
believes that the market is in the pre?
paratory stage of a substantial rise.
JJe picks out such r.tocks as Baldwin,
International Paper and Studebaker a?
likely to have a substantial advance.
In other quarters one hears that the
market may work temporarily higher,
but this will be only because it is get?
ting ready for another setback that
will carry the general average to new
low levels for the year. Then there is
the middle ground opinion, which in?
clines to the belief that price:; will
drift aimlessly for several weeks yet,
or until the time when financial and
business conditions will make it pos?
sible to take a definite position on the
market.
American Sogar Recedes
The short covering in American
Sugar, which was encouraged Monday
by the placing of a premium of one
half of 1 per cent on the stock, was not
so much in evidence, although at the
close of the market session the loan?
ing rate was still Va per cent. After
selling shortly after the opening up to
C9T's there was a recession to 65%,
with the closing sale at 66%, a net loss
of 1% points. A good many traders
are still decidedly bearish on this stock
and do not hesitate to sell it short
every time it moves up much. The
thinness of the market for the stock
when selling orders were placed yes?
terday was forcibly demonstrated when
the price broke more than 4 points be?
tween sales.
New York Central Improvements
In the New York Central annual re?
port, which was made public yester?
day, extended mention was made of
thirteen important improvements which
were completed in 1920 or are in con?
templation. BesideB these improve?
ments, which range from elimination
of grade crossings to the new pas?
senger terminal at Cleveland, the com?
pany is making extensive additions to
its equipment. Of the 548,318,000 of
equipment ordered in 1920 only about
one-third was delivered. The New
York Central is pursuing the same
policy of buying equipment in times of
depression that it was criticized for
before the United States entered the
war and was highly praised for later.
Falling Ship Vaines
A leading banker in the financial
district who was discussing the gen?
eral situation yesterday, pointed to the
shipping industry as a line which has
been especially hard hit by the process
of deflation. He emphasized particu?
larly the fall in the value of ship ton?
nage. The head of a large American
corporation, he said, recently returned
from England and told him of a deal
lie put through involving the purchase
of an 8,000-ton ocean freighter. It was
a practically new vessel, in the best of
shape. The price paid was $25 a ton.
During the war ship tonnage rose above
$200. e
Willys-Overland
The plan for taking care of the over?
due bank loans of the Willys-Over?
land Company, under consideration by
the creditor banks, has been agreed to
by practically all of the principal par?
ties interested, it was stated yester?
day. An early announcement of the
terms is now expected, The plan in?
volves the issue of first mortgage
bonds, it is said, to take up the floating
debt of the company.
Standard Oil in Alaska
Despite the current overproduction
of oil the Standard Oil companies are
still pursuing their policy of preparing
for possible shortages later on by
seeking out new fields for development.
According to The Oil, Paint and Drug
Reporter, the Standard Oil Company
of California has sent out a party
from Nome to Point Barrow, where it
is believed that oil can be found in
large quantities. The party is ex?
pected to arrive at Point Barrow the
latter part of this month and will
probably start drilling immediately.
Should oil be found the company will
face the problem of transportation,
as this point is 450 miles from Fair?
banks, which ia located on the gov?
ernment-owned railroad. It may be
found practicable, however, to build a
pipe lino between the two towns.
Harvester Financing Denied
Officers of the International Har?
vester Company were quoted in Chi?
cago dispatches to the financial dis?
trict yesterday as denying that any
new financing is in contemplation.
Vice-President Legge said: "Such
reports are without foundation, as we
are not likely to experience much
change in a monetary sense this year."
George A. Ranney, treasurer, said:
"Rumors in circulation that the In?
ternational Harvester Company is con?
templating doing some financing pre?
sumably emanate from speculators on
the Stock Exchange. These rumors
have been industriously circulated for
some months, although they are abso?
lutely untrue and have been repeatedly
denied. Officials of the company do
not contemplate any financing, neither
has such a policy been discussed with
the company's bankers."
Notes Come In Slowly
Holders of the United Kingdom of
Great Britain and Ireland 5% per
cent notes maturing in the fall, who
have been given the opportunity of
turning them in for redemption at
the offices of J. P. Morgan & Co. in
advance of the due date, are not avail?
ing themselves of the privilege to any
large extent, it was learned yesterday.
The failure of the holders to turn in
their notes on a large scale is
attributed partly to the fact that many
of them purchased the securities for
short term investment and desire to
carry them to maturity. Many holders
who have turned in the notes for
redemption are investing the pro?
ceeds in the United Kingdom tup****
of later maturity.
Stocks Ex-Dividend
Per
Date. Company. cent.
July 15?Allied Chom & Dye Corp_ 1
July 15?Am Shipbld Co, 2% extra_1%
July 15? do pf. 1%
July 15?Am Sumatra Tobacco. 2
July 16?Asso Dry Good? Corp. 1
July 15?Atlantic Refining Co, pf. 1%
July 15?Chicago Pneumatic Too! Co.. 1
July 16?Consolidated Coal Co. 1%
July lu?Crucible Steel of Am. 1
July 15?Famous Players-Lasky Cp, pf. 2
Julv 15?Hupp Motor Cor Corp. %
July 16?lnt Mcr Marine pf. 3
July 15?-Kelly Spring Tire Co. stk_ %
Julv 15?Dima Locomotive Works, pf.. 1%
July 18?Doose-Wltea Biscuit 2d pf_ 1%
July 12?Louisville & Nashville R R... 3%
July 15?Mahonlng Coal Co. 5
July 14?P?re Marquette Ry pf. 1% I
July ID?Reading Co. 1
July 19?Royal Dutch. N Y, shares. . $2.71? ?
July 13?Shell Tr & Td, Am shares. . $1.8575 ;
July 15?Superior Steel Corp. %j
July 15?Cnited Drug 1st pf. %
July 16?U S Rubber 1st pi."2
June Building Increased
The June total of new building per- !
mitted, as reported to Bradstreet's, ex- I
ceeded that of any month of thi? year!
bo far with the exception of April, al- '
ways a peak month, and was 12 peri
cent greater than in June 1920. The
total value of the now building for;
which permits wore issued in June in i
165 cities was $140,753,84?, against!
|I18,763,20o in the identical cities in!
May. The expansion in building In j
April, May and June of thic year, was '
Free from the
Federal Income Tax
$75,000
Johnson City, Tenn.
6% School Bond?
Due May 1, 1941
Johnson City is an important
commercial and manufacturing
center for an exceedingly rich
surrounding territory.
The City is served by five
Banks and three railroads pro?
viding ample banking and
transportation facilities.
Price Par and Interest
Yielding 6%
Spitzer, Rorick
El Company
Established f87l
Eqnitabie Building, New York
Toledo Chic???
WE OFFER
$10,000
HABIRSHAW
ELEC. CABLE
S. F. 7s 1935
at 78 and interest
BID WANTED
T0BEY&KI?UC
? . _ 5 New York Stock Exckana?
Member?, chicag0 Stoc?. Exchange
25 Broad Street, New York
Direct Private Wire
PITTSBURGH CLEVELAND
CHICAGO DETROIT
$100,000
State of Idaho
7% Treasury Notes
Due Jan. 1, 1922
100.80 & Int.
To Net 6Vs%
$50,000
Illinois Central
St. Louis Div. Reg. 3V2s, 1951
67 & Int.
To Net 5.85%
Legal Investment? for Savings Banh
and Trust Funds in A'e? York State,
R.W.PRESSPRICH
?0 Wall St. A (?fi P*o**
New York **? ^^J^* JohntW
Municipal and Iwdlroad Bond*
The State Bank of the
Portuguese Colonies
BANCO NACIONAL
ULTRAMARINO
New York Agency, 93 Liberty Street
Odd Lots
Write Dept. 10
?H?SHOLM & (HAPMA??
Member? New York Stock Exchine*
71 Broadway. New York City
Hornblowek & Weeks
Establish odimS
Investment Secmritim
Boston Now York Chteajj;
Providence Portland. M? Detroit
?""^ ?LW.Wagi?r&Cs.
Financial
Review"
Bent upon
rtfuett
jr. T. ?*** BafeMf?
jr. r a*** &-*???
GMty? Baari. tf T*wit
33 New St., New York
Bonds for Investmest
larris. Forbes & Co
Mm Street, Comer WIMtae* '
NEW YORK V *
National Bank
of Commerce
CLSNT?W GILBERT
2 Wall Street, N. Y. Tel. 4o4* R?e*?
62 per cent over the same three montb?
a year ago. ^
The largest Increase, from May l?
June were in the Weet and North**?
section?. The New England ?ectf*
alao showed a gain, although s,jJ?i*
Decrease? were registered in the 3u?1
die, South, Southwestern and Far %?**"
trn sections. ' ?

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