New-York tribune. [volume] (New York [N.Y.]) 1866-1924, August 06, 1921, Image 8

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New-York tribune. [volume], August 06, 1921, Image 8
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924

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New-York tribune. [volume] (New York [N.Y.]), 06 Aug. 1921. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83030214/1921-08-06/ed-1/seq-8/>

Newspaper Page Text

Prices Decline
On liquidation
And New Sales
Rails and Industrial? Turn
Lower as Pressure
Is Renewed ; Trading
Activity Is Smaller
Liquidation and increased offering;
for the short account forced substan?
tial declines in yesterday's stock mar?
ket in a movement which extended
throughout the general list, including
the rails as well as the industrials.
The market was lower from the outset,
and while at no time was there any
great volume of activity, the pressure
of selling; increased as the day pro
pressed until losses of 1 to 2 points
and more were common in the late
dealings.
Tho average price of twenty Tailroad
stocka which had closed at 65.30 on
Thursday and had touched a high of
66.40 on the bulge in tho rails in mid?
week dropped back to 64.15 at the close
yesterday. The average price of thirty
industrials receded from 66.69 to 65.87.
Tho turnover of stocks was somewhat
larger than on Thursday's dull session,
but even so dealings fell short of the
half-million ?hare mark.
Action of the railway share list yes?
terday was extremely disappointing In
view of mora cheerful sentiment sur?
rounding this group and the feeling
earlier in tho week that the railroad
stocks were slated for a substantial
advance from current levels. But in?
stead of going up the rails have re?
ceded with the industrials and yester?
day they closed in the average at the
lowest level of the week. Nothing hap?
pened in the new? to account for the
changed complexion of the rail markel
and tho Street was disposed to at?
tribute it to pro?t-taking and sellinj
by disappointed holders.
The industrial share market was un
settled by a sudden flood of selling ir
Invincible Oil shares, which fell frorr
an early high of 91/* to a low of 6%
rallying at the close to 8Va. The offer?
ings of this stock plainly repr?sent?e
distressed holding? which had beet
forced upon the market for what thej
would bring. This development cause*
unsettlement in other parts of the oi
share list.' Other industrials wer*
weak during the day, notably Baldwii
Locomotive, United Drug and Genera
Asphalt. Coppers closed off on the re
ported sales of copper metal at llTl
cents a pound for August delivery, th
lowest price since 1914.
The foreign exchange continued t
exhibit firmness, Bterling rates holdin;
around the levels reached on the re
covery of the preceding day. Cessatio
temporarily of German selling of stei
ling in London has had a beneficis
effect upon rates.
At the Stock Exchange yesterda
call money was maintained firmly at
per cent, which was also the renew?
rate. This market Is beginning to fe<
the effects of the flow of funds to th
interior for crop-moving purposes,
movement reflected in this week's stat<
ment of the Federal Reserve Bank c
New York- The commodity markei
moved in erratic fashion, cotton rlsin
sharply, while wheat closed lower.
Money and Credit
Call money renewed yesterday at 6
per cent, compared with BVi per cent
the previous day. Money brokers state
that conditions are likely to become
easier again next week, with funds
coming back into the market again
from the August 1 disbursements. The
higher rate within the last few days
has also attracted some money from
the interior which was withdrawn a
few days rgo when call money dropped
to below 4 per cent.
Tester- Year
day. ago.
On IndustT collateral. 6 7
Qn mixed collateral.. 6 7
Time money (mixed collateral) :
Sixty days . 5%@6 8QB%
Ninety days . B%@6 8@8^
Four months . B%@6 B(^BM?
Four to six months. 5%@6 8@8^
Bank Clearings?Bank clearings at
New York yesterday were: Exchanges,
$642,500,000; balances, $61,000,000.
Silver?London, 383id; New York,
domestic bar, 69^4c; foreign, 61%c;
Mexican dollars, 47%c.
.?
The Dollar in Foreign Exchange
The foreign exchange market held
generally firm in quiet trading yester?
day, and fluctuations again were within
a narrow range. Cable rates on Lon?
don sagged slifrhtly, however, showing
a decline of % cent at the closing
quotation of $3.597?.
EUROPE
Tester- Previous Tear
day. day. ago.
ORBAT BRITAIN (par ?4.S6 a sovereign)
Demand. 3.59 H 3.60% 3.61 *J,
Cablea. 3.59% 3.?OH 3.62%
?60-d bills (buy'g) 3.55% 8.5;'?? 3.66
;<0-d billa (buy'g) S 63% 3.34 % 3.63-%
FRANCK (par 19.3 cents a franc)
Demand. 7.73% 7.76 Vi 7.2?
Cables. 7.74 7.77 7.37
BELGIUM (par 19.3 cent? a rrane)
Demand...7.41% 7.42 7.73%
Cable?. 7.43 7.42% 7.75
SWITZERLAND (par 19.3 cents a franc)
Demand. 1.83 ti 16.67 16. ?1
Cables. 1.23',4 16.69 16.6?
ITALY (par 19.3 cents a lira)
Demand. 4.29% 4.33'* 6.10 4
Cables*. 4.30' 4.34 ?,.11
HOLLAND (par 40.2 rents a florin)
Demand.30.67 30.58 S3.12%
Cables.30.69 SO.GO *:; 2a
GERMANY (rar 23.8 cents a mark)
Demand. 1.23% 1.23% 2.19
Cables. 1.23V? 1.23% 2.21
AUSTRIA (par 2?.3 cent? a crown)
Demand.11% .11% .63
Cables.11% .13 .65
NOR WAT (par 2?. S cents a crown)
Demand.12.75 12.6* 15.30
Cables.12.80 12.73 15.40
SWEDEN (par 26.0 cents a crown)
Demand.20.4? 20.40 20.45
Cables.20.50 20.45 20.56
DENMARK (par 26.S cents u crown)
Demand.15.35 15.37 15.20
Cable?.15.40 15.42 15.30
SPAIN (par 19.3 cent? a peseta)
Demand.12.84 12.87 14.8*
Cables.12.85 12.89 14,86
PORTUGAL (par in*.05 cents arf escudo;
Demand.10.50 11.60 20,60
Cables.10.62% 11.75 20.75
GREECE (par 19.3 cents a drachma)
Demand. 6.54 6.50 12.80
Cables. 5.67 6.65 12.25
POLAND (par 23.S cent? a murk)
Demand..0.814 -08?! ?
Cab!??.o-i4? p"'? -*9
CZECHOSLOVAKIA (par 20.3 cents *
i ; i,wn)
Demand. 1.27 1.27 1.93
Cables. 1.27? 1.28 3.55
JUOO-HLAV1A (par TO.S cents a crown)
Demand.66% .66% 1.31
Cable*.56% .56% 1.83
RUMANIA (par 1?.3 cent? a leu)
l.)<-mand. 1.2? 1-23 2.28
Cables . 1.28 1.29 2.31
jF'lNi.ANii (par 19. i cent? a mark)
Demand. 165 L6? 3.80
Cables. 1.88 1-08 3.90
PAR KAST
CHINA (Shanghai par unsettled)
Dem.md .C'.'.OO 69.00 108.00
Cable? .??-SO C9-60 106.35
CHINA (Hone: JConcr par unsettled)
???.. an?J.50.Hi) 60.50 76.60
?*bte?.60.35 f0.1t 76.70
Transactions Yesterday in Listed Stocks
Summary of Stock Exchange Dealing?
Copyright, 1021, New York Tribune Inc.)
STOCKS
Ywtevdsy.
Railroad ?lock? . 62,700
Olher ?tocka . 381,000
AH stocks . 444,300
Y?*>terday,
U, S. s-nvernment bonds $5,113,000
Railroad bontis . 1,991.000
Olher bonds . 3,015,000
All bond? . 10,119,000
flay
before.
4T.700
291..*; 00
336,800
Year
January 1 to tint?,
njro. 1S21. 1920. 1919.
163,200 21.12B.000 35,370,300 58.119,200
703.000 82.708.200 104,168,700 1_6, 410,300
956,800 103,023,200 139,539,1X10 183,535,500
BONDS Jnnur.ry 1 to date.
Day before. Year ago. 1921. 1920.
$6.379,000 $5.009,000 81,145,482.000 $1,518,383,000
2,137,000 1,862.000 273,377,000 335,310,000
3,335,000 2,381,000 398,717,000 420,341,000
11,851,000 9,25::, 000 1,817,576,000 2,283,034,000
I?.-. I*". O?r. V?t.
1921. 1921. in $. Sales. Onen. Wrh. Low. CIo?e. chge. Bid. Ask.
4634 26% ? Adam? Expr?s?. 200 44 44 44 44 ? % 43 45
36% 17 ? A ?ax Rub . 400,22 23 22 23 - 21% 23
1% Vs ? Alaska Gold Mines.. 200 Vs j7_ Vz Vz? V? Vz %
13/4 1 ? Alaska Junenn . 800 1% 1% 1% 13/4+ % 1% 1%
65% 35 4 Allied Chemical _ 500 S7>/4 37% 37 37'b- 37% 37%
39% 287e 4 Allis-Chalrners . 600 31% 31>V_ 30% 30%? 1% 30JA 31%
651-2 34%? Amer Aj>r Chem_ 700 34% 34% 34% 34%? Va 34% 35
747-8 55 6 Amer B fin?; pf. 10? C5 65 65 65 +10 62 70
65% 30% ? Amer Bosch Mag... 200 30% 30% 303.4 3034? % 30'/a 31
32% 281-2? Amer Can . 1700 17% 17', 4 26% 27 ? Vz 263,4 27
88 76% 7 do pf ..'.. 200 82 82 82 82 1 + % 81 83
129*8 116?/4 12 Amer Car & Foun... 400 124 125 124 124%? % 1241/2 125
114 108 7 do pf . 300 109 109 109 109 + 1 108 110
8% 4% ? Amer Drug: Syn. 200 4% 4% 4% 4%+ Vs 4% 434
135 114 8 Arner Exp . 100 117% 117% 1t7% 117-V4? 1% 117 122
1334 8 ? Amer Hide & Lea... 200 11 11 11 11 - 11 11%
673/4 40% ? do pf . 600 52% 52% 51 61 ?1% 51 52
69?/2 42 5 Amer Ice Sec. 100 65. 65 55 55 ? '/4 54 56
531/4 29?4? Amer ?nt Corp. 1900 3334 3334 33% 33'/8~ % 33% 33'%
62?.'S} 21 ? Amer Linseed . 200 24% 24% 24'/4 24?/4? % 22 25
?1'/a 73?/2 6 Amer Loco . 1200 83 ?% 83% 83% 83%? Vz 83% 83%
10 4 ? Amer Safety Razor.. 200 4% 4% 4% 4^4- 4!/8 4'%
14 6'/2 ? Amer Ship & Com... 600 6%- 7 6% 7 - 6}4 7
44% 32%? Amer Smelting . 900 37 37 36'/4 36?/4? 1?/4 36% 37
83 67 7 do pf . 200 71 71 71 71 - 71% 71'4
112?/2 95 12 Am??*: Snuff . 100 102% 102=4 1023/4 10234? 1/4 100 105
313/4 24 3 Amer Steel Foun_ 200 26 26 26 26 - 25% 26
96 63'/4 7 Amer Sug . 3700 66 67!'? C6 67% + Vz 67 67/4
IO71/4 65% 7 do pf . 200 88/4 88'/4 88?..\ 88'%? 1/4 88% 88'/2
88 40% 8 Amer Sum Tob. 900 49 49 48?/a 49 ? >/e 4034 49?/4
108?/2 953/4 9 Amer Tel & Tel. 2700 105% 105% 10514 1C5'/4? ?/8 IOSI/4 105'/2
129% 111?/2 12 Amer Tob . 600 122% 122% 1221/4 122'/2? Vz 122'% 123
94 87 6 do pf new. 200 90 90 90 90 ? ?/4 89 90'%
82!/4 87 7 Amer Wool . 4600 70'/4 70% 69% 70?/2- 70'/2 70^
39?/2 22 ? Amer Writ P pf_ 100 22 22 22 22?1 22 23
10 7% ? Amer Zinc . 300 8 8 S 8 - 734 8
431/2 33% ? Anaconda . 3000 37?/2 37!/2 36 36 ? 13/4 36 361/
35'/2 24 4 Associated 1) G. 100 30 30 30 30 ? Vz 30 32
107?/2 93 6 Associated Oil . 100 93>/4 98'/4 93'/4 98/4? Vz 9?i/2 99
87% 7614 0 Atrhison, T4SF,. 1900 8434 85 84>/2 84'/2? 1 83% 84'/
98'/8 77 5 do pf . 20O 78?4 79 78% 79 + ?/4 78% 79/
89'/4 77 7 Atlantic Coast L_ 200 85 85 84 84 ?3 33 84
76 18 ? Atlantic, Gulf & W I 8600 23'/2 24?/e 23 23'/4- 23?/4 23'/
44'/3 1534? do pf . 200 23/4 231/4 231/4 231/4+ % 22'/2 23'/
2334 12?/2 2% Atlantic Pet . 200 13 13 13 13 - 12% 15'/
70 50% 7 Austin Nichols pf... 100 50% 50% 50% 50%? Vs W/z &G
15 10 ? Auto Sales Corp pf.. 100 12% 12|/2 12'/a 12?/a+ Vz 12% 13'/
94/4 621/4 7 Baldwin Loca Co... 9600 77?/2 78 76?4 77?/a? 1 76% 77
42% 30%? Bait & Ohio. 2400 39 39 38?/8 38/2? % 38'4 38'/
64 47 4 do pf . 200 51 51 51 51 ? % 50'/2 61'/
35 143/4? Barnsdall B . 100 17'/2 17'/2 17'/2 17?/2+1% 15% 18
62% 39% 5 Beth Steel . 200 48% 48'/2 48!/2 48%? 1'/4 47 49
65 41'/2 6 do Class B . 8700 51'/4 51'/4 50 50%? Vz 601/4 50*
93'/4 87 7 do 7% pf. 200 89% 90'/4 89% 901/4+ '% ? 91?,
IO71/2 9334 8 do 8% pf. 400 983,4 98% 98% 9834? Vz 99 100
14% 9'/2 ? Brooklyn Rapid Tran. 200 11% 113% 11% 11%? '/4 10% 11?
10 6 ? do ctfs . 200 7i/2 71/2 7'/2 7?/2? % 71/a 8
6 3% ? Booth Fisheries . 200 3% 334 3% 3%? '/4 3?/2 4
15% 101/4? Butte & Sup Cop_ 200 12% 12% 12% 12?/_? Va 12 12"
28 14/2 ? Butterick Co . 200 27 27% 27 27i/8? Vs 27Va 28
19% 10 ? Caddo OU . 400 11'/4 11'/4 11'/4 11'/4? ?A 11 11'/
64% 63% 6 California Packing.. 500 61'% 61 Vz 61 Vz 61 '/>+ Va 61 62
49% 25 ? California Petroleum. 500 35 35 34?/8 34'/8? % 34 35
79 68'/a 7 do pf. 200 72 72 72 72 - 70% 74
7% 4|/4 ? Call Lead & Zinc_ 200 4% 4% 4% <%+ Vs 4 4?
1191/4 110 10 Canadian Pacific. 2400 114'/8 114% 113'/2 113?/?? % 113'/2 114
431/4 31%? Central Leather _ 3700 33% 33% 3234 33?/2+ Va. 33/2 33?
96 66/4? do pf. 800 65% 65'/4 64'/2 64%? % 65 66
32% 23 ? Cerra de Pasco. 2100 27 27 26 26 - 25'/2 26'
96 47 6 Chandler Motors_ 3700 48'/8 48% 47% 48'/2+ % 48 48'
65?/2 46 ? Chesapeake & Ohio.. 400 56 66 55% 55%? Vz 65% 58
9% 6% ? Chic ?fit Western.... 200 7% 734 7% 7%-7% 7
20% 14 ? do pf. 600 17% 17% 17 17?1 17% 17:
31 22 ? Chic, Mil & St Paul. 900 27'/8 27% 26% 27 ? Vz 26% 27
46% 32 ? do pf. 1400 42 42 40'/2 411/2? >/2 41% 41
71 60?/8 6 Chic & Northw'n... 1000 67'/4 67% 66 66 ? 1% 65% 66
3494 22%? Chic, R I & Pac. 3900 3?.'/8 33'/4 32% 32%? 3^ 32|/a 33
78 683/4 7 do 7% pf. 200 76 76 76 76 - 76 76
67'/2 56'/a 6 do 6% pf. 200 65% 65'/a 65% 65Vz? Vz 65% 66
111/4 9 ? Chile Copper . 1300 10% 10'/, 10?/a 10?/8? Va 10 10
62!/2 S6'/4 ? Chino Consol Copper. 400 23 23 22% 2234? 3/4 22 23
35% 19 ? Coca Cola . 2700 33?% 33% 33 33 ~ >/a 33 33
39/4 27% ? , Colo & Southern.... 200 38 38 38 38 - 37'/2 38
63|/8 49 4 d? 1st pf. 100 63 53 53 53+1 61 63
12% 4% ? Colum Graphophone.. 1200 4% 4% 4% 4%? '/8 4% 4
63 62 6 Col Gas & Electric... 200 66 56 55% 65%? Vz 65% 66
61 21% ? Consolidated Cigar... 200 29'/2 29% 29!/a 29%- 28'/2 29
80 65 ? do pf. 100 70 70 70 70 - 70 7E
91% 77/2 7 Consolidated Ga? ... 1400 88 88% 88 88%? 1% 83% 9C
21% 14% ? Consolidated Text?p. 600 15% 15% 15'% 15'/4? % 15'/4 1E
5 % ? Continental Candy .. 500 % % % %- %
76% 69 4 Corn Products . 2100 68'%. 68% 67/4 67/4? 1% 67% 66
44% 25% 2% Cosden & Co. 3600 28% 28% 27 27%? % 273/i} 27
107% 61 4 Cruciblo Steel . 3400 55 65% 64'/2 55 - 55 6:
33% 127a? Cuba-Amer Sng - 400 16% 16% 16 16 ? % 16 1
26 6% ? Cuba Cane Sue. 1600 11 11 10% 10%? 1/4 10% V
67% lei/a? do pf . 400 271/4 27/4 27% 27%? % 27% 21
103% 90 9 Del & Hudson. 100 101 101 101 101 ? V2 100 10?
4% 1 ? Denver & R G pf... 600 T/4 II/4 1% 1%- 1%
25% 16 ? Elk Horn Coal. 200 17% 17% 17% 17%? 1% 17% 1!
40% 36 3 do pf. 100 36 36 36 36 ? 1'/4 ?5 4
69/4 52 6 Endicott-Johnson . .. 3900 60% 60% 69% 59%? % 59% 6
953.4 87 7 do pf . 600 94 94'% 94 94'/4+ 1/4 93% -
151/4 11%? Erie . 2700 13% 13% 13% 13%? % 13'/4 1
22% 16'/2 ? do 1st pf. 600 20 20 19% 19|/4? 1 19 1
83/4 44% 8 Famons Players - 4600 47'/4 48% 46% 48'/4+ 1'/2 43 4
90 75 10 Fisher Body . 200 89'/4 89>/4 89'% 89/4+ % 88/4 -
19% 834? Fisk Rub Tire. 900 9'/4 9% 9/4 9%+ % 9% !
5% 1 ? Gaston William? ... 200 1% 1% 1% 1%- 1%
78% 401/i? Gen Asphalt . 17600 53% 53% 50% 61%? 2'/4 51% E
13834 116 8 Gen Elee Co. 4600 118 118% 117% 1l8'/4? 1% 118% 11
I6/4 9% 1 Gen Motors . 8600 10% 10% 10% 10'/4? % 10'/4 1
71% 63 8 do pf . 300 65 65 65 65 + % 64 6
44'% 26%? Goodrich B F. 300 32% 32% 32 32 ? % 32 3
25 17 ? Granby Minin_ ..... 200 17 17 17 17 ? % 17 1
79% 60 7 Great Northern pf... 6400 75 75 73% 73/4? 2% 733^ 7
32% 25% 4 Gt North Oregon subs 600 28 28 27% 2734? % 27% ?
25% 18'/4 ? Greene Con Copper.. 2M 21 21% 21 21%+ 1% 21% 2
48% 25 ? Gulf State St<sel. 300 34 34 34 34 ? % 32 3
86 47 ? Houston Oil. 2100 54% 64% 61% 52 ?2% 52 E
16% 10% 1 .Hupp Motors . 200 11% 11% 10% 11 - 10% 1
98 851/4 7 Illinois Centra! _ 600*94% 94% 94% 94%+ ?/4 92 !
7?/8 2 .60 Indiahoma . 2100 234 2% 2% 2%- 2%
37% 29% ? Inspiration Copper.. 1200 333/8 33% 33% 33'/8? % 33 ;
6% 3% ? Inter Cona Corp. 1500 3% 3% 3% 334? 1% 334
16 9 ? do pf . 200 Hi/4 11/4 11% 11/4+ % 11
' 100% 70% 6 Inter Harvester _ 700 73% 74 73% 74 - 73% '
110 99% 7 do pf . 100 102% 102% 102% 102%+ 2% 102 1'
17!/4 9% ? Inter Merc Marine... 800 10% 10% 10 10 ? % 9% '
63% 42 6 do pf . 600 45% 45% 4434 45'%? % 45'
73% 43%? Inter Paper . 1400 51% 52% 51% 51%+ % 5T/4
17 13 ? Inter Nickel . 2600 14 14% 13% 13%? % 13%
26 51/2? Invincible Oil. 19100 9% 9% 5% 8%? 1% 7%
4% 2% ? Island Oil . 700 3 3 2% 2%- 23/4
1134 4 ? Jewel Tea. 200 9% 10 934 10 ? % 9%
25% 14%? do pf . 100 30 30 30 30 ?2% 29
29% 18%? Kansas City South... 2400 26 26 25% 25%? % 25%
64% 34 4 Kelly Springfield _ 8700 41% 41% 40% 40%? % 40%
22% 16 ? Kennecott Copper .. . 2700 19% 19/4 1834 18%? % 18%
JAPAN (par 49.8 cents a yen)
Demand.48.25 43.37% 61.25
Cables.48.50 48.62% 61.50
INDIA (par 48.65 cents a rupee)
Demand.23.75 23.50 87.25
Cable?.24.00 23.62 % 87.50
STRATI'S SETTLEMENTS (par 66.8 cents
a dollar)
Demand .42.50 42.5? 45.00
Cables ,.42.76 42.75 45.75
THE AMERICAS
ARGENTINA (par 417.44 cents a paper peso)
Demand.2S.75 2S.75 3S.60
Cables.28.87% 2S.S7% 38.75
BRAZIL (par 32.45 cents a paper milreis)
Den.sill.12.25 13.60 21.65
Cables.12.37% 12.62% 21.75
PERU (pur *4.S6 a pound)
Cheeks. s.16 3.15 4.73
ECUADOR (par 48.60 c?nts a sucre)
Cheeks.27.86 27.86 -
CHILE (par 36.5 cmts a peso)
Chocks.10.25 10,12% 18,37%
ri.i'i ?CAT (rar 10:;.42 ceras a peso)
Checks.?2.00 671.25
VENEZUELA (par HU cenis a bolivar)
Chocks .16.13 16.13 -
Canadian ExchmiKc?New York fund? in
Montreal. 11% pec cent premium; Montreal
funds in New York-, 10*54 Per cent Uiscuunt.
Dividends
Stock?
holder:
Rate Perlod.Payable. record
Acra T Co. 1st pf.i-V Q Sept. l auk. 30
Am sm ?7 Kir pf.i \ " Q Sept. 1 Auk. 18
Fed util Corp.p?.1%% y ?stpt. i auk. u
Man Shirt Co...43%o v! Stspt 1 Aug. 15
Pitts, Tjfstn A
Asht R R pf..l%'? Q Sept. 1 Aur. BO
Stun Oil Co of N V.S* Q Sept. 15 Attg, II
U C Sts of Am pf.l K 14 Q 8* pi. 1 6 Aug. 31
Gt Lk D &. I> Co.89 y Aug. 15 Aug. ?>
Financial items
George Rossen, or Punch, Edye <fc Co.,
has been elected vice-president of (lie New
foils l'rodut-e Exchange, succeeding J,
Barato?' Small, who ha* resigned?
The New York Trust Company ha? been
appointed trustee under an Indenture of
the AU a? Powder Company, dated August
1 given to secure un Issue of it,000,000
? fifteen-vear 7% per cent convertible gold
bonds, due August 1, 183?,
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. jj
Ail? Ruml ..13 15 [Case J I of..
do pf. 8? 50 (Jen RUN J !
Air Reduction.. :*oKi S3 Cert Oorp ..
4H Am Cnble.104 101%; do 1st of...
Am AS 0
isa
Il Ni
An
o iir.
Poet Sue
. li S & F
i? Pf.
(."deli .
Coal .
pf. 59% 61
.. . E0 53
49
30
do
IChla
do
?%
9
58
Cot Oil.. 1S% 10
in
42
Chic A B III..
do ixl. 6
do pf. 1
?ride N \V uf.101
Chlo P Tool .. 4iiV4
>C St H M O, 80%
' do :>?. 72
La Kr... 8% S% *-' p B? St L 87%
Am Un Ol? ?f. 58 C? ?" ' {???. ? ' "..
Am Loco pfT.lOO 103 ;'-, <*? * Pitts.. ??)|
Am Mal! .t U. 11% 13 ' l'felt Pbdy
Am R?dl*tor ., 67% 7.) * ?> w. -,;?? ? ? ??
Am S Bau .. 4% 4^; Col & fi 2d pf 4.%
.,? , . ,, ,. .,, ... ton Can pf.. S2%
Am t, A 1, pf. Tl% ?% Cn Pr Re? pf 89
0 a.et alai ir" 0?* ^?n?" - ?
1 ?? ??* 10-' Oruo St nf **?
1!'0
SO
(?7%
70
il?
t%
64
- *?*?%
?>% 41
Am
do pf.
Ata Bttel V of
Am Sum pf..
An? Tel &(,'..
Am Whole of.
A ', .V I, . :
'Cub Am S pf.
n?v nient
Pe Beers ..
S4
Men
,330
.107
. 8%
miff .xaies C. 3%
Bald Loco pf. 00
Baru't Lea .. ?0
dO Pf. ...... 7f:
namsdall . ..18
jlkijro BdUon . 81
IH mi l"n Cea. (16
I*
? '
llnir.<?lek .,
BUI Ji .V Pt.
OR i ll? "f
"S? pul &
?? Durham
07 * do Df.
'?'. Igasl Ko
.S S A At.
?9% 41
'? S?
?Tui lira:
; 00 lit
Erie !
14%
(3% C?'ud O s?.. Uli
Record of Stock nnd Bond Averages
(CopjTljlit, 1921, New Tork Tribune Inc.)
STOCKS l?ang-c jr?n. 1 to nanee full
Vector- Day Year date. year 1320.
dnv. befar?. n<rn. Hl?th. Low. Hifrh. Low.
20 Railroad utoeks. 64.15 65.?') C3.40 60.80 57.40 73.80 SB.GO
30 industrial stocks. 65,87 66.59 84.03 75.13 63.53 110.30 67.67
50 Stocks . 65.13 66.06 73.78 74.12 61.08 92.05 64.30
BONDS
10 Ttiiilrond born?*. 75.14 75.2ft 71.77 78.20 71.01 | 76.97 66.73
10 Indwitrlat bond?. 82.18 01.03 83.53 84.53 80,45 91.43 81.30
5 Utility bonds. 74.18 74.33 69.CO 78.70 70.13 74.53 67.44
25 nonds . 77.76 77.74 75.92 78.41 75.25 81.71 73.94
High. Low. D?t.
1921. 1921. in 5.
17% 8' ,'t ? Keystone Tire .
68/a 32 ? Lockawsnna Steel ?
2994 171/js 2 Lee Rubber & Tire.
D6! g 47% 3/a Lchigh Vallry .
21',-2 10 ? Loew's, Inc
8% 1
Salea. Cnen. IT'ch. Low,
Net
Clour, chge. Bid. A?k.
600 13'/!
400 31)1/;
1600 27
500 52', i
600 119
13i/a
3 9Vz
27
52/a
in;.
is
16-11/2 136 12
107 100 7
118 97 7
Loft Candy . 1200 9'4 9"4
Lorillard, P . 200 150'a 150/a
46/a
12
93%
1?7'/4
24
15%
33', a
14%
3
23"/4
43%
56/4
25
369s
65
13?/'a
771/a
74</a
54/,
63
39
23!.';
33
104%
62
88%
12%
4
148
86
16
85
54%
72
19%
56
41 '/a
79%
71%
41%
17
57%
23%
45
57
35'/a
77%
85
31 Vz
42!4
30 \ '2 ?
31/4 ?
661/a 8
87% 12
15%
10
20/2 -
9 ?
2 ?
16 ?
3 3 Vz ?
44 3
14% ?
do pf . 200 1C0
Louis & Nashville. . .
Mnr S1 ll-.-ay pr pf. .
Max Mot 1st pf ctfs.
May Dep't Stores
Mexican Petroleum..
Miami Consol Copper.
13% 13%? % 13% 13%
39</a 39'/?? '4 38% 39'/2
26% 26%? 1/a 26% 26%
52' 52?1 62 53
11% 11%- 11% 11?*
8% 8%? % 8% 8%
149!, 2 149'/a? '/a 148 149
100 100 100 - 99'/2 101
100 110 110 110 110 ? 1% 110 112
300 33 33 311-2 31 Vz~ 214 31 33
200 4!/2 4/a 4'/2 4'/2~? 4'/2 6
200 70 78 78 78 ? 1 "8 80
19400 IO71/4 IO7/4 1C4% 105 ? 2/4 104% 105%
1.60 Middle States OU.
200 21
3900 12
'8
Midviile Steel. 1400 25/4
Minn & St L new.. .
Mo, Kan & Texas
Missouri Pacific .
do pf .
Montana Power .
Montgomery Ward . ..
Nat Cloak & Suit...
Net Enam & Stamp.
Nevada Con Cop....
N O, Tex & Mex
N Y Ce?.
N Y, Chic & St L..,
do pf .
41 6
9 ?
46 6
64/g 5
39 5
54 5
20% 2/z N Y Dock
300 11%
2 DO 2
14C0 20
2600 40/2
200 45
600 18
100 26
100 48/z
2400 IO/4
400 54'2
3700 71%
200 51
100 63
200 32
'2 i3i/8 _ N Y, N H & H. 1600 17
20
88??
54/;
61/j
N Y Shiphldff.
Norfolk & W.
North Amer..
100
300
2C0
Northern Pac . 16700 77%
1%
87 8
79% 7
9/a ?
56 7
271/8 2
70 ?
8/a ?
46/4 5
27/a V,
39/2 6
35% 6
32/4 3
6% ?
3394 ?
153/4 ?
34 ?
50 5
28% 3
27/2 ?
67 7
10 ?
13% ?
28 ?
6/2 -
62 5
24/,
1 /2 Nunnolly . 300 9/8
- Okla Trod & Kef- 1400 2
Otis El . 203 88
do pf . 100 80
Otis Steel. 200 10%
do pf . 200 56
Owens Bott Mach... 200 27%
Panhandle pf. ..?.. 1C0 72
Pac Develop . 200 9/8
Pac G & E. 800 55/2
Pacific Oil . 9600 36%
Pan-Amer Pet. 2400 48'/2
do B . 1400 42%
Penn R R. 4900 3794
71%
51
63
32
17
20
96/a
60
77%
9/s
2
88
80
10%
56
27%
72
9/a
55'/2
36%
48%
42%
37%
7%
55
20
40
53
85
20
14%
30
7/a
54/4
27/a 27/2
94%
Penn Scab Steel. 200 7?i
Peo Gas & Coke. 900 54?
Pere M.trquetto . 500 20
do pf. 200 40
do prior pf. 100 53
Philadelphia Co _ 100 30/4 30/4
rhlll?ps Jones . 200 76 77%
do pf. 100 85
Phillips Petroleum... 1300 19
Pierce Arrow . 3600 14/8
do pf. 1900 29/2
11% 6/a ? Pierce Oil . 500 7
64% 82 5 nttsbureh Coal. 300 54/4
32 24/a ? Tilts & West Va_ 600
16/, 12/s 1/2 Pond Creek Coal. 200 14% 143a
96 56 ? Pressed Steel Car_ 700 60/? 60%
HI/2 89/2 8 Pullman Co . 1900 94
67/a 25 ? Punta Alegre Sugar.. 700
36% 24% 2 Pure Oil . 2100
56 D4/4 4 Rway Securities. 10
67 8 Rway Steel Spring... 300
19 3.41 Rand Mines . 200
11 ? Ray Consol Cop..... 100
60% 4 Readir.tr . 6400
38% 2 do 2d pf. 2C0
41/a ? Rep Iron & Steel..
IO/2*? Rep Motor Truck..
18 ? Reploglo Steel . 200
46/a 5.20 Royal Dutch . 1400
10% 1 St Joseph Lead. 200
19/a ? St Louis & San Pr.
27% ? do pf.
19/2 ? St Louis Southw'n.
28 ? do pf.
6/a ? Seaboar,d Air Line.
62/a ? Sears Roebuck. 1600
12% ? Seneca Copper . 400
4% ? Shattuck & Arizona.. 200
17%? Sinclair Oil . 1900 20/2 20/2
32/a ? Sloss-Sheff S & I... 200 34/4 34/4
67/2 6 Southern Pacific _ 6400 78 78
35 ? So Porto Rico Sugar. 100 37 37
17%? Southern R R. 2100 20/4 20/4
42 ? do pf. 400 46/4 46/4
67% 4 Stand Oil of Calif... 100 73/2 73/2
Stand Oil of N J_ 600 136 137
1%
88
80
IO/4
66
27/a
72
9/a
65
35%
47%
42
37
7%
53
19/4
40
53
9*
85
19
14/a
29/a
7
54
27
14%
60
933/4
76
9
1%
83 -(- 1
80 -|- 1/4
10/4+ V*
56?2
27/a? % 27
72 + 2 72
8/8+ Vs 9/a
55 ? /4 5B
353/4? % 35%
48 ? 1/z 4734
42 _ 1 41%
37/4? 1/8 37/4
7%- ' 7%
5334? 1/g
19/4? 1
40
53 + 2
30/4
10
55/4
35%
48
43
3734
8/4
63 /a
18 Vz
40
53/2
31
30/4 30/4 29/a
27/4 27/4 26/2 26/2?
55 66 55 55
90/a
25%
15
89/4
67%
73/4
24/2
39 Vz
69%
13
2594
38/a
30/2
41
7/4
9894
20/2
7/4
283/4
56
1C1
103
24%
16
75/2
77/a
19%
12%
70
40
2400 47/2 47/a
500 9% 10
77/2
19%
12%
70
40
2034 203/4 2094 2094
51% 51% 6I/4 51%
11 11
2400 24 Vz 24/a
200 35/a 35/a
200 26/8 26/a
20O 36 36
200 5%
65/4
16 Vz
7
634
65%
16 </z
7
2/4 20/a 21
% 51/4 61%
11 11 ?_ n
24/g 24/a? % 24
35/a 35/a? 294 35/4
26 ?1/4 25/2
36?4 34
63/4? Vz
65/a? %
16/a? %
7 + '?
20 ? *
11/2
24/4
37
26
35
534 6/4
65/e 65%
16% 16/a
4
5
7
2
2634 ?
433/4 7
4/4 ?
4/4 ?
29 3
16/a ?
1634 1
45 b
76/s 7
694 ?
17% ?
111 10
62/4 4
19 ?
5234 8
95% 8
534 _
15 ?
43 8
41/a ?
48 6
47/a -
26 ?
86/2 7O/4 6
112 105 7
59/a 45% 2
25/? ?
167/a 124/a
110 105/a
37 21
46
93/4
1034
13/4
45
27/a
30%
60/a
91
13
25/2
123
68
34
106
207
7
27/4
74/a
5894
62'/4
7994
35/2
26
36
6%
65/8
16/a
7
20
34/4 34/4? 1/4 34
7694 76%? 1/2 76%
37 37 ? 1/a 36
20 20 ? % 1934 20
46/8 46/s? 94 46 46/4
73/2 72/2+ 1/2 73 74/1
136 136 ? 3 136 139
694
20
7
2O/4
36
77/4
37 Vz
do Pf . 600 1079-4 107% 10794 10794? /4 107/4 107/a
Stewart Warner _ 200 2494 "
Strombere Carb _ 200 30%
Studebakcr . 27100 79/8
Submarine Boat .... 12C0 6'4
Superior Oil . 200 4/4
Texas Company _ 15700 36
Texas & Pacific. 1600 25%
Tex & Pac C & O. . . 2700 19/4
Tobacco Products . .. 1200 S8/4
do pf . 200 86
Transcon Oil . 4100 774
Union Oil . 2100 1994
Union Pacific . 2700 121/2 121% 120'4 I2O/4? 1/4 120 121
do pf . 100 66% 66% 66% 66% f- /4 68/2 66/2
United Alloy Steel. . . 200 25 25 25 23 - 25 26
United Drug . 7G00 05/8 65/2 5294 54 ? 1% 53% 54/2
United Fruit . 400 103% 103% 103/; 103%? % 103% 104
U S Express
U S Food Products. .
U S Indti.it Alcohol. .
U S Reulty & Impvtr
United Retail Stores.
U S Rubber . 7600 5294
U 8 Smelt & Refg. . 200 30/4
U S Steel. 20900 74%
do pf . 200 109
200 5% 5% 5/2 ? 5/?
600 17/g 17/4 17/8 17/a
3300 499-4 4994 48/a 48/a
300 50 50 49'/2 49/,
2400 54'/a 54% 53 !4 63 /,
5294
30/4
75
109
1/
1/4
5194 62/4? %
30 30 -
7494 74/a?
109 109
Vz
5/4
17
48%
49
53 Vz
62%
30
7494
109
6
17/4
49
49/4
54
523/a
30/a
7494
110
41
IO294
95
9/4
9
24/a
3094
70/2
49%
47
11/8
19 Vz
17%
44
IO/2
554
9/4
5794 -
70 6
694 ?
7 ?
18 ?
22/8 ?
61 6
41/2 4
31 5
7/a
13/2 ?
7 ?
29/4 4
5/4 ?
38 Vz 6
6/i
Utah Copper . 2400 47% 47% 4694
Vanadium Corp _ 600 29/2 2934 29/4
Va-Car Chemical pf..
Va Iron Coal & Coke
Vivaudou .
Wabash .
do pf A. 1900
94 4694 47
Va. 29/4 29/2
6694 67%
70 75
Va 7/4 7/2
7%
21
?Ex dividend.
Western Pacific ....
do pf .
Westinghousc Mfg...
? Wilson Co.
? Wheel & Lake Erie. .
do pf .
? White Oil .
I- White Motors .
? Willys Overland ....
> Worth Pump & Mach
.25 Wright Aero .
Bid. _sk?d.
Gray lia? ..31 )!?},
,/','' ??". 20 23
Guir st SU.. SS 88
Hondeo Mfg., il ' i
?loteo Min .. 57 r.9
Byd Steel .. :% !.<;
?ii if. 87 ;;:''*
I SI T 1st pf. 08 ?0.
?1?) 2d lif.. . 59 6?
im Nick pf. n,? ,4
li" I'apor ... ;.p; 53 .
do uf. BO lu.'
Invine Oll ... m s
Iowa Cent .. i -
Jones Tea . . is -, i
Kn C Y S pr. 61?4 -
?va.VBer J _ 7?j. S",
do. pf. ?i/.-ri 1?5
Kelly Sprg pf. 72 ; ',
I? raj Wheel. SS C2
do pf . .so g!
Kill '.: <V Is M. 1 19
do pf . 20
Kr* igo . 130 i '
do pf ..... loo na
Kress & Co
do pf . S4
h i; _ West, hi n
ihr pf . 21 ??g
Uttatl & Uy.150 155
do pf.:?:? 102
do B .14214 150
I-ii.a [xm? ... i.l " an
do pf . 87 i-i
L <?' Bis nit. . --t ,
do 1st pf. .95 i>9
?I ' - 1 ? ? ... 03 115
Mackay Cos Ci ?;-,
Do
i% 8
0 44
1 30
109
50
Manat? Susar.
*!%
Mark? St By, S H
do pf . : ?
-.
Martin Parrj 14?4
Math a :. w
Max M
do tt- ...... "3
Moj lV!n>! l>f TO
VI? ] ?? ? i,?
MHl'ASSM pf, S
do II.. 51
>.'<?lt T . -? :?! /
ft K-s. ?14
Mollir:t Body, I .Hi
9?4
?__._. nid, .Juked.
-*.. En * St pf SU 93
.';??? Load pf.lOS no
N V J, .t \V. *
Ohiu Body .
"'"o lurl .., ,?
?''-'". - Coast., 14
"?? 1st i :. . . 50
? ;:.... :,,?
m ,::. s
failli !? ?t );. n
H'arr ft BluB,
C j,: ; i
Pllta O al pf, .v?
f rt W _ C.119
Pitta 8U pi.. 7544
i' ?S W Va pf 71
Pr SU Car pf 61
f b c ?r \ ,j en
?'? SU Sp pf.loo _
Reis ?v Co.... ? ?j
flora Tt 1st pf 40 7:
1 ??o 2d pf.. .. ? JS
Ronaa .'<? Sara.lui
s?l !KP Arms., ?lit; ?.j
?Vtr 1, pf S'y,
?-??<? 1 il i-!> pf 9u
: ?' H Sug pf ?
lard Mill. 80
Pf . 08
tubo .. ?
Broa pf.i.io
Stu ; ? u<er pf. 92H
ISupcrlor Steel. 27
La? Pf . 94
? i' 1..I Tr.230
Aremie .13
? (MI 115
. pd.325
rsu_nv ttfj.. io
do pf ctfs., ;:
Trauatta win . 32
K T. 40
'i'- pf . ? $-,
,'t'r.d "TypwrntlSi1* 1H8?
.... 101 115?
rank.. S5 as
: t?o pf . ?10
? ir St. 125
. . 06
1st pf US
t;" By lav... 8 ?)
? ? I?H ?-"V,
I 8 1 t P? !?- MU 15?
L * m ... 42 43'
! - Kaprrs?. .'.?A ?1
!' 9 i A, ;. 13 80
;' >? S ,V 11 ;?! ;
l'Uh S,-i'ijr . . *-\ !?!
? R? b i ?,t :; m
;?? l!. I ! !?:
11 I"'
as?., i? 60
loo *
?'j ' _?
08
99
9t?
79
71\
95
?
1?H
1 10
240
11*4
18
??'
: il
Bid. Asked . Blil. Asl?-d.
W Maryland., lit 3<?:,<!wii Centrai .. 28 29V
?lo pf . lSVi 19U Woohvortli ...112 113
West Va Tel. X4 85 ; do pf .107hi ?
WV-- Air Hite. 88 89H W Pump vt A ? 78
Wick Spen .. ? 15? do pf B-54 59
Wilson pf .... 70 82 I
*
Equipment* Bonds
fQuoted on Income percentage busts)
Name. Rate. Maturity. Bi?l. Asie.
Ail Coast Lino 6V_ 1922-'27 ?.75 6.25
Bait ft Ohio. , 44 1 ft*_'r:-'27
Boston ft A. . . 4 4 1921-*30
Buffalo H &. P 4%-S 1921-*S3
&o . 6 1921-'33
Canadian Nat. 7 1935
Canadian Nor. 44-5-6 1931-*29
Canadian Pao, 6 1921-'32
.no
7.00
8.09
do
192S
.09
.25
8.00
ICOCS St L. B 1922-2:)
do . 6 1 922-*27
<"h"s & (Ohio. . 6V_ 1924-'3fl
OKI <fr V--4 4-5 1921-*27
Chic & N W . . 4', 192t-*33
1 do . 6'a 1935-'3?
CSt L? N O. 5 1921-*34
Del & Hudson 4? 1922
! Erie . 44-5 ll*21-'27
do . 6 1932-'JI
| 111 Central- 4'4 1321-*27 T.25
?I? . *>4 13-1 -';l<3 7.0?)
<io . T ? '*.: ', -? .i5 7.00
Kan City so.. 5 I02l-'8i 7.<jo
I Louis & Nash 5 3f>2l-'23 7.25
d? . 0 !4 1922-*36 7.00
; M rf V & US M ?V4-5 3921-'?? 7.25
i do . 61.4 192S-':J5 7.10
j do . : 192S-'30 7.25
Ml'.-h Central. 6 1022-'J? 7.25
NYC I.mes., 44 1522-'28 7.26
do H K. 7 1922-'? 7.25
N v C mt ? R. 4^ lB22-*aa ; : .-,
N Y C & St L, 44 1921-'2tS : 0
do . 5 1931 7.1o
N T N It & H 44-5-6 1921-'23 8.60
Norfolk <>.? W. 44 le2i-'34 7 ".I
Nor Pacific, .. 7 0 : 16
Pennsylvania., 4-44 183S *23 ::>
. I. Brie 6V? 19ll-'36 7.10
Reading Co... 4? l822-'27 T.?.0
trd - ?H-6-? 1921-'?7 8.50
Southern Pac. 44 19??-'?8 7 00
. 7
n fty. ? -t'a-* :.:?:?. : 25
Union Pac- 7 i?24-'36 s.7o
In Wall Street
Call Loans Close Earlier
Brokers who have delayed making !
known their credit needs until rv short '
timo before the close of the market, j
often benefiting from a drop in the !
call loan rate, will have to revise their !
plans undor a ruling made known yes- j
t?nli*y by E. V. D. Cox, secretary pf
the Stofck Exchange. Tlie new rule
prohibits accepting ordoi'3 for borrow?
ing or loaning money after '?'.'?0 in the
afternoon, so that the money clerk
will have half an hour to make known
his requirements before the banks
close. Often belated applications for
loans had given the impression of a
shortage at the close of the market,
whereas as a matter of fact banks mis?
judged the requirements and had with?
drawn their funds. It is hoped the
new system will relievo the last-min?
ute congestion.
Hears Again Hold Forth
The action of the market yesterday
gave the bears another opportunity to
expound their arguments why prices
should go lower, but people more opti?
mistically inclined said that impor?
tant buying orders are "just under t'ie
market." in many parts ,>f the list, par-'
ticularly the railroad group. In these
quarters it was pointed out that wh51 o
one cannot hope for any great increase
in the volume of trading, there is at
ldast no indication of a serious decline.
"The market is getting into a posi?
tion," said one observer, "in which it
ignores both good and bad news, the
adverse matters having been pretty
well aired in advance of their happen?
ing. The effort to connect the stiffen?
ing of the call loan rate with the dis?
pute at the hearing in Washington of
the charges by the former Comptroller
of the Currency' against tha Federal
Reserve Board hardly deserves notice.
Money has stiffened simply because in?
terior banks have pulled down their
loans here rather largely since the 8Va
per cent rate was made the other day."
Coppers Weak on Lower Metal Prices
Announcement yesterday that Au?
gust deliveries of electrolytic copper
had actually sold at 11% cents a pound
influenced traders to become active
again in the copper stocks, and they
sold them freely throughout the mar?
ket session. Anaconda was one of the
j weakest of the group, breaking to 86,
a net decline of 1% points, although it
i was said that this company is out of
| the market so far as any activity in
the metal is concerned. Spot copper
on the New York Metal Exchange was
quoted as low as 11% cents, although
the big producers said they were mak?
ing no sales at that figure.
The Railbircis
The present state of the stock mar?
ket, in which stocks move up or down
easily, depending on the character of
the transaction, has provided traders
who are unusually nimble with the
opportunity of making some quick
profits. Those on the floor of the ex?
change have followed the policy of
watching closely for signs of liquida?
tion, and when they think they see
stocks coming on the market from
stiongboxes or from banks to liqui?
date loans of clients they have jumped
on those particular issues with "both
feet," so to speak, the result being
an acceleration of the decline started
by the sellers of long stock. One
| broker likened the activities of these
? traders yesterday to a flock of rail
j birds eagerly waiting for the oppor
i tunity of providing themselves with
sustenance.
Invincible Oil Break?
On sales aggregating approximately
1,800 shares Invincible Oil broke yes?
terday from 9 to 6%, a new low record
price. Banking interests who have
followed the market action of this
stock closely said that these offer?
ings included a number of stop loss
I orders, which, of course, made the de
i cline more rapid than it otherwise
j might have been. These interests said
| there was nothing in the affairs of the
: company to account for the weakness
t in the stock, the statement being
j made that earnings are now running
i at the rate of $200,000 a month. Re
! ports of impending financial difficul
; ties were scoffed at. In some quarters
I there was an inclination to connect the
: drop in the stock's value with the
! failure of Dimond & Co., announced
i from Boston yesterday. In the late
i trading supporting orders put in their
; appearance and the stock rallied to
i 8% points. Reports that the estate
| of a, former large stockholder was
i selling were characterized as untrue.
U. S. Steel Tonnage Figures
Much interest is being shown in the
statement of unfilled orders at the
close of business July 31 to be issued
j by the Steel Corporation Wednesday.
' Observers agree that the report will
; probably show a continued shrinkage
: of tonnage on the company's books,
| but in many quarters it is believed
| that the decline from the total at
' the end of June will not be so great
I as in some previous months. At that
? time the company had slightly more
; than 5,000,000 tons on the books, and
i it is believed the totul July 31 will
! be about 4,750,000 tonf?. The corpora
: tion's tonnage figures have shown a
j continuous shrinkage since July 31
: last year, the average monthly decline
: being about 525,000 tons.
Expect Regular Chandler Dividend
Recent weakness in Chandler Motors
! has given rise to reports regarding the
I possibility of another cut in the divi
j dend rate when directors meet early
| in September'. A director stated yes
j terday that the regular $6 annual rate
I would be maintained. At the moment
the company is said to be earning at
! the rate of more than the dividend re
i quirements, but it is further admitted
I that a decline in business is likely to
! take place this fall and winter. In the
I six months ended June 30 slightly less
; than 3,300 cars were shipped, and net
?profits after all charges and Federal
? taxes were approximately $800,000, or
i $2.85 a share on the 280,000 shares of
! capital stock outstanding. Just now the
i company is devoting a great deal of
! effort to assisting dealers te dispose of
j cars on their hands, so that full ad?
vantage can be taken of the resump?
tion of automobile buying which
Chandler officials believe will set in
next spring.
ScarcJty of Steel Common
The extent to which United States
? Steel common is being taken from the
; Street by investors was illustrated by
the statement of a representative of a
prominent wire house that the firm
i did not have a share of Steel on its
: books. In other words, stock held by
; customers had been taken up and put
? in strong boxes. Another house re?
ported that it had considerable trouble
? In borrowing 2,000 shares for the ac?
count of customers who had sold the
' stock short.
International Nickel
International Nickel's disappointing
| report for the three months ending
June 30 apparently had been discounted
| by the stock, for tha decline yesterday
! was confined to a small fraction. Fcl
! lowers of the company's affairs, al
! though anticipating ah unfavorable
, statement, were hoping that the actual
; figures would not be so discouraging
j as they feared. In this they were dis
' appointed, for the report showed profits
After charges and taxes of only $179,
j 402, equivalent, after preferred divi
i dends, to 2 cents a share on the com
! mon stock, against $1,402,039, or 75
I cents a share, ik the corresponding
? period of last year. .
Investment
information
Questions of general Mf*1^**^
vestors will ?V angered in,M* ??fe
utnn. in which case only ?^??, ,v'?"
be used. Others ?nil be answcr'.dty
mail. Address all ?nqwri*$, <????
it-ip a stamped, a?ar*Htedm**M'>?*
Financial Editor, The Tribune, lit
Nassau'Strset, New York otty.
Doesn't Care for Luxury Stuff
Quasi ?on?1 thoui.i ?pprfclatfl wi
l?;: nny.vr to thd foJIOWini I ' ? ' ?l-.nuo
to Invi i t. I ?in willing to I ' ?? i { '??< '"
viili I : 000 Thi ba
pul .?i b in?? al* In . thi hlffii
Bist? m with m ??nable na futr?'.* Of
should Hit? a yield of S pur dot ? mor*.
(*.-m you suggest n diversified list of twelve
li.oob Investment bon-i.?: apa ?tocKB, a?]
hurltstnljle and -??'., just tho
list that vo-i would nus' for youvi
have r:o <il>; :-? ?-.. t? !"? Srlgn '" ' - I?.
i Industrials, ex. -pt that I ?Ion !
luxury stuff 111:? phonograi ?? '? P;ayfr
- planos, 1 hay? heard Corn Prodi ? t? high y
?;.ol;en of, Also you riieuuit.il i '?' ? ' '
Ijoiids. How about French or BixbIIhI? .'-?
j C. H. M.
Answer.We conjecture from fch
[ general tone of your letter that you
! ?re not d?pendent on the income from
! your $12,000, and that you desire high
I yield bond? with reasonable safety and
a few stock?, with a little spice in them.
': For the 59,000 we suggest the follow
i ing bonds, 51,000 par value of each:
Dunish 8?, Swedish 8s, French T'-.j.-,
(non-callable); Dc!tri;;n 7H?.s (callable
, and payable at 115), ?nd United King?
dom 5%S 1920, the conversion privilege
I of which may become profitable if
| sterling exchange goes to $4.30 before
1950. These issues yield from more
I than 7 to more than 3 ncr cent. They
j are as secure as tho good faith and
credit of the borrowing nations, a mat
j ter about which doubtless you hav?
! your own opinion. We suggest also
Sinclair Consolidated convertible 7 V_
per cent notes 1925 at about 91%, to
yield 10.09 per cent. These notes, prac?
tically the only funded debt of the
company, are outstanding in the sum
j of $47.504,000. They are secured by
I pledge with the trustees of the capital
! stocks and other securities of subsidi?
aries now owned or hereafter acquired.
| Sinclair earned in 1920 net $18,558,000
after charging off nearly $12,000,000
for depletion and depreciation, com?
pared with $9,590,000 in 1919, when
$10,000,000 was written off. Net work?
ing capitul was $33,800,000, compared
With $36,000,000, and cash was $13,000,
000. compared with $7,659,000 (round
figures). The company is earning its
Interest charges many times over, and
In view of its assets and conservative
dividend policy we think the notes pre?
sent nothing more than a business
man's risk as to principal. The notes
are selling low for many reasons, in?
cluding the speculative nature of the
oil business and its present depres?
sion, the short term, and the fact that
they were badly handled in the mar
! ket. For the remainder we suggest a
I Cerro de Pasco convertible 8, 1931, and
i an International Mercantile Marine
?first and collateral 6, 1941, to yield 7.9
j per cent.x The Cerro de Pasco issue is
i convertible into the stock of the com
j pany at the rate of thirty shares for
I each $1,000, so that each one-point rise
| in the price of the stock above 33 1-3
? should mean a three-point rise in the
j price of the bond. The stock recently
was about 25. It has been to 32\<s this
I year, 01% last year, and CslVs in 1919.
j The Marine bond is a sound invest
! ment, in our opinion. For your stocks
I wc suggest All Ameiican Cables, Inc.,
which has no funded, debt and no pre?
ferred 3tock, pays $7, and was recently
quoted at 104-107, and has not been
below par since 1908. The stock is
listed on the Stock Exchange but is not
active. Also American Bank Note com?
mon and an improving public utility,
such as Columbia Gas and Electric, or
? Pacific Gas and Electric. The Corn
I Products Refining Company is one of
the large war earners which plowed
! back a great deal into the company in
! the flush days. It did not start com
j mon dividends until 1920. when the to?
tal surplus was $35,788.000. The BUr
? plus, after preferred and common divi
| dends December 31, last, was $7,333.
I 000, the 0 per cent on the common call?
ing for less than $3,000,000 and the 7
per cent on the preferred for about
$1,750,000. The company appears to
be doing well despite the collapse in
the ' sugar market. There was some
talk of discontinuing the % per cent
extra dividend at the June quarter, but
it was declared. The stock is probably
a good business man's speculation.
Woman Wants to Trade With $500
Question?I have $5.000: $2.000 ir? in?
vented In Dome Miner?. I am thinklnpr f>f
buyln?? another 100 shares at $10 or $17
per ?hare. Will you please tell i.io if yotl
think it a Rood stock to put money into?
1 am a widow with small means. Nine
thousand dollars would cover my forturi?.
You can see I have nothing to lose. I have
3 00 shares South American Gold and
Patinum, olsr? twenty shares Columbia
Gas and Electric. I would very much ap
irreciato your opinion on all of these
stocks. I would also like jour advice on
a. stock that 1 can buy and sell to make
a little money on rathor than waitin? for
a dividend. I could keep about $j00 work?
ing this way.?1. T.
Answer?Domo Mines stock is spec?
ulative, and so is South American Gold
and Platinum. You are going to get
yourself in trouble, wc fear, if you
continue to risk your $9,000 or any
part of it in securities like th?J*se. Un?
less you were blessed with blind luck,
we do not see how you can expect to
make money trading in stocks. That
j is a highly technical and risky pur?
suit, and it requires a great deal more
information than you possess, judging
j by your letter, to be handled auceess
i fully. In other words, you are on the
j wrong track altogether. Your attitude
I and desires are just like those of hun
I dreds of other women and would-be
? speculators who write to us, with the
j important and fortunate exception that
1 we have heard from you before you
' have sustained any ruinous loss. Our
advice to you is to confine your in?
vestments to high-grade issues.
Federated Engineers Stock
Question?Will you please give me your
opinion on tho F?~d..Tated Engineers Dt>vel
opment Corporation? 1 Inclose a letter
, from them for your information; please rc
j turn with your reply. ? R. JJ. Q.
Answer?The Federated Engineer
! stock is speculative, and will remain
! so until it becomes apparent how far
! their prospects arc possible of reaii
| zation. The shares are being placed
| among investors, manufacturers, and
other clast'os of people of undoubted
I ability in their own field, but easy to
i sell stock to.
. Van Camp 8 Looks Good to Her
Question?My h jsband and I are In
this ?market for about $3,000 worih r>f
??ecuritiea and our bank is advising thf
purohase of Duquesne Llgc Company of
Pittsburgh fifteen-year convertible gold
bond. Will you kindly advise us, as we
h.?.ve seen nothing in your pages regard?
ing them as yet? We wish also to pur?
chase $1.000 of Van Camps new issu?
first mortgage bond.?13. B.
Answer?We think that Duquesne
; Light fifteen-year convertible deben?
ture 7%s, due 1936, are a good invest
. ment with a fairly attractive convert?
ible featui-e, which is that between
] July 1, 1?23 and July 1 1934, they can
j be converted, if the holder desires, into
i 8 per cent cumulative preferred stock.
| We think that the new issue of Van
? Camp bonds are a good investment.
; They are secured by a mortgage on all
| the fixed assets of the company.
Four full columna of in?
vestment questions and an?
imera are published in Th*
Tribune every Sunday.
ir? ^n
American
Railroad Bonds
Issued m
Francs and Sterling
All Issues
? r. i; ?J lo
principal ties
A. A. Housman ? Co.
20 Drord Streei, N-?w Yor?
telephone It rtor ',:: :o
BRANCH OFF? ES
?."> Y> >sl :, ".(I -tu-.!. N>w V' rk
Liberty BuiM'nff, Ph'hid*1'.!'?;,
tVooOw?rd BoJW?ng, tVa?ltlns on
Ain?trnlom
General Baking
Com. & ?fd.
J.K.R?ee,Jr.&Co,
1 .... - . 00 lo (010 J.*.... it W? . St.. .V V,
H) Yo?r? rf Dommenrt?! Cm?m
CHATHAM & PHENIX
NATIONAL BANK
. Capita! & Surplus Ht.OOO.OM
1^'jiQ^.?' Ke?onr?e* .S165.060.0M
?.\\;\ 149 Broadway, Sin?er Bid;,
. - \r.fi is it-.,., ?,?c.
Day''s New Issues
Halsey, Stuart & Co. and A. U.
Leach &. Co. are o^ering $1,500,000 g
per cent secured gold notes of the
Middle West Utilities Company, due
July 1, 1941, at 95% and interest lo
yield 8% per cent.
The Goodyear Tire and Rubber Com
I pany is offering prior preference stock
i under the refinancing pian recently put
I through at $85 a share. The stock
? carries cumulative dividends at the
! rate of 8 per cent per annum, cumula?
tive from January, 1921, payable Janu
! ary, 1922, and quarterly thereafter.
| The amount to be issued now is not
stated by the company.
i The City of Worcester, Mass? hn3
| sold a temporary loan of S 100.0th',
I dated August 9 and maturing October
i 21 next, to Estabrook & Co.
?
Canadian Newsprint
Prices To Be Reduced
Export Quotations Expected ta
Drop From .?95 to $85
in Final Quarter
Special Diapaich to The Tribune.
MONTREAL, Aug. 5. ?It is
'? as a foregone conclusion in Canadian
i newsprint circles that the export
price of the paper for the final quar
' ter of 1921 will be reduced to I
? ton, as compared with the prevailing
level of $95* per ton. The reduction,
; while a fairly stiff one. is rather
'looked forward to here as something
: that may stimulate demand to sue?
' an extent that the lower pri?e will
! largely be offset by greater demand.
A reduction for the final quarter to
\xi cents a pound would make the
?average price for export newsprint
i paper from Canada for 1921 $105 per
? ton, or a1.! cents a pound, which wonJd
I be an entirely favorable leve!.
The first quarter's price was $1S0
?per ton, or G\i cents a pound; second
| quarter, $110, or 5:? cents, and third
j quarter, $95, or 494 cents.
The newsprint situation is a grad
j ually settling one, and iti s hoped
that before the end of the year the
?industry will have once again settled
i down to a stable operating basi?.
j Wages have been lowered all through
' the industry and the demand is in?
! proving. As a matter of fact, most
companies are keeping their capacity
j at a high level.
, , , - %
International Nickel
Profits Equal 2c Share
For the quarter ended June 30, the
; International Nickel Company reported
1 profits, after charges and all taxes, of
? $179,402, equivalent, after preferred
dividends, to 2 cents a share, at $25 pa?
value, earned on the $41,834,600 com
, mon stock, compared with profits of
J $1,402,069, equal to 75 cents a share
earned on the common stock in the
corresponding quarter of the preced
| ing year.
Net income amounted to $373,12-,
against $1,976,681. Surplus was 145.
713, contrasted with $1,268.380. Cash
netted $1,210,280, compared with $4,
173,492, and accounts receivable $320,
' 454, against $2,471.702.
New York Metal Market
On the New York Metal ExehaMt
tin was quiet, but steady, with .Strait*.
\ Straits shipments and standard quoted
l at 25-60@26.80 an 99 per cent at
| 25.00^26.00. Copper, weak; standard
! spot, August and September, 11-?
: asked, and electrolytic spot, 11.50, and
; August, 11.75, both asked. Lead, quiet;
' New York spot, 4.35 asked, and Esst St.
; Louis spot, 4.20 asked. Zinc. q'Ji'-t:
New York spot, 4.55, and East St. Loull
j spot, 4.25 asked.
? -
London Market Easy
LONDON, Aug. 5.- Prices w?M ?as*
?on the Stock Exchange to-day Bar gold
I was quoted at 114s 2d. Money ?"as
i loaned at 3% per cent. Discount rates
were: Short bills, 4 9-16 v:er cent;
I three-month bills, 4% per cent.
Closing quotations on stocks weWl
Consola, monsy.. 49H Louisville . ??? l*J
. British 5% loan f*H M K A T. J
lio m', . S 1?A N v Centn?!
; Atehlimn.117
Bait * Ohio
Canadian Pac.
?"'hi Or
*t 1-aul
04
IM
. 77
. 30
. 3?
. i -..i. 1
.II
do 1st i.f. M
Norf * Vestn .li*
Ont-* West? ... Jf
rvruisylvaijla ... *>
Reading ?-???< S?*
Sour lo* Ry . H~
Southn Pac ????;?!
Knien Pacte
vnun
De J
.
I ?rand Trunk... ~?'s', Kan<i Mines ??? **
, III Central -1ST '
-_-?
Paris Market Quiet
PARIS, Aug. 5.- Trading was Wlet
, or, the Bourse to-day. Three p*r cen?
rentes. 56 francs 40 centimes; ?*"
: change on London, 4*5 francs 50 cen?
times; 5 per cent loan, M francs *J
?entinte?; the dollar was quoted ?t 1?
j francs 92 Ms centimes.
Stocks Ex Dividend
Date. Compnny.
Aug. S?Buff. Hoch A Pitts* R.v Co.
AU? I do p< .
Au? S-Del. Lack ft W, ?tu. .
y t<
.19?

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New-York tribune. [volume], August 06, 1921, Image 8
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924