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New-York tribune. [volume] (New York [N.Y.]) 1866-1924, August 08, 1921, Image 11

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A G
rowing
Bank
cannot help grow?
ing if its custom?
ers, as the result
of its service, are
assisted in their
own growth.
NATIONAL BANK
23?D STREET.WHERt
FIFTH AVENUE
CROSSES BROADWAY
Curb Market
For the Week
Industrials
.loi
? 1'4
? 3*4
n
. 10
. 12
? 12%
? 1%
. &4
? 1%
. 102%
Wale*
: ? ?Acme Coal
. ? 3 A ?-mo Pack
Alum V.ts ?
100 ?I o pr ...
4900 Arr.al Leather 1 :'4
200 Auto Fuel ... 40%
"?? - i ?Beth Motor.
?'s 6o Mot.
800 Br-Am T reg
] ' ?lo coup . .
S400 Car Light ..
860 Carlisle Tire.
IC " Cen Teresa ?
r Celluloid T-r.
lalmera Mot 1
1901 Ch & E r w I. 14 %
100 Chi Nipple ... 4
H i ??' ilum Emer. 75
2TS Corn Flu ince 4S
?S7 do rr. 63%
lOOConley Tin F. 1 4 '-,
??- V- tors . ?" "?
40 Davis, Wni A PC
I L Coal
? S 0 0 B -
?
3 Elgin "
'
?Emerson l'h
200 Gi
96 lOl
High. T.ow. Last, chg
14%
;*?
2%
rv
14 ? 1394 133%+ 1%
< : , 4 4 ? %
? tr Tir? 3 4 3 2 ?i 13%
o pr. '. ;? " -
. . Big pr. . . 6 ?4 6 6% -
'. vana Tb pr 5% 5% 6% -
?-? Hl El br? ik 12 11% 12 -
'? ? '? r8 2 + %
. 1 ': \ il ?. r ". -
.". 7% 7% 7%? %
*.. ko Tor B.. 57 GO 60 ?25
103 rl ; . . ? ... 1% 1% 1%
9% 9 9% + %
? A 15 15 15 -
e .. 65 60 60 ? 6
:.-"... ?"> 6 ? -
? - - ' ? ira 3 :. % 3 + %
. ? . & r. . 88% BS4 83%
7 '-, - ? %
' Zin ... 11" 115% 116%+ %
. ?. 3%? %
ni 90 so '. . -,
: . , . 6 4
Mot.. 30% 29 30%+ 3%
: . : -
: 91 94 ? 2
\ %? 'i
... 1% 1% 1 %,? K
1% 2 + %
_ 4 % 1 % -l %
. : ? "Rep 1 re Rub 4*. 36 40 ? 2
. i % 3 4 % -
M_ % 3% 3% -
2% 1% 2%+ **
tand C im T. f -\ 58% 68%? %
prel. : - : , 9S -
? ind Mot. . . 4% 4% 4%+ %
: '- . -?? ? ts Co. ... 3 ^ ::*..- %
. i S**lft Inter .. 25% '. : 1+2 '??,
4. o T Ky L ?ft P.. 1% l 1 >.b + ',
do pref. 6 % 5 + 1
c? Produ? ts. 6 6% 5%? %
' 8 J. & H. . 1% 1% 3 % + A
do pref. 1% 1% i 4? %
"'?? ? *' ? SI :a.m. . 88 32 34+1
I - -' . Ship Cor 2.1 16 20 ? 2
: ... 1 A '% 1U? A
? n Ret ?ar.rty 6\ 5 6 ? l1'.
Union Carbide 46% 44% 45 -i- 1%
" , .10 S 3 0 % ?
i 0&\ . 1% 1% 1 %? %
?Wll ? Corp ? 43 -
do 1st pref. 16 14% 14%? 1
1900 ?West End Ch 7i .70 70 ? 6
Standard Oils
2700An?1o-Am Oil. 15% ?S% 5 4-4- %
2:00 A
4
10
c Lobos ;
Galena 81g O. 33 12%
la P L.. .152 3 5: 152
il Oil C 85 84% 85
. > 246 256
; r Irte '"'?G. . 433 432 433
P L..189% 1S8 188
80 80
SO r Ind. . 73% 67% 70'
t N Y. ..322 3:3 311?
12%? %
4- 4
Other Oils
- * ? m
! 'Allled OH ... 5
?do new
? ,.-k Nat Can I 4
*.-.m Fuel . . . 2S
4' "> '.- cas. 74
? .
? ?
-, 1 . . 4 4
S2 - Cil ? e.120 :
?I5OO ? ..14
?SO du r r . 48
'? 50'
?
? \
Hi Creoi .3%
?9<j?> *'" - ? ? Pet 19
? ',' '? 5
... 14
7%
" ' ? Ky.. 27
7<KH ?Ej ffineera P. 43
445-/ Fav Pet . 2
f*ll ? 1,??
... 8
: s?.
:?
.
12 4
?.
? 4
: ' ? . 2:
- : 0 %
. 3 1 4
1 R . I?*.
-, ; ?. ; ?-;
O 30
Pet .112
. 2
' 1 Oil 23%
ou. : 14
.r. , .. 15
< Pan .
Oll . ?6
Land. 14
O pr 2*?
?? P; ? .
1%
1 4
,-^'r i
! %
? 4
' *?
' f.? f :: '.;
6%
?
2*, 4
l'-f . S Vi
? r ... 1 -:
?
?
HAU " '?'?
? ?-.<: - ??;
1%
.. *Xap?t?
?%4?y ^jj *
27
90
?'?**) ?A'?. I?
?(!?* ?* f
;
m't ' ? '?' ?'?'
a V,
- 3 ?
M?r?in|t
COI X7
' 1
! ?
2
? :
'. 1
4?.
<!
: I
1 ?.<
?9
--27
7
3 .
From the Financial Listening Posts o? Europe
Cut in French
Discount Rate
Favorable Sign
Optimistic Tone Develops
in Paris Stock Market,
Rise in Oil Shares Be
iug Feature of the Week
Sentiment Is Improving
! Considerable Activity in
New Treasury Bonds; For?
eign Securities Strong
Special Cable to The Tribuna
Copyright, 1021. New York Tribune Inc.
PARIS, Aug. 7.?The reduction in the
discount rato by the Hank of France
from 0 to 5V2 per cent, following the
lead o? the Bank of England, the New
York Federal Reserve Bank and the
Scandinavian banks, was well received
in business and financial circles here.
It was generally regarded as a favor?
able symptom in the evolution of af?
fairs and was taken to indicate that
the economic crisis is approaching the
end.
An optimistic tone developed on the
Bourse upon the agreement between
Franco and England over the Silesian
question. In addition to this favorable
factor, there was short covering in an?
ticipation of end-of-the-month settle- j
ments, which eased considerably as
cheap rates became effective. Fluctua?
tions in foreign exchange rates have
been of little importance.
The Bourse was chiefly interested in j
the rise of oil stocks, the recovery of !
which in the week has been noticeable. '
On the whole, prices have moved with- ;
I in a narrow range on the stock market, ?
however, and trading has been quiet. I
There has been considerable activity in j
the new 6 per cent treasury bonds ?
around 495.
French colonial stocks have remained
quiet, but in the foreign department ;
Spanish exteriors rose to 13S. Activity I
in Russian stocks continues on rumors I
that the Russian debt will be recog- j
nized by the Soviet. Greek stocks have
been weak and Bulgarian securities
have been neglected. Chinese stocks
| remain unchanged. Japanese securities
i ave tinner and Mexicans are in better
! demand with the 1 per cents, 1904,
j quoted at S3.20.
Shipping shares have shown a tend
? ency "to recover, the Suez group de
? veloping firmness. Mining stocks hold
well and most of the gains in the oils
have beer, held.
Commercial banks are conforming to
new conditions and show improvement.
Net
Sales. ITIirh. Low. Last, enge.
10 < "r.iagas .... 1 % 1% 1% -
100 Corp Mines... 26 25 25
Con Cop M. . . I'-.i 1 1 ? 16
Crystal Cop. ?Y> 35 36 ? ??
7 ? -'? *< irtez Fillvi :? 80 77 78
i r esso n G o 1 d. ; % 1 % ' % 4- i1?
36600 ?Divide Ext.. 3:. 32 S3 ? 1
i i Dar Sil Lead. 1 % 1 % l'i ??
3 Esper 2*4 2 *i :!''?, -
39f.no ?El Salvador. 25 20 23 4- 3
192400 ?Eur Croesus 60 39 46 -f 5
1S300 ?Eureka Holly 90 80 84 ?16
" i ?Gol ! Cons.. . 6 i". G
7C2"0 ?Gold Flor. . . <4 40 47: -4-2
8000 ?Gold Sil Pick 12 11 12?1
12000 ?Gold Zone. .. i :.* io il ? 2
li '? 0 'Har noli _ 12 10 11 ? 1
3 75 Kecln Mining. 4% 4A *% + %
1500 Howe Sound.. 2% :: % 2% -
lOOHollinger _ 6% 6% 6%
"Hull *.op. ... 31 31 31
umbo E\C. .7 4 7 -
? r< rome Y.-rdl 18 18 18 ? 1
1 i Kerr Lake.... 3% 7* V? 3% + Vi
ni s i dvlde. 11 9 11 ? 1
100 "?? R >se Mln 18 18 18 + 3
6000 ?Loro Star... 3 3 3
201 i ?McKin-Dar . 16 15 15 -
1231 i ?MacNamara. 17 ir, 15?1
200? ?MacNam C. 7 5 6 -
'600 Magma Cop.. 17% 17 14 17% 4- '.i
600 ?Magma * hiof .?8 8 -
600 Mason Valley. 1*4 1% 14 -
1100 Motherlode n. 7,% 6% o %-4- Vi
1100 ?Murray Mog. 4'* 49 471?4
62700 ?Nati Tin ... 03 66 64 + C
\'< -.- i Iphir. . 29 26 28 ? 2
2400 Niplsslng .... 4*4 1V4 4%
? 1% 1% l Vi? Vi
300 ?Peruvian Cop 17 17 17 ??
. and C M 1 1 1 ??
Ray Hercules 30 28 30 +10
? Red Hill s .. . 2 1 2 -
1201 ?Red v, arrior. 12 10 10 ?10
? ?: Cons . . . 9 ? 8
1000 ?Sil Minea Ut. 2 2 2 -
Mines Am. 14 1% IJr
::. - . n 12 12 ? 8
775 S Am P & G 4% 4% 4 4 -
1900 ?S Silver r.d. 12 12 12 ??
6000 ?Stewart Min, 4 3 3 ? I
it 1 ft 1 & ' ?r 4- ilt
10 ?Tono Cash B 6 6 5 ?>?
. 81 76 SO ? 1
Ext .... lft i % i% -
Jim B. S 8 3
Min. 1A ">?** 1A+ -ft
. . 61 4 7 4"! ?12
Gold : ??, 6 6% + %
11900 :?::??! East! rn. .. % 2ft 2ft? ft
i Verde Ext 23 22 23 -
1400 ?Wee! Utah 25 24 24
11 500 *?>?? i -? ' 70 70 ? t,
?? > *'?' hite Caj .;.. 3 3 3 ? 2
6600 ?Wilbert . 1 1 1- ?
1600 ?Yukon Gold.106 90 95 -
Domestic Bonds
$65 Allied Pack 6s. 46% 43 4"> 4- 216
Ctff . . 4". 40 4'. 1^4. 4
24 Alum ' ? . ' ? :. - * ; '-?i.,.-; ?,
? Am T 7s 1923. .101 1004 10 '% + %
46 do 6h 19. ??; 98% 98%? hi
24 '1" 6s 1924. , '?, 97% 97 4 4- *-4
j% S? 0 88%+ *4
54 do 7s 1?23 ... 93% 33% 934? 4
46 An-A O 74?. . .100% 100% 100%+ ??
67 Al m f.- Co Vs. . . 97% 96 li 91 :,i i %
? : Sa .95 ; 95 -
22 Beavei B 8s. .. ? ??. 79% 80 ? %
68 Beth Rtl 7a 1935 95% 94% 96%+ %
do 7? 192 ?94 98% 98%+ %
1 1 do 7a 1922. . 100 100 100 -7- %
17 Can .*?.? R B 7:, 101 % 100% 100%+ %
2 : l'an Pac 6a 984 '?."?. 97 %? %
ir, c:hi<- B ill 6s . eo -? 0 60%? y,
69 C Un Stn 6%s.l0 : t%104 ? %
66 Cop Ex 8s 1922.101% 101V4 101%+ %
27 ')<* 8a 1923... 100% 100% 100% -?
12 do 8? 1924. . . i, |fi| %? %
do 8a L925 . : ?' ;* loi % 102 -
54 Con Oafs 8s... .100% 100*4 100%
. 1 Con Tex 7s... 102 101% 101%? %
3 Cuda h 7a .99 4 99 '4 91 %
2 Deerc & Co 74? 93% 92 ?3%+ 1%
51 Galena S O 7?,. 94 93% 93%+ %
? ! ' r' 100 100 + 4
51 Ooodrich T 7s.. 91% 90 91% ( 1%
IT r.%a. . 97% nc 97%+ 1 "A
f OH 7s. '?? n:% 97% ? ^
7s.. . 99% 994 09% 4. %
101 Humble 7g. ov 97% 977,4
?Y. T 7?_ -OH 7') 79V4? 1
; 16 Ul Cent <:;is. ..101 '/, 101 101 ? %
39 Kenne C Ts. 93% 93 93 ? %
9 Laclede G 7?. ., 9! 90 91
HOL ??'''?' ?"?? "*? 7a . 96% 94% 95%+ %
12 Mg Myers 6s. ..101 loo lot + 1
35 Mor & C 7%?... r'<4 98% 98%? %
8 Nat * 6?..... 93 '.,:. 93 ? 1
! Nat !,<??->*h 8s. 0 1% 93% 93% - %
g? N T V II A H 4s 68 i 7 .' S -I 1
Y: ? < ' ' 7i 1922. - 68% 98 984
1 ph Co 6s ! 922. . 100 U 100*4 100*4 -4- %
10 l'r A O 7s 23 . i: 0% : ' 54 100% ? %
? : Ri ? 7a 1 923 . . 100 0V( ?00 -t- %
7" rlo 7? 1922 . 99 98 74 99 + */,
10 do 7h 1923 ... 97% 97% 97%+ %
2 Stow War ?- .. 99 99 99
B Hol et Cl? 8s.... 0* 98% 00 ? 14
26 Ho-Hh r.v El ... 97% 07?/, 97%+ %
164B0Uth 1 '? M 7a 98% 96% 98 4 IV,
21 8 O N r 7s '26 102% 101% 102 4- %
1 ) do 7m I? 6 102% 102% Ii2%+ %
I* <'.', 7m 1927 ,..103 102% IO24 +
;:; do 7m 1928 103% 10 4 102%+ V.
do 7s I 929 . 103% 103 4 103% -
) do 7* 1930 ..104 103 '?? 103%? H
r, ilo 7s 1931_104% 104% 104%? %
117 do < M .100% 100 4 100% ?
: ??? ?? ft Co 7s '27 674 ?*% "H f
x Sv/lf* ?".? Cn 1. . '? ? '. 69 ', 99 % -?
22 do 7* 1931 97% 97% 97% ?
24 ?*u- ' ? ' '' : . 62 83 4 ? 3
'?] T' t ti '?? v 93 \ 99% 99% ?
? ' l ? ' If 7 %?.. 94 % 024 94 ?
43 t ?- ; ' o 100 100
27 n ';?i c e? . v-.'. io 1 io?% ---
63 Va* uuiii 7s .101 % 101 I01%4
67 West Ele? 7? ,.100% 100% 100% (
Foreign liondn
net
Sal?* i'ODOomUtod). iriith i,ow r.aft. . h?.
?;> F4?-rl1n <s ... 11 'i 10% 10%
4 rjer Oov ';?:,,.. y ^ v.
70 Hambur* 4? ... 11 % 1 1 % 11 %
40 WwJa? b%? ....?"-. Y' Y Yt 1 u(
i.i lian ?4s ..21 )'< 20 ) r,
? : do *. 4? Ctf. .20 IB C!%H r, '
* '. 4: 6%s . 21 17% 17% 4- 2'/,
: 1 ???, 5%# ctf . 20 )7 17 '4
41 do tni 6 4?. ? ? ? 5 6
2'. Vi> !.???? *<* . I % I % ' 4
:-'. do 6%i . 1% 14 1 4 ?
?Hells c?ots a sbaf?.
British Stirred by Necessity
Of Curtailing Expenditures
Government Finances Need Revision Despite
Promises of Trade Improvement; Evidence
of Social Revolution Again Comes to Fore
Front The Tribune's European Bureau
Copyright, 1921, New York Tribune In?.
LONDON, Aug. 7.?Opinion is sharply
divided in Great Britain over the ques?
tion of the government's decision to
put the matter of a reduction of na?
tional expenditures in the hands of a
business men's committee headed by
Sir Eric Geddes. Tho Parliamentary
opposition is raising a loud hue and
cry on tho ground that the place to ex?
amine public expenditures primarily is
the House of Commons rather than
amone a business men's soviet, as the
committee is now termed.
Criticism outside of the House cen?
ters more on the delay which must en
I sue, as the committee can*>ot cet to
gether until the middle of October be
' cause Mr. Geddes is planning a long
j holiday after hjs arduous duties in (ho
Lloyd George government. Discount?
ing much criticism, because it is in
! spired by political motives, the fact
remains that the government has taken
this radical step because of the grave
condition of national finances and the
extraordinarily difficult job of making
material reductions in appropriations
Just two years ago Mr. Lloyd George
ordered everything "ruthlessly cut
down," but the need of economy if
even greater to-day, and that fact i?
appreciated by responsible heads ol
the government even moro than b>
their severest political critics who an
trying to make political capital out o
the present embarrassing position.
The so-called business soviet prob
ably will be composed of Lord Inch
cspe, Lord Faringdon, Sir Josepl
Maclay, Lord Weir and Sir Richari
Vassar-Smith, representing some of th
country's greatest shipping and bank
ing interests. To prove effective th
committee necessarily must enjo
power almost as complete as that o
the government. Unies.-, it consider
questions of international policy it car
not recommend cuts in appropriation:
and if it docs there is bound to b
violent objection on the part of th
House of Commons, in which is vested
final judgment.
What the country is realizing more
and more is that no radical reduction
can be made without a radica! change
i in policy.
During the week the government has
been rushing through appropriation
; bills which must be passed before the
; adjournment of Parliament at the mid
i die of the month. This is meeting some
opposition from members of the gov?
ernment's ov.rn ranks, and is swelling
! the number of the opposition made up
of Liberals and Labor, but the govern?
ment holds a safe majority at all times,
With the adjournment of Parliament
the general situation is expected to
improve. Thero are no great laboi
difficulties on the horizon, manufactur?
ing is increasing and trade in general
is on the upward trend.
It is almost- a platitude to say thai
England has been passing through i
social revolution, but now and agaii
some striking proof is offered, the
latest coming from the Duke of Port
land, one of England's most prominen
land owners, who told his tenants tba
because of the excessive income tax h<
had been compelled to sell some of hi:
property, although it had been in thi
family many generations.
Last year a sin::l<> firm of auctioneer
sold estates totaling nearlv 400,00
acres for $26,000,000, and those figure
will undoubtedly be exceeded this yeai
Taxation is revolutionizing the countr;
in a manner no one anticipated seve
years ago.
Business in the foreign exchange
has been quieter in the last week, th
chief feature being a depreciation c
Dutch guilders and German mark:
French francs continue to hold thei
own, while there has been marked irr
provement in Polish marks.
An examination of some of the go'v
ernment's war investments shows coi
siderable los3, the market valuation (
shares of the companies having depr:
ciated about 75 per cent. The into
esting part is that these compani?
were formed an?l subsidized by tV
government to rival the German d\
and sugar manufacturers.
Investment
Questions of general interett to in?
vestors will br. answered in this col
umn, in which caes only initiale will
be used. Others will be answered by
mail. Address ail inquiries, inclos?
ing a stamped, addressed envelope, ?*>
Financial Editor, The. Tribune, lik
Nassau Street, ?Vet? York City,
Losses Cause Woman Worry
Question?1 notice In this morning's Trib?
une, In answer to an Inquiry, that you do
not think well of Ontr;i! Leather preferred
I have t"n shares of that nt-p.-k. for which
I paid 106%; it was recommended i i n
Investment stock. I have had the dividend
?'u' nn thai nnd also ?n American Agricul?
tural Chemical and Virginia-Carolina
Chemical and am quite worried about all
of them. For the American Vg : i!tu? I
1 !hemleal I paid 96 '? j and tor Vlrgli la
Carolina Chemical 108, re present l ri? es
there Is a big loss in principal If I dispose
| of t hem, but i would i ithi r dispose of
them now than ?him If you thlnli the
chai :ea of resumption of dividends an- not
good. 1 a!::r? have a Central Leather p -
cent b nd, which 1 believe Is now quoted
at 89. Would you suggest that I sell that
and what could 1 get In ?ts place? I am
very much Interested In Income, and loss In
principal la quite a serious thing to me.
Some tima airo the National City Company
recommended m me a 4 > . ? ? ? , onvei i -
iblo b n ' of the Chica) , Ml il e S Rt.
Paul Railroad I have noticed thai so> id
times you have said that -.-? u do i ?
for these bund:- What could ! do about
that bund? I also have ten shares Gej e ?i
Motors 0 per cent debenture st clc, a so
an 8 per cent bond of thi Klordan Com
: .. ?" ?? Will you j lea ???? ? !.. nw what
I can do about these various ..? ? ks ?
?ha?, th?--" will not be too much loss on
both principal anil Interest? ! seek your
advice because I believe you ar" dl n ?
ested, and 1 . ? ???? I he so-?2allcd im ni
houses are not, and I have ab olutely no
confidence In the advice of brokers. They,
I havo found, are principally Interested In
? Issinns. I have 100 shares of South
am Pacific for which ! paid ! and ' 0
shares of Pacific Oil, ten shares Baldi In,
ten Liggett & Myers preferred and ion
National Leather. What do you think of
those? Also t?:n Rubber preferred, Mrs
O. A. P.
Answer?Central Leather had a defi?
cit of about ^20,000,000 in 1920 and a
deficit in the first three months of
1921. Wo think that it- would be ip"c
ulative to hold the stock and advise
your selling it. The Virginia-Carolina
Chemical and American Agricultural
Chemical are both strong companies,
but have been seriously affected as to
earnings by the present depression in
the fertilizer business. The question !
of whether to hold is one which only |
you can decide, because it depends on
whether you can afford to forego divi-1
dend8 for a certain length of time. We |
think that dividends on the preferred
stock will in the long run be safe. The
Central Leather ft per cent bonds ere
probably safe as regards principa! and
interest. We think the St. Paul situa?
tion will come out all right, but there
is an element of speculation in the
4V? per cent bonds, and if you cannot
afford to take that element of risk
you had better sell. General Mot?irs
6 per cent debenture stock is specu?
lative under present conditions, and ?
the 8 per cent bond of the Klordan i
Company is also speculative. You will I
havo to face the fact that you have
been consciously or unconsciously in-1
vesting in industries which were given j
an unnatural boom by the war nnd
which are experiencing a natural re?
action. This is said in regard to the
securities other than those mentioned
in the last paragraph of your letter.
Your Southern Pacific, Baldwin, Lig?
gett &. Myers preferred and National j
Lead are good under present Condi?
tion, but even these, except the Lig
f'olt. & Mydrs preferred, are not
strictly investmerit.fi but rather scmi
gpcculative. It seems to us that you <
have two clear and logical courses.
You could sell nil of your securities
at the market price except the South?
ern Pacific and the Liggett & Myora
preferred nnd invest in recently Is?
sued high coupon rate bonds, stirb
as the Kingdom of Denmark 8s, King?
dom of Norway 8s, I)?- Luval Separator
8?, Northern Pacific-Great Northern
joint 6V4? *nd Puget .Sound Power
and Light general and refunding
S m
inrorma,
*>
7s. The Pacifie Oil that you hold is
speculative, and under the first plan
which wo have just suggested vom
would sell it. Under tho second plan,
you would'hold on to all of your in?
vestments except the Central Leather
p cferred. In that case you would
have to accept the fact that you were
ating to some extent in order to
preservo the present, income, which you
have and the inner value of your prin?
cipal.
Prefers To Buy Bonds at a Discount
Questl in t ; . v - 51,750 : > invi st, ai I
am rat her attra tod In the low coup .
rate railroad bonds which can be pur?
chased at such ;< dia ount at * he ;
t.me. The follow! - two groups I have
si lected from a nuinl ? - of lion Is, i I
v.'ould :t pj ????? late youi opinl n as to w h i.? ? ?.
of my gr iups is the better anil II you
hi ? ? ?? that any ol bonds In elt her
group an not to b lered as a good
usl n sa man's I : i case you
do dl ... c ???? ive f any ' n .?? ' 'mus will
you sugg" :l so ne thei bond to take I'm
place ? '.'!>.- sel itioi are: Group :
' inion Pa :lilo first i Lin .: ,. , pui i nt,
$74 0; one Ml gcr.oral 4 per
cent, { 20 ; one l :hlcag i Great \\ <? ? ? n
per cent, $480; ti tal, $1,740. Group
i ine M Is?ourl Pa !fl general 4 per
m i hi ag i, Milwauki ?? & St.
Paul n fun I : ng 4 4 per cent, $600 ; one
St. Louis-San I"r..n. laco prl i .'. 4 p r cent,
$6l I. Total, $1.720.-*-!?. tl
Answer?"We would prefer your
second group. You have there an in?
vestment in three of the weaker rail?
roads, but in the St, Louis-San Fran?
cisco prior lien 4s you have an under?
lying mortgagi bond, and if the rail?
road situati m improves all three road;
stand a good chance of pulling through
success full;.-, in which case their so
curities will possibly be quoted at
i higher prices. The Union Pacific ?,:
i the 1j<?? 7-it bond in either group, i
i na'.e the < k . o Groa V ; ? ern i.-.~i ;
Torn With Doubt About Empire (.an
; w
i'OUl !..
ue 1924
: eso bonds purcl
tari
It les
to il ? ? h H
.i a- l i bond si cur
e 6 per i I noti
own
l .r
? eral of
il ' ! i ?.-.? i '
I nuts In
?' 1 3111 III B loSS
' i ?.i] ;?..- Thai ' ?
whether I ! I til bonds i..i1
Mr I. . ?? I . ! j; ? :, ? || h r ? < ?
...... ; .,,..,
r. . i a numb* r of
. ' ? ? re to see I t? any
. .-.. and I hen be !" Il I
s if sold latT on I
..r i y I nie real cIi'tUi i ? ?
... -, ,:? pini r> pui '?.- ? ' ese bon I i, but
lo nol len ??? ?' '.:.?? he ?nteres! will
i Inue f) be paid i.lu Ij I have been
.,;?. ?sed by fi I* nda re : Ij thai i
??..,.,,. . : was In a rni i i
.' .1 presen!, bo w luid i hi : e
fore request thai you ndvisq me ju.it
what you* oi lulon Is regai ding: the pi ? -?
mi itai us and * he ful uro ..f I his i ?
Answer Cities Service Company is a
holding company, originally for public
utilities and now largely for oil corn
panics. Even the strongest oil com?
panies are feeling the adverse condi?
tions ?7i their business at present. The
Empire Gas and Fuel is a Cities Serv?
ice -subsidiary. The Cities Service
Company has recently declared its divi?
dends payable in scrip. The latest
earning figures that arc available for
Empire Gas and Fuel Company are the
earnings for the twelve months ended
January 31, 1921. Cross was $75,689,085
and net $25,739,018. Int'-." st called for
only $2,350,342. Under circumstances
such as these, where earnings Inst year
gave such a largo margin over interest
charges, it ?s o question of personal
opinion as to whether you should sell
voir Empire Gas and Fuel 6 per cent.
notes now and taki a loi s or hold on
to .'..i. It depends i omewhat on your
own attitude of mind. If you are going
to worry about the investment and
would be likely, if further unfavorable
development took placo and were re?
flected m a further loss in market quo?
tations to sell, n w -old be better for
yo . ? ? ''?I now and get into something
more conservative. If you are inclined
to !. ci a fu rtlier di cline in market
price without undue anxiety, your
course mi| hi be otherwise.
tour full columns of in?
vestment question* und ati
stccrti are pultlished in The
Tribune every Sunday.
'Market Boom
In Germany Is
Week's Feature
Industrials/Reach New Rec?
ord Figures as Speculators
Continue Unchecked ;
Easy Money Rates Factor
End of Depression Seen
Recovery in Trade Grows
and Prices Jump Rapidly;
Banks Warn of Crash
Special Cable to The Tribune
Copyright, 1921, New York Tribune In?*.
BERLIN, Aug. 7.-The boom in in?
dustrial stocks on the bourse continues
apace. After a recession Wednesday
and Thursday, stocks closed the week
strong, sharp rises being recorded in
eb ?trie, engineering, motor and mining!
shares.
This renewal of the boom is the re?
sult of the good monthly report of the
Prussian Ministry of Trade on indus?
trial conditions. It was helped by the
July 30 statement of the Reichsbank,
which showed an increase in inflation
of nearly 2,500,000,000 marks with a
record increase of 9,442,000,000 marks
in discounted treasury bills. The spec?
ulation boom has left the average of
industrial stocks at the highest point
on record, exceeding the last high point
of early January.
At the beginning of the week, of 584
industrial, all but 6(1 were quoted
at over 300 nn?i most of the re?
mainder were between 400 and 700,
with a dozen mounting above 1,000.
The banks havo begun to warn specu?
lators, predicting that a possible re?
covery in the value of the mark will
cause a heavy slump in the stock mar?
ket.
Plans are also being discussed tc
"freeze out" petty speculators nnd tc
close the bourse three days a week
At present the bourse is closed twic<
weekly, Tuesday and Saturday.
The boom is being reinforced by ar
al indance of cheap money, the rulin{
call rate being 4'?? per cent.
Some authorities, although recogniz
ing the greal improvement in business
ascribe the bull market altogether t?
the decline In the value of the mark
whic't1 has been stimulated by foreigi
an?l home buyers. Others insist tha
tho movement means the end of th
world-wide depression in trade. Th
branches of ind istry most improved ar
the textile-, linen excepted, shoes, elec
trical good i, hardware, Iron and st? e
in all of which prices have been risinf
?' tton mills report orders booke
ahead for three: months, and woe
spinners say that they have orders t
keep them busy until the end of th
y? ar, while the demand for cloth i
illy described as strong. All re
serves, including old war goods, ar
helm: bought up ni fast as they ca
be placed on the market
Rolling mills are tailing on extr
hands, best c inditions being reporte
in iron bars, vviro and rails. Shippin
: erials a:;', plate steel are not i
;:?!. great demand because of a pa
tial cessation of work in shipyarc
caused '? y a shortage of money f?
this work. Three-quarters of the go'
crnment's compensation to shippir
companies provid*d in the 1021 budgi
estimates has already been spent.
i ho produce markets are activ
dealers driving up the price of Ame
:ean corn on a basis of the official r
port that the fodder crop will i
ruined by the prolonged drought.
I $7,500,000 Uruguayan
i Bonds Offered in U. S.
, Twenty-Five-Year ?8 Per Cent
Certificates in Denomina?
tions of $1,000 and $500
The offer of $7,500,000 Republic of
Uruguay exf rnal loan twent;
year, S per cent sinking fund gold
bonds', due Aug ist 1, 1940, will be re?
lea ted to -day by t he National City
any, according to announc -
Th? bonds arc in denominations of
i il ,000 and $500, regir- t? n d as to prin?
cipal only. Inter : payable on
' : 1 and Fel ruary i, and principal,
1 p rom ium and inti n st are payabl ? in
; Mi v: Y ? rk Ci t j in United Statei gold
ci ?n a : ' a p !'"? en I standa rd wi oui
? ; "?ii for any Uruguayan taxes.
The ii boi .: ; a re the dir ici obliga?
tions i f tho Republic i Uruguay, which
? re< - I o pay I the National City Bank
' f New York s::;i!' 000 as a ?.inking fund
for I hi.rem enl of t he bon Is : n -
: th? first ten j ears, be
.:. I I, and ?urns
? fiiciei : to retire ea .-h ; ea r durii
the remaining ee years at ;' ... I
one -fiftcentl of : bonds outstand g
Augii '. ' ? I The lovernmi
:?.- rci I that if in the i \ revi -
nue of the si te ilia II be ph
securi? y ??'? r ai y loan this loan shall
i ave i riority ovei u :h futur : i" in.
More G. M. Stockholders
'i ie increase in the n umber ol G n
cral Motors i i .-vrs, wh ?ch has
been in progro s foi ' he last ??ear, ci i
tinues. AI present there are approri
matcly 66,000 stockholders of all
. compared with 59,000 three
months ago and 31,000 a year ago.
The detail of trie number of stock?
holders follows:
Bond Market
For the Week
Government and Municipal Bonds
Week's-1921
High Low
? s r.ibnrty 3%s. SS.40 93.60 SS.O0
1 . ! 4 s reg.... S 7.50 92.24 B6.14
10 do 7 s- 4s. 87.90 8S.30 ?S. 2 4
20 do 2d Is. 87.52 88.10 85.34
.7 r!,, 2 ; 4S reg. . R7 *T 87 50 86.24
?32 .: i ls! 4Hs . <T 52 88 70 55.40
11 do 1st 4*ts reg. S7.50 88.30 .SG.20
t do ls! 2d ", ? . r"' 10 100.54 MU?
47 - t do 2d 4%s. . . S7.70 t>R 40 85.30
7R do 2d ('-,>? reg. *7 7.2 88.10 S5.B0
3546 do 3d 4',.-'. 91 94 92.10 S?.00
10 O** : '?' ?? 9 reg. 91 90 91.90 88.40
7596 r'.? 4th 4-,:. 87.80 ? ; '70 86.34
? ? Ith 4*4s reg 87.74 B8.36 85.46
"-":-' VI : l!,s. PS.i71 9P 90 96.S6
212 do 4 ', s reg. . . . ??-.?" * 9 I 00 95.80
: ' do 3%s. 98.64 D9.00 95 80
9 Argentine Govt 5s . 69 72Va 07
Govt Ry 5s . 48*4 49 4?
?? gen Ss t rets 9S ", 100 93*4
do Berne 8s. 99 100 0'!
51 do [loi leaus 6s. 82 S4% 74
?nsula nia R ? 9 4 %
177) do Coi nhagi n 5 ?,?. 78 "i 79% 72
du Nyons 6s.85% 87 7 i %
Iles 6s. .. s : 84% 74
id Paris fis . 99% ?oo 04
do 5s . 60% 62% J.t
i Zurich Ss .100% i00% 0 ! * j
il 8s ser A.101 103 95 %
i s? scr H.7 71', 10.'! \>:.Y
IC Do ninii ?. n Repub 5s ?9 ' , H y, 70 *?
99 D of rus 5 iris nts '2.1 !) 7 :?* R7r>,
48 do 5s 92% 94 > '?> h
: ! do Es 1931 . R :? 91 83 %
? ;'? nch Republic 5s.. .1 , 101 * 16%
1834 do 7 Vis . 96% 98 05
104 G et of Swltz 8a t rets..106 106Va 101 *U
27 Imp Jap 1st 4%s.... ^7.1i v -, ?? t 7$%
20 do 2d 4%s . 85 85*4 75 Va
do t ter loan 4s. 70 '-? 70 T, 56
r 01 Igium S.i. . . 1 00% ! "i 's 96% ?
: r 7 %S .Irr' % 102 95V? I
S0 do 6s 1925. 9! 97% 87
ru King o? 1 remnark 8s..102% 103 95% i
1 do Italy ?? ;..h '25 s A - ' : . 89 % RI
7 do Norway 8s.10 1% 105 96%
S r'.. Swi den 6s. 86% S3Vi RI %
? ? ' Republic of Chile 8s. 99 99-V? 92
: r, do Cuba .'..s 1904... 7.1 % 82% 77
! do 6s 1014. 90 U0 75%
do 1 >/2s. 69 71% 5:i
? : State of San Paulo sf8s 98 99% 94%
:, Un k of Gt B&\ 5%s'21 OD 7(, 109 L. 7
4 7 do 5 Vis 1922. 99 '.' >?/? 94Vi
431 do 7.'...s 1929. SR% 91% 86
do 5%a 1937. 87% ss S3
219 U Sot Brazil 8s.100 101% ?)7 Vi
2:1 do Mexico 5,s. 44 55 40
21 do Mi xlco 4s. 33 4! 28
lOONYCity l%s 1967 r?g 90% ?0% 90%
2 do Stute 4 '4s' 1965. . r. 1 05 m
103 1I1 ?';!'. 4 Vi s 19 63.. . Hl 0 4 87%
* u 1 City 1 '?s 'S7 .May 91 93% M
2 1!.) City 4%s 1960... 85% 86%'82%
2 do City 4a 1957. RI R4% 7S %
Railway and Other Securities
3 Adams Kxp col tr 4s. li 1 % 62% 56%
I AlasQM cvt deb 6? scrA 10 19 3? 3"
30 Amer Agr Chem 7ViiS. 30% 97V4 92%
do Smelting 5s. 79% 79% 75
239 do Tel & Tel cvt 68.100% 101% 94%
62 do col tr 5s. h?? 86% 77%
6 do cvt 4',?3. 87% 89% SO
?-t do col 4s. S0% XI 73V?
12 do cvt Is. 70i3 72 fij
5 do Tobacco 4s. 69 70 69
1 ?! ? Writ Paper a f 7s T'l ' i 76% 67
.. Ann Arbor 4s. 6 I % 65 bO
36 Arm ,fc Co ri est I'js 80 83 75
124 At T & Sun Fe tr?-n 4s. 77% 79% 73%
6 do ailj Is. 7."A 7 3 G7%
II (In ii.ij 4s stp. 71% 73 68
11 do evt 4m 1965. 70% 72 67%
2 ?lo cvt 4M 1960. 85% 85% 79
2 do 4%s,C & A dlv.. 78% 81'? 77
1 do 4s, Rcky Mt dlv. 71 72% 66
2 do Tr Sh I.in?* 4s... 75% 77 72%
1 Atlan ?- Birm 4s. 62 65% :.-?'?
' At & ?'in- .N I. 5s ser B 59 92% 84%
1 At & Dan 1st 4s. 65 70 64
6 Atlan Cst !.n 7s.103 104 99
10 Atlan Ct Ln un? 4V?s. 76% 78% 72%
15 do 1st con 4s. 79% S2% 73%
1 du 1. A N* col tr 4s. 72 73 66%
?I Atlan Ft cvt. 7s ser A. 40 73 S3
27 Atlan Ref deb 6%s.. .101 % 101 % 98%
36 Atlas ?'ver 7 %a w !.. 96% 97 96Vs
64 B & O 6s. 91 93 % 8 7 Mi
56 do ref Ss. 72 74 65M
79 d,i gold -Is . 7.) 71% 64 Vj
S3 do cvt 4%S . 71 71 r-, 65
40 do prior lien 3%s... 86% 8 7-%. 7'J*|
42 do 4s, P I. E & XV dlv 66% 67 61 V.
Cl ?lo 4s, Toi K- Cln dlv -.4'i 66% ;<",
4 do 3 '-.s. P J & M div 81 84 68**|
c.n ,?o 3%s, Sthwn dlv. 82% S.i'-i 78
59 Bi 11 Tel .-r P 11 t.Vrf 7? 10.1 106% 100*)j
6Bcth Steel 1st ext 6s. r? 1 % 9;. SOVi
d ? rcf 5s . 80% 86% 77
7 Beth Steel p m 6s.... 77% 82% 74T?
137 Brade n Copper 6s. v : % 88 si
32 Bltlyn Edl gen 7:? ser D 98% 99% 96*.
7 do p n 7s ser C. 99 9'."% 95'.
:; do b n '' : ser r.. 89% 89% 87
do ?;? n 5s se? A _ Kl SI 76
7 Bklyn Rapid Transit 73 55 50% 407
43 do 7s < ts o? d p :" ..66 To 40?
2? do 7s cts of dep'st . . 52 63% 33
8 do con 6s. 25 32 2 5
1 do 5 ? tfs of dep'st. . 25 30 247;
I BlUyn l - ni. n E31 1st 5s. 66% 66% 58
1 do Gas 5s. 81 82% 71
3 Huf Roch & Pit ?en 5s 90 93 8'.'
4 Bush Terminal Bldg :.s 7 i % 76 67"
0 do cou, s. 72 72 % 67 '
7 Calforn .i das & Elec 5a 85% 86% 82V
75 Canadian North s f 7s. 102% 103% :'',:
180 do deb 6%s w i. . . . 98% 99 96>
34 Canada Southern 5s... ^7 S1-:'., 81'
. ? ? il kl & O 6s 73% 7? 68
i . '? :enl rai of ' Si rgla Os .. 89% 92 S ?'? '
1 ' do I -t 5s. 89% 95% 88 !
10 do con 5s. 84% 83 80'
.-, do n m MldG-i&Adlv ? : '?. 87% 87'
UC mtrul Loathe - gen 5a 89 '?, 93 86'
1 Cent N w England 4*. 46% 53 4'!'
! B : ( ntral Pa? [fie gtd 4s. 73 % 7:> V"'
.1 <'.. gtd 3%s.79% 7 1% 75'
1 do Short bine 4s... 72 7.;% 67
4 Centra R R of N. .1 5s 96 100 92
[0 Cerr< d Pas o cvt Sa. 107% in M!
i -.,??. ? -f R? . . S2*^ * -.-% 70
12
im 4%s . 7.' 'i
lo c vi 4 '.<, s. 78
do 6? Craig Val dlv. 76%
'??? Chi & Alton %?-. . 35%
12 la 'r I . 45
" ' ': : Uur Q gen 4s
r 4s, N'eb tli\. 90
11 do 4s III dlv. 81
: .r ? . : j 11 dlv. 7 * %
l Chl & I I inois con 6s 91 %
?: le '.-?? 5s. . . 79% SI '?,
27 Cl Gns Lt & C 1st 6s, 80% 80%
Western 4: 52% 65
: ' a L 1st rfg 6s 96 n7
C M & St P cvt 5s, s B 6U 72"
o gen 4
7 7 Y
70
r?%
0 0%
84%
do
.; 1*
T A. .
69%
'"1%
rS%
? : r rfg 4 %?
lili : .1 IS,
34 do 4s. 1925 . 70"?
s do d< b 4s, 1 934. 59
47 4a M?-PugS div 61 :-j !,
ili'h.-; Northwest rn 7s 7*.. 104 %
i ? ?"'?;?.101 102%
Uo ue ." Y . . . . '.YY, 96
do 5s, 1933 90% 91%
'
?. ? 4s . :i :>:
. :? 7 %s . G7 0 0
. & x w 7.S. ?. . no
?"71, Co 5s. 64" ... :
gen 5s. . . 72% 73"
r 4s. 6.V-, 6S '
. : ;. . Xw O 5s ree. s; .
? ?.::?? . y. ?
: ;" ?: s s C itm et.104 106"
71 "i
71 '-j
7')
: 1%
41
' ' \
7<S
69 %
87%
42%
47%
91%
Tl"%
63
5 7 %
63%
70%
5 9 %
88
87%
85%
6 2 %
Oll* Vr ?
do
S :
j
1 1 I ' r ' r ? ... g) ?, rfg ?'. J,
9 ? ? deb (%s. 7 7
19 do it'ii Is. 7 0
Is do Cairo div la . . . 75%
14 Colo Indu.-' rial 5s. 74%
* ? i ?- lo .>.' .. Soul hn 1st 4s . R3%
71 do lis 4%s . 76%
.7 Colun w & El 5s. 84%
,1 >
2 Com ; r-Rci lg ' '?? 6b. .7.1 Y>
77 Ci nsl C cvl 7s.102% 103
4:-. Cuba C Sug cvt deb 7.?. 66% S6
( Cuba I. lt 5s. 69 73
23 Cuban-Am Sug col Rs. 99% 102%
12 Cumbrld Tel .'7- Tel 5s. 81 81 :i
l Daj ton .<:?. Mich 4 'js. 81 Rl
: : i, aware & Hod 7s. .103% 106
73 Del & Hud cvt 5s... R57? SS
101
7 7
65%
73
00
81%
S 0 %
77
9 S %
57
59%
78
81
100%
rs%
Executor Trustee
Chartered 1822
The Farmers' Loan and Trust Company
Nos. 16, 18, 20 & 22 William Street
Branch Office, 475 Fifth Avenue
At Forty-first Street
New York
London Parii /
Foreign Exchange
Administrator Guardian
Member Federal Reserve System ?and New York Clearing House
Week's ,-3 9?1-,
Sales. close High. Low.
14 Del <fc Hud ref 4s.... 80% 81 74%
3 0n Den A Rio (5 rfg 5s.. 47 48 40%
2 1) * Kg r?x 58 ct of dp 45% 48 40
24 Den <t R Li imp 6s... 72'? 72% 67 V*
1 4 Pen ?fe R O 4 %a. 70 70 66%
49 l'en <<c R G con 4s.... 65% 67 62
2 lus M & Ft. D 4a_44% 4 7 40
46 D E 1st <t rfg6sserB. 88% 90'4 86%
5 Det Ed rtg 5s 1940.. 78% 82% 76%
3 Det Ed col 6s 3933.. 87% 90 861?
17Dot River T 4M.?. 7S% 78% 74%
2 9 3 ?et U Kys 4% s. 59 ?2% 67
17 Diamond M d-b 7%s..??4 l 04 312
30 Duluth & I R 6s. 88% 91 87%
258 DuPont de Xe 7%s... 97%100y; 96
78 OU'iuesne I.itrht Cs.... 92 92% 87%
3 E K 11 of N Y 1st C 5S 89% 90 86%
73 Erie prior lien 4s,... 56 58% :>1
72 Erle g?>n lien 4s. 43% 45 39%
30 Erie cvt 4? series A.. 39% 40% 36%
37 Erle cvt 4.x seriaa B.. 38% 41 34%
36 Erle cvt 4s serle? I).. 42% 43% 38%
2 Erle-Genesee R b f 6s 83 83 80
1 Erle & Jcrsev s f 6s.. S2 84% 76%
3 Erle-Penn col tr 4s... 73% 75 72%
1 Flor Can & P 6s. 93 95% 89%
2 Flor East Coast 4%s. 76 77% 71%
6 Ft \V & D C 1st 6g. . . 99 99% 93
26 Gen Flee deb 6s.102 102 96
49 Gen Ei.-o deb 6a. 87 90 84
254 Goodyear Tire ?1- R Ss.102% 102% 97%
1 Granby Con M Sm*P 8s 80 84 80
119 G Trunk Ry of Can 7s. 102% 103 99%
711 tit Northern 7s ?er A.100% 101 96%
20 Hock Val 1st con 4%s. 74% 76 67%
196 Hud & M rot 5s ser A. 67% 69% 69
3r>6 do adl Inc 5s. 42% 44% 23VJ
11 111 Cent 6%s temp *36 .101 10 3V* 100 %
21 do 6%s. 93% 92% 85 \
3 do 4s 3952. 73% 74 67**,
34 do 4s 1953. 71% 73% 66 V,
20 do rig 4s. 76% 77% 71 *i
3 IUC&C StL&NOJt 6s a A 83% S7 7S
35 Illinois Mtoel deb 4%s. *2 82% 75
7 Indiana KteH 5s. 90% 92 86
11 Interb-Met 4'-'.?. 16% 21% 13M
64 do 4%s otfs Of dep. 13% 19% 11',
410 Tnter Rap Tran rfg 5s 56% 58% 4S>.
9 Internat Agricul ;>s... 72 76% 71
70 Int Mer Marino s f 6s. 79% 84 77V
2 Inter Paper 6s 1947... 80 83% SO
41 Iowa Central rfg 4s... 40 44 38V
1 Kana <t Mich 2d Cs.. . 84 84 80?
4 1 K City & Kt S & M 4a. 67%
60 Kan City Southern 5s. 77%
33 K City Term 1st 4s... 7:*%
00 do 1st 3s. 57
00 K-Springfleld Tire 8s. . 07
1 Lack Steel 5a 1923_ 95%
4 do 5a 1050. 7.1%
12 Lac G of St I. 1st r.s. . 77%
R Lake K & W 1st 5s. . 81%
22 L S & M S deb 4s 1028 85%
4 7 do deb 4s 1331. f*;i
14 du gen 3%a. 6R%
1 do Kin 77 %s reg.... 67%
4? Lchlgh Valley Cs.
loi. x nf Pa con 4>4s. .
5 Liggett & Myers 7s...107 10R%102
11 do 5s. 88 88% 77%
3 Long Isl deb 5s 1937.. 60% 63% 67%
7R%
7 4
67%
9 6 %
7R
77%
R.1
R7
80%
71%
67%
100%
H 2
72%
69 %
54
7.2%
0 1
70%
68%
73
R2
78%
65
58
do gen 4s.
do uniflod 4s.
. 60 % ? ?0% 03
6 Loriliard Co 7s.100 % 108% 103
dr
86% 7 S
7-0 71 63%
67 Vi 68 64%
104% 105 100
R3% 84 78 %
7 0
(7 Lou Ar Ark 5s.
19 L & Jett Bridge 4s.
21 Lou & Nauh 7s....
17 do unified 4a.
10 do 4s At K * C dlv. 72s??
1 do 4 Us L C &? L dlv RS%
do So Mi n joint 4s. 67
12 Manhattan Ky con In. 66
10 <!o con 4s tax ex. . . 57%
19 do 2d 4s . 42%
43 Market St Ry con 5s.. 7<*
3 Marland Oil 8s ser A. 04
130 Mex Pet of Del temp Ss S8
7 Mich Ci :i deb 4s 1029. 73
17 Mich State Tel 1st 5s. R0%
27 Midvale Steel cvt r.s. . 76
1 Minneap & St. L con 6a 09
27 do rfg & ext 5s. 40%
.27 do 1st rfg 4s. 40%
12 MinnStP'fiiSte M con 4s. 80%
5 Minn S Ste M & At 4s
100 Mo Kan ?2- Tex 1st 4a
86 do 2d 4 s.
10 do rfg 4s .
2 Mr, K4-T rfg 4s ctfs of d 53
1 Missouri Pac rfg 5s '6
17.. do gen 4.S .;
t do 3d ext Is .
1 Mobile *. Blrmlng 5s.
4 Mobile it Ohio gen 4?
37 do 4? StL&Cairo div 7S
25 Montuna Pow 5s ser A 8S%
25 Morris & Co 1st 4%?. 74 v*
2 Nassau Electric 4a... 22
20 Nat R R of Mex 4'is. il*
3 Nat Tube 5s. 92% 94 87
6 NOr&N'est rfg&im4%s 72 71 66?
11 77 Orleans Terminal 4s (72% 07% ?'Y
" O Tex & Mex 6s?A 93% 95 00
61 %
36%
70%
-:>%
73%
89%
71 %
58
70
4 7
74
98%
OR'-*
79%
no
80%
00%
62%
80
v::'">
75%
64%
78
88
7 5%
24%
:io
51 ?
72
82
7 I %
II
19
5 ? do inc
23 N V C & II R col 7s.
107 do deb 6a.
rfg & imp 4 'a?.
21
m 4s.
K'1% 10 1%
70%
71
78%
43 do deb 4s 1934.
53 do rfg 3'.-2s. 67 ^
5 NYC-Mch i' col tr 3%s 63
13 NTC-Lk Sh col tr 3%s 63
.: N" Y Chic & St L 1st 4s 70%
2 do deb 4s. 72%
9 N Y Con Rways 4%s.. 77
3 N Y I lock i' r if. 71
3 X Y Cas LI,HAP col 5s 85
7 do pur m 4s. 6S%
31 NYNH&H cvt 6a 1948 60
2 do deb 4s 1956. 42
1 N Y & Jersey 6s. 86
ION Y ? Northern 5s.. 94%
4 N Y M ?.? W 1st rfg 4s 60%
1 ! N Y Rways adj 5a_ 5
3 do rig 4s ctsf of dep. . 19%
I N y State R con 4%s 56%
1 N Y Sus & W Term 5a 75
63 N V Tel deb 6s. 93%
39 do s en 4 '-..a. 82%
17 N Y West & H 4%s.. 33%
2 Mag Falls Power 6s. . 93
18 Norfolk & So 5a ser A. 46 %
72 "^
80%
69%
74%
78%
7 1 %
85%
69
73%
49%
86
94%
65
6%
57
1-2%
9 3%
93
54% 39
11? Norfk ?: West cvt 6s. .104 106%
45 do con 4s. 7S ^0
1 do divi 4s. 77% 80
23 No Pac 0s aer S.1*1 101
33 do prior lien 4s. 77% 70%
32 North.TO Pac gen 3s.. 67 57
656 do-Gt Nor jt 6%a. ..160% 100%
12 Nor States Pw 6s s<r A 79% 80
156 Northw Bell Tel 7s.. .102% 102%
19 Oregon & Cal 1st 7a... 91% 91%
6 i're? lly * Nav con 4s. 78
9 Oreg Short Line 1st Gs 90%
9*'.
do
oo
16 do rfg 4s. .R3%
32 Oreg-W RR & Nav 4s 72
80
99%
92
84%
74%
I Week"s ,-im-?
! ?alea. cloae. Klah. I.ow.
i 2?; Pac Cas * Electric Si. 78% 79 74%
8 Pacific Tel ?S: Tel 6a... 84% 85 80
26 Packard Mo Car tp 8a 96 100% 94%
4 Pan-Am Pet & Trim 7? BO -4 87
70 Penn R R 7s. 3930-103% 105% 100
766 do gold 6%s. 99% 300% 94%
66 do con 6s 1968. 88 92 81
90 do gen 4%s. 80% 86 74%
1 do eon 4%s. 86% 92% 83
1 do gol.l 4a 1906.... 79% 83% 76%
2 do ron 4s. 194S. SI 86% 76%
6 Peor?a * East 1st 4s . 68 63% 64
5 Pero Marquette rfg 5s. S3 85 77%
14 do 4s. 67 70 63
73 Phil Co cvt d?b 5s. '22 97% 97% 88
3 Philippine Ry 4s. 40 42 35%
1 P C C * St I- 4%s. s C 84 84 84
4 Portion?! Rv I.t 4- P 6s 66 7ft 66
23 Rubin- Service N J 5s. ?7 67% 67%
6 Reading Ken 4?. 75% 85% 71%
1 Read-C RR of NJ col 4s 77 87 76
2 Rep I & St col 5s. 1940 83% 86% 80%
8 Rio ?.JSr West 1st 41... 86% 66% 61%
2 do col tr 4s. . 52 54 47%
'. 24 Ror-k lal Ark * La 4%8 67% 69% C4
1 Romo Wat & Og con 6a 98% 98% 97%
3 .St L Iron M & 8 gen 6s 90 90% 83
89 do rfg 4s. 73 74 66%
45 do 4s. R & Q dlv... 68% 71% 64%
1 8t I. & San F g-n 6a. 94% 95% 93%
?06 do pr In 4s. ser A.. 61 % 63% 68%
69 do 6s. ser B. 74% 76 60%
43 do gen Ps, aer C_ 90 90% 84%
146 do ad i 6s. 67% 69% 61%
454 do inc. 6s. 67% 59% 44%
39 St I. Southwn Term 6s 69 69% 62
2" St I. Southwn 1st 4s.. 67 69% 63%
4ft do con 4s. 65 66 % 60%
32 St P & K CSh I, 4%s. 66 68% 61%
I St P ?- Not Par 6a- 99% 100% 98%
4 St I* M * M con 6s...101 101% 100
1 ?lo 5s. Mon C dlv. . . . 90% 94% 90
15 S in A &? A l'ass 1st 4S 62% 63% 6g
20 San Fe Fr?>s ?t- Ph'x 5s 87% 88 86%
140 Seab'd Air Mne con 6s r.o 56 ?S
97 do adj Es. 28% 39% 26
29 do rfR 4s . 40 43 36
3 1 do gold -t*. s*.. 55 67 60
1 Sharon Si Up 8.?. ser A 96 97% 96
153 Sinclair C on cvt 7%s 92% 94% 90%
17 So Bell T? 1 & Tel 6s.. 83 82 80%
'! Southern Pacific cvt 6s 90 1"0% 86
309 do cvt 4a. 81% K3 7.".%
1 f6 do rfg 4s. 76% ~3 73%
19 do roi tr 4s. 72 73 66%
2 S?. Pa ? San Fr Ter 4s. 73% 76 68
74 Southern Ry con 5s... 84 90 80%
136 do gen 4s. 67% 63 % 66
1 do 5s, Memphis dlv. 83% 86 80
21 do 4?. M & O div. . 61 % 6 1% 68,
70 Stand O?l Cal deb 7s. .103% 104 101
66 Hteel <<i Tube 7s s<-r C. 92% 95% 91%
19 Ter RR A? of Stk rfg4s 72 72% 6 7
" 5 Teje ?S: New Orleans 5s. 7* 7S 78
7 Texas & Pacific 1st r.-?. 79% 81% 75
1 do us, Louisiana dlv 71 7 3 66
38 Third Avenue rfg 4s.. 62 62% 40%
54 dO adj fty. 22% 24% 26
139Tdwtr O 6'-..s int ctfs. 96 99% 90%
8 Toi S L ?JiW 60-yr 4s '60 47 63 45%
1 ?lu pr lien 3%s._ 78 74 73
3Til-C Kiev ,fc Light 5s. 92% 93 86%
12 Union Pacifie 6s .100 101% 96%,
61 do 1st 4s. K3% 94% 78
190 do cvt 4s. 88% 86% 81
39 do rftr 4s. 78% 80% 73
SI Union Tank C-ir 7s... 92% 93 8>>%
23 Un RR of SF4actfsdep 28% 36% 26
30 U Ry Inv 1st 6a ritt* Is. ko 7? 65
32 ].' s Realty Se Imp 6a.. 67% * r % 7'?%
22 C S Uni) 7%S 1930....101 102 95%
6 do 7-1. 99% 100 94%
83 do 5s. 79% 7'?% 75
6 T- s Smelting R X.- M 6s, 91 r>4% 89%
181 U S Steel s f 58. 94% 96% 92
17 Utah Power ,'.- !.' 5s. . 79 % 81 76
26Va-CarCh tem db 7%s 91 93% 87%
I do r-." deb is. 87% 91 % 88
4 do 1st 5s. 93 94 90
2Vln.'lr.la Ry & pwr 5s. 04 (-714 60
9 Virginian Ry 5a . ? <. -'?', 78%
8 Wabaah ist 5a . 87% 90 83%
28 .'-i 2d 5s. 79% B0 72
22 Western Electric 6s... '.7% 97% 92%
29 Western Maryland 4s. 54% 56% 61%
3 W N Y ?S- Penn 1st 5s. 86% no% 83
5 do gen 4s. 02% 02 60%
67 Western Pacifie 5s..., 80 86 70%
11 W Union real est 4%s. 8o ?3% 77%
96 West El 7s. . .103 % 103% 94%
1 : H ? -1 Shore -?s.73% 74% 67%
ft WI11 el & I. IC ? on ?is.. 64 % 69 1,1 it
20 Wl< kv. ire & 95 90
49 Wilson & Co 1st 6a . 86% 90% 82%
26 do cvt 6.s. 80% 87% 77%
6 Wls C-nlral gen 4s- 69 73% 68%
Fquipinen* Bonds
(?Quoted on Incc
Name. P . ??
Ali Coast T.ino ? ",
Bait ft Ohio . 4'3
T: Ston X- A. . . 4 'a
Buffalo H ft V 4%
do . $
?"'anadian Nat. 7
Canadian Nor. 4%
Canadian Pac. o
?.s poreentacre !>??!?)
Maturity. Bid.
I922-'27 6 75
I922-'27 7 00
1021 ? 7. no
5 19 21 - ' 3 3 7 2 5
I921--33 7 1',
1
5-6 l*21--:?i ? 00
C C C ft St L.
do .
Chea i Ohio.
C R I ? I ?. .
Chic ft N W.
do
4%
5
6
4%
C St L ft N O. 6
Del &. Hudson 4%
Erie . 4%
do . 6
111 Central. ... 4%
do .
.
Kan City So.
Louis & Nash 6
do . 6%
M S P ft SS M 4 a-i
do _
1 2 2
: 122
1922
1921 .7
1925 ' 16
I
: i;
1021 27
'
27
8%
5
7 .
.2 0
do
6%
6
Mich Cent?
NYC Lin?
do R R. 7
N Y Cent R R 4%
N Y C ft St L 4%
********'''''^BIj''''''h. ... 5
1 9 2 7
1921 2 4
: ? - : . .
1922- .0
1321-29
192?-'36
1923 : i
1022-28
1B22--85
1922--32
1921-26
1931
N T N H ft
Norfolk &
Nor Pacifie. . .
Pennsylvania. .
Pitts & L Krie
Reading Co. .
Seaboard ....
Southern
Southern
I.'nlon V
H 4'i-fi-t 1021-'23
'>'. 4% 1S21--24
'Is?'l?'I?B
1S22-23
1921-'38
1922-'27
1921-'27
192?-2?
1922 ' '?
1921-28
1924-'3S
< <%
?%
4%
4"^-6
Pac. ^^^
Ry..' 4%-6
.
B "1
' 2 5
7 00
I
7.SO
7 00
7 25
7.10
7.26
7.15
7.30
7.10
8 5?
7.00
7.1*
7.1*
7.10
7.00
8.60
7.00
7.00
As*.
6.25
6 60
6.59
6.50
6.54
R.75
7.00
6.50
6.60
6.50
' 0
6 75
6 30
?r )
6.59
I
7 26
7 25
6.40
17.30
6.SO
6.60
6 26
6.80
6 6?
6.40
C 40
6.40
C 40
6.25
6.40
If?
*4?
tX?
6.1*
? 25
(.50
6.30
6.SO
7.26
6.40
6.30
6 60
6 25
Course of the Bond Market
?- -? ------ ?- .--.? I ?!?.,.. 1 .1 I il i. Mill H.H. I I il? 1. II. I II i I ' I I I .1.8
Th* graph ehowc the weekly fluctuations in the avrrage price? of ten railroad? ten industrial andL five public utility bond?
hi are September 1, 1919

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