New-York tribune. [volume] (New York [N.Y.]) 1866-1924, August 11, 1921, Image 14

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New-York tribune. [volume], August 11, 1921, Image 14
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New-York tribune. [volume] (New York [N.Y.]), 11 Aug. 1921. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83030214/1921-08-11/ed-1/seq-14/>

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MACKAY & CO.
BANKERS
Individual attention given
investors in selecting secur?
ities adapted to their per?
sonal needs.
14 WALL STREET
NEW YORK
Members Nev York Slock Exchanft
7%Go!d Debentures
To Yield 9.40%
Senior obligations of
Cities Service Company,
one of the most impor?
tant oil and public utility
organizations of the
country.
Over 14,000,000 barrels
oil production in 1920 and
utility service furnished
to several hundred pros?
perous communities.
Ask for Circular D-4
Henry L. Doherty
& Company
Bond Department
60 Wall St., New York
Central
Pacific Railway
First Refunding4% Bonds
Due August /. 1949
An absolute nr?t
mortgage upo?;
1.342.20 miles c\
road.
Guaranteed as to
principal and inter?
est by Southern
Pacific Company
by endorsement.
Price upon application
Farker Gf Company
r ?
49 WALL STREET
New York
TH?S
NEW
jf BOOKLET
Contains descriptions of Bonds,
Notes and Preferred Stocks of
Conservative Oil Companies,
together ?"<th interest and
dividend tables.
Free on request
Ask for No. 71
CARLH.PFORZHEIMER&CO.
r>eaI?T(t In Standard Oil 8*cnritle?.
85 l5.-n.iii ?St. I'hone? 4800-1M?-.T Broad
Childs Co.
National Licorice
Aluminum Mfg.
REDERICH. HATCH &C?
eoasnH.CfcCM? PHUA.Ho*rnuju. ptttseuxu*
Guaranty Trust Co.
McCLURE, JONES&REED
tiembtr? New York Stock Exchangt
I!5 Uroudway I'hoo? 3321 Kfctor
IVew York Metal Market
On the New York Metal Kxchanjjc
tin wa? quiet and easy with .Straits,
tin was quiet and eaay with
at $26.&0''/, 27.00 and 'JO p*r cent at
f20.6O@20.60. Copper dull, standard
spot, Au^uxt and September, $11.02'/^,
sad electrolytic ?pot, AujruHt and Sep?
tember, at $11.00^12.00. Lead steady,
New York ?pot $4.60 ankcd, and Ea8t
St Louis ?pot M-38 asked. Zinc quiet,
New York Boot $4.65, and East St.
Lo'iis ?pot $4.20 asked.
.' ? ?
Bri?ihh 'frailo in July
IJONDON, As???. tOi?Following are
Hoard 0? Trade figure? for July;
TofaJ itrtj,or>'i. ??0,7?0.000
JSXpOftS ut JirlUxh product?... 4?M7 0.000
in?. **port?.,. 9,2*0,000
Total ?sport?.T..... ?2,??0,000
. 2? 220
Prices Lower
As Activity in
Stocks Gains
Selling for Decline Com?
bines With Liquidation
to Force Losses; Easier
Tendency in Bond Market
Breaking out of the rut of Inactivity
and sluggishness in which it had been
moving for a fortnight, the stock
market yesterday turned reactionary in
its tendencies when more liberal of?
fering of stocks, accounted for by
fresh liquidation of distressed hold?
ings and professional selling for the
decline, forced substantial recessions,
leading issues closing 1 to 2 points
lower in many cases.
In the absence of news to explain the
general downward movement of stocks,
a tendency which also was reflected in
the bond market, where the tone was
easier, tho Street heard rumors of im?
pending developments of an unfavor?
able character. Inquiry in important
banking circles after the close of the
market disclosed the fact that the
financial difficulties of an institution
engaged in foreign trade had been
taken in hand by a powerful banking
group and were in a fair way toward
being cleared up.
The announcement of the passing
of the quarterly dividend on the com?
mon stock of the American Sugar Re?
fining Company was followed by a rush
of selling in that issue which caused
a violent drop for a time. The action
of the stock showed that after all the
recent talk about the dividend tho
vote to omit tho regular payment came
as a surprise in some quarters.
Another point of special weakness
in the industrial group was Western
Union Telegraph, which dropped with
gTeat vigor when the news leaked out
that the company had sold an issue
of $15,000,000 61,. per cent bonds to
local bankers. Western Union broke
6% points net to 76 on a turn-over of
less than 10,000 shares. This is the
first public financing the company had
done since 1907.
The professional traders made an?
other onslaught against Mexican Pe?
troleum and succeeded in driving that
issue from 1021/. to 97%, with no rally
at the close. Other weak industrials
were the equipment shares, Interna?
tional Paper, Houston Oil and United
Fruit. Rail shares were under pres?
sure as well as the industrials.
The decrease of 287,544 tons In un?
filled orders of the United States Steel
Corporation during July, as reported
yesterday, was a smaller decline than
had been looked for. The weekly re?
views of the iron and steel industry
took noto of slight improvement, al?
though there continues an absence of
large orders.
The commodity markets were quiet
and tho day's movements in foreign
exchange rateB were narrow. Money
rates held firmly at 6 per cent at the
exchange for call loans.
?
Money and Credit
Call money was firm yesterday, the
rate being maintained at 6 per cent all
day. The time money market showed
no change, 6 per cent also being the
ruling rate.
Yester- Year
day. ago.
On industrial collateral.. 6 7
On mixed collateral. 6 7
Time money (mixed collateral ) :
Sixty days .' 6 8(a8V_
Ninety days .' 6 8@8V_
Four months . fi 8@8M?
Four to six months. .... 6 8@8Mt
Bank Clarings ? Bank clearings at
New York yesterday were: Exchanges,
$530,300,000; balances, $56,300,000.
Silver?London, 37d; New York, do?
mestic, bar, 99^ic; foreign, (iOTsc;
Mexican dollars, 46v?c.
The Dollar in Foreign Exchange j
Fluctuations in the foreign exchange I
market again were within a narrow
range after two days of sharp changes, j
Sterling was a trifle easier and cable i
rates on London at the close showed a !
decline of three-eighths of a cent at I
$3.66%.
EUROPE
Tester- Previous Tear
tlav. day. a?o.
GREAT BRITAIN (rar $4.86 a sovereign)
Demand . 3.64% 3.65 3.63
Cables . 3.65% 3.65% 3.63?;
60-d bills (buy'R) 3.00% 3.61V? 8.67%
90-d billa (buy'g) 3.69 3.69% 3.55V.
PRANCE (par 19.3 cents a fr:?n,?)
Demand . 7.82 7.76% 7 52
Cables . 7.82% 7.77 7.23
BELGIUM (par 19.3 rents a franc)
Demand . 7.56% 7.64% 7.6S
Cables .7.57 7.55 7.69
SWITZERLAND (par 19.3 cents a- frnnr)
Demand .16.RS 1G.RS 16.61
Cables .16.89 16.87 16.66V? !
ITALY (par 19.3 cents a lira)
Demand . 4.36 4",6 6.03
Cables . 4.36% 4.36 4 6.04
HOLLAND (par 40.2 rents a Hoi in)
Demand .30.98 30.92 33.18%
Cables .31.00 ,'?0.95 33.31V?
GERMANY (par 23.R cents a mark)
Demand . 1.24% 1.23% 2.14
Cables . 1.24% 1.23% 2.16
AUSTRIA (pur 20.3 cenia a crown)
Demand .13% .11% .60 I
Cables .13% .11% ,62
NORWAY (par 2?.S cents a crown)
Demand .12.75 12.75 15.30
Cables .12.80 12.80 15.40
SWEDEN 'par 26.8 cinta a, crown)
Demand .20.88 20.85 20.50
Cablea .20.93 20.85 20.60
DENMARK (par 26.8 cents a crown)
Demand .15.65 1555 15.30 ,
Cables .15.70 15.60 15.40 '
SPAIN (par 19.3 cent?* a pi seta)
Demand .12.97 12.92 15.00
Cables .12.98 12.93 15.02
PORTUGAL (par 108 05 cents an encurto)
Demand .11.60 11.60 15.50
Cables .11.62% 11.62% 19.75
GREECE (par 19.3 cents a ?trauma ,i
Demand . 6.57 5 66 ^-12.16
Cables . 6.61 6.60 12.20 I
POLAND (par 23.8 cent? a mark)
Demand .05 Vi .05% -
Cu ble? .65% .05% .Ai
CZECHOSLOVAKIA (par 20.3 cent? a
crown)
Demand . 1.28% i.:?% i 83
Cable? . 1.30 1.28 1.86
JUGOSLAVIA (par 20.3 cent- a crown)
Demand .62% .62 1.22
Cables .62% .02% 1.24
RUMANIA (par 18.3 cents a leu)
Demand . 1.31 1.31% 2 25
Cables . 1.33 1.83 2.30
PIN LAND ?liar 19.3 cents a mark)
Demand . 1.58 1.65 3 20
Cable? . 1.61 1.58 3.30
l'Ait EAST
CHINA (Shanghai par unaet? l.-l )
Demand .69.00 69.00 10*). 00
Cable? .69.60 69.50 109.50
CHINA (llonii Komi par unsettled)
Demand .50.75 60 50 "7.50
Cables .61.00 60.75 77.50
JAPAN (par 49.8 cent? a ymi
Demand .48.37% 48.50 61.26
Cablea .4.8 ?2% 48.75 61.50
INDIA (par 48.65 cent? u. rupee)
Demand .24.50 24.25 37 26
?'.'ibles .24.76 24.50 37.50
BTP.AITM SETTLEMENTS (par 66.? cent?
a dollar)
Demand .42,60 42 60 44.00
Cable.? .42.76 42.76 44.25
THE AMERICAS
ARGENTINA (par 42.44 cent? a paper peso)
Demand .30 62% **0.e7% ,18.15
Cablea .80.7? ?o.60 28.30
BRAZIL (p?r 82.46 rent??, paper mllrcla)
Demand .12 00 12.12% 20.90
Cabin? .12.12% 12.25 21.00
PERU 'par 14.8? ? pound)
Check?. 2.15 3.15 4 77
ECUADOR (par 48 10 cent? a xuett)
Check?.27.86 27.8? ? ? -
CHILE (par ??.6 tent? ? pmo)
Cheaka .10.12% io.J7% l&.o*
URUGUAY 'par 101?.43 cent? ? pew)
Transactions Yesterday in Listed Stocks
Summary of Stock Exchange Dealing?
(Copyright, 1321, New York Tribune Inc.)
STOCKS
Day Year January 1 to date.
Yesterday. before. aeo. 1921. 1920. 1919
Railroad stocks . 79,600 42.000 91,400 21.298.100 35,721,800 69,418,300
Other stocks . 406,100 256,500 372,200 83,826,500 106,355,100 127,899,400
All stocks . 485,700 298,900 463,600 105,124,600 142,076,900 197,317,700
BONDS January 1 to date.
Yesterday. Day before. Year airo. 1921. 1920.
V. S. ?ov't bond?_$5,518.000 $8,651,000 $6.991,000 $1,167,427,000 $1,535,679,000
Railroad bonds . 2,108,000 1,767,000 2,004.000 280,028,000 341,901,000
Other bonds . 2,262,000 2,361,000 2,101,000 406.773,000 437,384,000
All bonds . 9,886,000 12,779,000 11,096,000 1,854,228,000 2,314,964,000
Record of Stock and Bond Averages
(Copyright, 1S21, New York Tribune Inc.)
Yester?
day.
20 Railroad stocks. 64.50
30 Industrial stocks. 64.43
50 Stocks . 64.06
10 Railroad bond?.. 74.59
10 Industrial bonds. 82.00
5 Utility bonds. 75.00
25 Bonds . 77.64
STOCKS
Day Year
before. aeo.
64.95 63.15
65.17 84.60
64.63 76.02
BONDS
74.74 71.70
82.21 83.12
75.00 68.20
77.78 75.57
Range Jan. 1 to
date.
H ?eh.
66.60
79.13
74.12
76.20
84.53
78.70
78.41
Low.
57.40
63.53
61.08
71.01
80.45
70.13
75.25
Range full
year 1920.
High.
73.80
110.30
'92.05
76.97
91.45
74.53
81.71
High. Low. Di v.
1921. 1921. Kate.
12 ?
18 ?
32 4
83 7
28% 4
69'-2 7
30% ?
55 ?
2534 ?
29'/? ?
83% 6
23 %
19%
3?%
65%
93%
39 %
83
65%
84
51
65 Ka
92%
32%
Advance Rumely . . .
Ajar Rubber .
Allied Chemical ....
do pf .
Allls-Chalmer? .
do pf .
Amer Agr Chem. . . .
do pf .
Amer B Sug.
Amer Bosch Mag. . . .
Am Br Shoe & F pf
Amer Can
Sales. Open. High. Low. Close chge. Bid. Ask.
200 13 13 13 13 ? 2/2 13 15
300 23 23 23 23 - 22% 23%
900 36% 3674 36% 36%+ % 36% 363/4
200 85 85 85 85?1 84 85%
700 31 31 30% 30%-- % 30% 30%
200 73% 73'4 731/4 731-4? Vz 73 77
129% 115% 12 Amer Car & F. 160O 123'/3 123% 122% 122%? 1
67
8%
1338
5734
53%
62'/a
91 %
10
44%
31%
96
1071/4
88
180%
35% ?
4% -
8 ?
40 ?/a ?
293,4 ~
21 ?
73 J 2 6
4 ?
23% -
24 3
62>/4 ?
85'/4 7
40% ?
95?4 9
1293/4 111% 12
1273,4 110 12
94 87 6
57 7
22 ?
2378 ?
24 4
55% 6
Amer Cot Oil pf
Amer Drug Syn. 2C0
Amer Hide & Lea. .. 300
do pf . 80O
Amer Inter Corp_ 2100
Amer Linseed . 800
Amer Loco . 1900
Amer Safety Razor
Amer Smelting
Amer St Foun.. ..
American Sugar . .
do pf.
Amer SumaGa Tob
Amer Teleg & Tel.
Amer Tobacco . 2200*119^
do B . 400*122
82 '/4
39 Vz
43 %
35%
65
1071/2
87/4
22/4 22% 21'/?
84 84 82' 2
400 4 4 4
600 35/4 35% 35
200 25/2 25/2 25/2
22400 65 65?4 62'.4
300 88'2 88% 87%
2700 47 4714 46%
3600 105% 105% 105
120 119
122 118
89% 89%
69/4 68/;
119/a? 1% 118% 119
118 ? 2'A 118 118%
do pf new. 200 89%
Amer Woolen . 3900 683/4
Amer Writ Paper pf. 300 2214
Anaconda . 11C0 35', a
22/2 221/4
35/a 35
93 6
76/4 6
4% ?
18 ?
1534 ?
62/4 7
30% ?
14% ?
39/;? 5
61/2 6
933,4 8
9/2 ?
6 ?
2% -
4 ?
IO/4 ?
14'/a ?
52% 6
25 ?
68% ?
4/4 ?
119/4 101 10
43/4 31% ?
64 ?
47/0 6
46 ?
6% ?
14 ?
22 ?
32 ?
22% ?
683,4 7
56/2 6
19% ?
19 ?
22 ?
27/4 ?
42 4
4 ?
76
44/2
94/4
42%
35
62/2
65
107/a
14%
10
5/4
6
153/4
27/2
64%
49%
79
7%
Asso Dry Goods.
do 1st pf.
Associated Oil .
Atch, Top & San Fe.
Atlantic Fruit .
At!, Culf & W I.
do pf.
Baldwin Locomotive. 164C0
10O 29
100 64%
400 97/2
2000 84
80O 4%
6700 21%
300 2034
96
86
65%
9%
20%
31
46%
34%
78
67%
27/4
35%
323/4
39%
47%
123/4
63
12
21%
66
5
76%
44%
107%
33/2
26
67%
23<a
43,4
21%
25%
69%
15/4
22%
15%
82', 2
90
19%
78%
62%
138%
16%
70%
82
44%
85
79 %
32%
25%
11%
48%
61
86
16%
98
7%
133,4
37%
100%
17/4
63%
42
76
733,4
17
26
4%
32%
28%
52
54%
97
22%
17%
68%
29%
Baltimore & Ohio. ..
Barnsdall, B .
Bethlehem Steel.
do Class B.
do 8% pf.
Bklyn Rapid Tran...
do ctfs .
Brunswick .
Butte Copper & Zinc.
Butte & Sup Copper.
Butterick Co .
California Packing.. .
California Petroleum.
do pf.
Call Lend & Zinc_
Canadian Paci6c...
Central Leather ....
do pf .
Chandler Motors . . .
Chesa &, Ohio.
Chic fit Western_
do pf
9700
100
200
4600
200
200
200
300
100
20O
e/4
200 26%
500 60%
500 33
100 71
200 4%
500 113
2400 33
900 65
5700 47%
700 541/2
100 7%
400 17
52
5
14%
42
in
59
25%
51
12%
6%
19%
1 ?
10% 1
16 ?
52 5
113? ?
16% ?
11% ?
44% 8
743,4 8
8% ?
4C% ?
54 6
114% 8
9% 1
61 6
70! 2 7
26% ?
62/2 7
60 7
25% 4
18% ?
6/2 ?
25 ?
49% ?
47 ?
10% 1
85% 7
2
6% ?
29% ?
70% 5
9% ?
42 6
28
66% 7
43% ?
13 ?
6% ?
23/4 ?
8% ?
18% ?
49 4
34 4
79% 8
16 ?
Chic, Mil & S P. 2200 26/(
do pf . 2700 40'/,
Chic, R I & Pac- 8700 32
do 7% pf. 500 75!'<
do 6% pf. 300 64
Chile Copper . 300 10
Coca Cola . 900 33
Col Fuel & Iron. 200 23/
Col & Southern. 200 36/
do 2d pf. 100 46
? Columbia Graph _ 7100 4'i
6 Columbia Gas & El?-c 200 54
? Cons Dist . 200 6/,
? Cons Textile . 200 15
7 Continental Can _ 200 44'/
? Continental Candy . . 500 ??.
4 Corn Products . 2400 67/
2% Cosden & Co. 2000 26?.
4 Crucible Steel . 3700 54
2 Cuban-Amer Sugar .. 200 15',
? Cuba Cane Sugar- 1600 97<
? do pf . 900 244;
? Denver & Rio Gr.... 203 J
do pf . 700 13
Dome Mines . 100 17
Elk Horn Coal. 200 17|
Endicott-Johnson . . . 2400 59',
Erie . 1900 13'/
do 1st pf. 600 19
do 2d pf. 20O 13'
Famous Plavers . 6700 50
do pf. 600 79
Fisk Bubber Tire_ 1700 10
General Asphalt .... 19600 50',
General Cigar . 200 56
32
17!
VA
General Electric. 13900 116% 116% 114% 114%? 2% 114% 115
General Motors . 5200 10% 10% 10% 10%+ % 10% 103
do 6% deb. 500 64 64'4 64 64% + % 63% 64
do 7% pf. 200 71% 71% 71% 71%? % 71% 72
Goodrieh, B F. 1200 31% 31% 31 31%? % 31 32
do pf. 300 73% 73% 73% 73%- 73% 74
Gt Northern pf. 900 73% 73% 73 73 ? % 73 74
Gt North Ore subs.. . 700 29% 29% 29% 29%+ % 29% 30
Greene Can Copper.. 200 21 21 21 21 ? % 20%" 21 j,
Gulf Mob & North. . . 200 7 7 G% 6%? % 6% 10
Gulf States Steel- 200 31% 31% 31/2 31%- % 31% 35
HomestaUc . 300 58 58 58 53 + 1 55 58
Houston Oil . 700 60% 50% 49% 49/2? 2/4 49% 49',
Hupp Motors . 1900 10% 11 10% 10%? % 10% 11
Illinois Central . 200 94% 94% 94! 4 94%+ /? 94% 05
60 Indiahoma . 1300 2% 2% 2% 2%- 2% 2:
Int Agriculture . 3C0 7 7 7 7 - 6% 7'
Inspiration Copper... 400 32 32% 32 32%+ % 32 32'
Int Harvester . 2400 72% 72% 71% 72/2+ % 71% 72
Int Mercan Marine... 300 10 10 10 10 "? % 10 10'
do pf. 1900 43% 43% 43 43%? % 43% 44
Int Motor Truck. 600 30 30 30 30 ? % 291 ?> 30'
do 1st pf. 100 68 68 68 68 - * 63" 70
Infl Paper . 3400 50% 50% 48% 49%? 13a 4914 49:
Int'l Nickel . 600 13% 13% 13% 13%- 13% 13^
Invincible Oil . 1400 8 8 7% 734? 1 4 7-J4 8
Island Oil . 2100 234 2% 2% ? 2%? % 2% 2
Jewel Tea pf. 200 30 30 30 30 + 2% 28 32
Kansas City Southern 1600 25% 25% 24% 24% % 24,% 25
d? pf . 400 49% 49% 49% 49%- 49 ' 50
Kelly Springfield .... 5700 40% 40% 39% 39%? % 39% 40
do 8% pf. 100 79% 79% 79% 79%? 1 % 79 82
Kennecott Copper ... 900 18% 18% 13 13 ? % ?3 18'
Keystone Tire . 1600 12% 12% 12% 12%? % 12% 12'
Lackawanna Steel .. 300 38% 38% 38% 38%? 1 38 39
Lee Rubber & Tire.. 200 26% 26% 26/a 26' a? '. 26'/, 27
High. Low. Div.
1921. 1921. Rate.
47% 3/2 Lehigh Valley
56%
797-8
21%
121*
164% 136
107 100
581'2
451-2
21%
19%
20
15 %
93>/4
1671/4
24
15%
33%
3
23%
43%
25
100
5%
65
81
6%
13 %
74?,'2
39
23/2
201/4
33
104%
62
88/4
39
4
30%
16
56
17%
41!/.
79%
71%
41%
17
57%
23%
35 %
31/2
42'/4
80
11%
32
96
111'/2
51/2
36%
90%
15
89%
57%
73%
96|-a
24/2
39/2
69%
23%
13
25%
38%
30 %
41
6%
98%
20%
283/8
56
101
103
24%
60
75%
110
82
37
46
93%
10%
13%
113
10%
45
27 Vz
36%
20%
60%
13
25%
123
34
106
47
207
12%
26
27%
74%
5834
62%
79%
103%
44'/2
86%
59/2
41
42', 2
102%
70
9! 4
80
9
24%
21
30%
70%
94
49%
47
11%
17%
44
10%
42
64 ? Lima Loco .
10 ? Loew's Inc .
S% ? L?ft Candy .
12 Lorillard Pierre' ....
7 do pf .
36% 7 Manhattan Elev -
3O/2 ? Market St Ry pr pf
12% ? lHarland Oil .
6 ? Marlin Rockwell -
14 ? Matheson Alkali Wks
8 ? Maxwell Motors B..
65'2 8 May Dept Stores....
87% 12 Mex Pet . .'
15% 2 Miami Cons Cop....
10 1.60 Middle States Oil...
Midvale Steel .
Mo Kan & Texas....
Mo Pac .
? do pf .
? Montgomery Ward..
7 Nashvilla & Chat..
? Nat Con & Cable. . .
6 Nat En am & St. . . .
6 Nat Lead .
? N R R of Mex 2d pf
? Nevada Con Cop....
5 NY Central.
2% N Y Dock.
N Y, N H Se H.
N Y, Ont & W.
N Y Shipbuilder ? .
Norfolk & Western. .
North Amer .
Northern Pac .
Nova Scotia Steel..
Okla Prod & Rcf_
Orpheum Circuit .. .
Otis Steel .
Pac t? & Elec...
Pbc MaU.
1% Pac Oil .
6 Pan-Amer Pet .
6 do B .
2 Penn R R .
Penn Seab Steel....
People's t?as & Cok?
P?re Marquette .
Philadlephia Ce _
Phillips Petrol .
Pierce Arrow .
do pf .
Pierce Oil .
Pills & W Va.
Pressed Steel Car...
Pullman Co .
? Pun?a Aliebre Su?-ar.
2 Pure Oil .
8 Rway Steel Spring:...
? Ray Consol Copper. .
4 Reading- .
2 do 2d pf.
Republic Iron & Steel
7 do pf.
? Repub Motor Truck.
? Replogle Steel .
5.20 Royal Dutch .
? Savage Arms .
1 St Joseph Lead.
St Louis & San Fran
do pf .
St Louis Sowestern.
do pf .
Saxon Motors .
Sears Roebuck .
Seneca Copper .
Sinclair Oil .
Sloss-Shef Stl & Iron
Southern Pacific ....
So Porto Rico Sus..
Southern Railroad...
do pf.
Stand Oil of Cal_
Stand Oil of N J pf.
Steel & Tube pf.
Stewart Warner ....
Stromberg Carb .
Studebaker .
Submarine Boat .
Superior Oil .
Stern Bros pf.
Tenu Cop & Chera. . .
Texas Company ....
Texas Pacific .
Tex & Pac Co & Oil.
Third Ave Rway
Tobacco Products . . .
Transcontinental Oil.
Union Oil .
T'nion Pacific .
United Alloy Steel. . .
United Drug .
do 1st pf.
United Fruit .
United Rway Invest.
do pf .
U S Food Produc?s. .
U S Indust Alcohol. .
U S Realty & Impvt.
United Retail Stores.
U S Rubber.
do 1st pf.
U S Smelt & Rig pf.
U S Steel.
Utah Copper .
Vanadium Corp ....
Va-Car Chemical . . .
do pf .
Va Iron Coal & Coke
Vivaudou .
Van Raalte pf.
Wabash .
do pf A.
West Maryland 2d pf
Western Pacific ....
do pf .
Western Union Tel..
Wc.stinghou.se Mfg. . .
Wilson Co .
Wheeling & L Erie..
7 White Oil .
29% 4 White Motors .
5! 4 ? Willys Overland _
26% ? Wisconsin Central . .
6% .25 Wright Aero .
22
2
16
3 3'.-.
14%
98
1
41
67%
3%
9
64%
20%
13%
16
16
88%
54%
61%
20%
1% -
19% 2
9% ?
46% 5
10
27/a
39'/:
35% 6
32% 2
6% ?
33% ?
15% ?
28% 3
16 ?
13% ?
28 ??
6% ?
24% ?
56; ?
89% 8
25 ?
24% 2
67 8
II ?
60% 4
38% 2
41% ?
79% 7
9 ?
18 ?
46'/
9% ?
10% 1
19% ?
27% ?
19% ?
28 ?
2% -
62% ?
12% ?
17% --
32% ?
67% 6
30 ?
17% ?
42 ?
67% 4
105% 7
70 7
21 2
26% ?
43% 7
4'/4 ?
3% ?
85 7
7 ?
29 3
16% ?
16% 1
13 ?
45 6
6% -
17% ?
III 10
19 ?
62% 8
36% 31
95% 8
7% ?
17% ?
15 ?
48 8
41 % ?
48 6
47's ?
91/2 8
37 3'
70% 5
45% 2
25% ?
30% ?
57% ?
65 6
5% ?
72 7
14% ?
22% ?
60 6
76 7
41! 2 4
31 5
1/2
%
5 a
% 119
%
? 5
I
Checks .60.75 65 50 -
VENEZUELA (par 19.3 cents h bolivar)
Checks .15.73 10.33
Canadian Exchange?New York funds In
Montreal 10'J per cent premium; Montre.ii
funds in New York, 9*4 per cent discount..
?
London IVlelal Market
LONDON. Aug. 10.?Standard cop?
per, spot, ?70 5s; futures, ?70 123 6d;
electrolytic, spot. ?75; futures. ?76
10f; tin, spot, ?159 7s 6d; futures,?161
7s 6d; lead, spot, ?23 12t" 6d; futures,
?23 5s; zinc, spot, ?25 17s Gd; futures,
?26 17s 6d.
. ??
Equipment Bonds
'Quoted on Inrnmu percentage hasls)
Name. Rate. Maturity. Rid. Asta.
Atl Coast T,!no 6% 1922-'27 (5 75 6.25
Halt .?j Ohio.. 4% 1922-'27 7 00 6.50
?oston A A... 4M, 192l-'30 7.00 6.1,0
Uuffalo H & 1' 4% -5 l92I-'33 7.00 C.D0
do . G 1921-'23 7.0(1 6.50
C.in-idlan Nat. 7 19^5 7.00 6.7,'.
Canadian Nor. 4%-5-6 1921 -'2* K.09 7.00
Canadian Pac. 6 )921-'32 7.no G.40
do . 4% 1922-*23 7.00 6.GO
CCC&StL... r. 1922-'29 7.?")?? 6.60
do .f. ? I0_2-'_7 7.00 ti.f.O
Che? Sr Ohio.. 6 ?-, 1924-':!? 6.90 ?30
C R I A P.... 4?.-5 1321-'27 7.25 6.75
Chio A N W.. 4% 1921-'.1.1 7.25 6.30
do . 6% l'>2!',-'*!6 7.00 6.30
CSt Life NO.. 1? 1921 -'34 7 00 6.50
!>e| Si Hudson 4 *-", 192; 7.00 6 .Ml
Erie . 4%-5 U'21'27 8.25 7.25
do . 6 1922 "?S S.00 7.25
111 Central... 4% 1921-"27 7.00 6.40
?lo . S% 1923-'36 7.00 ?.30
do . 7 !925-'35 7.00 6.MO
Kan City Ko.. 5 1921-'24 7.25 6.50
Louis A Na.li 6 1921-'2.i 7.00 6.25
do _..... fii-4 1922-*2'1 7.00 6.21
M S P A KM M 4%-5 18S1-'26 7.00 0.50
do. 6% 1926-'35 7.no 6.40
do. 7 1922-'30 7 00 ?.40
Mlrh Central.. ? 11?2_-**"(> 7.00 6.40
:,' Y r. I,?n?l?.. 4% 1922-'2S 7.?I?) U.4U
do R R. 7 1922-'3fi 7.00 6.25
N Y Cent RIl 4% ) r*2_ -'*t_ 7.qtl R.4C
N Y C A fit L 4'i 1921 --2<J 7.00 6.5C
do . 6 19.11 7.10 6.4 0
N V N II A II 4S-5-? 1921-'23 II GO 7.60
Norfolk A W. 4% 1921-'24 7.00 1.25
Nor I'-cltlc. . . 7 l'.irj.'.'IO 7.10 ?! 2li
I'eiinaylVttiilu. . 4-4% 1922-'2:i 7.00 ?.((
fitt?a & L ICrlo 6% 192!-'3? 7.00 ?..'?(
R*tdln| Co,.. 4% 1922-'27 7.00 0.?I
Su.boar?! .... 4V?-?-? 1921-'27 ?50 7.26
Southern I'ao. 4 % 1922 '20 7.00 6. It
do . 7 1322-'J6 7.00 6 SI
Bouthein Ry.. 4%-t l?21-'20 7.25 t.bt
Union I'ao-7 1H24-I5 ?.70 1.2
Bid a?id Asked
Following are the closing bid and
asked quotations of stocks listed on the
Stock Exchange in which there were no
transactions yesterday:
BUI. Asked.. Bid. A?ked.
Ad.ims Exp... 40 45 On UK N J.170 10'/
.Vlv ltuuiu pr ;(."> 4:, Cortalntecrl .. 22 30
.Mr Reduction. 30 32 : tlo 1st or... 07 ? ?
Alas Old M. M K ?1 ? 2U pr. . . ? 70
Ala? Juncnu.. 1% l'.'?'Mil A Alton. 014 b>/4
Arn Unk Noto 50% .r-' <lo Dr . I? Il
do pr . 47 43 C .t K 111... % 11J
Am lleet S ur (M 7?! do i-l . '?. 114
A II S & Ky. 4! 4?! ? do Dr . 5W> 014
Arn 'Mail Dr.. 80 HH C A: N' W pr. H?) 110
A C A F pr.ius'i 11? ?Ml?' Pneu Toi>l 4S14 40
Ani Chicle... 11% IS C S J' M A U 6014 55
A m ("'?al .... 56 'In Dr . 7; 00
Am Cot (KM 1814 17M Chino Copper. 2214 22%
Am Eipross...ll7 122 C ?,' C & S I. S114 41
Am Jiti pr... Ill 63 do pr . lift r.i
Am l^-i pr.102 Ihm CI A Pitta
Am Malt A M 1 ! ^ 1 I Clue? Pcub... u
Am Km ur A 67 69 do r?r . 7r>
Am Snuff _ 09% 104 C .V H 2d pr 4"i
do Pr . 77 (M, ??Minp rv> .. 3214
Am St Fy pr. HI Kj Con Clttur pr (17
Am Sum T pr 77 7P:.^ Coilt Can pr.. 8214
!U Coiit Ina Co, 5.1
?:: Corn Prod pr 100
1 -, Crox Carpet... 15
; ,i ji'ru Sie.'l pr 80
M ?Cn Am Su pr 70
2 ! I'uv Cliem . . .',4
P?Tt., .
Am \\ ?i I
Am Z i L pr 25
Ann ArlJur .. ?
do rr . 15
Art Mrlai.s . . ! !
Aaseta lu Co, l?4
A U <1 2d pr 54
At l!lr & A 214
AlllUltlr. f ]_, ?)
Atlmitiu I'd., WA ?
AtlauUo Kef. 925 lo.io
.,','" Df .100 10X
Atlas Ta.-k . 15 IK
illn Nlchota N'4
03%
102
-??.
?I.i pr
.Salea i fe a ?4
!<?M i?? pr
llHrnoll Lea.
C2H
1314
ll#riimlnl? A
do it ..
rUtnplla* M i_
H?>tli steel pr on
lioiiUi Ki.,1).. :i?,
Iikn Edison, '?l
Hk.li Vn <J?- i:?
Ilr.wn Shoo
r?r
Brunswick'''.'.' '??
IlutT 11 & P .',"'
do 1"" .... 77
Buff \. Bus.
?ecro Co pr . 69
Del <S riud.100
H 1, .* \v. 185
Det EdUon.. 89
Hot a Mac. 4%
<lo pr ., . jo
Dot in mi.. ...
Diamond M, mo
D 8 8 4 A.. 314
'1" Pr .... s
Dul A Sup .
Durham ||.n "n
00 L.'lo pr . 7?)
25 East Kodak 825
15% 17 do pr ... in-,
% Kleo st Uat.in
81 BlkUorn ?' pr 35
4 Em liront t
OS ilo pr ... 21
8914 End! John pr '.''.
!?% 41 Erio A Pitts.. 45
5 83 1K41.1 I ? 1 n v pr 7 i
"?"' H%|li-?M M A 8. 514
so
80
7U
ur
Fldhsr Uoi'iv
liurni Broa!.' R??
_ KH',4
78 I ?I.? pr . ... !H 107
4.1 FriTimrt Tex. 1214 1J?
_? ?, ?. !'? i<?-ii Am Tank .Ml?.., 45
<?? '? ?. ' , :"' li0 ?? Asphalt pr 81 ss
?! ? ,.ArU' i""1 <9 ''" ''??'' ???? "H ?o
oil i rr"' ?'! I'^Oen Sfirt pr. (Uli 0?
C??o 1 1 ur.. 70 73 fil?lLml O pr ? B?
BW. Asked
Bid. Aske.L
Granby M ..10
(?ray Diifls.. 11
? M & N pr 20
(iulf St S.1 31%
Hurt man Cnrp 6'J
Haskell A Ii. 58%
Hondeo Mt'g* .. 14V4
Hvdraullo Bt. 77-i
III Cent I 1
lut Con C.
do pr ....
Ii.t AutI pr.
Int Har Dr.. 97
IM Nickel nr 80
lilt l'Aiier pr. 90
?lo pr stpd.. 68
Int Kalt _ 41
low a IVntral
GH'-j
:? '' L
10%
36%
Norf A W pr WH 6i%
ll%|Nunnaliy ... 9 io
23 ?Old? Bmly ..7% K
83 ?Old? Fuel . . A) 44
72 ?Out Silver .. 3% 4%
59 lut!? Kiev .- 88 9o
15 do nr . b'J 90
9% Otis Stcol pr.. - - 51
Paelflo Coast.. 14 SO
3!? do lit nr... 50 loo
11 I ili. 2d pr. .. 30 50
Pacific Mall.. 8% 11
1 10l%|Pa
Join
To?
18
KCFSAM pr.
Kavsor J ... 75 Vi
do 1st pr... 95% 115
Kelly K|?r pr. 72 75
liulsoy Wheel. 57 82
do pr . !>0 Sl
do nr . M
Laelodo Gas. .. 50 53
Ii K & W nr 19 23
L!g* A M T. .150 15.1
do pr . 07% lull
do It .142% l:u
I ?ma Loco pr 17 92
?, \V Illsctilt.. 32 38
do Kt pr... :?S lio
do 2d rr... 92 115
Louis? & N 1?9
Mackay Cos... 63
Tel A T 40
V A H 8
do pr . 70
Parrlsh Bin... 9%
Beiinoy .1 C pr 0?)
I'oorlu A L\. 1?)
Poro M t?r?. pr 52%
do pr . 38
I'liil Jones nr CO
Pier?? Oil pr 45
Pitts Coal nr 87%
P I' W A C..110
Pitts Steel pr 75%
!? A W Va pr 71
Pond C C... U
Pr St Car p.- 82
IP S C N J.. 68
Itys Sec _ 55
Ity St Spr pr.100
Hendln, lit pr 3.S%
ht-'l? A Co..
| do 1st pr..
Rom Typo
12
75%
15%
100
do Is
do 2d
Bens A
Sun Co<
6%
40
20%
40
7?)
111)
pr
?H2
700
Manat? Sugar 31%
do nr . ?
Manhit Beach %
Maxwell Motor
.! I 1st or ..
do 2d ur...
Bar. 101
Bun. 2% 2%
Saxon Motor. . 8% 4
Sear? lU.o pr. 91 98
H-S S A I pr 03% 71%
Standard Mill 88 93
do Pr . 06 70
Studebaker pr. 00% 9r,\
Sup Stcol .. 27 35
do pr . 94 96%
T A P Id tr.230 S00
Toll Prod pr SB 88
?TSL A W ct 0% 12
pr ctfs
4 Underwood T.121% 108%
101 115%
Mich ?Viitril. 70
MSPAS 8 M ?18
do lad lines.
M K A T nr
Mont Power. .
?!'n ("lijar Kt.125 200
(In nr . iw 101
Mulitas Body 19
Sat CT A H.
"?\
I?r
N B A ? pr.
N'sl I-ca.l pr.100
N Hit M 1st pr '
S <) T A M 83
NVCAML 1st. 61
do 2,1 pr... 41 ??>,
S ?bi ffll 00
4 IWI P A F 14
47 do pr . 42
04Vr B Express.. .'?%
10% U S I Al pr 78
8 8 Wabaah pr It 14
14% Weber A Hell. 11
' ?Wells Fargo.. 68
Wesi'se A
\\ ost'so M pr 511
|Wh A L B nr 10
I'Vl.liwlri? Rp . ?
Willys O nr.. 29
Wil'ion Co pr. 7?)
Woolwortli pr.107
|W P & M.. .18
do pr A ... . -?
do W Tl_ S3%
llii
11?)
'* -.1
lib
54
CO
87% 88%
39%
78
London Market Quiet
LONDON. Aug. 10. -- Trading was
quiet on the Stock Exchange to-day.
Bar gold was quoted at 312s 7d: money
was loaned at 1 per cent. Discounttrates
were: Short and three-month bills,
?l:ii per cent.
Closing quotations on stocks were:
Consols, money.. 48{J Louisville.149
British :??'<> loan 88V4 M K & T. 3
?I?. 414% . 8114 N Y Central.... 95
Atchlson.114
Halt ft'Ohio. ... 51
Canadian Pac ..165
Chesa ft Ohio... 74
Chi Or Vtrestn... 10
.St Paul . 30
Den & K:o Grd. I
Brie. IS
do 1st pf. z6
Grand Trunk
111 Central .12?
N'oi
& VVestn. .128
4 ??
? nit & Westn.
Pennsylvania..
Reading ....
Southn liy . ..
Southn Pac . .
i nion Pacific
Untd Sta Steel..100
1 'c Beers . in'
Rand Mines ... 2'
.162
Paris Market Firmer
TARIS, Aug. 10.?Prices were ?firmer
on the Bourse to-day. Three per cent
rentes, 50 francs 40 centimes. Ex?
change on London, 46 francs G.">
centimes. Five per cent loan, 81
francs 45 centime;:. Tho dollar was
quoted at l'~ francs 71 centimes.
Dividends
Am Sugar pf,
Klk Hoi n C pf
do pf .
tVnolworth pf
Conn I'?
S'west Pow pf
Cruna Co.
do pf .
N Penna It K
Atlaa Powder
holde
ot r.-i
pi
S? pt 10
Dec l'l
Sept 3 A.i.; I'n
?|>t !
Sept ! :.
Sept 15
Auk 25
Sopt 10
Sept
Sept
Aug
Aug
Storks Kx Dividend
Date. Company. i
Aug. 13?Asa'd Dry Gooda Corp. 1st pf
Auif. 13? do .'.l pf.
Auk. IB- Deer? & Co. pf.
Aug. lf>- -Lee Rubber A Tira Corp.
Aug. 15?Liggett ft Myers Tobacco Co
Aus i '?' ? do com. it.
Aug. 16 Miirt In M'urry Corn.
Aug. IB- May Department Stores Co .
Aug. u- Nat. Krmmellng & Stamp, Co,
Aug. 12- V Y. Shipbuilding Corp....
Aug. 16?I'lttuViuigh Steil pf.,.
Aug IG?Pure Oil Co.
3 '.
In Wall Street
New Low for American Sugar
Heavy liquidation of American
Sugar Refining Company common
shares, after the announcement that
the directora had decided to omit the
usual quarterly dividend of $1.75, indi?
cated that many holders had remained
confident up to the last that some
arrangement could be made to con?
tinue disbursements which had been
made regularly for thirty years. Un
lavorable trade conditions for the last
year were held responsible for the de?
cision, Earl D. Babst, president, said
after the directors' meeting. The
admission of the dividend was freely
predicted by the bears, and the recent
sharp decline in the stock indicated
that this group had been well in?
formed, but up to yesterday forenoon
market observers as a whole were di?
vided in their opinion. The action of
the stock after the announcement
showed this and the bottom quotation
at 62% was the lowest since the panic
of 1893. The common stock had paid
at least 7 per cent since 1901, and last
year paid as high as 10 per cent.
Western Union Financing
Announcement yesterday that Kuhn, !
Loeb & Co. had purchased a $15,000,000
issue of fifteen-year 6*_ per cent gold
homls from the Western Union Com?
pany, which they would offer at 99 to
yield about G.G0 per cent, confirmed
rumors which had been current for
nearly a month that the company
would have to do some financing. Al?
though President N'ewcomb Carlton
denied the financing: rumors when they
first attracted attention, the informa?
tion of insiders proved correct, and the
action of the stock yesterday gave
added confirmation of this view. The
stock showed a net loss of 6->s points
when it sold down to 76, a new low
record since 1917. The financing is
the first offering of capital securities
since 1907.
Less Bullish on Rails
The news from Washington indicat
ing that action on tho railway relief
measure may bo deferred until
autumn has put a damper on tne bull?
ish talk on the rail stocks. Should this
legislation be hurried through before
Congress recesses it was thought the
roads could immediately begin using
the $500,000,000 promised them for
new equipment and improvements. The
expenditure of such a large sum would
of course react favorably on the busi?
ness situation generally. Now it
seems likely that contemplated pur?
chases may not be felt in industrial
circles before the early part of 1922.
This prospect has naturally taken a
f,ood deal of enthusiasm out of -stock
market followers, and recent weakness
in both the industrials and the rails
has been attributed to the disappoint?
ment felt over the delav in Washing?
ton.
Grain Movement Heavy
Railroad traffic executives, who have
just completed a canvas of the situa?
tion regarding rates on grain, sand,
gravel and other building material,
found that, while for the seven weeks
ended July 1.6 the total car loadings
were 976,720 less than during the
corresponding period of 1920, the
leading of grain and grain products in- ?
creased 67,663 cars, or nearly 30 per :
cent. The loading of sand, gravel and
'stone increased 50,280 cars, or more
than 33% per cent. Figures for the
week ended July 23 showed that grain
and grain commodities reached the un?
precedented ligure of 64,919 cars, an ?
increase of nearly 100 per cent over j
1920. For the eight weeks ended July |
23, the loading of grain and grain |
products was 97,105 cars heavier than I
during the same period of 1920.
United Cigar Stores Sales
Pales of the United Cigar Stores
Company of America in July were off
8 per cent, compared with the corre- j
sponding month of last year, but,
showed an increaso of 24 per cent over !
July, 1919, according to figures made
public in the financial district yester?
day. For the seven months sales were '
1.1 ahead of 1920 and increased 33
per cent over 1919. It was said that
while lower prices for cigars account
to some extent for the contraction in j
sales, the chief cause, lies in the price j
reductions on so-called "by-products."
The company has been selling upward
of $5,000.000 of candy and merchan?
dise other than tobacco products.
It Pays to Advertise
The leading copper producers have !
finally come to a realization of the ne?
cessity of placing the merits of their j
product before the public. The war re- j
suited in the creation of many substi?
tutes for copper, and the zinc manu?
facturers already have spent a consid?
erable sum in an "educational cam?
paign." Now the copper producers come
forward with the announcement that
the Copper and Brass Research Associ?
ation has been formed, with R. L.
Agnssiz, president of the Calumet and
Hecla Mining Company, as its active
head. The Tribune announced several
weeks ago that an organization of cop?
per men was in the making the main
purpose of which would be to educate
the public regarding the economic uses
of copper. The announced intent of the
new association is "to stimulate by co?
operative effort the use of copper,
brass and copper alloy products." Mem?
bership in the association is open to
producers of copper sold here or sell?
ing agents in the United States; to
fabricators of copper, brass and copper
products in this country and the Do?
minion of Canada, and to others direct?
ly engaged or connected with the cop?
per and brass industries.
American Smelting Inquiry
Stockholders of the American Smelt?
ing and Refining Company who have
contributed toward an investigation of ;
the company by the shareholders' com- j
mittee, of which Henry Evans is chair- j
man, will have their money returned to j
them as the result of an agreement by j
which the smelting company will pay
the expenses of the inquiry. As the
company already has reimbursed ""he
committee for past expenditures the
Evans committee is returning to stock?
holders the amount of their contribu?
tions to date. The committee expressed
the feeling that good progress is being
made in the investigation.
Says European Conditions Are Improved
J. Leonard Replogle, chairman of
the Replogle Steel Company and pres?
ident of the Vanadium Corporation of
America, who has just returned from
a trip abroad, says conditions in Eu?
rope are still bad but are materially
improved from what, they were a year
ago. He was particularly impressed
with the progress beinii made by
Czecho-Slovakia, which, he says, now
has 75 per cent to 80 per cent of the
steel industry in what was formerly
Austria-Hungary. Their low labor j
costs, ?lue to a depreciated currency,
give the manufacturers a substantial
advantage in export trade. Germany, !
according to Mr. Replogle, is coming j
back strong and is not suffering from !
a lack of coal.
Mexicans Optimistic
Optimistic reports continue to come
through from Mexico City relative to
the plans of the Obregon government
to resume, payments upon the nationul
debt. Yesterday advices from the
?Mexican capital said that revenues de?
rive.1 from the export tax on petro?
leum during the month of July would
be deposited within a few days in tho
Banco Nacional de Mexico, to be ap- j
plied to debt payments. Bankers here I
smiled when they wero shown the re?
port yesterday. I
The Price of Money
and its effect on
The Price of Bonds
Comparatively few
people realize that the
trend of bond prices is
controlled in great meas?
ure by the prevailing
rate for money.
We have prepared a
circular discussing this
interesting subject and
offering suggestions
that should help invest?
ors to take advantage of
the present opportuni?
ties in the bond market.
Write for Circular No, 1051
Spencer Trask & Co.
25 Broad Street New York
ALBANY BOSTON < UK AGO
Members New Vork Stock I
Member? Chicago Stock Exchange
8.16%
A cumulative 8% Preferred
issue of $3,000,000, with an
unbroken dividend record
since 1899, followed as it is
by $16,500,000 of Common
stock paying 4%, offers an
exceptionally attractive in?
vestment. This company is
nationally known, millions
of dollars having been in?
vested in advertising its
trade marked name and
product. There are abun?
dant indications that it
faces a prospr/ous future.
TOBEY&KI?IK
JIfemfctw? * ?'/?!? York Stock Exchano*
(Chicago btock Exchange
25 Broad Street, New York
Direct Private Wir?
PITTSBURGH CLEVELANI
CHICAGO DETROIT
Serbell JBrntliers
>
Jtablir Utility &erurittra
111 Utoabtuau, ?iew Ijarb
We Specialize In
Tennessee Railway
Light & Power Co.
Preferred Stock
rbftlte? Kwtor ?!>80 !?. 9723M?, G922-3
Private Phones to Philadelphia * Eoiim
Amer. Cyanamid Com. &
General Packing Com.& Pfd.
Royal Canadian Oil Syn.
J.K.Rice,Jr.&Co<
|*hone? 4000 to 4010 JiMin. 36 Wall . r.
?MiTHiV ""' Ytars "' Commer !* Bu ??
^K1 CHATHAM & PHENIX
f NATIONAL BANK
. Capital & Surplus $12
y Hetionrees . S165,(
fc.A.sK 149 Broadway, Singer ?liij.
?-'??- And 12 Brnni h -?
Unfilled Orders of
Steel Corpora I ion
Continue Decline
The United State- S ? ration
yesterday reported that its
ders at the end of July ai to
4,830,32} ton?, a deer.,, e '44
ton*, compared with bo? - ? June
30. Although the decline in :
orders last month was not
as had been expected, it nevertheless
brought the total down to the : -vest
mark since May, 1919, when bo
were 4,800,685 tons. On July 31, 1920,
the unfilled orders aggregat? 11,
11K.468.
The July deer-ease indicated that
new business received d
month was at a very low < bh. Pro?
duction averaged around 26 nt
of capacity, or less thai
although shipments maj
that total. Allowing for ca
it is estimated that new I - :
hardly have averaged more tl ... 7,000
tons a day. Toward the end the
month, however, ordi rs pic to
some extent, with the res I Au?
gust operations have avei ??*
to 30 per cent of cap?
This improvement is con
in this week's issue of Tl . \S<m
which states that it has I
by a "replenishment denial I," but
that there are not ? ,:C'
the large orders thai T''?'
cent keen competition it! the Central
Western and Chicago districts The
trade publication ad?i. :
"The rate of steel works operation
ii substantially unchangc?
same alternation of activity ai : shut?
downs that has obtained at mai > ??''*?
for several months is expect? I to con?
tinue into the fall.
"Steel, like pig iron, fell ? 'T P?
c?.nt in July from the outp F
The ingot statistics published this
week show 803,876 tens produced by
thirty companies last moni :'
?ng H?O.OOO tons For tl e w
duetry, ?gainst 1,190,000 U
The July rate represents about ?1.500,-?
000 tons a year, as against a
30,000.000 toi.s a year in January, a?
an actual oulput of 40,881,000 toe? :3
The Iron Trade Review say: "Buy*
ing interest in iron and steel W*-j
more pronounced during the week ?bo
has added further encouragement to
the hope that July will prove to b.i%,e
marked a low point in output and boo**
ings. Inquiry has undargone a notwj"
abl? increase and Bales have be?*
heavier in most lines. The tonnai?
closed, however, has been in muco !???
volume than requests for prices, ?"
(iicating that buyers, although n?o*'
appr?ciative of attractiveness of tr*
prevailing market, are feeling ta?1*
way and moving slowly."

New-York tribune. [volume], August 11, 1921, Image 14
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924

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New-York tribune. [volume], August 11, 1921, Image 14
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924