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wtT French 8's DUE ?945 External obligation o? the French Republic Sinking Fund provides retirement of at least ?$4,000,000 annually. Non-callable until De? cember, 1525. Redeem? able on and after that date only at 110. At market (rto? about W?y%) Yielding 7.85% Cireular upon r*<**u*st for AK-?3S Tne National City Company Main on??: Nttl-mil e*1ty Bank Bulldtof. Uptown Oftlc?: 42nd St_ & Mad. Avo. a, ssssssMssssmst Westinghouse Electric A discussion of the status of this company is contained in our latest financial letter; also a survey of cur? rent market condition? and brief analyses of several issues having Interesting speculative features. Copies to investors on request McPONKBLL& C? 120 BROADWAY NEW YORK Members New York Stock Exchange NEW ISSUE Standard Gas & Electric Company 20 Year Secured 7V2% Bond* Yield 8.10% Limited to the present i?*ua of $3,500,000 Income from pledged collat? eral alone exceeds Five Times interest requirements of these Bonds. Monthly Sinking Fund retires $300,000 of these Bonds nn nuallv until 1924; $160,000 annually thereafter. $100, $500 and $1,000 Bonds for cash or on part payments. For full particulars Ask for Circular NYT-18 H.MByl?esby&Co. Incorporated IM Broadway NewYbrk. Chicago - Providence - Boston Floyd-Jones, Vivian & Co. Investment Securities IS William Street, New York M?mb<** New York Stock Exchange Telephone Brosd 3352 EDWARD GK.SMITH* CO. Member? New York Stock Exchange Bonds for Investment NEW YORK PHILADELPHIA ? - tr. Horn & Hardart(N.Y.) Com. Johns-Manvifle, Inc., Com. Victor Ta!krag Mach. Stk. J.KJ8?ce,Jjr.&Co. fh?a?a4uoa to 4?18 John, it Waji at, JJ, x. y^aII'Tjj?iJuSj? SSXlbwttyJSLttoelt I-WTxrek SobcIs for Isiyastiisent Harris, Forbes & Co Pin? Street, Cerro?' WlllUm NEW YORK ?1 We Finance Elitotrto po-irer and MtfM en t ?rprtsee with record? at eatablisl'.ed eaxnluge Electric Bond & Share Co. (ysSa-Vv Capital efc Surplua $2?,600,000) ?I Broadway, Now York L?-?-1-_J Guaranty Trust Co, National City Bank MeCl.UPE,JONES&REeD ?*?/i r???M?r* hm* York Stock Keehang? 1 : .*. !*?.,? , v I'hone 8321 Kuutorr The Trend in Finance Speculative Sentiment More Optimistic as Rise in Security Quotations Continues ; The Example of Cotton AS THE ticker tape continued last week to relato the story of rising quotations for securities, the financial district went further in the process of becoming cheerful. Rumors that are ingeniously set afloat when speculative pools set out upon the task of attaining higher prices for a given security were in the air, and gossips began to talk about the resumption of cosmic plans for expansion which had been dropped as early as the fall of 1919, when the task of squeezing tho water out of Stocks and commodities started. -? The temper of men at the market? place was plainly different from what it had been less than three weeks ago, before the decline in stock prices was checked. In place of blueness, there was a disposition to perceive the fa vorablo aspects of the situation. Yet, withal, despite an increased pub? lic participation, the Initiative for stock movements seemed to remain largely in the hands of professional specula? tors. Floor traders and other regulars changed their position. The altered view was signalized by the public statement by Jesse Livermore, who is credited in Wall Street legend with ?leadership at the market, that defla? tion had run its course. The turn in cotton, which started at least a week earlier, was a powerful influence in the stock market. Cotton continued to make net gains for the week, although severe reactions took place on Wednesday and Thursday. Recent history in the cotton market reveals in a classic manner the natural correctives operativo in the world of economics. In the last year cotton quotations sank so low that farmers in the South were bereft of incentivos to plant a bumper crop, particularly since the holdover from last year was large. Nature co-operated in the ef? forts to curtail production. As a re? sult, the government reports an un precedentedly short crop. Hence, specu? lators, foreseeing a shortage, bid up prices about 100 per cent. If any con? siderable share of the increase is held, Southern farmers will be encouragod to increase production next season and prices will react rrom abnormally high levels. The optimist will remark that "all's well that ends well,"* but the critic will complain that the process of adjustment is irrationally severe. Professor Irving Fisher was quoted in 1919 as remarking that those who spoke of pre-war prices were talking a dead language. What happened to the quotations of some commodities dur? ing tho last year of downward reaction was somewhat in the nature of a resur? rection. i, * T5i a decline of the German mark to th? lowest level at whieh It was ever quoted during the last week can scarcely be a surprise to vigilant on? lookers. Before reparations payments were made German currency, created by the flat of the printing press, was wholly out of relation to the gold cover. Initial indemnity payments to the Al? lies involved borrowing, and the strain is beginning acutely to be reflected in, the exchange value of the mark. Ger? mans anticipated this development by attempting in recent weeks to convert marks into securities and tangible property. The flight from the mark became so intensified that the Boerse ! authorities closed tha exchanga for several days. The mark will buy more goods and services in Germany than its exchange value indicates. For example, return? ing tourists cite the relative cheapness of taxi service in the new republic. The cabs use the same meters that were employed in pre-war days, when the mark was wo"rth 23.8 cents. Now, with marks depreciated, the drivers multiply the amount indicated in the meter by nine to twelve times, instead of twenty. The United States government has taken official cognizance of the falling cost of credit. In tho Treasury's latest financing the offering of $600,000,000 of three-year 5% per cent notes, one year 5^4 por cent certificates and six months 6 per cent certificates, the in? terest rates are M of 1 per cent less than ?hoiC of the last previous Treas? ury undertaking. The lowering of the rates was not unexpected. The bank? ing community had been looking for such a development, for it has been in? creasingly evident that the extraordi? nary improvement in general credit conditions must in time force a com? pleta realignment of the investment market. The belief that interest rates must in the course of tho next few years fall much lower is a corollary of the general feeling that the long pull trend of all investment securities is upward. : The bond market reveals excellent powers of absorption. After having a rest from new issues during most of August the market is now being called upon to take a substantial amount of new offerings. Such flotations as have been floated during the last week have gon6 well. Investors appeaT to be eager to buy high coupon rate bonds, where the margin of security is ample and most of these securities of recent issu? have gone to a substantial pre? mium. As to maturities, the market is still favoring long-term bonds for permanent investment. The flow of funds to the interior-Ib increasing. The statement of the New York Reserve Bank last week dis? closed this Interesting drift of bank? ing funds away from New York to meet tho needs of the districts where crops aro now moving to market. Call money was in liberal supply the first part cf last week and loans we're made in tho outside market at 4 per cent. As the week closed, however, the loss of funds to the Interior reflected in a hardening in the rate to 6% per cent. This week the money market will be affected by the increasing demands for funds in? cidental to the payment of the third installment on account of Federal taxes, due September 15. Summary of Stock Exchange Dealings (Copyright, It21. Now Tork Tribune Ina) Last weak. Railroad stocks ..... 613,600 Other stocks .2,692,300 AU stocka .8,109,900 Wook before. 481,600 1,901,200 2,332,700 BONDS Last week. Week before. IT. S. fOTernmrat bond?.$33,177,000 $32,182,000 Other bonds . 9,814,000 6,684,000 Railroad bonds .12,443,000 9,999,000 AU bonds.55,434,000 48,765,000 STOCKS Year January 1 to date, ago. 1921. 1920. 1919. 386,90? 24,299,900 38,142,300 74,301,800 1,876,600 93,991,200 115,902,300 150.504,900 2,263,600 118,291,100 154,044,600 224,806,700 January 1 to date. Year ?re?. 1921. 1920. $19,425,000 $1,297,037,000 $1,657,214,000 9,322,000 351,998,000 378,198,000 11,662,000 454,216,000 485,331,000 40,409,000 2,103,251,000 2,520,743,000 Record of Stock and Bond Averages (Copyright, If 21. Now York Tribuno Tno.) 20 Railroads . SO Industr?ala 80 Stocka .... Last week. High. Lew. 64.7S 63.65 68.14 65.93 67.60 65.02 10 Railroad?._ 76.0? 76.49 10 Industr?ala. 82.42 82.21 8 UtiUtles . 75.26 74.72 29 Bonds. 78.49 78.17 STOCKS Year age. High. Low. 68.18 66.89 87.10 ?6.87 70.52 78.86 BONDS 73.32 73.00 83.40 83.07 70.70 68.95 76.82 78.32 Rango Jan. 1 to date. High. Low. 64.60 67.40 79.13 60.80 74.12 61.0? Range full year 1920. High. tow. 73.80 68.60 110.00 67.67 92.96 64.30 76.23 84.53 78.70 78.41 71.01 80.45 70.13 75.25 76.97 91.45 74.66 81.71 66.79 81.30 67.44 73.94 Transactions Last |Week in Listed Stocks High 1921. 48 19% 52 39 Va V/a 1% B5/a 9374 391 i 65'/a 84 64 51 65% 63 32% 88 133 114 29 23 '/a 67 8% 135 13?8 67H 69 !/a 65 63? ? 11% 62 Vz 921/2 ?3'/4 107/* 10 14 44?4 83 72% 112'/-. 31% 81 90 107?/* 88 108% 129% 94 127% 96/4 82/4 98 39/a 10 33 43/2 ?25 3/2 107/a 35/a 63?i 87/4 7/a 99/4 9 76 44/a 23% 13/4 47a 84% 42% 64 35 62 /a 65 93/4 107/a 6 147a 6/4 ?3 6 15% 28 19% 7/a 53 647? 49% 79 119/4 853? 10/4 43/* 96 32 /a 86 65/2 6/a ?/a 20% 31 46% 71 110 70% 34% 67/a 78 12% 27/4 36% 32% 63 39/4 12% 62/4 42/4 61 80 12 91% 21% 66 88 5 76/a 105 44% 107/a 26 67% 33/2 44 103% 249 98^4 21% 4/a 25% 69/4 98/a 15/4 22% Date. Sept 6 Jan 7 Jan 10 Jan 10 Feb 8 Feb 9 Jan 14 Jan 26 May 2 Jan 6 J?n 7 *#rt? 28 Feb 15 May 2 Apr 6 Jnn 29 .Inn 20 Sept 10 Fcb 23 Jan 27 Jan 20 Apr 26 Jan 11 May 9 May 18 May 18 May 2 Apr 29 Mny 6 Apr 22 Jnn 31 Jan 29 Sept 10 Feb 26 Jan 7 Jan 20 May 2 Jan 20 June 6 May 24 Jan 4 Mar 7 Jan 19 Jan 27 Mar 1 Mar 29 May 24 Jan 31 May 23 Juno 9 May 4 Juno 1 Jan 20 May 16 Jan 14 May 11 Aug 19 Jan 13 Mar 23 May 6 May 21 Aug 1 Jan 4 July 28 Jan 3 Jan 3 Jan 7 Apr 30 Jan 4 Jan 29 Jan 11 May 9 Jan 11 Jan 3 May 6 May 6 Jan 11 Jan 16 Mar 23 Jan 25 Jan 11 May 20 Jan 7 May 2 Ang 2 Apr 19 Jan 8 May 3 Feb 17 May 13 May 13 Jan 11 Feb 18 Apr 27 Jan 19 Jan 12 Jan 20 Apr 30 May 18 Jan 31 May 9 May 9 Jan 12 Jan 12 Jan 11 Jan 11 Jan 11 May 18 May 10 May 10 Feb 11 May 11 Aug 3 May 6 Jan 29 May 6 Jan 8 Feb 10 May 9 Jan 13 Feb 18 Jan 6 May 17 Jan 6 Jan 3 Jan 6 Jan 7 Mar 26 Jan 17 May 2 Jan 11 Feb 14 Feb 18 Fcb 28 May 26 May 11 May 16 Sept 7 Apr 21 Jan S May 6 May 2 Bept 9 May 9 May 9 Low 1921. 26% 11 35 17 '/? 1 34 83 28/4 26/a 61 46/a 25% 29/B 42 23 /a 7634 116/4 108 10 15% 35/a 4/4 113 a 40/a 42 67 21% 7% 17 39% 73/a 98% 3/a 4/a '29% 63% 63 95 18 78 68% 85% 37% 95% 111/* 86 110 90/. 57 93 20/a 6% 22% 313/4 20 1 93 24 45 76% 2 77 4/a 18 IS3,* 10 8/s 2/a 62% 30% 47 14% 39/a 41/a 87 93% 3 9/a 2/a 81/4 3?4 10% 14/2 7% 3% 41/a 63% 25 68/2 101 70% 4 22/a 67'/a 23 39% 46 Va 6% 14 22 32 60/a 95 47 22% 66/a 683/4 9 19/a 19 22 52 27% 2% 9/4 28% 21/4 65 3% 77/a 1234 34% 82/2 Vz 69 96 22/a 49 6 17/4 12 23 90 93 88/4 10/? 2/a 18 52 87 11% 16/a 7 6 13 3 7 Dir. Pete. In $. Jan 3 ? Sept 2 ? Aug 15 8 Sept 2 ? June 8 -? Jan 3 -? Aug 15 4 Juno 23 7 Aug 24 4 Aug 29 ? Aug 29 ~ Jan 6 4 June 23 ? Aug 10 ? Jan 3 4 Juno 21 ? June 25 7 June 17 12 May 23 7 Sept 9 ? June 23 ? July 6 ? Aug 11 ? Aug 25 8 Apr 14 ? Feb 2 ? Jan 25 6 Jan 4 6 Aug 26 ? Aug 23 1 Aug 26 ? Aug 22 ?? June 20 6 Jane 20 7 Aug 30 ? Ang 19 ? Aug 25 ? Aug 26 Jan 11 Jan 3 Aug 24 Aug 29 Aug 30 ? June 16 7 Aug 27 8 Jan 3 9 June 21 12 Aug 27 6 Jan 3 12 Jan 14 7 Feb 21 7 Feh 21 7 Aug 12 ? Sept 1 ? Aug 22 ? Aug 23 ? Apr 15 ? July 28 ? June 20 6 Jan 26 4 Jan 6 7 June 20 6 Sept 1 ? Apr 27 7 Aug 23 ? June 17 ? June 17 ? Aug 24 June 13 Sept 10 ? June 24 7 Mar 11 ?? Mar 14 4 June 29 ? June 24 6 June 22 5 Juno 13 7 June 22 8 Aug 20 ? June 13 ? Aug 24 ? Jan 8 10 Aug 24 ? June 20 ? Jan 4 ? Aug 22 ? Aug 25 ? Jan 4 2 July 28 6 Jan 6 ? Jan 4 6 June 20 10 July 28 7 June 14 ? Aug 24 ? Aug 26 ? Mar 10 ? Aug 29 6 June 20 ? Apr 28 ? June 23 ? June 18 ? June 20 ? June 21 ? Apr 15 5 July 1 7 Aug 25 4 May 11 ? June 21 6 Mar 11 7 Apr 15 ? Mar 30 ? Feb 24 ? July 29 ? June 20 6 Jan 8 ? Aug 24 ? Aug 24 ? June 21 4 June 24 ? Apr 19 7 Aug 20 -- Jan 7 7 Aug 28 ? Aug 16 7 Aug 25 8 Aug 26 ? June 21 5 Juno 15 7 Aug 23 Aug 28 July 11 ? Aug 23 ? Aug 17 ? Mar 23 4 Apr 14 9 Aug 23 10 Sept 7 8 Jan 2 1 Jane?4 ? Juno 24 ? Jan 7 6 Jan 5 7 Mar 12 ? June21 ? Sale?. Adams Express .... 2200 Advance Itumcly . . . 4700 do pf .. 300 AJ?x Robber . 4300 Alaska Gold Mines.. 1200 Alasita JuneAU . 8100 Allied Chem A. Dye. 6400 do pf . 300 Allls Chalmers _ 6200 Amer Agr Chem... 4100 do pf . 1100 Amer Bonk Note. .. 100 Amer licet Sugar... 1000 Amer Bosch Mag... 1700 Amer Br 8h & Fdy. 100 Amer Can . 6000 do pf . 400 Amer Cor ft Fdy.. 9500 do pf . 200 Amer Chicle . 100 Amer Cotton Oil... 1000 do pf ....,. 800 Amer Drug Syn. 400 Amer Express . 100 Am Hide & Leather 800 do pf . 700 Amer Ico . 200 do pf . 100 Amer Inter Corp... 22200 nirrn. 48 13'/4 40 20/a M Net Low. Close, chge 46 46 -| 11% 13 -)- 1 363^ 40 + 4 20/2 |- 2 19 Amer La-Fra Fire E 100 Amer Linseed . 500 do pf . 400 Amer Locomotive... 253G0 do pf . 200 Amer Safety Razor.. 3200 Amer Ship & Com.. 4000 Amer Smelting _ 14900 do pf . 1600 do Sec pf A. 100 Amer 8nuff . 200 Amer Steel Fdy_ 9400 do pf . 100 Amer Sugar .27400 do pf . 500 Amer Sumatra Tob. 24300 Amer Tel ft Telcg.. 13400 Amer Tobacco . 14850 do pf . 300 do B . 6000 Amer Wholesale pf. 100 Amer Woolen . 51300 do pf . 600 Amcr Writ Paper pf 200 Amer Zinc ft Lead.. 600 do pf . 200 Anaconda . 12900 Ann Arbor pf. 700 Assets Realization .. 100 Associated Oil . 200 Asso Dry Goods. 100 do 2d pf. 100 At Top & Santa Fo. 4300 Atl Blrtn & Atl_ 10C0 AU Coast Line. 300 Atlantic Fruit . 800 Atl Gulf & W I S S 42600 ? do pf . 3000 2/a Atlantic Petrol . 1200 ? Austin Nichols . 400 ? Auto Sales Corp_ 200 7 Baldwin Loco .143200 ? Balto & Ohio. 11900 do pf . 1000 Barnsdall?B . 300 Bethlehem Steel .... 1200 do Class B.27400 do 7% pf. 200 do 8% pf. 200 Booth Fisheries _ 700 Bklyn Rap Transit. 3400 Brunswick . 100 Burns Bros . 500 Butte Cop * Zinc. 1900 Butte & Sup Cop... 6000 Butterick . 1100 Caddo Oil . 6700 Callahan Zinc & L 1800 Calumet & Arizona. 100 Calif Packing . 400 Calif Petrol . 87C0 400 13700 100 100 11100 390O 2800 74900 3600 300 500 do pf . Canadian Pacific .. Case J I pf. Case Plow . Central Leather... do pf. Cerro de Pasco. ... Chandler Motors... Chesapeake & Ohio. Chic & East 111 pf. Chic Gt Western... do pf. 1000 Chic Mil & St Paul. do pf. Chic & Northw'n... do pf. Chic Pneum Tool... Chic, R I & Pac...". do 6% pf. do 7% pf. 5700 8500 1900 200 1300 17800 800 300 Chile Copper . 13900 Chino Con Copper. Coca-Cola . Col Fuel & Iron_ Col Gas & Electric. Col & Sonthern. Col Graphophone... 5300 9800 200 6100 700 15400 do pf... 1400 Com-Tab-Recording. 400 Consol Cigars . 300 do pf. 100 Consol Distributor?.. 3900 Consolidated Gas_ 2200 Consol Textile. 8100 7 Continental Can_ 6100 8 do pf. 100 Continental Candy.. 4500 6 Corn Product? . 40300 7 do pf. 500 2/2 Cosden & Co. 12800 4 Crucible Steel . 48800 Cuba Ca?o Sugar... 19000 - do pf. 13300 - Cuban-Amer Sugar.. 4700 4 Davidson Chemical.. 400 Del ft Hudson. 400 Del, Lack & West.. 2000 Diamond Match. ... 100 Dome Mine?. 1300 Dul, So Sh ft Atl... 200 Elk Horn Coal. 100 Endicott Johnson ... 15100 do pf . 200 Erie . 2000 do 1st pf. 1100 ?8 V/a 397? 86% 333/4 37 57/2 r>o/2 30% 34 453;v 28/8 803/4 133 109 10 20/4 45/2 4% 118-/2 IO/2 61 55/4 61/3 32</2 8% 20% 43 93% 104 4/? .7 38 70/, 69 102 25 81/? 633/4 88/2 481/4 107/a 127 88 Vz 126 943/4 78 9734 25 8/4 25 38% 24 Vz 1!/4 97 Vb 30/2 54 85% 2/a 86% 5 27/4 22% 12 9/2 234 89% 39/8 51 Vz 17/2 61 55% 91 99 33/4 11 3/et 87 4% 15 25% IO/2 4/4 47 ?/s 623/, 4O/4 75 113% 73 5% 29% 64 27% 49 56/2 S3/-* 7% 17 26% 40/a 6534 104 62/4 34 66 76% U/4 24i/a 35% 25 57 36'/2 5% 22!. 4 33% 30 68 5 89 17% 44 Vz 85 % 75% 1013/4 27/a 64 Vz 9 213,4 14% 39/a 100% 102!/a 98/4 17/4 3/a I8/3 64% 93'-t, 13% 19/a l/.. 1% 1%? 37% 39/2+ 2 80 86/4 32% 33 Vz -\- 1 31 36 J- 3 61/4 67/2?]- 6 60/a 60/2-f 29/a 30 + 1 32% 33% 453/4 453.44 263,4 28 + 1 801/2 803-4? 126% 132/4-1- 6 108% 108%? 2, 10 10 ? 19 20 4-1 42 45% 4- 43/4 4i/a 4/3?? II31/2 118/2 + 1 97/a io>/2 51 4-2 55% + 61/2+ 32/s-r- 3% 8%-! 20/2+ 43 - 93 4- 6 104 4- 1 4'Vi? es/, 4 38 + 4% 70% 4- 5% 69 ? 5/2 100 ? 102 4- 2/a 23% 2434+ 1 80% 81/84- 1 60% 62 4- 1 88 Vz + 45% + 1061/3 107/a + 1 123% 126 4- 2 49 65/4 61/a 30 8% 19 42 87 104 3% 6 34/4 66 69 451.4 122'/2 943/4 72/4 9634 25 7/a 25 37/a 243/a 1% 977a 3O/4 64 84% 2 86 4/a 24/-, 20% 10 Vz 9/s 2/a 79/8 37/4 51 17/2 50 51 90% 98/a 3% 9% 3% 843/4 4/a 12% 241 4 9/a 334 47/8 62% 35 74/a 111/2 73 5/4 27'% 62 26/a 44 5-1% 6% 7/a 16/a 25 Vz 38/2 65 104 50 32% 65 76/2 9% 22/a 34/a 24/a 5C 36 3% 12% 33 29 68 3% 87 15 38 85 Va 69/4 101 24% 67/4 7% 19 12% 38 100 98 98% 1C% 3/? 17 61 93/a 13% 18% 125 + 2 94344 773/44- 67 97% + 1 25 4- 2 8/4+ 1 25 4- 2 38%4- 3 24%? 1/4 87% + I3/ 30/2 + 3 54 ? 1 85% + 2 ~ 86 + 1 5 + 27 + 27 22%+ 2 12 -I- 1 9/s + 2/a? 89% +10/2 38%+ 1 51/2+ < 17/2+ 1 50 + 634 65 + 5 90/a 99+2 334+ 11 + 1 3/8 + 87 4- 2 4/2 + 13/4+ 1" 24/a? 2 9%+ ' 4/8+ . 47%+ 1? 62/2+ 39/a+ 4; 75+2 11334+ 1: 73 + 2 5%+ 1 29/sf 1 64 + 11 27%+ I3 49 + 4 66'/a+ 2' 5%+ ? 7% 16%+ '/ 26%+ 15, 40/2+ 2 6534+ 1 104 + 3 52%4- 4', 33%+ 3 S6 + V, 76%+ 7a 11%+ 1/ 233/44- 13 35%+ 3/4 24/2+ 1 5678+ 1% 36/2+ ?-" 5%+ 17 21%+ 9? 33%+ 1 30 4- 3 63 ? I/ 4% + 89 + 2\ 17%+ 25 40 ? 31 3/a 75%+ 6% 101 ?4? 6/: 27 + 2/a 64 + 1\ 8 + 1 21 + 23? 13/2+ 1, 39 ? 1 1007-?+ 7/ 101 + 6 ?8/4 ?934 17 - 3/a+ 3/; 18 + 1 63%+ 3% 98/a+ ? 13/2+ 3 13%+ ? Price Trend of the New ?York Stock Market -__- III I l.l l..? The ?graph shows the -weekly fluctuations in the average prior? of twenty railroad stocks ?e one line ?and thirty industrial stocks in the other ?since September 1, 1919 Ml ir h 1921. 15% 82% 90 29% 90 100 19% 20% 5% 78% 117% 62% 138% 16'A 72 70% 82 44!/, 83 25 16% 79'/B 32'/a 25'/a 16% 11/a 26 48% 60% 77'-'a 25% 61 80 16% 20% 98 7% 15% 37% 5% 16 13% 57 25 IOOI/2 110 42 84'/a 73% 75 17'A 633/4 17 26 40 4% 11% 33% 251/2 287a 62 54% 80 94 62 22% 17% 68% 67/2 Date. .Tan 12 Apr 29 Apr 27 Jan 28 Jan 14 Jan 27 MAy 6 Jon 17 Jan 13 May 6 May 6 Jem 21 May 11 Jnn 11 Apr 19 Jan 13 Jnn 24 Jan 11 Jnn 7 Jnn 20 Mar 23 Jan 25 Mar 4 May 3 Jan 8 May 10 Feb 1 Mny 6 Fcb 4 May 4 Apr 25 May 13 May 6 May 6 Jan 7 Auk 2 Jan 7 Jan 12 May 18 Jan 25 Jan 25 Jnn 11 Jnn 7 Apr 15 Feb 16 Jan 29 May 0 Apr 25 May 17 Jan 20 Jan 11 Jan 11 May 2 Jan 24 Jan 18 Jan 4 Mar 17 Sept 8 Ft?b 19 May 6 Mar 30 May 5 June 8 Jan 25 May 9 May 11 May 2 Jan 11 May 17 29% . Apr 30 561-2 162 105-/a 155 21/2 12% 164/2 107 42 118 68 17/3 89(3, 68 /a 21% 45/2 21 15% 93'4 167/4 24 15% 33/a 14% 73/4 93 3 5% 23/4 43% 66/4 25 28% 30 120 30% 65 81 108 6% 13% 77/a 89 74/2 61/2 65 68/2 39 23/a 20/4 13/4 104% 38 33/a Jan 6 Sept 6 Fcb 7 Sept 2 Mar 3 Jan 10 Feb 23 Feb 3 Jan 31 July 6 Jan 21 Feb 4 Fcb 14 Jan 25 May 19 May 10 Jan 20 Apr 29 Apr 18 Jan 13 Apr 26 Apr 25 Jan 4 May 9 May 9 Jan 4 Jan 31 Jan 10 May 18 May 9 Jan 11 May 2 Jan 11 Jan 4 Jan 28 Jan 18 79/4 May 16 6% Feb 11 Feb 15 May 7 May 4 Feb 7 May 11 Feb 17 Feb 19 Jan 14 Sept 9 June 6 Sept 6 May 19 Jan 12 May 6 May 10 Fcb 19 Sept 9 Sept 9 Feb 2 Mar 29 Jan 7 Jan 7 Apr 29 May 4 Jan 7 Jan 11 Jan 8 Sept 8 Jan 4 July 22 Fcb 17 Jan 14 Sept 8 Apr 25 Jan 12 Jan 17 May 17 May 18 Jan 11 I.nw 1921. 11/a 44% 74% 21 75 95 8% ? % % 30/a 77 63 Va IO9/2 9% 62 60 69 26% 62/2 15 9/2 60 25% 18% 7/2 6/2 20 25 60/a 69 13 49/2 40 V? 10/a 7 85/a 2 7/4 29% 1/a 6/a 6 34 21 67% 99(4 27 66% 38% 67 7/8 36 II/4 6/2 22?/? 2% 4 8/2 14/a 18/a 45/2 32/2 70 70/4 35 16 8/4 32 40 17/2 47/? 1 52 /a 87 6O34 Net Salee?. Hijrli. ?Lern. Clod?, ehge. do 2d pf. 300 1334 13% 13%+ Famourt Player? _23800 ?0 66% do rf . HO? 81/a 78/2 Fed Min & Smelt pf 200 .22% 22 Fi?her Body . 2000 90 do pf . 800 100 Fisk Rubber Tire... 6600 10(4 Frccport Teins . 1000 12/4 Gaston William* ... 1400 Gen Aphalt . 84600 do pf . 300 (Jen ?'?,rar. 2200 Gen Electric . 10600 126% 121 % 126%+ 2/2 Gen Motor? . 90000 10/a- 9% 9%r do i>r . 600 64/a 63/a do 6% deb. 900 64/8 63/a do 7% deb. 900 72/a 72% Goodrlch B F. 2600 33/2 31/4 do pf . 300 76 75 Granby Mining - 1500 18 17 Gray & Davis. 200 12/, 12 Gt Northern pf.... 14600 76 72 Gt North Ore subs. 1900 2834 28 Greene Cananea Cop 600 22 Guantnnamo Sugar.. 700 8 Gulf Mob & Nor... 100 7/s do pf . 500 21 Gulf Slate? Steel... 6600 40 TIaskell & Bar Car.. 4900 59 Hartman Corp - 100 70 Hendee Mfg . 600 1' Homestako Mining. . 100 Houston Oil . 6400 Hupp Motor? . 2400 Hydraulic Steel - 200 Illinois Central . 600 95% 60Indiahoma Rfg . 3400 2% Indian Rfg . 100 7/2 Inspiration Copper. . 9500 35 Intcrb Con Corp.... 10700 3 do pf . 1300 9/4 Inter Agriculture... 800 7% do pf . 700 39% Dir. Dat? In %. Apr 14 ? July 21 8 July 22 8 Aug 30 4 June 28 10 June 29 7 Auff 3 ? Aug 24 -- Aug* 29 ? Aue 25 ? Aus 25 5 July 15 6 Aug 25 8 Aug 24 1 Juno 10 6 Auk 22 0 Aug 20 7 June 24 ? June 23 7 Aug 16 ? Jan 6 ? June 14 7 June 24 4 Mar 11 ? Sept 9 1 Auk 11 ? June 24 ? June 25 ? June 20 4 Mar 23 7 June 21 ? Mar 4 ? Ausr 25 ? Jane 21 1 Aug 23 ? Mar 12 7 June 29 Juno 13 ? Mar 12 ? Aug 30 ? Auir 30 ? Auk 29 ? Sept 1 ? June 29 2/2 Inter Cement . 500 24/2 7 /a 7/a 21 3434 66/a 70 15 553,4 6534 52% 48 e4 -f /4 64/8+ % 72/2? % 33%+ 2 76+3 18 + 1/a + 1 + 3/4 ? 1 + 2 ? Vz 12 76 28 22 7/i 7% 21 40 69 70 17 + 1 + 63? + 1/a 11% 8 10/a 8 95 23/8 7/-? 32% 2/2 8/a 7 37 Aug 22 5 June 20 7 Aug 25 ? Aeier 6 7 A iiff 24 ? Arts 25 6 Auk 24 ? Auk 25 6 Sept 2 ? Aug 5 ? Sept 9 ? Auk 26 ? Jan 6 ?? 4 ? 3 ? 3 ? 6 4 Jan Jan Fcb Jan Ausr 24 4 May 31 6 June 7 8 Mar 11 ? Mar 11 ? Jan 3 ? June 23 ? Jnn 3 ? Jan 14 2 June 21 3 138/4 Jan 22 12 97% Jan 3 7 Apr 27 12 June 7 ? Auk 25 1 Feb 3 12 Jan 5 7 Auc 26 ? Aus 14 7 Jan 3 7 Jan 4 ? Auk 25 ? Auk 31 7 Auk 16 ? Auk 29 ? Sept 2 2 June 25 ? Jan 4 8 Auk *25 12 Jan 8 2 137 10 136 100 30 97 55/2 10 24 35/4 12/a 27 14 Inter Harvester _ 11600 81 do rf . 100 101 Int<*r Motor? . 1000 32 do 2d pf. 100 68 Inter Paper . 11200 49 do pf stpd. 500 68 Inter Merc Marine.. 800 10/2 do pf . 3900 46 Inter Nickel ...?- 8100 14/a Invincible Oil . 4000 9% Iron Product? Corp. 200 22/8 Island Oil . 14600 2% Jewel Tea . 3800 11 . do pf . 1600 33?4 Jones Bros Tea. 1300 21% Kan City Southern.. 23900 27% do Pf. 1200 61/2 Kelly-Springfield- 35800 4434 do pf. 200 70 do 8% pf. 4CO 80 KcLsey Wheel . 1000 61 Kennccott Copper... 7600 20/2 Keystone Tire . 6100 14 Lackawanna Steel.. 5500 41% Laclrde Gas . 200 61% Leo Rubber & Tire.. 1900 26/2 'a Lehigh Valley . 27C0 62% Liggett & Myers.... 600 162 do pf. 600 102 IOI/2 102 +2 do B . 300 155 155 155 +4 Loews Co, Inc. 1W00 14% 12/2 14%+ 1% Loft Candy . 5000 10% 8% IO/4+ 1/2 900 149% 14934 1493^+ 23/4 300 102 100 100/a? Vz 300 313/i 29% 313,4? '/4 700 110 109 110 + 2 + 3 5534? 1/4 62% + 4/2 10%? % 8 + 1 95 - 2%? V* 7/2? % 34%+ 2% 2%+ /8 9 + 1 7%+ 1% 39%+ 3% 23/2 24/2+ 3/2 77 80+3 101 - 32 + 1/2 58?2 48%+ 5% 68 + 1 IO/2+ 1 45%+ 2% 14/4+ V/z 9% + 1/, 22%? 2% 2%+ /a 10%? % 32/4+ % 21%+ 3% 27/4+ 2 61 Vz+ Vz 44/2+ 5 70 - 76 - 68+3 20/4+ 2/8 13/2+ 1% 41%+ 2% 5134+ 23/4 26/2+ 1% 52 + 1% 162 + 5 101 30 68 44 67/2 93/4 44 12% 8/8 22/8 2/a 9% 32 Vz 17/2 25/4 50/4 40/, 70 76 67/a 18/8 12/a 39 613/4 25 50% 157 Lorill&rd, Pierre.. .. do pf. Loore-Wiles Biscuit. Louis & Nashville., 39 12% 4 30% 148 16 64% 1934 56/2 41/a 51 79% 7134 7/2 15/2 4134 17 5734 23% 35/2 31/2 42/4 65% 84/a 15% 10 22 9 63 83 3/4 2/a 16 33/a 43 14% 18 13% 105 20 63/4 1 26 67% 100 3 Vs 9 46 47/2 64/a 39 58 54 20% o?33 32/4 31% 61(4 20% Mackay Cos. 100 65/2 65/2 65/2+ Vz Mal'.inson & Co. 200 13 Man at i Sogar . 5900 28/4 Manhattan Elevated 1000 42 Marlnnd Oil . 850 16/2 Market St R pr pf. . 500 29 Martin Parry Corp.. 2000 14 Max Motor B. 300 9% May Dcpt Stores_ 200 79 Mexican Petroleum .684500 119% 109/2 1173,4 + 11% Miami Cons Copper.. 167X) 21/2 20/2 21/2+ 2 July 20 1.60 Middle Slates Oil... 18500 12/a *11/2 *11%+ % June 22 ? Midvalc Steel . 2500 25 24/4 25+1 Minn & St Louis_ 3300 10% M, St P & S St M. . 4200 71 Jan 8 May 2 Mar 28 Ja?.t 11 Jan 7 May 3 Jan 19 July 25 Jan 10 May 6 Jan 24 Jan 24 Jan 29 Jan 11 May 6 May 5 Auk 30 May 11 Jan 15 Fcb 5 Jan 15 May 11 Jan 12 Jan 13 Mar 2" 24/a Jnn 25 69% May 5 Jan 12 Auk 3 July 30 May 9 Jan 12 Fcb 16 Jan 14 Apr 30 May 9 May 10 Jan 3 Jan 17 May 18 May 9 May 6 Jan 11 Jan 3 Jan 13 Jan 13 Jan 31 Apr 5 Jnn 12 Aug 1 11% 73 64% 88/2 120 Vz 32 16/a 96 104 HI/2 51/? 3034 90% 26% 15 89/4 55 573/4 38% 39% 73% 96(4 13 2534 38/a 30(2 41 5/a 2334 6% 7% 12/a 98% 20% 7/4 49 28% 56 101 24% 60 10? 111 ?"V 7i% 167?O Jan 12 110 ' Jan 20 Feb 11 82 88 a? 4* 9?i* ?7 Sept 1 ?Jim 24 Apr 30 Apr 2S M*r 4 1% 16/a 87 9% 26/a 8/8 46/4 27/2 38/4 38/a 34% 7 9% 32/4 6% 33% 15% 26/2 16 9/4. 21/a 5/4 3O/2 52 82% 118% 24% 12% 48 80 89% 25 21/2 67 19 11 6034 36 (a 38% 17% 18 41% 79% 8 45(4 10/, 19% 27% 19% 28 9% 27a 5: 2 8% 59/4 ?2v% -?% 32 16% 32% 67% 17% 42 273/. 88 75 67% 124% 105% 67 88 21 25% 43% 83 May 11 ? Auk 24 7 Auk 22 7 Auk 24 ? Auk 25 ? Mar 11 ? Mar 11 ? Auk 21 3 Auk 25 ? Sept 8 ? June 23 ? Auk 25 7 Sept 8 ? Sept 9 7 Apr 13 ? Auff 25 6 July 23 6 Jan 20 7 July 28 ? Mar 31 ? June21 6 Aug 17 6 June 21 5 June 20 5 July 16 5 June 24 5 Jan 28 June 18 Mar 1 I Auk 23 ? June 21 7 Auk 31 3 Aug 31 3 June 14 7 June 10 ? Mar 8 50 May 31 ? Auk 25 2 Auk 3 8 July 1 ? Aug 25 2 Aue 26 ? Jan 19 5 do pf. 100 87 Mo, Kan & Texas... 1900 2% do pf. 500 3% Missouri Pacific_ 4800 20 do pf. 4000 39% Montana Power. 100 48% Mont-tomery Ward.. 18400 20% Mullins Body . 200 18% Nat Acme . 1900 14% Nat Biscuit pf. 100 112 Nat Cloak & Suit.. 700 20% 19% do pf . 700 59 63% Nat Cond & Cable.. 500 1% 1% Nat Enam & Stamp. 1300 34% 33% Nat Lead . 1100 75% 73% do pf . 20O 103% IO3/2 103/2+ Vz Nat li R Mex 2d pf 500 434 Nevada Con Copper. 2700 11%, New Or Tex & Mex 500 53 N Y Airbrake.. 600 54% N Y Central. 4400 72% 193^? 2% 63/4? 434 1%+ % HVz+ 1/4 75 + % N Y Chic & St L. do 1st pf. 2900 61 (? 100 69 do 2d pf. 600 68% 1 2% N Y Dock. 300 30% N Y N H & H. 6700 16% N Y Ont & Western 500 19% Norfolk Southern ... 1000 10 Norfolk & Western. 1100 96 Nor!h American . . . 9200 38% do pf . 3200 33% Northern Pacifie . . . 32800 78 Nova Scotia Steel. .. 600 25% Nunnally . 200 9% Okla Prod & Ref... 3300 1% Orpheum Circuit ... 2000 21% Otis Elevator . 150 88 Otis Steel . 600 10% Owens Bot Mach... 600 28% Pacific Devcl Corp.. 600 10% Pacific Gas & Elec. 3700 56% Mar 12 1% Pacific Oil . 48500 36% Jan 18? Pacific Tel & Tel.. 400 50 2334 24 Aug 25 6 Ang 17 6 Aug 23 ? June 23 ? June 23 2 June 20 ? Jan 3 ? Mar 11 ? Auk 26 3 June 17 ? Auk 26 ? Aug 26 ? Aug 22 ? Aug 22 8 July 16 5 Jan 8 6 July 13 7 June 21 ? Mar 18 Aug 25 ? July 5 7 Aug 24 8 June 4 ? Auir 25 2 July 28 8 Pan-Amer Petrol .,. 13900 52% 48% do B ..:. 11700 47% 43 Panhandle . 100 7% 7% Parrish & Bingham. 500 10% 10% Pennsylvania R R. . 13200 38% 38 Pcnn Seaboard Steel 10400 9 7% People's Cas & Coke 9600 57 55% P?re Marquette _ 2300 1934 19% Philadelphia Co _ 1500 283/4 27% Phillips Petrol _ 3800 24 22 Pierce Arrow . 19700 13% 11% do pf . 2500 29 25 Pierce Oil . 4000 7% 6% do pf . 4200 45% 43 Pittsburgh Coal _ do pf. Pitts Ft Wr & Chi pf 3200 53% 500 87 55 120 Pitts & W Va. 1700 26% 200 14 3300 60 200 83 1% Pond Creek Coal.. - Pressed Steel Car 7 do pf . 8 Pullman Co . 7900 96 Punta Alegre Sugar. 3000 30% Pure Oil . 4700 25% Rway Steel Spring.. 2200 8434 June I4 3.41 Rand Mines . 200 25 Mar 12 ? Ray Con Copper_ 4600 13% June 20 4 Reading.21100. 70% June 24 2 do 1st pf. 400 40% Aug 24 2 do 2d pf. 200 40 June 20 ? liera Typewriter_ 2900 25 June 21 ? Rcplcsrle Steel. 6100 26% June 23 ? R?p Iron & Steel... 6600 June 22 7 do pf. 700 Aug 13 ? Rep Motor Truck... 1000 Aug 24 5.20 Royal Dutch . 15800 Aug 26 1 St Joseph Lead. 1200 St L & San Fran... do pf. St L Southwestern., do pf.. .. Santa Cecilia Sugar. Savage Arma . Saxon Motors . Seaboard Air Line... do pf. 2000 Soars Roebuck.25700 Seneca Copper. 30500 Shattuck Ariz Cop.. 5C0 .74 Shell Tr & Trans. .. 200 Sinclair Consol.... Sloss-Shef Stl & Ir. Southern Pacific. Southern Railway.. 50% 84% 52 1174 Mar 11 ? June 24 ? June 23 ? June 24 ? June 24 ? Aug 26 ? Jan 3 ? Apr 19 ? Mar 22 ? Aut 23 ? Mar 11 ? Jan 3 ? Aug 17 Aug 25 ? June 29 ? June21 6 June 20 ? June 21 ? Aug 23 ? Sept 2 June 18 June 24 June 17 Jan 3 Aug 29 Sept 8 8 June 6 2 Aug 24 ? Jar. 3 7 Jon 5 7 6200 24% 500 36% 3300 80C 200 200 900 800 26(4 34% 2% 10% 3% 6 10% 70 19 7 37% 55.300 20% 1500 37 6% 37% 19% 35 .. 216S0 78% 76% 22200 21% ?o pf. 4000 48% 100 31 1200 96 200 7534 1200 72% 2300 137 So Porto Rico Sug. Standard Milling... do pf. Stand Oil of Cal. . . Standard Oil N J. 9% IO/2+ 11% 66% 70 + 4 17 19+2 7 + % 37%+ % 20%+ 1% 37+2 78 + 134 21%+ 1% 47%+ V/4 31 + 234 9334+ 2% 75% -r 134 703/4 71./2+ 34 134 137 -4- 3 20% 46% 31 90% 75% do pf . 3500 106% 106% 106% Steel & Tube Fdy pf 100 70 70 70 8tcrns Broj 8% pf. 100 88 83 Stew-Warner Speed. 1400 26% 24 Strombore Carb _ 22100 32% 28 Studebaker. 36600 79% 73>>; do pf . 40C 84 93 (Continuai' en page iourtwm) 88 + % 26%+ 3% 32%+ 4% 78%+ 5% 84 - KlDDER, PEABODY ( fr 18 Broad St. 1?5 DcvooshireS? 45 East 42nd St. 216 BerkeierS? MEW YORK BQSTO* Government Bonds Investment Securities Foreign Exchange Letters of Credit Inveitmenf Circular on Requett Correspondents o! BARING BROTHERS & CO.,|& LONDON Remitting Money Abroad Branches Affiliations ENGLAND BRAZIL FRANCE COLOMBIA fpSr.NA ECUADOR CHILE GUATEMALA PERU SAN SALVADOR URUGUAY VENEZUELA MEXICO NICARAGUA Correspondents in Belgium, Holland, Italy, Switzerland, Germany, etc, Telephone Whitehall 0700 Anoo-South amerjc^n "BANICLIM?TED New York Agency, 49 Broadway Sound Conservative Investments An attractive and well diversified se? lection of high grade bonds at Prices to yield from 5% to 8.25% List upon request 33 Pine St., New York Philadelphia Pittsburgh Baltimore Washington Wiinsinftoi LOW PRICKS SUGGEST SAFET? "We Rive no specific advice, our bus? iness being tho execution of buying and selling on commission for thOM who know what they wish to do ud for cash only; no mar,:n account!. Odd lots a specialty. WADSWORTH & WRIGHT Members N. Y. Stock Exchange?EtUltM '? Wall Street, Neu York Guaranty Trust Co. CLIWTON GILBERT 2 Wall Street, N. Y. Tel. 4848 Rtetot Equipmen? Bond? (Quoted on Income ; basis) Nam-. K ite. Bid. As?. Atl Coast Line. 64 6 7S ?? Bait ft Ohio.. . 4 ? . 7 6.76 lg Boston & A... 44 1 00 ??}' Buffalo R & P. 4?,-S )?-???: T.O0 ?.? do . C '33 7.06 $?" Canadian Nal . . 7 6.90 J-J? Canadian Nor. 44-S 6 i .'!?'.?) 7.75 < ? Canadian Par.. ? do . 4 4 7.00 ??{' CCCiStL., 5 M? *-S do . 6 : 7.0? ??{? Chps ft Ohio .. 64 1924- I? 6.?0 ??? C R 1 ft I'. 4 n, -5 1921 .7 7.00 ? ?' chic & N w... 4*.i :?*-> ?;: do . i 73 T C St L ft NO.. B Bel ft Hudson. 4 4 1922 7.00 J-J? Erie . 4 & -5 192 '27 8.25 J.? do . '28 s.'.'? ;?;: in Central .... ; ?, '27 7 "0 ?? do . 64 ? 7.9? ???; ?i' . - ?i . ? - ? . .i do. 7 7.06 ???? 26 ??e: >9 Mi Kan City So. .. 6 I I.ouis ft Nash. 5 do . 64 i ?. ?'U . u V2 i ?. ? ? ? - ? i. M -S P ft BS M.. ; . '???? ';! do 99 ??? " [! i'?? NYC Line? !??! ?-JS Mich Central, . 6 7.00 ???* ?X CO i?5* K H . . ???? 5? N Y Cent it it. i >? ?" J'" x y c & st i.. ? ; do . 5 n y n n ft n. ?> '*??* *?" ;: Norfolk ft Vf.. 47, !921-'24 7.?? *?* Nor Pacific_ 7 3? ''?.'.? !j* Pennsylvania* .41', 1922- 23 6 i? J?. Pitts & l. BJri Reading Co ... 44 - Seaboard . 4 4-5-6 ? ?? i4s Southern Pac?.. 4 4 [??' ?n do . 7 ?-? J-{, Southern Ry. .. 4'^-S Union l'a??:fie. . 7 J '21-'35 6.? ?jj Virginia Ry.... 6 i922-'30 .0? * - . ? Standard OU Companies Anglo- A. Q . . ? ' ; |?j AU Ring-..? 7 ,?? do pi ..10? 108 Solar Bfff.MO -*?* Borne-Si r.345 ? ,75 Buck P U 80 82 ?:??> 17*,''"?.. 54 do pf... 95 . :4 ?J2 ConU Oil. 108 112 '??*? u lr.d "* jg (Vea P I.. 24 2? S O h ?:?? ; 7" ,? Cum P 1...lia 120 s <- Ky ..?-J Jt Kure P B. 74 TT S O Neb .1? , G S Onpf 83 S? ??SO N J- *| !0f do pf old 80 91 ?*o l,f.v?2?% j?f do corn.. 33 , il 111 P Llne.150 1S3 S O "h?o-??J u? Ind P L.. 73 - do p?--**J; il IntPCoI.t JOS lOTfcSwaa**-" 5? Ntl Trn-s.. 244 25^ Cn'on Tk. ?? ? N Y Trns.144 14* j do V*---9l ?? NrthnPB. 03 87 VacuaO ?. *?? Ohio Oll. 237 230 |*Wsh?f Oll. H Penn M F 18 Ml 'P? ,?&