City and County of
San Francisco
Gold 4V2% Water Bonds
Due July I, 1946-61, inc.
Kxempt from all F?deral Income
Taxes. Legal investment for
Saving? Banks In New York,
Massachusetts, Connecticut and
other states.
At price? yielding about
S.40%
Circular upon request for AX-^1S.
The National City Company
Main ?Bee: National City Bank Building
Uptown OCBce: 42nd St? ce Madison Ave.
Denver & Rio Grande
Consolidated Mtge. 4s
Due Jan. 1, 1936
First (closed) Mtge. on 1647
miles.
Rate per mile, $24,590.
Interest requirements earned
about 3 times on the average
over past lire years.
Yield about 7.60%
>
Founded 1797
Seasoned Investments
30 Pine Street, New York
White,Weld & Co.
14 Wall Street
New York
111 Devonshire Street
Boston
Specialists in
Ohio
Investment Securities
Stocks
Corporation and Municipal
Bonds
MEMBERS OF
New York Stock Exchange
Boston Stock Exchange
Cleveland Stock Exchange
Chicago Stock Exchange
Detroit Stock Exchange
Sew York Cotton Exchange
Chicago Board of Trade
Otis 3c Co.
49 BROAD ST., N. Y.
Phone: Broad 2121
Clcrdand Boston Detroit Cincinnati
ColmaiVus Toledo Akron Yonngitown
Denyer Colorado Spring?
Robinson & Co.
investment Securities
26 Exchange Place New York
Members Nev York Stock Exchange
L
J A JRiccJr.&Co. WillSell
SO Bank of Manhattan Co.
35 Continental OU
50 IiavW Coal A Coke
500 Brooklyn City H. R.
10 Gotham Nat. Bank Stock
SO General Bakliiar Com. & Pfd.
100 Mart-I'iur Preferred
20 Jo?. Dlxon Crucible
100 Metal & Thermit Com.
3C Pierce, Butler & Pierce Pfd.
J.K.Kice,Jr.&Co.
Vhone? 4000 to 4010 John. S6 Wall St., N. T.
Guaranty Tru?t Co.
f?^cCLURE,JONES&RKED
J'laiey.' Mewbere Now York StoOk Hmchang*
pires?^roadway Phono 8321 Raetmt
s\%AMs\\T&s?em .?,.,,. ~
.Oro und*,1?".
Stock Prices
React After
Recent Gains!
Decline on Theory That
Setback Was Due Hits
Most All Securities; Call
Money Rate Is Lower
Reactionary tendencies predominated
at the Stock Exchange yesterday, where
tho course of speculative security prices
was generally downward. The efforts
of the professional trading element
were- exerted mainly in favor of lower
prices on the theory that despite the
more cheerful trade reports the market
was due for a natural setback in view
of the extent of the recent recovery.
Unsettled conditions obtained in the
commodity markets, as well as in
stocks, and both cotton and wheat lost
ground in the course of the day's trad?
ing. The December option in cotton
moved close to the 20-cent level, but
reacted at the close. Wheat fluctuated
erratically- and finally left off with
substantial not losses.
There were few exceptions to tne
downward trend in prices in the stock
market. The average? price of thirty
industrial stocks receded from 68.77 to
67.93, and twenty rails lost about half a
point in the average. News develop?
ments were without direct bearing upon
the market, which lent strength to tne
theory that the setba?k was based
mainly upon technical considerations.
Some significance was attached to the I
fact that as the market yielded the vol?
ume of business fell off. Dealings at
the exchange were only slightly in ex?
cess of the half million share mark.
More favorable news came from the
steel industry yesterday in the form of
an announcement that all of the indeT
pendent steel manufacturers have ad?
vanced the price of steel sheets $5 a
ton. Earlier in the week the United
States Steel Corporation marked up
the price of steel wire.
Call money rates dropped to the
lowest level since the end of August,
with liberal offerings on a 4*? per cent
basis. In the afternoon the rate hard?
ened to 5 per cent. There has been a"'
temporary accumulation of funds at
this center in connection with the
heavy September 15 operations of the
Treasury, which probably explains the.
easier money position. Collateral time !
loans for forty-five days were made
yesterday on a 5V? per cent basis. The
Federal Reserve system in its weekly
statement of condition disclosed an ad?
vance from 66.2 to 67.5 per cent in its
ratio of total reserves to deposit and
Federal Reserve note liabilities com?
bined. Member . bank borrowings in
the system at large were reduced ap?
proximately $80,000,000 during the last
week, measuring the further liquida?
tion in bank loans throughout the
country. In the New York district
alone the reduction in member bank
borrowings was in the neighborhood
of $50,000,000. The local bank's ratio
rose from 72.9 to 75.7 per cent.
In the foreign exchanges the prin?
cipal outstanding development was the
fresh fall in German marks, which !
were quoted at the low of 90-100 of a
cent, a new low record. Sterling and
francs were higher.
Money and Credit
Call money renewed yesterday at 5
per cent dropped later to 4^ per cent,
but a firmer tone was in evidence at
the close, when the rate advanced again
to 5 per cent. The government with?
drew $49,000,000 of deposits from the
member banks in this district for the
purpose of meeting Treasury certifi?
cates of indebtedness maturing yes?
terday.
Yester- Year
day. ago.
On industrial collateral... 5 7
On mixed collateral...;... 5 7
Time money (mixed collateral):
Sixty days. 5% 8?8Ms
Ninety days. 5M? 8@8M*
Four months. 6% 8@8Va*
Four to six months.... 5% 8@8%
Bank Clearings ? Bank clearings at
New York yesterday were; Exchanges,
$642,200,000; balances, $78,600,000.
Silver ?- London, 39 %d; New York,
domestic bar, 99^4c; foreign, 64%c;
I Mexican doJlars, 49%c.
The Dollar in Foreign Exchange
Foreign exchange rates on European
centers recovered after early weakness
yesterday, and cable rates on London j
at the close showed net advance of
"i Vi cents at S3.71. Francs recovered
15 points, advancing above 7 cents.
Gains were registered in Italian
and Dutch rates, but German marks
dropped to a new low record of 90-100
of a cent before recovering to Wednes
I day's closing level.
EUROPE
Yestor- Previous Tear
day. day. ago.
GREAT BRITAIN (par $4.86 a sovereign)
Demand . 3.70% 3.69*4 8.47%
Cables . 3.71 3.69% 3.43%
60-d bills (b-jy-g) 3.66V4 8.66% 8.42%
90-d bills (buy'g) 3.64% 3.64 3.40
PRANCE (par 19.3 cents a franc)
I Demand . 7.06 . 6.90 6.61%
Cables . 7.05% 6.90% 6.62%
' BELGIUM (par 19.3 cents a franc)
Demand . 6.95 6.81 6.94
Cables . 6.96% 6.8i% 6.95
SWITZERLAND (par 19.3 cents a franc)
Demand .17.15 17.16 16.15
Cables .17.20 17.20 16.20
i ITALY (par lb.S cents a lira)
I Demand . 4.26 4.19 4.26
CabUs . 4.26% 4.19% 4.26%
HOLLAND (par 40.2 cents n llor?n)
Demand .31.32 31.20 30.7.
Cables .31.37 31.25 30.87%
GERMANY (par 23.8 cents a mark)
Demand .92 .92 1.67
! Cables .92% .92% 1.69
; AUSTRIA (par 20.S cents a crown)
Demand .09 .10 .48
Cablea .09% .10% .49
NORWAY (par 26.8 cent? a crown) .
Demand .12.90 12.90 13.75
j Cables .12.96 12.95 13.85
SWEDEN (par 26.8 cent? a crown)
Demand .21.65 31.65 ?0.20
Cables .21.60 21.60 20.30
DENMARK (par 26.8 cents a crown)
Demand .17.65 17.66 13.75
Cables .17.60 17.70 13.85
SPAIN (par 19.3 cents a peseta)
Demand .13.04 13.05 14.55
Cables .13.07 13.08 14.57
PORTUGAL (par 108.05 cents an escudo)
Demand . 9.60 9.37% 16.45
Cables . 9.76 9.60 16.70
GREECE (par 19.3 cents a drachma)
Demand . 5.40 5.45 10.50
Cables . 5.45 6.48 10.55
POLAND (par 23.8 cents a mark)
Demand .02 2-5 .02% -
Cables . .02 2-6 .02% -
CZECHOSLOVAKIA (par 20.3 cents a
crown)
Demand . 1.20% 1.20% 1.46
Cables . 1.21 1.21 1.47
?JUGO-SLAVIA (par 20.3 cents a crown)
Demand .40 .43% .88
Cable?.42 .43% .90
RUMANIA (par 19.3 cents a leu)
Demand .90 .84 2.13
Cables.92 .85 2.15
FINLAND (par 19." cents a mark)
Demand . 1.26 1,14 2.90
Cables. 1.27 1.18 3.10
FAR "BAST
CHINA (Shanghai par unsettled)
Demand .V-50 75.00 107.00
Cables .74.00 76.00 107.60
CHINA (Hong Kong par unsettled)
Demand .02.50 63.00 76.75
Cables .52.75 53.50 75.85
, JAPAN (par 49.S cents a yen)
Demand .48.00 48.00 61.12%
Cables .48.25 48.25 61.37%
INDIA (par 48.65 cent? a rupee)
Demand .26.50 26.60 33.00
Cable? .26.75 26.75 33.25
STRAITS SETTLEMENTS (par 66.8 cents
a dollar)
Demand .44.50 44.50 42.25
Cables .45.00 45.00 42.60
THE AMERICAS
ARGENTINA (par 42.44 cents a paper
peso)
Demand .30.75 31.25 36.62%
Cable? .31.00 31.37% 36.75
BRAZIL (par 32.45 cents a papar milrels)
aJSa-aaUaU .laUO ... 60 It. ST**
Transactions Yesterday in Listed Stocks
Summary of Stock Exchange Dealings
(Copyright, 1021. New vorlt Tribuno lno.)
Yesterday.
Kallroail stocks .... 96,900
Other ?lock? . 471,700
All ?stock? . 568,600
Stocks
Day Year January 1 to Hate.
before. aso. 1921, 1920. 1919.
84.700 62,100 24,694,200 38,373,900 74,627,800
777,600 305,300 96,406,400 117,340,500 150,999,800
862,300 467,400 121,100,600 155,714,400 225,527,600
Iiomln
.. Yesterday. Drt before.
l> N, government bonds. . $8,776,000 $10,004,000
Railroad bond? . 2,389,000 2,391,000
Aii if b0nd* . 4,174,000 4,174,000
A" bond* . 15,339,000 16.569.0CO
January 1 to date.
Year ?bo. 1921. 1920.
$2,862,000 $1,329,350,000 $1,681,398,000
1,429,000 361,085,000 385,800,000
2,523,000 489,713,000 493,943,000
6,814,000 2,160,148,000 2,561,141,000
Record of Stock and Bond Averages
(Copyright, 1931, New Tork Tribune Inc.)
Stocks
Yenter
rfay.
20 Railroad stock*? . 04.70
30 Industrial ?totks . 67.93
DO Stock? . 66.04
10 Railroad bonds . 75.90
10 Indu.-itrlal bonds . 82.73
5 Utility bond* . 75.50
2b Bond? . 78.56
Day
before.
65.23
68.77
67.36
Year
ago.
68.15
87.26
79.98
Bonds
76.09
82.73
75.41
78.60
73.*?
83.37
69.28
76.77
1
Range Jan.
to date.
High. Lew.
65.50 57.40
79.13 60.80
74.12 61.02
76.23
84.53
78.70
78.60
71.01
80.45
70.13
70.25
Range full
year 1920.
High. Low.
73.80 68.60
110.00 67.67
92.96 64.30
76.97
91.45
74.56
81.71
High,
1921.
40
39'rr,
65!/2
93%
391-4
65%
84
51
65'/,
32%
133
23"-.
834
135
13%
573-4
69%
65
53%
62%
92 i/i
931/4
10
14
4934
83
31%
96
1071/4
88
1081/2
1293.4
127%
94
82%
10
33
?/a
IO71/2
871/4
803/4
7%
89%
9
76
44'/2
941/8
42%
54
35
65
14%
6
951/2
6
19%
63%
49%
1 Vz
119'/4
43%
96
2C/9
321/2
86
65/2
1 /,
>Vz
5%
31
46%
71
343/8
78
671/2
48
12%
27/4
62%
36
32%
39%
12%
62%
63
61
12
91%
21%
66
5
76/2
1041/2
4?+%
107/z
361/z
26
67%
103%
249
21'/a
253,4
69%
100
15%
223/4
82'/2
90
90
62
19%
20/2
53/4
78%
621/a
138%
16%
70%
44%
85
25
79%
32%
48%
61%
25%
86
163,4
98
7%
37%
5%
16
13%
57
101%
633/4
76
17
733/4
101
26
40
43/4
25%
54%
Low. D!t.
1921. Rate.
30 4
17 ?
% ?
34 4
83 7
28 % 4
26% ?
51 ?
2534 _
29% ?
23% ?
115% 12
15% ?
4% ?
114 8
8 ?
40?% _
42 5
57 6
21% ?
17 -?
39% 7
73% 6
3% -r
4% -
29% ?
63% 7
18 3
58% ?
85% 7
37% 8
953/4 9
111% 12
110 12
86 6
57 7
6% ?
22% ?
31% ?
93 6
76% 6
75% 5
2 -7
77 7
3 ?
18 ?
1534 ?
621/? 7
30% ?
47 4
14% ?
41% 5
9% ?
3 ?
81% 10
3% -
Air Reduction .
Ajnx Rubber .
Alaska Gold Mines..
Allied Chemical _
do pf .
Allts-Chalmer? .
Amer Agr Chemical.
do pf .
Amcr Beet Sugar . ,
Amcr Bosch Mng . . ,
American Can .
Amer Car & Fdy . . .
Amer Cotton Oil ..
Amer Drug Synd . .
Amer Express .
Amer Hide & Lent h
do pf .
American Ice .
do pf .
Amer Inter Corp ...
Amcr Linseed .
do pf .
Amcr I/Ocomotive . . .
Amer Safety Razor.
Amer Ship & Com . .
Amer Smelting .
do pf .
Amer Steel Fdy ....
Amcr Sugar .
do pf .
Amer Sumatra Tob..
Amer Tel & Tel_
American Tob .
do B .
do pf new .
Amer Woolen ......
Amer Zinc .
do pf .
Anaconda . . .'.
Associated Oil .
Atch, Top & San Fe
do pf .
Atl, Bir & At .
Atlantic Coast Line.
Atlantic Fruit .
Atl, Gulf & W I_
do pf .
Baldwin Loco Co .. .
Baltimore & Ohio . .
do pf,.
Barnrdall B .
Beth Steel Class B . .
Bklyn Rap Transit.
Booth Fisheries ....
Burns Bros .
Butte Cop & Zinc . .
Sales. Open
300 35
500 2034
400 "2
2200 41
200 *84-%
1600 34%
300 ?fe'/a
200 63
2600 29%
700 33
1400 27%
900*127
200 20' ?
200 4' 2
200 117%
600 113B
200 62%
200 56
100 61%
9400 33
1200 23
300 48
1400 92
200 4%
1200 6%
1700 36%
200 70%
H.gk. Low.
35% 35
20% 20%
34% 33%
35'/'2 35%
63 63
30% 29
34 33
28 271 b
127% 127
20% 20
4% 4'/2
117% 117-%
11% 11%
53 51
56 55%
61% 61%
33 31
23 21%
48 48
92% 90
4% 4%
C'a 6%
36% 36?'4
70% 70%
24% 24%
64% 61%
893-4 88 '/-.
43% 42%
107% 1071/2
125% 124%
126% 125%
89 89
76-% 74%
8 8
26% 26%
33 37%
97 97
86 85%
80% 80%
2% 2%
87 86
3 3
29% 273/4
23% 223-4
74 "?/S
% 70%
I/. 54!/?
%
7% ?
54% 6
25 ?
3% -
101 10
22% ?
57% ?
1G0 8
23 ?
39% 6
46 ?
% ?
% ?
53.4 ?
22 ?
.32 ?
60% 5
22% ?
68% 7
56% 6
32 ?
9 ?
19% ?
36% ?
19 ?
22 ?
27% ?
2% -
91/4 -
52 6
21% ?
3% ?
77% 7
12% ?
34% 7
59
96
22'/;
49
12 ?
6 ?
17% ?
90 9
S3 10
11'% 1
16 ?
62 S
87 7
11% ?
16% ?
44% 8
743/4 8
75 10
57 6
8% ?
9% ?
% ?
39% -
53% 6
109% 8
9% 1
60 6
26% ?
62% 7
15 ?
60 7
25% 4
25 ?
50% 4
13 ?
40% ?
10% 1
85'/
2
29% ?
- 1% ?
; 6% ?
6 ?
33% ?
67% 5
36 6
66% 7
11% ?
38% ?
92 6
5% ?
22% ?
23/8 ?
14% ?
32% 4
Caddo Oil .
California Packing .
Calif Petrol .
(alia Lead & Zinc. .
Canadian Pacific . . .
Central Lealhcr . .
do pf .
Cent of New Jersey
Cerro de Pasco ....
Chandler Motors . . .
Chesapeake & Ohio .
Chic & E Illinois . . .
do pf .
do paid .
Chic, Mil & St P..
do pf .
Chic & Northw'n
Chic, Kk Isl & Pac. .
do 7% pf .
do 6% pf .
C, C, C & St LouLi. .
Chile Copper .
Chino Consol Cop . .
Cluctt-Peabody .
Coca-Cola .
Colo Fuel & Iron . . .
Colorado & Southern
Columbia Graph
do pf .
Columbia Gas & Elec
Consol Cigars .
Consol Dist .
Consol Gas.
Consoi Textile .
Continental Can ....
? Continental Candy .
4 Corn Products.
7 do pf .?. i..
2% Cosden & Co .
4 Crucible Steel .
Cuban-Amer Sugar .
Cuba Cane Sugar . ..
do pf .* ? ? ? ?
Delaware & Hudson
Del, Lack & West . .
Dome Mines .
Elk Horn Coal .
Endicott-Johnson ...
do pf .
Erie .
do 1st pf.
Famous Players ....
do pf .
Fisher Body .
do pf of Ohio.
Fisk Rubber Tire...
Freeport Texas .
Gaston Williams ...
Gen Asphalt .'
Gen Cigar .
(Jen Electric Co.
Gen Motors .
do 6 % deb.
Goodrich B F.
do pf .
Granby Mining .
Gt Northern pf.
Gt North Ore subs..
Gulf State Steel
Haskell & Bar Car..
Hendce Mfg .
Houston Oil .
Hupp Motors .
Illinois Central .
,60 Indiahoma .
Inspiration Copper...
Snterb Cons Corp....
do pf.
Inter Agriculture ...
do pf .
Inter Harvester .
Inter Merc Marine pf
Int Mot Truck 1st pf
Inter Nickel .
Inter Paper .
do pf .
Invincible Oil .
Iron Products .
Island Oil .
Jones Tea .
Kelly Springfield .. ?
79600 89%
2400 38%
200 51%
200 18'2
10400 *56%
600 9%
200 3%
4900 90%
700 4/4
700 10
200 63
1500 37%
700 4
1900 II334
2400 29%
400 65%
150 194
400 26/2
2400 47%
400 56%
200 1 %
200 1 %
100 534
1?00 26%
700 40%
200 67
5900 34
300 763/4
200 66
100 36%
1200 11%
1400 243-4
100 40%
2400 35%
700 24%
400 36
34'% 33?H
763/4 76'/
66 66
35% 34%
24% 24%
%
1400 57%
200 29
5900 1%
200 87
200
1200
100
200
3500
200
1600
400
8400
100
200
100
2700
600
600
19600
200
900
4700
200
600
300
300
3900
6-n0
2900
2100
100
900
400
200
200
300
1400
1600
1O0
500
2900
300
100
600
19100
100
1400
200
2700
200
16700
133/4 13%
19% 19%
52% 51%
59 59
127% 126
10 97'b
643? 643/4
32% 31/2
76% 76%
18% 18%
53% 51
11% 11%
114
- %
% 51'. 2
% 59
% 126
% 9%
% 63%
% 31%
? 74
% 17%
1% 76
% 28%
3% 38%
1% 68%
1% 18
13/4 61
% 11%
% 95
% 2%
? 33%
% 2%
- 7%
% 7
1% 39
1 % 80
1% 44%
1 68
Lew.
Div.
1921. Rate
181/j -
2
3'/a
7
1
12
7
4
1%
7
45l/2
15
8/4
32
17i/2
'47'/?
64
10
7%
30
136
97
50
10
18'
351/4
12/0 ?
6 --
3 ?
65'/2 8
84/a 12
15%
10
22 ?
9 ?
63 7
34 _
16 ?
33?/g ?
43 3
14% ?
135-8 ?
15 ?
26 6
67% 6
3i/a ?
9 ?
471 '2 6
64"/? 6
39 5
131/8 ?
16 1
Kansas City South . .
do pf .
Kennecott Copper . .
Keystone Tire .
Lackawannn Steel . .
Lee Rubber & Tire. .
Lehigh Valley .
Llg & My Tob Co pf
Lima Loco .
Loew's, Inc .
Loft Candy .
I/Oone-Wlles Bis . . .
Lorillord, V .
Lou is v & Nashv ....
Mackay Cos pf ....
Mallin.son .
Mnnhattan Shirt . . .
Mandat Elevated . ..
Marland Oil .
Marlin Rockwell ....
Market St Ry .
May Depart Stores..
Mexican Petrol ....
Miami Consol Cop . .
1.60 Middle States Oil . .
Midvalc Steel.
Minn & St L new . .
7 Minn, St F & S 8 M
Mo, Kan & Tex -
- Missouri Pacific ....
- do pf .
Montana Power ....
Mont Ward .
National Acme .
Nat Cloak & Suit. . .
Nat Enam & Stamp.
Nat Lead .
Nat KR of Mex 2d pf
Nevada Con Cop ....
N Y Air Brake.
N Y Central.
N Y Chic & St Louis
N Y, N H & H.
N Y Ont & Western.
Norfolk & Western. .
North American ....
do pf .
Northern Pacific . . .
Oklahoma Prod & Ref
Ontario Silver .
Orpheum ..Circuit . . .
Otis Elevator .
Otis Steel .
Owens Bot Machine. .
Pacific Gas & Elec..
27/a 11/2 Pacific Oil .
38'/4 ?- Pacific Tel & Tel...
6 Pan-Amer Petrol . , .
6 do B .
2 Pennsylvania R R...
- Penn Seaboard Steel.
- People's Gas & Coke.
- Pero Marquette .
3 Philadelphia Co .
- Phillip.** Petrol .
- Pierce Arrow .
- do pf .
Pierce Oil .
8 do pf .
5 Pittsburgh Coal _
- Pitts & W Va.
1'/a Pond Creek Coal.
Pressed Steel Car_
Pullman Co .
Punta All?gre Sugar.
> Pure Oil .
8 Ry Steel Spring _
- I?ay Consol Cop . . .
4 Reading .
Rep Iron & Steel ..
Rep Motor Truck ..
ReploRle. Steel .
5.20 Royal Dutch .
- Savage Arms .
St Louis & San Fran
St Louis Soulhw'n . .
do pf .
Saxon Motors .
Scab Air Line .
do pf .
Sears Roebuck ....'.
Seneca Copper .
74 Shell Trans & Trad
Net
chge. Bid.
% 26
? 50%
% 19%
'/al I2/4
1/a 401/a
1% 26
% 52'/4
11/2 98
Va
32/4 3
31% 3
611/4 7
1% ?
3'/2 ?
16 Vz 2
87 8
?'/? ?
26/2 2
46|/4 5
38',.
34'/
32I/4
6%
33%
15%
26/2
16
9"/4
21/8
5/4
SU/z
52
241/a
12/fl
48
89'-8
25
21/2
67
11
60%
41/s
8
18
45/4
9'/2 ?
19'/a ~
19'/2 ?
28 ?
2% ?
8
8'/2 ?
591/4 ?
12% ?
32
16/a ?
32/a ?
67 \'z 6
17% ?
42 ?
673/4 4
IOS"/? 7
21 2
43% 7
3% ?
3% ?
29
16'/8
15%
45
15/s ?
111 10
62/4 4
46/4 ?
36% 31
953/4 8
11/a ?
15 ?
43 Va ?
41/8 ?
46% 6
40/2 *~
74 8
70/4 5
106 7
4f/8 2
25/8 ?
203/4 ?
573/4 ?
59 6
6% ?
7 ?
18 -?
8% -
14/2 ?
20/4 -
76
38%
7/2
7
29/4
5/4
25
30/2
54
Sinclair Oil .
Sloss-Shef St & Ir. .
Southern Pacific . . .
Southern Rail .
do pf .
Stand Oil of Calif . .
Stand Oil of N J pf
Stewart Warner ....
Studebakcr .
Submarine Boat ....
Superior Oil .
Superior Steel .
Texas Company ....
Texas & Pacific -
Tex Pac Coal & OU.
Tob Products .
Transcon Oil .
Union Oil .
Union Pacific .
do pf .
United Drug .
do 1st pf.
United Fruit .
USC? Pipe & Fdy.
U S Food Product?.
U S Indust Alcohol..
U 8 Realty & Impvt
United Retail Stores
U S Rubber .
do 1st pf.
U S Steel .
do pf .
Utah Copper .
Vanadium Corp ....
Va-Car Chemical ....
do pf .
Va Iron Coal & Coke
Vivaudou.
Wabash .
do pf A.
Western Maryland . .
do 2d pf.
Western Pacific ....
Western Union Tel..
Westinghouse Mfg...
Wheel & Lake Erie. .
White Oil _.
White Motors .
Willys Overland _
Wisconsin Central ...
Worth Pump & Mach
do pf B.
?Ex dividend.
Cablea .12.62M, 12.62',", 18.50
PERU (pa? ?4.86 a pound)
Checks . 3.31 3.34 4.85
ECUADOR (par 48.Gt, cents a sucre)
Checks .25.97 25.97
CHILE (par 36.6 cenia a poso)
Checks .10.26 10.25 16.25
URUGUAY (par 103.42 cents a peso)
Checks .65.00 66.00 82.00
VENEZUELA (par 19.3 cents .. bolivar)
Checks .10.00 16.00 -
Cunadian Exchanne?New York funds In
Montreul, 11.19 per cent premium; Mon?
treal funds in New York, 10r-8 per cent
discount.
London Market Quiet
LONDON, Sept. 15. ? Trading was
quiet on the Stock Exchange to-dny.
I Bar gold was quoted at His 6d; money
; was loaned at 2% per cent. Discount
: rates were: Short bills, 3"s@4 per
i cent; three-month bills, 4 1-6 percent.
Closing stock quotations:
money. 4S , Louisville.147
l?."tlsh 5% loan 8K*?i
do 4li . il*-*,
Atchiaon.115
M K & T.
N Y Centra!. ... 97
Norf & Westn. .125
Bait & Ohio.... 62 Ont & Westn... 27
Canadian Pac ... 152 \m * Per;nK\ Svanla. . . 61Vi
Ches & Ohio- 75 ?Rand Mines .... 3%
Chi tin Wqatn,. '.' Reading. 96
De Leer?. 12*4,St Paul . 35
Den & Rio Gi'd. 1 ?Southn Ry . 28
Brie.. 18 Southn Pac .104
do 1st pf. 26 ?Union Pacific. . .162
Grand Trunk. . . 2 ?U S Steel.105 Va
111 Central .1S7V?I
Ship Workers' Pay Cut
WILMINGTON, Del., Sept. 15.--A 10
per cent wage reduction, effective
October 3, at the Harlan Plant here of
the Bethlehem Shipbuilding Corpora?
tion was announced to-day at the com?
pany's local offices. The order will
affect 600 employes.
Bid and Asked
Followm? av<? t?ie closing bid and
asked quotations of stocks listed on th#
1 Stock Exchange in "which there wer?
1 no transactions yesterday:
Bid A*kcd ? Bid. Aiked.
I Adam* E*P - 4;? 46HIBI?J1I m Ou. 6*
:?
\<lv Iluml
i do Pf
Am II Note.. 50
do Pf. 44
? Au Tice!. S pf. 55
! Am II S & K. 42
I do pf. 88
I Am l'an pf.. 79 4 S3
i Am rar K pf. 12 17
1 Am Chicle ..10 11
? Am Coal ..74
| Am Cot Dll pi 434 45
Am La I'm. 84
Am Malt & G. 10
Am S Baz.. 4%
Am S pf A.. 6u
Am Snuff ..105
do pf. 78
Am Sum pf. 70
Am Tel & c
Am W Wks
do pf.
do p pf.
Ann Arbor
do pf.
Art Metals
AS!,?IS Ito
Aupo Dry G:. 30
do 1st pf... 64
do 2d pf... 52
All Refining ..80?)
do pf.106
Austin Nleh .. I)
do pf. 84
Bald Loco pf. 95
Barnett Lea . S5
do pf. 76
Baj-nadall
Brunswick ... 'A 3?4
Buf B & Pt.. 57 C2
do pf. 77
Buf & Suj. . ? 78
do pr. ? 43
F ums Bros pf. S3 115
tisl. Ter .. ? 10.1
90% I,m?o & Su. . 13U 13?4
BultrrU-k _ 24 26
Cal Fot pf.. 74 76
<r*al & 'Ariz.. 47 4 40
l'an Houth .. 42 45
Chic & Al... 7 S
do pf. 10 12
Chic Gt W.. 5% 0U
13
4%?
do pf. 16% 174
34
84
II
11
1H
Chlo N W pf.101
12 |C St l' M O. 52
S4 I do pf. 70
90 C C C 81 L pf 63
Cluott Buy pf 79
-, Co' & S 1st pf. 51
94 dn 2d pf. .. 44
4s7n|(Vn Ctgar pf.
16 \Ooi< Car. pf.
24% Con Ii.sur ...
15 CriM Carpet .
1% Crue Steel pf
32 |D?V Ch?M .
68 ! De Bis?*? ...
56 jDcero C pf..
100 I Dot Edison .
OS I Dot Se Mac.
de pf_
no
57
?30
844 OS
824
39
22
50
10
624!r>e! O R ?. -
100 ID S 8 ft At.. 3%
55 do pf. 8
90 ?Durham H .. ?0
pf. 80
Beth Ptwl pf. 904 914'F.Mt Kodak pf.lftS
i'l
do 8 pe...
Bklyn Edison . 90
I Bkiyn II T ctfs 64
Brown Shoo .. 38
do pf. 75
100
9S
Etk Horn pf... 3? 40
?Em Brant ..4 6
do pf. 30 ?S
Fed M is S.. 5% 9
i do pi.j:4 si
40
Bid. Asked.
Erie 2d pf... 13 13,4
Fisher Body .. 86% 88
do pf. 9.-? 102
Gon Am T.. 39?4 45
Gon Asph pf.. 83 88
Gen Clg pf.. 83 100
do pf (leb. . 8H 90
Gen. Mot t>f.. 04 % -
do "po <1!>.. 72Va
Gll'i'd Oil pf.. 10
Gray I) . 11?4
Guiui Sug
Gulf M & N.
do pf.
Gulf Bt Stl..
Hart Corp
111 Cen 1 I..
I M T 2d pf..
Int Nick pf?. 75
lut Pap pf stp 68
Iowa Cent .. 4*4
Jewel Tea .. 0%
do pf. 30%
Jol & East.. 95
Kn C F S pf t>?"? ?
Ktiyser 3 ... 78 83
do 1st pf... 9? 120
Kelly Spg pf 70% 75
| do Spc pt'.. 83 80
? K?l.sey Wheel 5614 60
I " . I - l. ^ I a *. t I -
6%
20%
38"4
67
BOW,
?V.
82
90
53%
'j
94
69
19'..
lie.* &? D M.
do pf . 20
Kresge .127
do pr .100
Kress & Co. . 63
Lucledo O as.. . 50
137
Bid. Aslted
.Mex Petrol pf. 77 80
Mich Out .. 79
MtaUP-S-SSM pf 85
do 1 1. 52%
|M K & T pf. * 2?
1 Mont Poiv pf. 90*?
| Morris <: E?s. 65
?Mulllns Body.. 17Vs
do pf . -
Nat Biscuit... 118
i do pf .109
N i'Ik ? St (>f 50
N lall et St Pf S 4
X R M lut pf 5
NYC-acSL 1 pf 65
lo 2.1 pf... . 64
V Dock pf. 50
N Y I. & W.. SO
Y Hhlp_
Norfolk South.
Norf & W pf.
.Scotts. Steel 25 %.
Nu-.nally _ 11
Ohio Body.... 7*4
Ohio Fuel ... 42
Orph Clre pf., ?
Otis Bloy pf.. SO
Oils Bleel pf. 40
Owens Hot pf. 94
Pacific Coast.. 11
do 1st pr... 50
do 2d pf ? ?. ? 30
Pact':.* Mall.
fanh P & R
do pf .
fan* Blng .
>% 11
ia
8
44
100
93
61
101)
30
100
r%
10*4
f Mar pri pf. 55
L E & XV pf. 10% 22% phU Jones
I.lgg & My 11.161
Urna Loco pf. 88 90
ta-W B 1st pf 95 9?
do 2d pr.... 97% 115
Lorlllard pf... 99 104
Mackay Cos.. . 68 80
Mahon Oual. ..350 700
Malllnson pf.. 60 80
Manat? Sugar. 27% 29
do pf .? 8*0
Manhat Beach %
Mar ?? By pf 13
do prior pf.. 2S
Mart lu Parry. 14
I Math Alk XV. 12U
Max Mot eis.. %
do 1st pf efi 4%
do 2d pf cf? 2'4
1 do H . ?
35%
1-1
i?%
do pf . 70
Pitts Coal pf. R6% 87
f Ft W & C.117% ?
Pitts Steel pf. 77 82
P & W Va pf 74
Pr Rtl Car pf 84
P S C of N J 64
Rys Recur ... 56
86
69%
Ry 8tl 8pf pf 97*? *?5
Reading 1st pf 41% -?3
do 2d pf.... 39% 42
ReLs * Co_ 7 8
31*4/ do ltt pf... 44 52*
15 (Rem Typewrit. 23% 25%
14 do 1st pf... 41 60
1% do 2d pf.... ? TO
6 JRens? A Sara.lM ?
4 ?Reploglo Steel. M ?\
?% COP t & S pf. ii |?
Bid. Asked., Bid. Asked. ;
St Jo Load... 114 12 lUnlon Tank ..SO 90 !
Santa Coe Sug 24 24| ?lo pf . 88 100
Soars-Root) pf. 80 95 Un Cigar St. .115 200
Slosa-Sheff pf. 65 71 do pf . US 1U4
S P H Sugar 27 J 39 1'iT Ry Inv... s S4
do pf . 79 85 do pf . 184 194
Standard Mill. 954 110 |TT S Expresa.. 5% 64
do pf . 76 79 \V S I Ale pf. 84 92
Steel Tube ... ? 71 U S S & Kef. 294 31%
Stem Bros pf ? 121 do pf . 39% 42
do 8 pf... 83 88 ll'tali Sccur .. '9% 10
Strom Caro .. 32 324 V' Raalte 1 pf 76% 79
Studobakc- pf. 95 99 IWabaah pf B. 14 15
Super HU?el pf 96 96%?West Pac pf.. 60% 62
Tidewater Oil.110 121) 'West Air Bke. 84 854
do full paid.100 120 W & L E pf. 16 B',4
TStL&W ctfs.. 94 104?Wiek Spen ... 9' 10
do pf ctfs.. 18 IT4 Wlllyo-Over pf 28 4 30
Transuu Will. 35 36% Wta C'eut _ 294 30%
Tw City R T. 3S 44 ?Woelworth ...III 112
do pf . ? 95 do pf .108 ?
Und Typcnrlt.107 160 ?W Pump pf A. 70 724
do pf .101 115?A1 Wright Airpl.. 74 .8
U S CIPftF Pf ?2 434
? ?
Paris Market Firmer
PARIS, Sept. 15.?Prices were firmer
on the Bourse to-day. Three per cent
rentes, 56 francs 50 centimes; exchange'
on London, 53 francs 20 centimes; 5
per cent loan, 81 francs 45 centimes.
The dollar was quoted at 14 francs 33
centimes.
Record Canadian Wheat Yield
Special Dispatch to The Tribune
I MONTREAL, Que., Sept. 15.--The
official Canadian government crop esti?
mate forecasts a record yield of 294,
387,000 bushels of wheat, as compared
with 263,189,300 bushels a year ago.
Oats may also reach a record figure,
being estimated at 466,803,100 bushels,
against 530,709,700. Barley, 57,607,300
bushels, as against 63,310,550 bushels;
rye, 11,947,500 bushels, against 11,306,
400 bushels, and flaxsced, 7,166,30*
bushtls, as against 7,997,700 bushels.
In Wall Street
__
Heavy Shifting of Fand?
Heavy shifting of banking funds oc- I
curred yesterday in connection with
the extraordinary September 15 opera?
tions of the government. They in?
cluded among other things the ma?
turity of more than $500,000,000 of
Treasury tax certificates, the disburse?
ment of some $30,000,000 in interest on
government war bonds and certificates,
the collection of the third quarterly
installment on account of Federal in?
come taxes and the closing of sub?
scriptions on the latest issue of $600,
000,000 of Treasury notes and certifi?
cates. It was announced at the Fed?
eral Reserve Bank of New York on be?
half of the Treasury that the new is?
sue had been heavily oversubscribed
and the books closed.
Studying the Reaction
Market observers who still favor
the constructive side of the market
1 were not discouraged by yesterday's
general reaction in stocks. They fig
! ured that a downward swing was due
before the advance v/as resumed, and
that the next upturn would be bene?
fited by the heavy volume of short sell?
ing which has been going on by traders
who are still unconvinced that an ad?
vance ?3 justified by business and
economic conditions. Taking Baldwin
as an example, brokers who claim to
know1 what the insiders are doing
asserted that little long stock bought
at much lower prices is coming on the
market. They state with a consider?
able degree of confidence that much of
the selling of the last few days has
been for the account of the shorts.
Baldwin was one of the chief centers
of bear attack yesterday, and by the
close had declined to 88%, a net loss
of 1%.
Kresge Sa-Ies Increase
The sales of the S. S. Kresge Com?
pany for each month in 1921 have
shown an increase over figures for
corresponding months of last year, in
spite of the decline in prices of most
commodities. Sales for the eight
months ended August 31 amounted to
$32,584,205, contrasted with $30,213,932
for the corresponding period of 1920.
Charles B. Van Dusen, president, states
? that the company has upward of $1,
000,000 cash, no bank loans, and only
$500,000 of commercial paper outstand?
ing. Loans outstanding a year ago
were $4,683,000, of which $3,350,000
were bank loans and $1,333,000 com?
mercial paper. On December 31 last
inventories were all written at replace?
ment values, with no old merchandise
on hartd.
Rate Redactions on Southern Pacific
Rate reductions on both eastbound
and westbound transcontinental ship?
ments amounting to as high as 30 per
cent have been announced by the
Southern Pacific. The commodities
affected are hardwood lumber from the
East, manufactured tobacco for export
through Pacific ports and second hand
automobile crates returned to Eastern
points. The r-tes will become effective
as soon as the tariffs can be published.
The carriers also contemplate publish?
ing a rate of $1.40 per 100 pounds on
linoleum, cork carpet, paper felt carpet?
ing and rugs from Eastern points to
? Pacific Coast terminals only, provided
the interstate Commerce Commission
grants the carriers relief from the long
and short haul clause.
Burns Brothers Up on Merger Talk
Active buying appeared in Burns
Brothers stock yesterday on reports
that negotiations are finally nearing
completion for a merger of this con?
cern with the Farrcll Coal Company.
Several meetings have been held within
the past few days on this matter arid
banking ' representatives of the Burns
organization admit that consolidation !
of the two coal companies is likely soon I
to become a fact. Burns Brothers
advanced to 95Vi, a new high for the
year, but reacted to 93% at the close,
which was a net gain of 3 Va points over
Wednesday's last sale. The controlling
interests in Burns Brothers are said to
believe that a consolidation with
Farrell will result not only in an in- '
creased business, but should benefit the i
public through a lowering of the price
of coal.
Germany Baying Less Copper
The decline in the value of the mark
to new low records during the last
week has adversely affected the export
copper market. Germany has bought a
small tonnage from dealers in London,
but practically nothing from American
producers during the last week. Jap?
anese demand has also quieted down.
"'Most all of the producers," says "The
Engineering and Mining Journal," "are
optimistic, however, and almost every
one is quoting from 12.25 to 12.75 cents
delivered. By diligent shopping around
it has been found possible to secure
copper at 12.5 cents delivered for Sep?
tember, and small lots have been sold
j at that price. One buyer is reported
to have been in the market for 1,000
tons in the last day or two, and to have*
] practically cleared up the market of all
; copper held at less than 12.25 cents."
Exchange Seats Higher
The rise of the last three weeks in
i the stock market has been accompanied
I by an advance in the value of member?
ships on the exchange. Yesterday the
; sale of a seat was reported at $86,000,
! compared with $80,000 the last previous
| sale. The demand for memberships is
| keener now than it has been for several
! months, owing to the increased activity
! on the market on the up side.
Independents Advance Sheet Prices
Following the. lead of the Brier Hill
i Steel Company a number of the leading
| independent steel companies have put
! into effect an advance of about $5 a
I ton on sheets. In some trade circles it
i was said yesterday that the American
I Sheet and Tinplate Company, subsid
I iary of the Steel Corporation, would
| take similar action next Monday, but
? this was not confirmed. Black sheets
! will be marked up by the independents
? tro $3 a hundred pounds from $2.75.
galvanized to $4 from $3.75, blue an
I nealed to $2.50 from recent lows of
I $2.25 and $2.20, and tin mill black plate
to $3 from $2.75.
Confer on Mexican Oil Taxes
Since the return to this country of
the group of oil men that arranged a
satisfactory agreement with the Mexi
\ can government regarding taxes the
| Association of Petroleum Producers in
j Mexico has held at least one meeting.
i A report was submitted to the asso
| ciation regarding the new agreement.
I and it is believed that a final settle
! ment agreeable to both parties will be
! arrived at.
I Otis Steel Defers Preferred Dividend
Although the directors of the Otia
Steel Company voted yesterday to defer
the October dividend on the preferred
stock, there were no transactions in
this issue yesterday. After the close
Wednesday the bid price was 40, while
stock was not offered under 60. Trans
! actions in the common were light, the
?closing sale being at 9%, an eighth un
i der the last sale of the preceding day.
Middle States Oil Earnings
Net earnings of the Middle States Oil
Company for April, May and June were
in the neighborhood of $1,000,000.
After allowing for all dividends de?
clared there was a balance left for sur?
plus of approximately $450,000. The
company is in a favorable position re?
garding its contracts, as it is now re?
ceiving a substantial premium for its
crude oil sold to Standard Oil, Sinclair,
Texas and other refining companies.
Premiums in the mid-continent field
i are now said to average between 20 and
35 cents a barrel, while in some sec
I tions the premium has been as high as
40 ctnts.
Coupon and Registuraj
?tamben New York Stock EteKan
27 William St. New Yor?
^E have pre?
pared a letter
discussing the finan?
cial condition and
earning power of the
Air Reduction Co.
Incorporated
which is engaged in
one of the most
profitable branches
of the chemical in?
dustry.
Copy will be mailed en
request for No. D-207
Potter Brothers & Co.
Member? New York Stoek Exchange
FIVE NASSAU STREET
New York
Telephone?Hector 6540
1921 Edition
Manual of Sugar
Companies
X7(^? have prepared a hand
book of the leading
sugar producing and refining
companies, which presents in
convenient form statistics on
earning power and financial
position, with description 0/
property and management.
Investors interested in sugar
securities will find this a valu?
able reference manual. We will
send it free upon request for
Pamphlet No. 11.
FAHR & CO.
Members /Ven> Yorfy Siode Exchanie
Specialists in Sugar Securities
133 Front Street, cor .Pine,
New York
Telephone John 6428
ty Canadian Explosives, Pfd.
?j) MacAndrews & Forbes, C.&P. :
(tj) New Jersey Zinc Co. |
R. J. Reynolds, Com. & Pref. *
Royal Bak, Powd. Com.&Pfd. A
Tob. Products Div. Scrip
Canadian Car 6s. 1939 J
Cedar Rap. P'.ficMfg. .5s. 1953?
Laurentide Power 5s. 1946 I
ShawiniganW.c\P.5^s.'950;
Shawinigan W. & P. 5s, 1934 I
Private Wires to
CHICAGO MOXTKEAI. TORONTO -
S,GW1
rxcHANCt W
1-iBtKMDS
TEL. rIANOVtO
M?MB?R. NT STOCK IXCHANC?
AM? N. Y. COTTON EXCUANGK.
RAILROAD BONDS
3?rum&32tnttlp
Catabllahed 18*8.
Member* Net* Y?rk Stock Excfml*
52 Broadway New York
CONSERVATIVE INVESTMENTS
Securities purchased outright; on
Partial Payment; or on margin.
Corresponden?* invited
John Muir & ?*
Metmhere New Ytrk Steck Baehtaat^
81 Broadway N?w Y<**,
1
M. K. & T.
Issues
Bought, Sold and Quoted
C. C. Kerr & Co.
2 Rector St, N. Y. Phone 6780 R*tW
Weekly Murkf' Utter tA* fcjgj
featuring ?'HOUSTON OIL." on r?*-***-?
Carpender,
Caffry & Co.
Member? New York Stoek Kxchani*
74 Broadway - 520 H?**
MARGINAL ACCOUNTS INViJ**'
Title Guaranty
& Trust
CLINTON CILBffT
l W.? Sfcaat. N. t. T* 4M? "?**,