New-York tribune. [volume], September 26, 1921, Page 13, Image 13

About New-York tribune. [volume] (New York [N.Y.]) 1866-1924

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A National
Bank
is ?n integral part of the
Federal Recurve System,
and its clients obtain the
benefits and protection
of the world's greatest
banking system. |
GARFIELD
NATIONAL BANK
23*6 Srft t?T. WMtRt
FIFTH AVENUE
CHOSSES BROADWAY
CONSISTENT
with your
BUSINESS POLICY
tie investment of your per
?nal income should have
the same consideration and
sttidy that is needed to suc?
cessfully shape the destinies
of your business.
Our Investment D?part?
ant will relieve you of
this detail by suggesting
investments best suited to
your requirements.
Kean, Taylor ?tfe Co.
fitw York Pittsburgh
Jenokes Spinning
Fifteen-Year Sinking Fund
6~- Gold Debenture Bonds
Due 1936
Th? direct obligation r; one
of the largest concerns of its
kind in the world with sales
?vcra^'r.g $23,730,000 per year
d'jrirg last 5 years.
Vet profits averaged nearly
four times interest charges.
No funded debt other than
these bonds, 7?^ of which
are to be retired before matur?
ity I ;?? Sinking Fund.
Price 100 and interest
To yield 8%
Circular C-?11 on request
Karris, Forks & Co
Pine St-, Car. WstfJam
NEW YORK
UIYIDLLND NOTICES
Garfieid National Bank
5TH AVE. 1VD 2'.RD ST.
?.i**- York September -'
F At a m ? rig ? ths Board of Din i
aid this 1 ? - livid? ?l-l of Three
'?*" Cen? ?,. ? Stock ot? ( ':.?
4ak wtp . ble, free of Citj
'id Stat? 7-- a nd a '' ei bei 30
??'??? to ' .rd at close of
?Weis Septi mber 37 1921.
\. vr. SNOW, Cashier,
tattriean Telephone & Telegraph Co.
128th PITII>EM>
A ?oar"" nd of Two De lar? and
, J'-"?K--.- ? . per share we i be paifl
S*atirda - ber 15, 'Qm, to stoek
Siiert ?f ,, . a, . ?_., ,.-.,,., ,,f business
- -ueMa; rib?
H. BLAir.-SMITH. Treasurer.
"9c? of Indiana Pipe f.ine Company,
U Broadway New York, N. Y.
. September 26th. 1921.
.??rodend of two dollar? per share h-m
??jfiiclared on the ( ipital Stock of thla
!???) r- . -? ember 15th. 1921, t..?
Qttbsl4er . record ._? the close of bur!.
?? Ocinb"- ?2nd 1921.
*?eomn!unleationa regarding payment
? ca?ngf ? a . ??, should be sent to
??uno.---., not litter lllan Nov?m
( * Ith. 192!
I. QBOKGE 'HBaEBRO' S-eretary.
From the Financial Listening Posts of Europe
Cut in British
Bank Rate Not
Practical Now
??
Failure of Government to
Reduce Expenses as An?
ticipated Prevent* Im?
provement in Situation
Unemployment Alarming
?a
Proposal for the Federal
Operation of Factories
Raises Many Difficulties
_,_^___
Pnom Thr Tribune's Europettn f?uream
Copyright, 1921, New York Tribune inc.
LONDON, ^cpt. 25.?Compared with
th* situation a year ago the national
revenue position is ?136,000,000 to tht
: bad, and this fact largely accounts foi
, the failure of the Bank of England tc
follow the Federal Reserve Bank o'.
Now York in reducing; the rate on re
discounts to 5 per cent.
Under *'.ie budget estimate then
should have been a decrease in ex
? penses of ?200,000,000, but to date i
has been approximately ?50.000,00?
short of this figure. Not only has thi
government failed to effect reduction
anticipated, but large payments mua
soon be made on accounts for the re
lief of the unemployed and for guaran
; ties to farmers and the railways.
Following tne action of the Xev
; York Federal Reserve Bank, local mar
; kets improved considerably, but wine:
. it was announced that there would b
j no change in the bank rate here vir
tually all gains were lost.
Wholesale prices, already about 8
per cent above pre-war levels, are e*
pected to advance further. The prob
] lern of the unemployed continues t
have a profoundly important bearin
on the whole life of the nation. It i
regarded as of sufficient importance t
break in upon the premier's holida*
ever? though Mr. Lloyd George's healt
is far from satisfactory.
A. party of London Labor member:
harassed by thousands of unemploye
in their districts, pursued the Prim
Minister to the fastnesses of ?Sco
? land and compelled him to make som
sert of promise to tackle the problei
in a serious way .
He told them every one must c<
operate and he would present the que;
rron to Parliament next month. Th
Labor delegates consider they ha*
; won a moral victory, although it coi
; tains little substance. The truth
; that the problem is too big for eve
. L'oyd George to solve immediate!
' N'o practical results can be obtainc
??by sleight of hand methods.
The government may ask Parliame:
1 to. vote a large s'im to be used f?
: temporary relief, but what the cou
! try is demanding more insistent
j every day ig a greater opportunity
; work. Organized labor is asking tl
] government to employ labor worke
: just as it die' during the war and a
tempt to sell the output in bool
; cloth, etc., to foreign countries.
Those who a'lvocate this scher
; recognise the fact that payment wou
i have to be made by a further infiati.
j of currency. They foresee many oth
! objectionable features and countle
| interferences with working econom
? !;... but see no other alternat!.
With more than 2,000,000 unemploye
they contend radical measures must
used or serious disturbances are bour
to come this winter. The problem
considered so rt?ou? that Premi
Lloyd George will feel obliged to i
main at home during the Washingt
arms conference.
There are rumors that a general el?
tion will be held jU3t prior to or ji
: after Christmas, and with the counl
in it? present state it would be difficult
to forecast tfle result. AI? hough Lloyd
! George might seem confident of suc
C? !" the campair-n be fought out on
?his* Irish policy, victory would not be
?so certain if the unemployment situa-'
tion wore brought into the contest.
Labor would form the opposition party,
with the Liberals splitting the Coali?
tion vote ?n so many constituencies?
that the first named party might easily
benefit materially and return many
more members than it now ha? in Par?
lement.
Each side is charging the other with
attempting to make political capital
, out of the present national predica
'? ment.
Paris Markets
Reflect Shifts
Of Exchanges
Wide Fluctuations in Rales
Cause I nsettlement and
Restrict Buying Inter?
est; Sentiment Better
S pretal Cable to Thejrihune
Copynehi. ?921; New York Tribupe Inc.'
PARIS, gent. 25.?Largely as a re
. suit of wide fluctuations in foreign ex?
change, Paris markets developed con?
siderable irregularity during the week.
: Activity on the Bourse was restricted
, by the uncertainty, although sentiment
: on the whole appeared to be favorable
to higher prices. The most noticenble
effect or the exchange situation was a
sharp diminution of cash buying of
' stocks.
Continued improvement in industrial
| affairs and in business generally is re
! garded as a favorable sign. Moreover,
j foreign trade stati!#ics for August in
j dieate that France is keening pace in
| improving her commercial position. Ex
I cess of exports over imports amounted
to about 500,000.000 francs for the first
| eight months of the year.
The banking situation, too. continues
| to improve, and bank stocks ruled firm
: despite the irregularity in other
i groups. Argentine securities also held
i steady, and other foroitrn stocks, as a
! rule, reflected advances in foreign ex?
change rates. Russian and Serbian se
j curitie? showed little or no change.
! A.merican shares move irregularly.
Lack of a definite trend in the sev
; eral groups was noticeable. Maritime
j stocks showed increased activity as in
| dications of trade improvement became
! more prominent. English stocks gained
j with the pound sterling.
Day's P?ete Issues
R. M. Grant & Co. are offering a new
issue of $520,000 City of Durham. N. C.,
R per cent direct obligation school
bonds, dated July t, 1921, and due se?
rially July 1, 1923 to 1949, at prices
yielding from 5.50 per cent to 6 por
cent. These bonds, issued to provide
funds for the erection of additional
school buildings, constitute a direct
; pe?era! obligation of the City of Dur
j ham and are payable from unlimited
! ta^es upon all of the taxable property
; therein. The net bonded debt, includ?
ing this issue, is about 3\ per cent of
the assessed valuation. The bonds are
exempt from all Federal income taxes
i and are eligible to secure postal sav
! ings deposits.
Sidney Spitzer & Co. are offering
! at prices to yield 5.66 to 6 per cent
: $150,000 Richland County, South Caro?
lina, Hospital 6 per cent gold bonds,
dated July 1, 1921, and due serially
1922 to I960. The financial statement
shows the assessed valuation of Rich
land County to be $28,399,1585 with a
total bonded debt, including this issue,
of $2,350,000. These bonds are issued
for acquiring a county hospital and
constructing an addition, and are di
? rect general obligations of the entire
j county.
; Sentiment Is
improved on
Berlin Boerse
- i
Completion of More Indus?
trial Mergers ami Progress
of Negotiations for Gov-i
ernmentLoanAidSituation '
! . - I
?\iolent Trading at End
Opinion Mixed on Whether
Recovery Is Real or Pre?
liminary to Big Crash
Special Cablr >o Th.r Tnbun*
Copyright, 1921, New York Tribune Inc.
BERLIN, Sept.. 25.- As an aftermath
o! the recent violent vibrations on the
| Boerse which accompanied the latest
; fall of the mark there has ect in again
! a measure of stability which has dis
; persed the pessimisun that marked
these developments. For the time bein?
Germany's economic pulse is again
; beating more or less regularly and a
flush has returned to the country's
economic countenance.
Although many believe the flush is
: of a hectic character, the fact remains
that independent of Germany's finftn
? cial situation her economic activities
continue to show increasing progress.
The week's comment in financial and
economic circle? has been more opti?
mistic than that of the immediately
preceding weeks. There is a distinctly
quieter atmosphere on the Boers? in
preparation for a resumption of nor?
mal operations October 1.
Reports of successful progress in the
negotiations between the government
; and leaders of German industry for *
? loan of 1.500,000,000 gold marks, more?
over, have served to strengthen the
: g?nerai situation. But what has stimu
; lated the situation more than anything
; else, perhaps, has been the successful
| conclusion in the last few days of sev
| eral big industrial transactions involv
' ing great extensions of various enter
j prises.
Among these was the Nuremberg
'?? Works, which by a capital increase
! entered the category of hundred mil
| lion mark enterprises. Similar large
capital increases are expected by the
Schwart-rkopf Machine Works in Ber
| lin and by the Ludwig Loewe Company.
Impressive plans affecting the min
j ing industry ere also on the way
. toward realization. -important reor
! (fanization movements in Upper Silesia,
which will go on regardless of the po
j litical situation there, have already
been reported in these dispatches. It
is now learned that plans are under
j way to combine certain Silesian in?
dustries with western industries to
? protect them against possible unfav
! orable dovelopmets in the disposition
i of the Silesian problem by the Su
! pfmc Council.
Reports from other industries indi
i cate continued progress. Not the least
| of these is the electric industry, repre
; sented chiefly by the Schuckert Com
| pany and the General Electric.
Whatever developments may aris?
? in the near future in regard to Gcr
1 many's financial situation, the spirit ol
?almost unlimited enterprise and expan
I sion has gripped industry and is re?
pealing itself increasingly in tangible
! forms.
Some financial journals characterizt
' Germany's industrial situation as "ex
' traordinaniy excellent"; others as th<
"great ascent before a terrific crash.'
Optimists declare Germany can bea
; foreign competition with the mark a
i 105 to the dollar as well as at 95 t?
the dollar. Although the Boerse maj
?declare some holidays after October
! to clear up congested business, it i
asserted that violent fluctuations, sucl
las recently shook the market need no
jbe expected in the near future.
The Week's Bond Market
Government and Municipal Bonde
W?ek'-i-al?
el?se. Hich. Low.
- r. !;,-?- ? ?Vjg S8.RO 9:1.50 86.?-O
do '??-. ?.'. s ' -?*. ? fi ').' 24 86.1-1
1st 4s 89.48 80 4S 85.24
2'? .?.. 2d -is . . 89.90 R9.90 RB.34
do 2d 4s reg 89 50 89.50 86.24
do Is' 4%B . . 90 20 ?'i1 28 8ft 4?
I fir. lst-2d 4%a 96.00 fOO.54 94.00
40?.2 do 2d I'aP .. SMi) 90.04 85.30
18 do -.i tVia reg. 89.54 89.54 85.50
5898 do 3d 1'-:*.93.74 93.76 88.00
169 do 3d 4%s reg.. 93,48 93.48 88.40
84S8 do 4th 4%s . 90.34 90.34?.-85.34
2 1 -lo 4r h l',s reg ?0.02 90.02 85.46
82338 ?!?? Victory 4%8.<> 99 30 99 38 95.86
225 tin 4"vs reg. 99.20 00.20 95.80
3230 do 3%S. 09.30 On 72 95 80
; Argentine Oov 5s... . 71 72% 67
? * hi?ese ?T?pv Ry 5s.. 17 49 4 0
20 City of B?r 8a tm rcts.100% loe,-., 1*3-4
do Berne 8b.101 101 % 93
:? ! do Bordeaux 6s. .. 84% 84% 74
21 do Christiania s? . [*01 inrj !M%
78 .!, Copenhagen 6%s 81% S3 72
1 * do Lyons 6?.-. 84-S 87 73 \.
:. do Marseilles '"?-?. 84*4 84'., 74
do Paris? 6a ... 99 flj 100 it
1". do auru-h ?s. 101H 102% 94%
19 Danish Mur. 8s ser A Mi ; 103 95 "A
8? ? do 8s ser \i. -103% 102 95**
I Dominican Rep 6a, 78 .8 2 % 7"%
86 Dom of Can 5%s n '29 94 f-4 *Sa 87?S
do 5s 1936.94% 96 86%
21 do ",? ?r'rri.9.1 % ?-1 '-.- 83*4
1 do .is 1931 reg . r-1 91 86
. I - ch Republic 8s... 100% 101% 96%
7 41 do 7Vas.'."1V 1*8 ?5
64 Oov of Swiss 8? tin recta. 107 108 10114
178 Imp Jap 1st 4%s. 86% S 7 Mr-- 7 6 %
164 do Sd 4 '2 s. 86% 8 7 76 %
116 do sterling loan 4s.. 71. ??, 7rr 58
157 King of Belgium 8a. .101% 102% 96%
105 do 7%s.103% 105% 95%
130 do 6s 1925.95 97% 87
."7 Kins of Denmark 8s. 10:1 104 93%
13 do Italy 6%s, '25 3 A 89% 89% 81
48 do Norway 8a.10?% 107 96<ri
04 do Sweden 6s . 89 % 90 81%
123 Republic of Chile ... 98% 99% ?2
8 do Cuba 6s, 1904.... 77% 82% 76
6 do 4%8.6 6% 71 -S 59
121 do Uruguay 8s . 99% 100H 98%
! S8SC..1.' ol San 1' sf Ss . 97% 90% 94"Su
; 75 UKof OtB&I 5%s. 21. 99% 100 "7
320 do 5%s, 1922 . 98% ?S'A 94%
! 468 do 5%a, 1929. 91 % til % 86
316 do 5%s, 1937 .-9% 89% *J
? 3 08 1* S of llrazll 8s.100% 101% 97%
783 do Mexico 5s . 56% 69% 40
226 do 4s . 4 1"N 43 \ 28
2 X Y City 4%s, 1980. 85% 86% 82%
Week's ,-1021??-,
Sales. o!osi> High. Low
2 do 4 Via, 1966. 85% ss 82 Vt
I ri? 43, 1968 . . 81H 84 -, '. |%
ri do 3 V?8. 1954. Mi? . 73% 73% 73 V??
Railway and Other Corporations
, Adams Exp col tr 4s . 62 Sri'-.. 56*?
142 Am AgrCh 7%?... - 37 97% 92%
5 do 1st cvt 5s.'.' : 98% IS
1 Am Cotton Oil ;'.s . . 7", % 77% 6 5
I* Am Smelting 0s. 78% 70*; 7"
391 Ain T & T cvt 6s.101 \ 1'" "d 94^4
ir>9 do col tr is. *?% XI 7V.-a
1.7 do er! 4s. 83% M ??? 73%
1 do Cvt 4? .71! 77 ?3
21 Amer Wr Paper s t 7;i 70% 76% .,7
7 Ann Arbor 4s . 64% 55 b?l
?'?1 Armo..:- A- Co r e 4.-;. S : R3 7:,
240 Al T AT- S F gen 4s. . 73% 71 % 7.1%
S do cvt 4s 1965 7 r 76 67 >4
4 do adj Is .... 72% 7,1 67%
39 do ad j 4s 5tp, . 73*4 7* r,8
7 S do 4?-s. Cal /? A d.v 8:r .St?-* 77
t do e oki div. 87% s-% 83
8 At * ?'ti A I. as ?er B SOL,. 02 % 84'A
9 Atlantic Coast Une 7?. 104 104 00
1 do unified 4 V?a.77 .'?>'., 7: :i
M do con -I?. SO Vs. 82 W 7:i u
25 do I, * N <*o| tr- 4n?, 73*4 74 ?6%
10 Atlantic & lian 1st 4s7 67% 70 64
1.1 Atl Kru t rvt 7s sel? A r>4:.2 7-1 33
41 Atl ?leflnlng de 6%8.. 102 102% 98%
40 Atlas Power Tr?a. 89 90% flfi
??Baldwin I.oco .'.a...... 93 94 92
23? Bait & Ohio 63. ,. 93% '?" 87 %
09 do r.>f 5a. 71 ?< 71 . 65%
212 do cvt 4%s .. 70% 72% 65
88 do gold 4s. 7 ! % 7 1 % 64 %
125 do prior lien 3'-.=*.. 89V? 89% 79%
2 do 3'i3. I-1.) & M dlv 88% 84 68%
S9 do 4h. P1.E ? WV d 68% 70 61%
36 do is. Toi ?- C d;v. 56% 57 ?lOVfe
66 do 3%s, Southw div 84% 84% 7S
4-1 Bell T Pa lot rt'K 7s.. 10.7% 106% 100'.,
14 Beth Pi eel i ?ft ext 5s, 03'?j 95 86V
12 do rei 5a.84% 87 77
2S do p m 6s. 7S% 8: % ~.\
7 Braden Copper 6s .86 87 si
7 H way & 7th Av eon 5s 4:: 4 4 .77
5 B'lily? Ed ?en 7s s"r C.101 14 101% 03%
35 do gen 7s ser 1.). . . 102% 106 05 Va
9 00 gen is ser B. ... O,'! 93% 87
4 do if- ri-68 st- A . . 83% 84% 76
54 Bklyn Rapid Tran 7s. 63% 56% 40%'
6 do 7s ot?a of d.p st 60% 53% 33
3 do eon 5s. -8'-^ 32 25
4 do cvt 4s.36 :;.". 25 .
1 Bklyn Un El 1st 5s sip 68 69% 59% I
1 Buffalo Koch & P 4%a 82 ? 82 78% !
! : Bush Term Bldg us.. 75% 7.; 67 ,
1 Bush Term eon Os . . 72 H 7 ? 67'? I
10 Calit Gas ' E 5f. . 87 % gn% 82%
li Canada Southern 6a... ?7% 8S >* 8 l?Vs
58 Canadian Norn s t 78.105 105% 99% '
Wo.sk'a-1021-,
S?.!<><|. elose. High. Lew.
178 do deb 6%s ????? . lO; % 102% 95%
: Carolina C'field & 0 5s 74 76 68
17 Central of Ga 6s . 93% 95 84%
do con 5s.8 7'., 8 9 83%
5 do p m 4s. ?"hatl ?iv 69% 6f)<3 -9
54 Central Leather e?-n 5s oo?a or, 8?4
UOCentra! raciiic gtd 4s 77 77?-i 70V?
1 C R K & !i Co of Ga 6s 8-'. 8.1 75%
8 1" R R of N .1 5s. 071, 100 92%
55 ferro de Pasco cvt 8s .108% 111 104%
2 Ches i- Ohio con 5s . 93 0::'- 87
117 do cvt 6a a. 84 % 85% 79
15 do gsn ."is 10.17... . 95 OS 8?
64 do cvt 4 %s. 80 80% 71%
1 do 4s. Big Sandy div. 70', 70 1-j 67
33 Chi & Alton rig Is. ... 47 47%, 41
19 do .1V-S. .17 39% 30%
34 do gen 4s . 70 % 81 % 78 S,
6 do 4s lit div . 82'* 84% 78%
1 do S%S 111 div. 74?, 76% 60%
5 Ch & 1)1 gn 5s L-tfs dep.. 87 ; 90 V* 78
20 do 4h etfs d-p. 28 21 26
7 Phi *. Erie 1st 5s. . . . 80% 81% 7.".
5 Chi Gas Lt & Ck lat 5s. 80?, 80% 42%
S 7 ?"hi (irt Western -Is... 53 56 47%
37 C M & St P cvt 5s sor B 65% 7 2 '-, 6 2
10 do gen 4 Us . 77 1?, 70% 71%
69 do cvi 4 v?3 . ?0 '. 72 61
62 do rfg 4%S . 58 % 65 57%
21 do 4s 1925 . 75 73% 70 Va
."> .lo deb 4s 1934. ?0 63% 55
7 do gen 43 ?er A .. . 607, 71% 63%
62 do C M & Pug Sd div. 64 65% 50?,
11 Chi * .Vorthw 7s.m.l '., 1U4 % 00 ??.
92 do fci ?7.. W? 102'ii 96 ?i
15 do gen 5s 1017.95 06 88
1 do deb 5s 103.3.. . . 89% 91% 87%
6 do ext 4s . .01 91 8 5 U
do gen 4s . 7 7 78% 71%
do g??n 3 %s . . 66% 69 6*14
?J ?"'hieago Rys Co 6s. . 64 66?, 58
17 C R I & Pac gen 4s . . . 74'* 74 ?- (?8
170 do rfg 4s . 70 % 70 *t 64
S < h .St P M & O eon 6s. 101 % 102'-% 97%
I Chicago Telephone 'Ss.. 96 95 81%
45 Chic Un 8ta i>%s s C. 106% 307',, 101
! (j do 4 '??s series A. 82% 83 77
14 C ?- W Ind tern 7%s... 99 100 91%
32 do -Is .61 'j 62 % 57
71 Chile Copper evt 7s... 0.6% 06 00
208 do col tr 6s. 73 % 77 % 66
!.-.?(" c c ?. S> Li rfg 6s . 91% 95 85%
SI do d'-b 1 ??s .. 80% 81 72
1 1 dg gen 4.1. 69 .'? 75 65%
1 do 4s, Cairo d'.v.. . .. 77 % 77% 73
' ' no c ?' ?? fit is div. . 68 -, 71 65-V
20 Cleve ?hort Line 4>,-?s. 85 85 79
38 Colo Fi!?-1 ?- Ir gvn 5s 78% 82 7?
3 2 Colo *? Southn rfg 4 Us 78 78 71
?4 do 1st 4s. 8* 86 77%
! Columbia G E 6s ... 84% 89% 81 '-5
2 do 5s at. 85 86 SO's
Course of the Bond Market
Faph 8W. the wcekiv fluctuation, ?u the average price of t? ?dlroad, ten industrial and five public utility bond,
?_. k"nniam?i?>e I I'MV
since September 1, 1919
We have purchased from the United Stales Railroad Administration
$26,112,000
Equipment 6% Gold Notes
Dated January 15, 1920. Redeemable on any intere?t dst? at the opt-on of the ???uir-p companies at 103 and interest.
Interest .Tar.u&ry 15th anil July 15th. Principa! and interest payable in New York at the office of the
GtOfa'ranty Trust Company of New York. Trustee. Coupon Notes in denominations
ef $ 1.000 and $100. with privilege of r ?"iris trat ion as to principal.
These Notes constitute the direct obligations of the issuing companies and are secured by standard
railroad equipment, under the Equipment Trust Agreement'dated January 15th, 1920. between
Walker D. Hines, Director General of Railroads, the respective railroad companies
and the Trustee. Under that agreement no railroad company secures title to "*
equipment until the Notes of that particular company have been paid
in full. The Notes are divided into fifteen series, the first of
which matured and was paid January* 5th, 1921.
We offer th^se ?Sotes in the following amounts:
$5,176,800
Illinois Central Railroad
Company
$5,319,200
Chicago & Northwestern
Railway Company,
$7,381,600
New York Central Railroad
Company
$2,123,200
Delaware & Hudson
Company
$631,200
Atlantic Coast Line and Louisville &. Nashville Railroad
Joint Lessees of the Georgia Railroad Company
$510,400
Cincinnati, New Orleans &
Texas Pacific Railway
Company
$2,771,200
Michigan Central Railroad
Company
$1,506,400
Pittsburgh, McKeespfcrt &
Youghiogheny Railroad
Company
$692,000
Nashville, Chattanooga &
St. Louis Railway Company
These various issues all mature in approximately equal
annual installments on January 15, 1928 to 1935, inclusive
Price for all issues and maturities to yield 5.80 %
Pending preparation of definitive Notes, delivery zvtll be made on or about October 14tJt, 1921, in the iorm of receipts ef
the Central Union Trust Company of Sew York against temporary Noies of the railroad companies deposited with them.
Legal details pertaining to this purchase heve been passed upon by Messrs. McAdoo, Cotton & Franklin, New York.
White, Weld & Co.
Brown Brothers & Co.
Blair & Co., inc.
Lee, Higginson & Co.
Hornblo wer & Weeks Cassatt & Co. Graham, Parsons & Co,
West & Co. Edward B. Smith & Co. Redmond & Co.
DOMINICK & DOMINICK KlSSEL, KlNNICUTT & CO.
Thif information and these statistics are not ?"?naraatf-eeL bat have been obtained from sources ?? believe to be ac-mrat-c.
3e?"iXiinrs 26, 1921
Week ? s-19 21
i 5a!es. close. High. Low.
1 t'omn-Tab-Rei Co 6?. . *? 82 77
! 1 C R * r. lst&rf 4%S St. 61 % 62 57 4
! 69 Consol V?as cvt 7s.102 103 98%
2 Corn Prod s f 5s 1914.. 90 92 89%
.ICI Cuba C Sng cvt deb 7s. 60% 86 62%
j 9 Cuba R R 5s. 67 71 69%
44 Cuba-A m 3ug enl'Ss... 99 102% 96
. I. Cumb Tt-il <fc Tel as. . . 84?, 84% 78
5 Del * Hudson 7?.103 106 100%
j 101 do rv; t?. 86% 86% 78%
j IS do ref 4s. dl SI ?a 74%
1 Den * Rio Gr Imp 5s. 71% 72% ?7%
ISO do rfg 5?.44 48 40%
8 do 4%i.71% 71 % 66%
3 1 do con 4s. 68 ?8 6 2
87 Det Ed lstftrfg 6? h B 91 01 88%
4 do col 5a, 1I3?.89% 90 81%
2 do rfg 5s. 194 0.82% Sri 76%
; ! Des Molr.e? * Pt D ?s 44 47 40
6 Detroit RiT?r Tun 4%s 80% 80% 74%
i 13 Detroit Un Rvb 4%s.. 59 62% 57
1H Diim Match d.'b 7%B.105 : 06 102
13 Dl-tlllers Sec: Corp 5s 64 77 62%
; I Dulutl?. & Iron Rat) 5s 92% 92% 87%
! 50 Dulnth Mlssa <fc N'or 5s 9a 0.7 92 ,
! 329 Du P de Nemours 7%s 94% 100% 96
? 6.1 Duquesne Light 6s. . . . 94% 05 87%
2 K Tenn Vx & O cua h? 83 89% 84% !
4 Erie 3d ext 4%?. ... ?6% 95% 91
49 do prior l?en 4?, . ?O'a ?8% il
1 32 do gen lien 4s... .' 43% 45 34%
24 do cvt 4s sep A... . 38% 40% 35%
45 dt) cvt 4s ser B ... 18 41 .74%
9 do cvt 4s ser P. 44 45% 31 %
] l'I? do-Gr-n-nsi R ? f 6s. 82 81 80
' Er.a * Jersey s f *? . 82 84% 76%
1 E'ie-Penn col tr 4s . 75 75 72%
219 Fi?k Rubber 8s. ?9% 99% 99
i 11 Ft W 4 D City 1st 6a. 9?'4 99% 92
2 Ft W A Rio O 1st 4s. 7 0 70 61%
21 Gen Electric deb 6s ..101% 102% So
4 0 do deb 5s. 87% 5 0 5 4
22 do 3%s.59% 70% 66
2 Georgia Pacific 1st 6s.. 99% 99% 96%
lOGlla Val O'.ob? <fc N 5s. 05 55 00 ;
2i?'- G.uody?iir T ? R is... 103% 104% 97%
2 G-1 Rapids 4 Ini 4%s. 82% 82% 78%
4J O Trunk Ry of Can 7s.103% ?05% 99%
aC?; do ?is r.- i . 95?., 06% 0 5%
?i Granbv Con M Sm?P Sa ?'j 84 70
S00 Gt North-m 7s ser A 101 104 % ?-i %
11 do 4 ?4 s..82% 8 4 % 7 7
2 G B?y & West deb B. 7% % 5%
1 Gulf A dnip Island 5?. 7'" 72 64
; Havana Elec.rlc 6s... 7:% 75 ?6
15 II-) le Va, 1st cor. 4%s. 74% 76 67% :
119 Hud ft Man ref 5s s A. 68 69% 59
420 do a-..', inc 6s. 48 46% 23%
?? 111 f>n:ral 6%s temp :o:!% 1 j ?, 100% :
21 Illinois tre.itrai 5%s . 93 '-? 91% 85%.
S2 IT! C StL&NO ?t Sa sarA Js'j 87 18
30 Illinois Centra! rfg 4s. 78% 78% 71%
1 5 Illinois ?'em 4a 195*. 74% 74% 67%'
: 28 Illinois Cent 4s 1?58.. 73% 7 4 64%
2 Ll Cent 4s.1V Linas div 71% 75 69%
1 III Cent 3%B. Louis div 67% 68 64%
5 III Cent ?a. Litchfld div 51% 68% 58
22 Illinois Stoei deb 4%s. 31 83% 7S
ll Indiana Steel 6s.. 9.1% 94 8?
IS-. in'erb-Metropo; 4 %? . I? 21% ! 1 %
131 Int-Met 4?.?s ctff ??p. 14% 19% 8% !
SD< Ir.i-P.ap Trans rfg 5a 55% 58 % 48%
70 Int Mere Marine s f 6a 80% 84 75
20 Iowa Centrai lat 6s 72 7 2 "7*.
' 14 Iowa. Central rfg 4a . *9 44 28%
: Kanawh-t&MK'h 3d 5a. 88 86 90%
32 Kan City FtS<feM*m 4a ?9 19 *2
?2K.?n City Southern 5a 74 7? 73',,
88 Kan Cuy ?outhri 1-j? 3s 69% 59% 64
.72 Kan Ci:y Termi 3*: 4s 74% 78 6?%
316 KeHr-Si>rtngneld Tr 8s 99 99% 92'-?
4 Keokuk*D?s Moines 6a 68% 71 42
3 King?C ELAP pmSs ?7 ?9% 100 97
i 14 Lack Steel is !??3 . J?% 9 7 91
1 12 do is 1950.78% 7 8 70%
s La.: Gas of St !.. lat is. 79 79 68% ?
W--ek'8 -1931
1 ?aies (ilose H:*!.. Low.
10 Lake Bn? & W 1st is. S2Vj Sri 7n
23LS&1HS deb is 1 Did. 3 S *** 88?4 82
3-1 do .?ab 4;- 1931.S3'. 8SVj T?*?
47 [?chis h. Valley is ... 99% 1?0*? 95
- L Val of N V Hi a . 85% 85% v 2
7 !. Val of Pa con 4 Via. 81 ?f.t 7 7>>
2 do sen 4s . ; 1 76 67/4
1 LsxuiKtori 4* B Ry 6s. 88 8S ?u
183 Llg-getl & Myers 7s . ?07 10S-, 102
10 do 6s.6SV? 88'? 7 7 1,
1 la Island (li?b Gs 1937.. tii 66 57-.-,
? '-" do ?er. 1.1 .... 70 ?-? 7.. 66
'. do ur.ir.nd 1s. . '18 ?j 63
?',: Lorltlard Co 7? . 10S ?-?8t, 10",
i do 5? .85% S?*--, 78
2 Louisiana * Xrk 5s. .70 72-4 -, -,
:? 1.01413 & .left Brid?e 4s. 66 65 64 ?,
IS IaOUis & Nash 7p.105 105 1 0O
5 do col tr 5s 1931 89 >? 92 8n
40 do unified 4s. 83"*-? 84 "8 V.
1 do ils Heii-i 3r ri i 100 '.0.-) :j.?
1 un 3g at 1/ div. :.*.', 65 5914
'. .*> .'.o Motion Joint 4s. 7 1'. 7 ; "H 041,
9 Manhattan Ry ion 4s. SSS 68 ??*^
?7 ilo con 4s tax ers. .'M'A 70 6:!'-^
'r do 2d 4s. 4". ? . u t?
88 Market St Ry -.on js. 74 '-, 744 cS^
9 Marl and Oll 8s ?er A i'.-S 98V S3 *.?
8 Mexico Inri ?rat'ng 4*>?s 30:.? 32V| 27%
99 Mi-str P of Del cvt 8s.. .90 93H, 92*?
: Mich Cent deb 4s 1S29 82 8L! 74
! <lo Xs . 70-? 7 1 ?7*A
3 Mich State Tel 1st os 9m 9:',- 85
'JS-MIdvale Steel cvt 5s.. 7 7-s 79 73
!*M* S; L rfs 4: ext ?s 40 45 89
15 do 1st rfg* 4s . 39 H 4 4 33
35?. M SlP & SSM 6V4a w : ?19*? .OO*-? 99H
: do .".? . *?:?*. S2*s 87
86 do con 4s . . ?r-, 81 1, 754*
- Mo K A T of T 1st 5?. 61 6? 55
1 rlo s f <t*,s 41 4J "4\
13 do 1 f |i,i et is of d 41% i.r 33
! 86 do ist 4s . ?^'t 65 55 \i
: do 2d 4a . 41 T? 4'."-I 34-a,
[2 (10 2d 4s ctfa of iiep 4 i '? ? -17 ? v; ?' 4 :1
(10 ri? ?.. .58 58 49*4
i.' do -fs 4s et?a o( d 58 .S'. ?o
1 Missouri Pac con lis. ..10:: S i03*J4 t?3*J4
:?- -Li rfg 5a 1923 . . 95*? 95 ?? 86
! do i fK 5s i :"i r.r .87 S7 81 ?l
23 do rrg 5a 196?.7 9 -j 81 75??.
? 71 ?o ge n 4 s . 51 6t? 'i 69 *4
1 Mobile & Ohio new 6s. 99 ?-, 100 9 4
2 do 4s. St I. * C dir. 77 H "aft 72
7. Mont Power- 5S aer A. 87'4 99 83
':. Montreal T-nm cor 5s 74;* 75 67?i
',1 Morris <4? <"o 1st 4V,s.. 79*4 80 TIVij
3 Morris A Rssex ''-,*. S8-\? 70"54 S?-4 :
6 Nat Rxfl of Mex 4Ha 2?*-i 7->'s il
: } do 4a. 2? "" 2 2
3 National Tube 5a. 9?**? ?00 87
??New Orl?ans T**rm 4? 67 67 ??< S \
4 New Or T & M ir.c >* 5,*, 65 .", 3 \t
89 N r f" A H R coi 7s..:0t '.9 1 *. 98
546 do dein 6e. 96 ?< H 87
5 do rf? 4- :mp 4 >-? s S^i1? 87 73*,
?6 do deb 4s, t?34 . . 81'i 8114 7?H
10 do deb 4s. 1942 ... 73 74-, 7.
ao non *??? 71?4 7? ?a, ?s
41 do rfg T-j.t 67', 69S ??2V>.
27 N Y C-L Sh col '-r .,? 64 64^? 59*-,
12 N Y Chi & St L 1st 4s SI 4, 8. 7 7'?
15 do deb 4a. 75V 7?Vj 68 ',? .
2N Y t.or.nec Rys 4tta. 78 ^ 73 74 4
; New York Dock Co 4s 73 7 ; 68
: N Y r, ?S L H*P c Sa ?7 17 M
? do pjr m 4a.. 71 " i*.\
20 N'Y ."-,'SI & H cvt 63 11 ',?'? 7J*H 8*1
; do df-b 4s 195! . 38'-i 49'aj .*-???,
2? do d.*b 4s 1957.. . 32 32*-? 30
! do d-b 3\.? 1954.. 3 5 4 5 o4t,
S do cvt .leb 3Ha 195? 35 4?4 33
: N Y Ou ? W 1st rfg (a 6.' 6 5 66
84 N* Y Rya *dj &s . S 84 8*4 ***t
13 do adj ?a ctia of dp 4 *-t 6% S f
I^^Kk s .-!92^^H
Sales, close. H.gh. Low.
- da rfg 4a .21% 25 17% ?
1? do rfg 4? ctfs of d?p 22% 22% !?%
6 V V Susq A IV rfg OS j-> 63 ' >
23 .?." y Tele d"b ?s . 97 ?7% 87%
0?r do fien 4%s.85% S5*s 73
44 X Y Westr-h * B 4%s 36% 43 33%
25 Norfolk A West cvt 6s.l03% 105% 09
29 ilo con 4?. 79 % 80 ? -,
6 do divl 4s 73 80 74
2 do 1s Poc <: ft ? di ? 79% s:1 71 .,
445 Nor Pac-Gt N jt 6%.-i.l04% 104 . 98%;
30 North'n Pac is a*r C 103% 10'.% VI %
2! do 4 %?. . . 79% 81 % 7 1
?7 rjo pr ll< n is .77 Js 7"% 73
20 do gi n is. ?7% 69% 6!
7 Nor States P da ser B 31% 07 89 ?
8 do 5a ser A... 82% 83 "6
70 North?-n Bel Te: 7s 104 101% " "
18 Ore * Calif 1st 5s. ->"% 93% 68
2 4 Oregon Shnr" I. re; Gs 99% 100 15%
17 ?Jo con Es . 94% 94 v, ?7
.1" do rfg *s . 85 8 5 77?,
Or?gon-W ER ft N 4a r?% 74% 67%
2 Pacific coast 13' j? 7 1 ".'. 65
14 Pac Gufl * Klec 5s S3 83% 74%,
. Pac or Mo 1st ' xt 4S . ?0 60 7 7. %
1 Pac P * Lt 1st r.'g OS 80 B0 7r%
3? Pae Tel & Tel ?a 88% ?>" 80
2 5 Packard U C tern?) 3s 07 100% 94%
28 Pan-Am Pet ft T 7s. ?<2 04 87
.1* Penr, P. R 7s 1980... 104% 106 100
28G do gold 6%*. ..-..102% 103 0 4%
67 do con 5s ;96i . . 89 % 92 8!
98 do gen 4%s. . . 81% 86 74%
"4 ?o con 4%# 86% ?2% 81
10 do geld 4s 1906 . . 83 8.1% 7?%
* do con 4a 1048 82 S-"% 7 4%
?4 Peop Gas A C of Ch 6s 80 02 8 4
30 do 5s .J7% 7 7 % 63%
1 Peor?a. & Eau '.at 4s, 59% '33% 54
9 5 P?re Marquette rfg 5a 84% ?5 77%
6 do 4? ... . 67 % 7? 4 ?'.
72 Phila. Co cvt deb 5s '22 98 98 % 84
45 PhlUppIne S?y 4s 41% 4?%
12 P C C & St I. 5s aer A 86 ?7 73'?
0 do 4%s s*r J . . .. 85% 8a % 84%
i do J%s ?er E 84% 84% 84?,
4 Pro? Sfic Cor deb 4? 22 22 2"!%
4! Pubiic S?-rv of N* J is 68 64% 57%
42 Reading gen 4? 77 -, &?:, 71%
1 Read-Cen RR N'J col 4? 79% 87 7?J
1 Rep I Sr St col 63 ?0 86 86% 80%
.7 R.o Grande June ?a 76 76 72%
: Rio Gr # West 1st 4j 87 70 61%
9 do col tr 4s . ?7 57 2 47%
22 P. I Ark ft La 4%s 70% 71 64
4 Rome Wat ft Or cud is 99 * 9?% ?' 1
15 3t L lr M ft C ger. is. S2 9- Sr:
?7 do -fg 4?. ... 75% 7i% ''.'?%
66 do 4a R ft G div. 72 72% 64%
I St 1, * ?an Pr ger, 6s v?. % 9S% 91%
3 do g'n 5a l?3!. 92% ?2% 37
264 do pr Hen 4? ?er A 43% 64 58%
101 d? 5a ser B . 70% ">% 60%
78 cio g*n 6s ser C 93 43%
255 do adj is. 48% 70
778 do in- 6s 58% 69 %
35 St L .-iouthwfi 1st 4? . 70 72 64% I
8* do con 4a. 65% 67% 50%
1? do Term is ?37?, ?3 % 42
l? SI P ft K C 8h L 4%S. 44% ?8% 61%
..- P M ft M con ?a. 101% 102% J00
4 do coa 4?. S6% 85% 81%
9 do ?s Mon C div.. 103% 103% 99
7 San A ft A Pal? lat 4a. 64% 64% 5S
3 Scioto V ft N* B 1st 4a. 74% 77 78% ',
87 Seaboard Air L con ?2 47% 53 45
i do gold 4e at 64 5 7 ?0
78 do ad.', 5?. 25% 39% 2S
11 do rite 4? *S 4.; S6
20 Sharon Sri K 6s ser A.. 95 % 97 % 95
2 26 Sinclair C OU cvt 7%s 9?% 94% 00%
?8 tSoiith Bell TAT 5a. ?> 86 i0%
3 Southern Pac cvt -.,* . 93% 100% 84
31? du en II.- 84% 84% 74%,
f?%
? .??-?vea-ir-ai?
.Sale?, cruae. Hi*rh. ta?w.
173 ero rl'g 4?. 78 H 79 75 ?
15 do rn| tr 4f 73 >T 7jta ?? **%
26 do San Pr Tt-r 4.. 741, 76 ??
56 Southern R. 'nn is.. 8* * ?0 tf.44
71 Southern Ry gen 4s ;???. i: s .>
1 do 4s. M ft Q-div. 68 83
{Standard Milling- ta . 8 7 8;?-, ?t.
5*. r-ian-.i Uli *i. C .?tn 7? .04-*-? 106 191
? titee] ?**. Tube 7s ?er C. 92'? ?a'* Il 1
2 Tenneaaea Copper ?s t.* 94 ta I*.
- -s a j-ac 1st 5s li , 81% 75
172 Third A.V a.jj ?s . 79 8?4A 25
36 ?O K( 4*.?*'-? 04V ?'ta
246 Tldewtr O ?*?? ia ctf? 98H ??*? ?9-?
r Toi Ela&W 5 0 ,r 4s. '60 47 .s 46
I Tri-? ?;:;, Ky ft 1. &?*. . . . t. ?i IS-ft
1 ' n Ha* ft Pap ?s . 80 85*-? S*
* l"n E 1. ft P lat 5a. 32 83'-? 83-4 7f. **?
32 Ln Pa iflc Sa . ".01 101 '? 9? V
9? o-. lai 4s 83*4 '4'-? It
80 do cvt 4a ?-.S ??ta 8L
?. do r.ic 49 ..../-... ri ta ??H 77.
. r en Tank Car 7? .102ta ?*?J*4 l?t -4?
4- r n p.R o-J" 4S cit? Of d 31 S? *4 I
1 L n R- In 1 6a, Pis. Il 79 ?6
5 3 u H Realty ft I 5* 8? ta 90
76 U S Rub 7 Vi?, t???. ?COS?O!
... , 9SV 100 ?44
d - 8?*-, 81 Ti
' . "rai II P. S Ni la ?lita 94 -, ?j -?
8! O S Steel a f 5s . 3", 96 l? 9.
I l'-.jh ?. North la... . ?J ta 94 S?
17 17-ah p.)* * !. ">s 8!", 52** 7*
10 Vera ?Crus A- P*c 4-s.. 28 28 ?l
1 * Va-Caro Chrm 7*?s . ?;*** 9 ? ta |?<_
6 do c. r deb ?s . . . ?.. n ?ita 15
?". do le- Sa.93 94 ?1
: V nr^nia t C ?t C i? 84 92', 81
7 Va Rj ?? Power 5? . ??ta 67 \ ?t
2 Va & ?o*.;?rhwn con 5?, . 68 V, kt 14, ?A 14)
67 *. Irr'nl? Railway 5a.. 17 17 71*%
;6Wai)??h is- ;, t . 81VI 9? 5?-B
19 do ?d is . 80'4i *?>'. 72
36 Wi-atern Blaetiic la Uta 91'*'. ?3*4
35 vv.s-.-rn Maryland 4s . 544 *?'-i a'.1*
rw?' N "y* ft ?>a K,.n 4, (?4 :m ?5 go ij
?ft Wa-Kern Pande is .... 8! t. 7?<-J
4?] Western In ron 8>?? ..11344 ?fila **
} t?o col ir il 17Vi *.* ? l?V?
? -v?,. ?.- - ? 77 ta
itinsrhouaa Bleo T-t-lOr*.** IOS*? ?414
16 Weat Shore 4?.74 r?V? ?7?4
l r*.o 4a reg. ... 7.' 7 : ?6
4 Wii ft J_ Bne con ?s 56 ta ?? *?
43 Wilson ft Co r?r ?s 88'-? ?Ota
T53?
?I
?fu 4a
S ft D dl?
62 ?, STta
OiVIDEataD NOT1C1?
I'RiVKIt-H.IRBIS iOMfAST
H\KRi/80N. St. J.
NOTICE OF Ql'AKTK-RI.Y
r?l*4) IOFNO
PKEH.RKEU STOCK DiTU>R**TB
NO. S4I
The Tvoard of Dir*-Tor?. at ?a
rra-Ating heia on September 16, 1J2?.
d*>r'ar?tl (he regular qaar-erly d?**!
nerd of one and thru? u??t?ll par
?a'. 1 -a -St . on 1 be "tit-irj.giS.if
pre'eaceal a'ock. for ttte quarter snd
:nt Ssytemher ".9 H?l. parable ?n
O.tobtr 1. '92:. to ?toe-alt-,older-? of
r?<-c'd ?? the eio*e of buein-saa en
?september 30. 19-7. Transfer boeka
w-.V. close fron; September 20, ll?l,
to October I, llr.1. Checks w,i! 1m
ma.i*d.
P E. RK?VB8,
T-r<?*a?uj*?ir.
J