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il'f K w ttra&V'8si: ; JtfXE '23, 1921 i a ' fCffrh .vrfr ) 11 ii in ti k '!' 'C , Y' A Billioti Dollars a Year If your Banker asked you how much your Plant, your Person nel, your Good Will was worth, could you give him an accurate detailed and acceptable answer? Jforfc USacoft 8. "3JAVi8 Valuation and Accounting. Engineers are daily answering these questions in their relation to bank credits, mort gages, recapitalization, mergers, taxes, production costs and manage ment policies for some of the country's most important interests. Our field and office personnel is so effectively interlocked that the detailed examinations to develop amount and condition of prop erty are performed with an accurate rapidity that is, wc believe, quite unparalleled. This result is the outcome of a painstaking organization and the great volume of business handled. Recent Performance is the Surest Test of Present Ability Total Property Valued by JfOrt. liOacOil & "avio during -1920. Industrials Public Utilities Total $661,192,741.00 343,760,554.00 $1,004,953,295.00 Property valued by us during past two years exceeds two billion dollars, classified as follows: Artificial Stone Automobile!, Aircraft, etc Boot and Shoes Building Material Carbon Product Churches Clothing Coal Mining Coal Tar Products Confectionery Cotton Mills Docks and Wharves Drugs and Chemicals Electric Light and Power Electric Railways 742.983.00 4.165.770.00 43,498.410.00 6.754.238.00 28.381.266.00 864.115.00 373.997.00 484.481.00 1.483.847.00 23.374.00 44,051.552.00 3.165.065.00 8,156.069.00 116.916.606.00 545.821.751.00 Electrical Machinery and Supplies 27,463,430.00 Electro-chemicul Products 48,818.495.00 Elevator Equipment - 1,691.937.00 Fertilizer Plants 547,592.00 Foodstuffs 2398,567.00 Furniture and Furnishings 6,077,960.00 Gas Distribution 104,344,577.00 Gypsum and ProdueU 3,523,767.00 Hats and Caps 1 ,89 1 ,676.00 Hatdware 5,967,593.00 Iron and Steel Rolling Mills 21,683,848.00 Jewelry 42.131.00 Lumber and Timber Products 1,289.640.00 Machine Shops and Foundries 9,410,637.00 Mechanical Equipment 12,623,488.00 Miscellaneous $ 964,390.00 Munition Plants 6,226,915.00 Oil and Gas Lands 13.227.741.00 Oil and Gas Wells 415,546,745.00 Optical Goods 69,944.00 Outdoor Advertising Plants 10.580.628.00 Oxides, Cyanides, etc. 3,361,440,00 Oxygen and Acetylene, M'f Vd 25.373.229.00 Paints, and Varnishes 856,518.00 Paper Products 6,016,059.00 Petroleum Sales Facilities 35,276,272.00 Phonographs and Graphophones 5,169,638,00 Pianos and Organs 1,016,611.00 Pipe Lines 166,460.665.00 Publishing and Printing 3,491,154.00 Pulp Mills. Wood and Straw Board 4,577.213.00 Razors 576,818.00 Refineries 125,149,766.00 Rice Milling 7.188,539.00 Shipbuilding and Shipping 65,466,026.00 Silk Mills 42,332.768.00 Steam Heating Plants 494,032.00 Surgical Instruments 222,481.00 Theatres 8,238,556.00 Toys and Games 555.174.00 Warehouses 166,160.00 Washing and Ironing Machines 3,194,003.00 Wire Mills 37.227.882.00 Wire Products 11,218.406.00 Woolen Mills 12.042.815.00 Total GOSSIP OF THE STREET .i NEW YORK BOND TRANSACTIONS tHAI.KH IN f 10001 Alsk 0 M cv A 1 11H Am Art A Ch $2,064,987,450.00 Our organization is at your disposal for mailing authoritative engineering valuations. A letter or telephone call will bring a representative who will be glad to discuss your problem. Established 1894 cAn organization of experienced etigincering and management specialists in public utility and industrial business. 1421 CHESTNUT STREET PHILADELPHIA Telephone Spruce 6082 115 Broadway New York 58 Sutter Street San Francisco You can obtain Reports and latest market news and quo tations on New York Curb Market stocks, without obligation in our Board Room, over the telephone or by mail. -"INVESTOR AND TRADER," our 12-pngc weekly, which con tains articles on nctlvc stocks and n concise rrvirw of flip market trend. Ask (or EP-4.VJ -"INVESTORS AND TRADERS GUIDK," 6V-pn(,'e book telling the general rules of trading, de posit requirements, commission charges, etc. Ask for TU-4BH. Tell u the stock in which you are interested. PHILADELPHIA OFFICE winr.M'.u iniu.niNn Telrphoncei Hell, I.oruot 4130 Keystone, Ilute flflfll BALTIMORE OFFICE 3 KQl'ITAIU.n I1UII.1I1M1 Telephone! St. Paul BI5I Direct Private Wires NtwYork CMcsjo Boiton Philidelpbia PittiWn Detroit Baltimore ClerctiDd Jones StBaker Members New York Curb Market Readjustment ALLIED PACKERS INCORPORATED The time for deposit under the Plan and Agreement of lie adjustment, (luted April .10, 11121, of Debentures nnd Stock of Allied I'nekcrx, Incorporated, with CENTRAL I'XIO N TRI'ST COMPANY, Deposi tary, fiO llrniidwny. New York City, or with the Hult-Dcposl-taries, viz: FIRST NA TIONAL BANK OF PHILADELPHIA at 315 Chestnut Street. Philadel phia; FORT DEARBORN TRUST AND SAVINGS BANK at 78 West Mon roe Street. Chicapro. and FIRST NATIONAL RANK OF BOSTON at 70 Federal Street. HoMnti. has been ex tended until tlie close of bunl ncsi on JUNE 2t. l2t. There have been netunlly de posited under said Plan and Agreement over '.V)cc of De bentures, over rM7r of Pre ferred Stock, and over l.Vr of Common Stock. and aH a result of conferences with security holders additional deposits in considerable amounts are ex pected in the nenr future. Dated New York, June 20, 1021 (irnrR-e W. Daileon Chnlrmnn Clifton II. Onlnnrll James ('. Kenliniren John Fletcher Herbert I. 1'oster Wllllum A. I IMwIn C. Lewis Committee l'. Ii. Slg-ler, Secretary 80 Ilrnndway. N. Y. City FINANCIAL CllKW U7VICK COMPANY FIRST MOIIT. (1.W1K 0 N1NKINO FUND (IOIJI NOTKS Notice Is hereby given that pursuant to the Hlnklns' Fund prnlslon of the nbove mort gage itated August 1. 11)111, proposals will he. received at the offh e of the Commercial Trunt Company. Trustee. City Kail Siiuam. Philadelphia, for the s.ile to the Trustee for Sinking I'und Arcnunt on August 1. 11121. ot 1122.400 par value of said lionda at a price not to exceed hiif and accrued Interest. The rlKht Is reserved to reject any or all proposals In whole or In part. Healed proposals Mating- numbers of bonds offered nrat marked "Proposals for tho sale of Crew I.evlck Company First Mortgaire 0 Sinking Fund Gold Honda" should he pro eentect to the undersigned before 12 o'clock noon. Tiicsdn), July , 1021. COMMKIICIAIj TltUST COMPANY. Trustee. HKNUY C. niUSON Treasurer. Dll Mends 7 ret 1 0314 Am Dk A 1 fls 17.'... 1O0H A 8 & n't it i in It (sale) 7.1 H 2 70 Amu TAT 0 r 07, 10,.... 87W 8 97 i 1...... 117 1 B7H 1 B7 A T fc B Fo aj 1..... 08 A T A 8 Fe 4l 1 74 B 74, 2 74 A Itef ct OHs 6.... JnlH in..,. ioo .... ioo Unit & Ohio cv 3 (sale) 'Kl 2 07 1 7 I.. .. 07 n 07 a 07 1.. .. 07 rt h Ohio 3Hs 3 81 Halt Ohln 4s 1 OS Halt A Ohln fls !: on Halt Ohio 0s 1 S8 II A O Tol 4s a r.i a si 2 ROS 4 501, Dell Telephone of Pa 7 1.. a.. 11... n.. l.. i.. i.. i.. l.. llclh 1.. 1.. ion 103 103 103 103 Vt 102 10.T1, 103 'i 103 5s '30 . 74'4 74 '4 Prior in Ihn ttimttlinniia wflr mOr kcts It wan a common ttaylng, whenever f he Jlst beiran to wprucd up a bit '" ft prolonged declining movement, "Jokey Field was at the post." This oKC'f times meant a signal for a turning point and In nlno cases out of ten tho uear trade accepted it as a cuo to beat a hasty retreat. Curiously, the same Jacob Field made his appearance on the floor yesterday for the first time in a long period and took up a prominent position near the Mexican Petroleum post. Tho results of the last two days amply tell what happened. It is stated this nervy leader quietly sauntered onthn floor on Tuesday after tho opening dip and allowed It be quietly but generally known thnt he had practically unlimited buying orders from. some of the biggest guns on the Street. He proceeded in bis usually quiet way, but his presence and the knowledge he was buying and buying big was enough to scare a half year's growth out of the ordinary bear. Yesterday morning Jnkey was again on tho job and doing business at the old stand. The result wag a virtual stam pede of the shorts and "Mexican I'rfo" u-nnt iwunnHnir to llfi- or 1. nolnts above tho low market of last If those behind Jacob arc In dead earnest, there Ih likely to be Mine sen sational pyrotechnics. It remains to be seen whether Jacob s occupation is a temporary or a permanent considera tion. More Dividend Disappointments Many were of the opinion last week that the last of the dividend shocks had been sustained. They were wrong, for yesterday brought a couple moro chillers nnd gnve an unpleasant re minder. While stock market conditions looked better. mntterH otherwise wero still anything but promising. Of course no one will blomo the ' Pan Handle" directors for what they did. Awaiting the final results of the re duction of wages by the Labor Roard and Its action respecting the national agreements and working conditions can be ascertained, it was altogether within the province of conservative manage ment to defer dividend action, more especially when earnings are running so low and general conditions are un promising. At the same time, a pain ful reminder of the industrial depres sion and Its effects wag given in the nctlon of the Chicago Pneumatic- Tool Co. directors in reducing the quarterly dividend from 2 to 1 per cent. The action of the "Pan Handle' directors was interesting because of its direct influence on the income of the Pennsylvania Itollroad. All the capital stock of the Pan Handle, excepting 1 per cent., is owned by the Pennsylvania Company. The semi-annual dividend of 2 per cent, on Pan Handle means about 1 .01)7.200 Income for the Penn sylvania Co.. and the regulnr semi annual dividend of .'1 per cent, on Penn- svlranla Co.. which was declared, memm .X2.400.000 Income to the Pennsylvania Railroad. Bargain Counter Open Again rri... -n.-.. mi Mnnilnr. and there are t ill remaining, more attractive bar gains on the stock market counter than there were in December, when traders and investors were selling stocks on the wholesale in order to establish losses, ..tt. Vmimi nml State taxes. Jlan.v stocks on Monday were selling below . -hi t Alton 3. December lows. As a matter of fact, . . - many stocks oftentimes included n the A Jl category of lenders arc sell ng at lowest " Q prices In twenty years. This is par-, 7nn tleularlv true of n certain nmnocr oi , chlcaeo B A Q preferred shares, which were atlvenisec n 3v,a and promoted and marketed several j a .... onU jears ago as leading niirntuvc mvcni inentn. , , . Soma close obforvers were of the opinion jesterdny. that after the over zealous 'short interest had been suf ficiently punished, prices by slow and irritating stages would work back close to the bottom prices of Monday. This is the usual procedure before the real upward swing starts in earnest, which, according to experts, Is expected to run on schedule in the latter part of August. If this theory proves true, then the bargain counter will be open for business during the most of the summer. Ilrkyn R T 2 47 Hkn R T ci 7 2. . .. 4GH Hrkn napld T ct 7s sta .... 42H 5 42 Canadian N 7s B ... 101 1.... 101 Cen'l of Oa en 5.. . 80t, Ctl Leather 5s 2 . . . . 87 Ctl Paclllr 1st 2.. . 70H 5 70ii 2.. 70H Cen'l Fao nVis 1 70 Cerro de Pasoo Copper 8 Chi II & Q 4s 15,,.. nti.no l..,. nn.n2 15. .. 00.02 a..,. 00.02 11.... 00.00 C II .A Q 0is 5 .. now 4 .... IMH 1 07 n .... ooh 10... . 004 Chi A U W 4s I ... 4RW 1 48W 1.. .. 4RH 1 .... 18 1 . . 4RH ChtenKii MM A StP cv4M 1... . 03T4 ChlcaKo Mil A HtP fd 4s 1 Ofl'l 1 .... 50V4 1 5HN, 1 .... 58 5. . fiR'A Chicago Mil A StP cv 5s 1 . . ' 04 1 ... 04 CAN W (ls 2 ... OR 1.. 08 Chi Jl I A P fd 2 .... 041 1 ... 04 S 1 ... 04S, 10 ... 01H 2 . .. 04S Chi Ilallw's r.' 2 ... 02 Chi H I A P 4s 1. .. 00H Chlcaio Union ta ct OHs 1.. )14 Chile Cop r (Is 2 72 1 71i 1 71 4 1 .... 71 H 1 . .. 71 rmie Cop'r 7s 3 ... OIH 1 ... 01'4 Chinese Oove't Ilu-K niys 5. 3 .... 44 1 .. 41 "lty Kerne 6s 1 . .. 0014 15 .. 00H 1 . . 00S4 City Chris'a 8s: 4 . 00V4 City of Copen hagen 6V4" 1 74 1 74 H 'Ity Lyons 0s 3 . . 70 City Marn's 0s 5 . 70 C N Tk 4s 57 5 . 7RH City of N Yk 414 s May '57 12 B84 City Paris Of Den tnotl 2 ... 41 '4 8 42 Den A It (I 4s 1 .... 024 ui itam 1 07H Det KJI Co Os 1.. .. SO'A Det U It 4V4 1 01 D Match 7 Us 5.... 102 i Do Canada '21 1 00S Do Canndn '20 2 not; J .... 0014 1 not; 1 oou 1... . nou M Canada '31 5 (sale) 80 4.... R0U t) D Nemours Pwd'r 74s 2,. .. vn 5 OH',4 6 ., . 004 Dun Light 0s 1. ... Rll4 2.. , R04 7 . 80H 2 n0'4 2 . no4 Crle 0nl Lien 5. . SOH 2.. .. 30 li Hrle It 11 cv I 1.. 304 I.. . 30V4 Hrle ny Co 4s 1 ... 52 3 51 Oeno'l Klec frs 3 85 2...'.. 84 4 2 .... 844 boodjear Tire A Rub 8s 2 . . 084 1 30 $4 8,. .. 30 "4 Ills' Steet 4Vis 2 ..80 Indt'a Steel Re 1 . ..884 Intb Met 4 4s 4 . .. 14 H 1 .... 14i 10 14 lu.Lniri) It 1 M '!. . . . "!" I...!. 524 2 524 I M Marine lis 1 .... 704 1 .. 70H 5 (sale) 70 I... . 704 1 (sale) 70 lown Cint'l R 1. .08 Jnp Oove't 1st 1 84 4 Jni tlovr't 4s 2.. A... 08'4 1..T.. 00 OS '4 00 00 4 r9; 0014 00 4 105 't 105U 1054 1034 105 105i; inn 105 4 3 O 0 5 1 21 1 C A O cv 44" 1 724 1 .. . 72U C'k A O cv 3s 1 70S 1. ... 704 1 .... 704 3 ... 704 2 Oove" t It 10 r, .. 5 . 3 .. 1... 10... 10 . 1... 10 . 2... 5... 5. 10... 10 . 15... Oovo't H... 1 .. 4 .. 1. 1 5. . 5. . 1.. 20. . 20 I.. 004 00 4 1)0 4 ll!4 004 004 004 . 084 . 08'i . 084 . 084 084 French 4 s ren 03 05 05 05 05 05 05 05 05 05 95 05 05 115 05 H 8s 117 4 07 4 074 07 4 4 (sale) 07 H ft (sale) 074 5 (sate) It City Tnklo ft 1... . 574 City Zurich is 1 07 15.. .. 07 2 00". ConsM Gas "s 4 1W 4 100U Cuban A S sh 1... . 0 1... . 0 Cuban C cv 1 . .. 074 2 .. 07 4 10 (sale) 084 1.. .. 074 1 .... 07 10 ..07 Denmark Con ct A 8s 1 . 08 1 . 07 1.. I.. .. 0.. 1.. 1.. 1 . 1.. 1.. 07 07 K 07 S 074 07 4 074 07 4 07 4 074 07 4 074 074 Od Trunk rets 5 1004 1. .. 1004 O Nth Rly 7s 2 004 3 .... 004 3 004 Hck'K V 4 4a 3 .. 08 Hud A Man fd 4 . . 034 2. .. 05 4 Hud A Man In 1. . 054 1 30 10.. . 30 H 3 3fl?4 3 30 ft 10. 2 t". 7. ft 1 (sale) 004 1 004 Kim 0 A 3 .3.. .. 55 1 55 4.. .. 544 Kan CtSti 1 74 .1 744 3 .. 73?4 3 . . 734 K C T Rly 4s 1 . on n 11 . onu Kelly Sprlnit'd Tire Co S11 4 08 K Ileliflum 0s 2 .. 024 K llelB'm 7 4 7... . 08, 084 084 08 084 08 i 084 0H4 074 08 0R4 IC RelK'm rets 1 074 1.. . 07, 11 . 07 2. . n7S ft tsaje 0 2 .... 074 ft . 07 4 Kingdom Den mark ct 8s 2. . HO 1 004 1... . 004 Klnndom Nor way ct 8s 3 1004 Klncdom of Sweden fls 1 84 1 . 84 Laclede Oas C of St L 5s 10 . .. 744 1 . 74 Lou A Nash 7s 1 . 1014 4 1014 1. 102 Mex Petrm 8s 5. . 034 Mid S A Or 6s 10 . .75 0 .... 74 3.. . 74 4 Mln Jt P A H Ste M 4s 1 . . . 76 Mo K A T 5s 2. 04'l Mo PaclOc 4s 5 M4 S 51 4 1 ftt4 2 ... 51 4 3 614 Moblln A I) 4s 5 . 58 Mnnt'a Pwr 3s 2 . 83 4 2. ... 834 2.. .. 83 New Or Tex A Mexico 6s 1... . 6ft 4 66 N T Ctl BV4 2 (sale) 034 New Tk Ctl 0 1 884 I S84 4 884 0 88 1 884 New Vk Ctl 7s 4 100 1.... 100 1 . .. 004 N T'k Lack A West'n 4s 6 044 N Yk LlKht II A Pwr 6s 0 82 4 814 New T N H A Hort'd fls 1 034 N T Tele 4 4s, 1 774 7 774 1 774 New Y V C A liost 4 4s 1 31 1 34 4 .Via F Pr 3s 1 .... 87 Nfk A V cv 0s 1.... 100 N A V Poco'a CokI Co Is ft 724 North We'n II Tele 7s 3. ... 084 1 . . . 110 1 110 1 .... 084 1 00 N PaclOo It 3s 4 63 X Purine K 0 10 O0K t'.io O A 11 3s 1 .... 704 Pa II gin 4 4" 0.. .. 76 t'rnna It R 3s 1 814 1 814 1 814 68 81 Penna II 04s St L A fl Fran Series A 4 604 10.. . . 60 4 St I. A H Fran Series II 2 704 St I. A H Fran Series C 1 864 St ti Sow'n en 1 01 2 014 St I, Sow'n 6s 0 044 St P'l A Sioux City 7s 1 . 02 Sao Paulo of llrazll ct 7s 1... . 044 6 .... 044 ft. .. 044 Kenb'd A L J 3... . 30 Keob (I A I fd 1 37 Seab'd A L fls 1 474 Sinclair C Oil Corp'n 74 10. ft. 5.. 6.. 2.. 8.. 0.. 6.. 1.. 6.. 1.. i . 2. 014 014 014 BIS 014 014 014 014 014 014 014 014 014 V a Mexico S 44 1 46 J. ... 454 2 45 V H nub'r 6s 2 704 V rf Hub 74s 1 .... 084 U'tl 8 Steel 6s 4.. a.. rt. . It.. 1.. 10.. 04 4 044 044 1)4 4 04 4 04 4 16 01 VjC Chem us 'r.,,.. 8S Wabash 11 1st t 824 West'n Met, 4s 1 624 1. ... 624 7 62 West'n Klec its' 2 004 West Shorn 4s 1... . 70 V A U Mfr 7s 1 0D 1... 1.. I... 6 .. 1 .. 1 .. 1.. 2... Wilson Co cv 78?: 004 linn 004 004 no ; 1004 004 no 4 004 Liberty .ijs ... lilberty 1st 4ts. Liberty 2d 4Mb. Liberty .'Id d'Js. Liberty 1th 4y4s. Vic Note? 434s . HUh 87.44 87.40 80.80 01.40 80.1KI 1)8.40 liOW 87.42 S7..".S 80.70 01 .:m 80.84 08,; 0 . 70 . 784 . 784 . 784 11 15 A. M. 87. 1 i 87..1S 80.71 01.40 80.88 08.40 Philadelphia Markets WIIKAT Receipts, 80.600 trash1, fiUaA' Kxport tlernnnd fair, (far lots. In xprt 1: no Other elevntnrNfn 2 red winter, illscmirts: ten No. 3 red winter. f1.4Kfri.Kll! No, rarncKyr ei.unf.i.i it tha fnllmvln' n Mixed when! He under red win. . .. ......c., M1I lll'Kjrr Bl.illl sraues iiuoted at the followlnr' schedule of .12, WhPAt Ht tlntitt V. ) Mrt. A , wheat, 7c tinder No. 21 No. ft wheat. ili under No, 2. Sample iircordlna to nualltr. CORN Receipts, 1405 hush. Quiet ami elevator., una .IUIHK hard S'n Pacific fd 1 734 S'n Pnclflo is 1 .... 074 South' n Rly 4s 1 6ft), 0 65 S'n Pac cv 4s 2 77 , South' n Rly 6s 6.. . 804 Slnnd'd Oil of Calf rets 1. . 101 N 101V. DIVIDENDS DECLARED Albert Pick A .Co., quarterly 40 cents on common nnd 14 per cent on preferred. Common Is payable Auiiust 1 to stock of record July 26 and preferred July 1 to stock of record June 24, Air Itpdnrtlnn fn .n.,l.,lu c .... mon. payable July '15 to stock of record K'J'f. Joou!" nt 4347c ..una JO, PlttsburKh Coal Co.. quarterly 14 per cent on common and 14 per cent on pre ferred, both payable July 25 to stock of rrrord July 7. Steel Co of Canada quarterly 14 per cent on common and preferred, payable Auirust 1 to stock of record Julv 6 Norfolk and Western Railway, quirterly !JJ.P"" cent on common, payable September 10 to stock of record AUKUst 31, and 1 per cent on preferred, payable August in to stock of record July 30, LIVESTOCK QUOTATIONS Pittsburgh. Pa., June 23.IIOC1S Re ceipts, 4000 head. I.ower. Heaxles. fS.ftdiff 8. 00. heavy and llcht yorkers. 0.10i90.2.-.i l"Ks. lo.25Cn.30. SHDKP AND LAMIIS Receipts, 000 head. Steady. Top sheep. 15.25: top lumbs, IS.fto. , AI'.''S IlccelDtB. 150 hend. Steady, lop, 111. Host IIiifTnlo, N. V., June 23 CATTLE Receipts. 25 heart Steady. Calves, re ceipts. 35 head. Steady, 13W12. , IIOOS Retelpts, 2100 hend 25c to 40c C...ll-. f'., S ""'. ,,.-nv7, ,11'li J,,l. IIIIXPU, ril..HV'1'..l.'i suits d ton ss workers, lliht do, er.d PlK. Jli.33P0.4u, UH'4 roUThs. J7W7.23. staiis. 1483.r,0. SIIBKP AND LA.MI13 ReeelptB, 20(1 head Steady, unchanged. 004 00 4 004 004 004 004 00 V, 00 4 Penna It R 2.... 101'. 2... 101 1 1.... 1014 2.... 1014 2.... 1014 Peoria A II In 6 18, Phil County cv 1 U4'4 ft Pl Public Service Cn'n N J 6s 10 .. . 01 1 044 1. ... 04 Reading Ity In 1... . 724 8 72 1 72, Rep Chile rets 2.. .. (I4, 5 044 1. ..04 4 St I. In Mt i S'n Rly 6s 1 834 St L A S F al 10... . 01 1 034 7... . 034 10 . 034 St L A 8 P In MONEY-LENDING RATES VKAV Vf.ltI.T MmilU ,. flail hr.th ).... -- r stwj 1 1 "is .tl. a'wi vjoccii 1 of collateral, opened today at 5 per tent I for tondlna- and renewlnir. 2 . 104 1 . 10i 1. .. 101 0 . . 84 Third Ave 6s 10 70 Tidewater oil Co ct 04s 2 . . . 02 1 . . 02 10 B2 3 02 Cnlon Pac 4s 5 704 fnlon Pac Us 1 .... 00 r Tiink Car is , S-l4( At ... . . mnii "- " 1 nirnco U K'of O Ilrlt ! ' Ft Louis .. A Pd 1021 I Bank of England Statement k"""hp nly 1 ... 004 lyindoii. June 23. The ueeltlv .im.m.ni Dallas ... U K of O Ilrlt of th Rank of Ennland shous the fnllriulne Bn Francisco t.uii.1 itoceipis. linn bitsll, 4o lower. ..Car fots, In export No. 2. 76t7tlcs Nil. It. 74 W 76c. OATS -Receipts. 6348 hush. Dull easier. Car lots, ns to location No. 2 white. 4N4 W4WC. No. a white. 474 4sc. FLOUR Receipts. 200 hb!s. r.nd 1,001, SM lbs. In sacks. Dull ami unsettled. Ouola. iionsi j-rr inn ids pacKed in Hii-in. sucks nou winter, strnmnt, western, f.7.50 do, do. nearby I7.10O7.33! ulriter, strnluht, Sr8.5ili do, short pdtent. 1 8. 23 fj 8.75! spring; first clear $7.25 0 8! lo, patent. 18.5000! do short patent, $DT0.60j fancy spring nnd city mills patent, family brands. 1100 10.76, Ryo flour 18.230, miOVIHIo.N'H nulet Ouotntlons follow! Ilef In sets, smoked mid nlr-drled, 6101 beef knuckes nnd tenders, smoked' nnd alr-drled, 62c: pork, family, 43ci hams, 8. P. cured loose. 24W20c. ill, sklnnrd loose, 25 W27ci do, do, smoked 27W2IIC; hams, boiled, boneless, 43c- picnic shoulders. 8 P, cured, loose, ISo, do. smoked. Hlci bellies, In .pickle; loose. ISo; brenkfust bacon, 22ci lard. tic. llt'TTER firm and 4 c hlicher on flnq Bonds Quotations Solid-parked creamery, hlh-rcorlnit itoods, OOtrSSe, extra, 35oi extra flrets. 337134c, Orsls, 3llfif32c; sec onds, 20B'20c, sweet crenmery, choice to fancy, 377-1Kc. fair to irood, 3080ci fancy linnis joouinK m 4.imic 'air to crjolc. .,i 'if . , i IXIOS firm for fine stock Quotations! Nearby firsts. 304 c. current receipts, 30c Western, extra, flrsts. 304c. Orats, 29Q 30c. seconds. 2528c: Inferior lost lowers fancy, selected esse jobbing; at 41&12o fair to Rood nt 3r,IOc, CHE'ESB stcudy. The quotations! New York wholc-mllk. tints, fancy, fresh, lfl 17c; do common to fair, fresh, 14913c! Ixinit horns, fresh. 1017r. single Daisies, tresh. 10W17c; Jobbing snles of fancy Komls, 11117 20c. LIVK lOULTP.Y Tne quotations werei Fowls, fancy, fat. 33W3lr, medium, 80 82c. spring; chickens, broilers, not Leichnrns, Kood quality, uelxiilnit 2f(24 lbs. apiece. 62 53cj wclghlnc; 1W14 lbs apiece, 384f 42c; spring- chickens, LrKhorns, weighing; 111' 2 lbs. apiece, 3fti'4lic, smaller sizes. 30 31c; roosters, 10i?18i. Uucks, white Pekln, 2224c; do, mixed lolors. 20TS2ci plKeons. jier pair old. 45C"60c: jounu, 350IIIC. UlinSHK!) POL'LTRY Fowls, fresh-killed, dr-pleked, In boxes weliihlni; l5 lbs. apiece. Hie, welsh m 34 lbs.. 31t133(!! MeluhlriK 3 lbs. 28300, fouls, fresh-killed. In bbls., ilr-iUki-i) weUllIng 46 lhai inpleco ilry-rneted, 33i . weighing IW6 Iba. apiece. Ice-pii Iced. 32c. ueghlng- 34 lbs., 262tlc, weighing ,1 lbs. nnd under, 23024ci .lirolllnB chlckdis. ucstcrn. 45W500, do nearby, .'.onrftSc. old roosters, dry-picked. neniern, i-fu niic. no. no. soutnern, tool ducklings, L I.. 28c, do nearby, 27 POTATOES Whit.- potatoes, per barrel Eastern Shore, No 1. 12 2593. Norfolk; No 1. 12 50(12.75, No. 2 nnd culls. SftoO tl 05. PHILADELPHIA Call, 0 Per cent, time 0 per cent: commercial paper, three to ix months, 0 per cent. Note These are merely nominal quota tions the legal rate ot Interest In the State of Pennsyhnnln being- fixed at 0 per tent. i'ius premium and commission, time money Philadelphia fni- thlr.V le ilna, ..nt,M la l.an.H u. ? ... . . .. 74 per cent, while commercial paper, from Richmond thirty to ninety days. Is loaned nt 7 to 74 iih.i. 4.C. ..ell Reserve Banks' Discount Rates Official rediscount rates at th- twehe Fed eral Resere ltunk. are as follows: Trens. Lib. Com'l Ilkri. ctfs nnston New York 0 0 . rt il . il rt . H 0 . 54 .n . n o o o 64 ii 0 0 0 II 0 II 11 0 rier. Accept. 0 0 1 6tt 0 (I 0 II o rt 04 a 64 4 o 0 64 04 0 0 6 A I'd 1022 'changes: Total reserve decreased 6000. 'Discount rate corresponds with Interest r. B74 circulation decreased 13,000, bullion de- rite borne by certificates pledu-ed as rollxt- o-iZ ereasei iit.ohi; other securities Incrensed erai. wiin minimum oi r, per rent. a. . . HI n 1. 847.000. other .lennalt- rf,i.r.ii,ul rn lna . Call mnnev In London mm down 14 at 1 nrren-i-d (1.037.000. Per cent, discount rates short bills, r4 per iim. iiiit1 nioniu.. unis. .4 per cent. ft .... 87 sn.. fl? 001. l .-l.i.- s tr t .. n tirit ...7 '...... "'"'0 ,,,v,,inv 'ivy' w 1 ui .-4.. .,.! minur cnpnio ih ,n,rrni,i s- I'a 1020 i notcn roserv Incrrnaed 11.00(1. Kovfrninent t fifcurmeii rtcri?nfle(. 0.0.15,000 The pro- . ". ' .!. 13.01 Pr cent: I nut wtk it wi i.i.n rr . ..JfM- i cent Rale of dlncount per cent K 1 U U'OI 15 . I., ft . 1 1 . 5 . 1 834 S3 4 S3 4 B34 R34 S3 4 834 20. . 5 . 23 10.. 20 20 1 40 404 40 4 40 40 4H4 411 Ut'd R'ds San F eqct 4 1 .... 2U U S Urnzll Ss 1 . 07S 2... . 07S 1 ... 074 1 . . 074 10 074 2 .07 4 U S Mexico 4s 0 .34 4 3 . 34 U Financial Briefs The Hoard of Oovernors of the New York Stock Exchange have odopted an amend mnt to the constitution making the unit of trading- In bonds IIOOO Instead of JIO.OOII. Gordon 11 Shrher. formerly an assistant nntlnnal bank examiner. Is now associated with Harrison, Smith A Co. In their sales department. The average prlc of twenty active, In dustrial stocks declined .02 per cent yester day to 00.23. while tent railroads ad vanced 21 per cent to 07.00. The Illinois Central Railroad Co In Its pamphlet report for 1020 shows net Income i.i. i.n.rMi. cquai io r.'.2N n share compared with share In 1020 $11 RRO.OIO, or J10.87 n tlons amounted to less than a doll; yenr. Lead Reduced to 4.40c Per Pound New York, June 23 The American Smelt lna' and Refining Co today reduced the prion of lead from 4.60c to 4.10c per pound, r Mniiufnrttirers Turned .Tnbliers Tho Iron Ago In its weekly review of iron and steel conditions n,vs: "III iniuiy lines of steel eonstimptinn busi ness" seems to linve Adjourned for tlio summer. Iitit meanwhile lirpiidntion of steel products in hands of users Is pro ceeding in n most uniiniinl wny. I'rnc ticnlly nil Inrge mnntifncturinj; consum ers h'nvc turned jobhers nnd nro selling off bnrs, plntes, struct nrnl shapes or whnterer they have on hand at prlrcN close to warehouse basis, "Thus while mills nre being called on for less steel than ut any time thin M'M", process oi cleaning up uu nc T1IK 3UNAYINK NATIONAL HANK Phlludelphln. Pa , June 21 1021 ..- ..! .it Ttlre.'l.irM tinu ,hlu .In. ,l lared the rtuulnr enil-nnnu.i dividend of ' cumulated rolled product is going mi 7 V "". " "..rAi : w ", Vi ':,."., " .':. Jicninst ti tiay iin tne con cent on u vn.... . ,-- "- - " lifter .Inly 1 I"'"!, t-'ntll uih date train books will remain cipea. l)llilend checks will be mailed, lm E J MORRIS. Ciuhlei Bicycles delivered as soon as 35 subscriptions to either the Morning, Evening or Sunday Public Ledger are secured Pay No Money BOYS! pmdil'li'KiJiWHHfctf'H-1 Skasoned Dividend Paying Stocks We have compiled a ist of stocks which have paid continuous dividends for at least twenty years, together with their price records a n d income yields. Copy on request for i Circular "S" toME, LEONARD & LYNCH CWHMAN NEWHALL. M,r. 1503 Walnut Street WW III I II I I Pml V Investments Baker, Ayling & Young JUBIU'II V. SWAIN. Jr.. llunatar Land TiUo Bld. Boston I'hiladelpbi. AUTOMUKU.K IIANKINO CVKI'OK.VTIUN l'hlladelphlu, Pu. At the May meetlnc o( the Hoard of Direc tors of this corporation, a dividend hus bgen dielared orr the preferred shares of tho Auto, mobile IlanMnc Corporation. paable July i ion. on ull preferred shnres on record June "5 1021 nl the rn,e ot 6:i pr "n iiur.i Checks will be mailed. num. i".. p k, NEWMAN Treasurer. l'BANKLIN 8KCUIIITIES COBt'OUATlON iB" Philadelphia. June 18, 11)21. Th Hoard of IJIrectois haH this day de clared i dMdend of tlireo ir cent (3) out of the earnings of the Company, payable SIilv 1. 1021. io stockholders of record at fhchVoI business Ju.23. 1 Treasurer. feini.h mi ..n l a-J ',PI nRninst tt day uli-ii the country will VOU FEbLuno ..u : .w-,B " , -f"rflie more nearly bare of steel than in X Black Beauty think of the fun of bikc-hik- E this summer on your uwh omen otiiuvj ink of the ways in which you can make real ence to prices nnnounc d by the Steel money when you have a regular wneciXMUW ,3 Corporation as effectivi April 13. Ite- y0UR CHANCE get one of these 505, brand many enrs. 'There is no longer any strict adher inp; thl Annual Meetings -S AMEItlCAN (.'All A l'OUNDKV vfcS COMPANY Tne stockholders of the American Cnr iintl Vouiidry Company uro hereby notined , thiit the regular annual mcetlnK f f.ie Stock holders of said Company will be held at Its ofSce.. No. 218 WhlnKton street. J.r.e) City. New Jersey. June SO, IBM. at 12 o'clock noon, for the purpose of electing a Scard of Directors and transacting such other business may be properly brought boforo the meeting. II. C. WICK, Secretary. Proposals rmLAIlKM'IHA AND KKADINO ItAIIAVAY COMPANY Demolition of buildings nppurtenant tn the Oni'nlng of Tulip and Emerald streets, under thl ! RlcUond Ilrai.ch. P. ft H. Hwy.. I'hlla- 1 Healed proposals for the work of demoll- 1 cl,o.'.dndetr.,hhe,, xrinf".Rmssf.,wr:,ieS: I 521? 'kVl$r TSrmlnal. . ad. I ph. a. Pa until lii o ciock noon, uu ...u...., ........ w, Contract No, 21 Demolition nnd nemoval 1-01,1 of the abandoned Knglne Yard Va. cllltles between Trenton nnd Frank. ford avenues. Illdimond Ilranch. Plans, spk Ideations anil blank forms for bidding may bo obtained at 822 Heading 'leorJhoi Corporations must furnish with their proposals, a certificate from State I Authorities, entitling them to do business Within tno mate oi rwuiwmiiiis. The right Is reserved by the Company to reiect uny or al1 bids, reject njr SAMUKr, T. WACIN'HR. Chief Knglneer. We Hperlullu In Water Power Securities No Fuel or I.nbor Trotihles l-'rte o( I'enmi, Sttttc Tan joeepKW.Gross aCa J421 cnetnut aitrn PAUTNKItSIIIPS Till. COl'.VHTNr.ltHIIII' IIKHliTOlOItl', existing hetwem tie umlcrslgned, under the linn names and t)les of llubcr M'ulut Company and llulnern llres Compun), Is I'lls day dissolved and ended by mutual consent . m , Bamuel Ilaher has aniulrrd by purchase all the assets of the partnership nnd will continue the business nlane under the nam and stylo of Hater -jMn.n HAItrtY IIALPKIIN. LIAVT A MANDEb. Attorneys. Pi norts linvc cone tbronirli the trade that a formal announcement of lower prices would he! mnde July 1. However, market developments appear to be makinir any such formality unnecessary. All product nre meeting competition as it develops. "The market on bars and structural shapes Is now nlmut 2 cents, while 1.1)0 cents for plntes. or !?1 per ton below the April ta price, is not uncom mon. In the Chlcnfio market weakness in bars is more pronounced. Sheets nre now about $! per ton below April schedule and bolt and nut discounts have been revised downward. "The T.akc Superior ore prico for 1021 is considered established by the sale of ir0,000 tons to an Ontario steel interest nt a reduction of ?l per ton from the 1020 bnsls. "Automobile companies look for some check in July to 'he saKeliiB which started in May nnd caused cuts in their prices. "More tank work is In prospect. For 50 tnnks for Slnclnir Co., 7500 tons of plate will be required nnd for 2.1 tanks for the Standard Oil Co. 3500 tons of plnte will be needed. "1Mb Iron prices have iiKain declined 50 cents nt Chicago and from 50 cents to $1 at Pittsburgh, while in the Chlcnco territory resale Iron is going at even lower prices." Unemployment In Kngland On Muy 0 there wcie, uccordlng tn tho registers of the employment ex changes of thn Ministry of Labor, 1,020.500 persons unemployed In Great Hrltnin (this figure does not Include 1,000,000 miners out of work) nnd ap proximately 1,005,000 persons on short time. Iteccnt returns show a con. slstent Increase nt the rate of about 70,000 persons per week. On July 1, 1020, the number of persons registered ns wholly unemployed was .'U)2,.I24 ; on Jnnuurv 1, 1021. this totul had risen to 750,823; on April 1 (nt the begin, uing of the coal strike) nt was 1.413, 751; on April 20, 1,805,700, and on May 0, 1,020,500, ns stated. Mexican Crop Prospects A telegram received from Commercial Attache Carlton Jnckson, nt Mexico City, states that rains have begtin gen .rnlly, nnd crop proepeets, which were beginning to cause concern, are looking much hotter. The planting of gratni and beam, hag been resumed. A 1. oMiiinnAl cln.ftlr Tf An tt t si. a completely cmuh - utui. You arc bound to win one ot tne ouoo ottered. Rut vou must hurry tho other fellows won't ?c asleep on the job-Get after youra right away! Today I GIRLS! SAON'T let the boys get away with all these iJ 5000 Black Beauties! Remember that the heautlful Black Beautv model, made eapccially for girls, is ftcrcd Uo' Collect No Money PAY NO MONEY! COLLECT NO MONEY! CONTESTANTS pay no money, collect no money! Simply secure 35 signatures on uic subscription blanks furnished by the Pub lie Ledger, turn them in, and as soon as youi Trame Uliet 21 : Inches vsl Am sNBtMrilLBa M ytivl 1 1 vvaEli gWMrgVfvjiyfJBWIMf fjnhAXyL W r m NSjfBr v'tllUl Jjyfjw JJifrfrT.1 -T""il n "" I'MLmvlaV AlXTv NJff 35 subscriptions have been verified you receive you.r. oIack Bcaty- The contest will be open until September 15, but you get your Black Beauty as soon as your subscriptions art verified. THE BLACK BEAUTY T ONG known as the best built, nost serr-x-i iceablc bicycle obtainable anywhere. The Black Beauty you win in this contest will be completely equipped, all ready for you to hop aboard and "step on 'er." Every bicycle is guaranteed for five years and cnrrits an insur ancc policy for six months' repair of acci dental damages. Just look at these features, many of them to be had only on the Black Beauty. CONDITIONS OF THE CONTEST SUBSCRIPTIONS must be secured and turned in to the Public Ledger office for verification between June 1 and September 15, 1921. Those from whom subscriptions may be taken are all those residing in Pennsylvania. New Jersey, Delaware and Maryland, and who are not now receiving the Public Ledger in their homes. EACH WINNER will be presented with his or her bicycle IMMEDIATELY after verification of the 35 subscriptions. Contestants arc not limited as to age or sex Men and women will have their choice of full sized bicycles for themselves or the boys' or girls' models. ruu-trralned leather: henv-n,, "'... i led hair nnd tqulDtied iT2 The Illustration shows one ot lbs 1000 bltlftU nitek Ileuuty UI trelei, "ChW- filoa" model, of sred In tb How to Enter the Contest Apply to Bicycle Contest, Circulation Dept., Publie Ledger Building, Independence Square, Philadelphia, for subscription bookt and other particidar, or telephone Walnut 3000, bicycle department, between 8:30 A. M. and 0 P. M,, or fill out and mail the at' tached coupon to The Public Ledger Bicycle Department. ' t t t t t 4 t t t t 4 t t t Name JlddrcM . ... Illinois Central Report York, .tune 23. Th" nnnunl report of the Illinois Central linllrnai) for the year ended December .11. 1920. shows net railway opnratlnr; Income of tlS.HI2.nR5, Including; the amount receled from th .United Steles Government under thn rrlrd of Kuaranterd inrome In 1(1111 such Income amounted to Jin, Mil. 1134 Non-oyeratlnir. Income last year ncsirnf.ited 17.21H.R81 hrlnplr.c arose Income tor the teie-monm up to '2,1,741,007, After all deductions, Includlmr fixed and mls rellHneous charges, there remnlned n balance of 113, 131.841 to be nripltcd to profit and less, which was equnl to $12.20 a shire corned on the SI0!i,2n.".00n of capital stock cutstnndlns; at the cov of Inst year. In the previous jear th rompany reported net Inenm" of $ll.RR0.nifl undrr tho Government irurtrnntee. which ni nual to I10.R7 a share on the stock Issued nt the close of that jear. aunousu hciuij nnrninKS rrom opera mr a The Public Ledger Offers 5000 $65.00 Black Beauty Bicycles FREE to Boys and Girls SPECIFICATIONS 21 Inches. ndlntiii .InWh.,; ?V23?- COld-dSwS . 60.000 to 76.000 Doundi ner 'X. V.5 lr.e"?' Of udlle: IH.ACK 11KAUTY SIOTOltlllKK v made of fllll.cn Ino.I !.:" .i ."?'. with Interlnced our rushlon-Comfort unrlnes HnndU Ilnrst Kelly made Motorbike tyne- trim. nickel plated on copper. ''PO. trip) Grips, Speelnl IH.ACK 1II3AUTY reinforced- .. Ible rubber nngcr Grips; they nt the. finV-?.e' Cb,!,,, Di-ckworth solid steel rollVr: l,0voh5fr Plate j triple nickel plated ; guaranteed tl UJ ' wtand a strain of 2r,00 inlunds. w,Ul' "'"JtV ",Lr,5 ,,,;Al"rv rubber Motorbike tvr... re11,nn.d UHJt Pr?f: hlKh grade ball bearffirV C" coan.lr'brake. LUtCBt m0l,0rn New Departure Boll llearlnsrst Chromp-nlckeled, special A ......... steel ball, ground to 1-10000 part of nK?5 (work that Is as accurate ns that which ioC5 Into tho nneBt watch) ; all bear ng3TeIf.luhM? eating; need attention but once a year '' "idoWsT Non-Slt,d: olue trcauwfth whit. Mud ""nrdsi Front large drop side mud cuarrf with leather splash baffle ; rear large d?im side mud guard with stand latch; suards b?B front and rear double braced uurus coin Finl.iu Anti-rust coat; enanitJ b.ikod and rHj down, followed by two ground conta ibrt ishlng coat and varnish ; nl" nickel part- a?. ponlShed.CCI,Pr P'a,ed' ;nPle nelpKted m5 Llgbisi Ulc'ctrlo equipment with Dolta Lleht hrt VWi. hA"e-y I" ol t"nk ! ruby jewcT VefleetoJ tall light on rear mud iruard. renecior Tool nnd llatlrry Tnnk: Strong, pressed nte.l , Pedo-shaped Streamline tank with comoa??! ments tor battery and tools built Into glfia Tools i Motiker wrench; coaster brake wrench screw dr'- .; complete tiro repair kit wrencn I'umpt HIh omprenslon telescope frame numo 'ir i rt: n" hcaVlIy trlp' nlckrt Vl2teS Choice of t'nlorat Hlch Mack with white heart ..4 dovetails Option, rich black wTtn greheSa and dovetails. u uibq WHO AND HOW A NY ONE is free to enter this contest. The x thirty-five subscriptions must be obtained between June 1 nnd September 15, 1921. Your prospective subscribers are residents of Penn. M'lvanin, New Jersey, Delaware and Mary, land, who are not NOW rcceivinc tho Publlo Ledger in their homes. Public Ledger, Bicycle Department: Send me instructions for securing a $fi5.00 Blnck Beauty Bicyclo without paying: or collecting any money, )' ui IV 1 k n 'n "' j M r P Vu IH ru . o J && - - -iV ,to. .r Kn.-j tf &' . ;;. ,. o lnllaJeltU. June IT. IB31, THE TUAUSiU.