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A Hydro-Electric Power Ywnnty-Yaar Bond YieBding 7.45% Secured by mortgage on all the property of the Central Main* Power Co. serving an old-established industrial territory including eleven of the sixteen counties of Maine. We have been identified with the bond financing of this Company for the past twelve years and recommend this issue for conservative invest ment. Price 953^ and int. Complete circular on request 1 Harris, Forbes & Co Pin* St., Cor. William NEW YORK Municipal bonds EXEMPT FROM ALL, - FEDERAL INCOME TAXES LEGAL INVESTMENTS'FOR Estates Savings Banks Insurance Companies Postal Savings Depositories FlELD.RlCHARDS &OO 52 Broadway NEW YORK Cleveland Cincinnati Foreign Gov't Bonds Britiah Italian German French Japanese Brazil Argentine Belgian 43 Exchange Place, New York Telephone* 8300-18 Uanower TO THE HOLDERS Oh' FIRST MORT GAGE r>% GOLD BONDS OF TUE EASTERN KTEF.L COMPANY, DUE AUGU8T 1, 1031. The undersigned, successor to the Knicker bocker Trust Company, as Trustee under the mortgage above referred to, desires under authority of said mortgage, to expend the sum of Sixty Thousand Six Hundred Ninety One Dollars and Forty Seven Cents i $00,85*1.47) for the purchase of bonds of raid Issue, provided such purchase can. in its opinion, bo now made advantageously. Sealed offers of said bonds may bo acnt to Columbia Trust Company, TRUST DE PARTMENT, 60 Broadway, New York City, on or before August 24, 1021, twelve o'clock noon. - , Bonds accepted must be delivered on Au gust 2fl. 1921, or security furnished that day. If required, that delivery will be ma<lo within ten days, and the right Is reserved by the undersigned to reject any and all offers, COLUMBIA TRUST COMFANY, Successor Trustee, By GEORGE E. WARREN, Vice-President. Dated. New York, July 28. 1021. CONSOLIDATED EXCHANGE. Scant supply, ease in funds and fa vorable general advices caused average net Improvements of from 1 to 8 points in most groups In tho first half period yesterday on the Consolidated Stock Exchange, with moderate recsslona In the late trading. Flsk Rubber and Chandler Motors led their respective groups In material declines tn the final hour?the former fell 2% to 10%, on announcement of projected financing for extension purposes, and the latter was offered down 3% to 46%. Gains were recorded of 8 % In Mexican Petroleum to 107%, 2% In Cuba Cane Sugar preferred to 30, 2% In Punta Alegre to 82* and 2% In General Asphalt to 54%. Republic Steel was advanced 1 % to 48, United States Steel to 76%. Crucible 1 to 56%, Bethlehem Steel B 1% to 51%, American Locomotive 1 to 83%, ran American 1% to 60%, Industrial Al cohol 2 to 52, American Woolen 1% to 72%, Interrvitlonal Paper 1% to 53%, American Sugar 1% to 69%, United Fruit 1% to 103%, Great Northern preferred 1% to 74%, Northern Pacific 1% to 79%. St. Paul 1 to 28%, Union Pacific 1% to 121 %. Baltimore and Ohio 1 to 40, General Electric 1% to 119% and Peo ple's Gas 1% to 55%. Studcbaker lost 1% to 76%, rce Arrow 1% to 13%, Kelly-Springfield 1% to 42% and Sears Roebuck to 64%. METALS. Owing to the holiday in London no quotations were received from there. The looal metal market was unchanged, ex cept antimony, which showed a slight decline. Copper was steady at 12 to 12 %c. for electrolytic in the street for August and September shipment, whll* Into delivery was quoted at 12% to 12%c. Lead was held at 4.40; spelter, 4.20 to 4.26; tin, 26% to 27c. for spot rind futures, and antimony was quoted at 4.50. Aug 1- July:?* Bid. Axk'd. Bid. Asknd T.?'?d spot. N T. ... 4 40 ... 4.40 I ^ lid, August 4.40 ... 4 40 Aluminum 22.00 23.00 22 00 23..-.0 > Milrksllvnr $4fl.0o ... $4(1 on Antimony 4.62* 4 *7* 4 62'i 4,H7* r'latlnum. soft |7B.OO ... *7".00 I'lst.. R* lr 800 00 ... $1K>00 ?Plat., 10% ir #100.00 ... ?ior. no Bier. cup., spot 12 00 ... 12 00 ".Inc. rap., Aug. ... 12.00 ... 12.25 fir iron, TfO. 1 X foundry 24.00 23 00 24.00 23 00 l'lg Iron, No. 2 silicon 28 00 24 00 23 00 24 00 rig Iron, plain, So. 2 silicon. .23 00 28.60 22 M) 23 n?es. lr., Mtts 20.10 .. 20T.0 lies*, bhi.. ritts. ... 3000 .. aooo ?An ounce. WOLVERINE COPPER OKFICIT. The report of the Wolverine Copper Mining Company for the year ended June 80, 1921, shows a deficit, after taxes, depreciation and depletion, of $334,890, compared with 188,025 deficit in 1919. Kecelptj totalled $591,237. ngninst 1*60.727 In the preceding year, while operating expenses and taxes amounted to $929,254, an Increase of gfrproTtraMoly $170,090. $300,000,000 ISSUE THRICE SUBSCRIBED Mellon Gratified by Response to Offering of United States Certificates. The combined offering of seven and a half months and one year certificates of Indebtedness by the Treasury Department wab thrtce subscribed, the aggregate of subscrip tions being $900,000,000, according to ail announcement by Andrew IV. Mellon, Secretary of the Treasury, that "the combined offering of $300,000,000 or thereabout wai over 200 per cent, over subscribed."* The Treasury Department announced also that the subscription books closed at noon yesterday for the seven and a half months certificates of 5% per cent, coupon, known as series T M 2?1922, due March 15 next* and for the one year per cent, certificates known as series B 1922. due August 1, 1922. In view of the aggregate of subscriptions It is probable that the Treasury will allot more than $300,000,000 of the certificates. Further announcement was made by the Secretary that he had authorized the Federal Reserve Banks on and after August 2 a?nd until further notion to redeem in cash before- August 16 at the holder's option at par and accrued In terest to the dato of optional redemption Treasury certificates of Indebtedness of series C 1921, dated August 16, 1920, and maturing August 16, 1921. The outstand ing amount of this Issue exceeds $156,500,000. There Is not expected to be any further issue of certificates before the third Instalment tax dato of September 15, when maturities are heavy. At that time if the programme of Issuing three year notes,is adhered to It Is expected that a large amount of Government financing will be trans acted. / V Average Bond Prices I An (fint 1, 1921. Mod- Net Week day. Change. Ago. Dec. 31. 10 Kailw 74.55 +.03 73.32 73.48 10 Industrials.. 88.38 ?.17 88.44 80.13 5 Pub t'til ... 09.33 ?.40 07.40 00.07 5 Foreign 94.40 ?.14 04.05 110.32 30 ltoDds 81.00 ?.07 80.83 78.35 \ / BOND NEWS AND NOTES. $0,000,000 Edition Company Iune. Harris, Forbes & Co., E. H. Rollins & Sons, the National City Company and Coffin and Burr are offering $6,000,000 Southern California Edison Company general and refunding mortgage 6 per cent gold bonds dated July 1, 1917, and due February 1, 1944, at 88 and interest, yielding 7.07 per cent. The Southern California Edison Company operates in ten counties In Southern California and the San Joaquin Valley, with an area of over 65,000 square miles and a popu lation of more than 1,500,000. The com pany's gross earnings for the year end ed June 30, 1921, were $16,209,088 com pared with $14,647,896 In 1920 and net earnings were $9,364,078 against $8,174, 041 In the previous year. Net earnings for the* twelve months ended June 30 last were more than two and a half times the annual mortgage bond Interest charges. It was under stood that at the close of- business yesterday most of these bonds had been sold. Vleld Baaed on Oil's Prl*?. To stockholders of the Middle States Oil Corporation and 'imperial Oil Corpora tion has been offered the privilege of subscribing to $4.00K),000 ten year first lien gold 8 per cent, and participating sinking fund production bonds. These bonds are offered at par without addi tional charge for accrued Interest from July 25, 1921. Subscriptions must be made on or before August 15. The cir cular says the bonds have been under written at par net cash to the corpora tion. The bonds are being issued by the United Oil Producers Corporation, one third of which company is owned toy the Middle States Oil Corporation and two thirds by the Imperial OH Corporation. While the bonds have a minimum yield of 8 per cent, the participating feature will cause the yield to be regulated by the price of crude oil. Swift 'Issue All Sold. The Illinois Trust and fiavlngfl Bank and the First Trust and Savings Bank of Chicago, as syndicate managers, an nounced In that city that the $25,000,000 Swift 4 Co. 7 percent, ten year gold notes had been oversubscribed and the books closed. The Issue was offered at 97 V4 and Interest, yielding about 7% percent. The notes are redeemable in whole or part on any Interest payment date at 2% percent, premium In 1922, less % of 1 per cent, for each succeeding year thereafter. While any notes are out standing the company pledges that It will at all times maintain Its current as sets equal to the aggregate amount of nt least 150 per cent, of ail current liabili ties, plus outstanding 7 per cent notes due In 1915 and this Issue. I?. F. Swift, president of the company, in a letter to the bankers, says in part: "Wo are operating on a profitable basis and we now have an actual stable mar ket for our products, including hldep and wool. Since the date of the balance sheet, Octofcer 80, 1920, we have made a substantial reduction in our liabilities. The company's funded debt is not In creased by the new financing, as the proceeds of the notes will be used In re tiring $25,000,000 fi per cent gold notes due August 15, 1921 .*? Detroit nalltriiy Issue Approved. Tho Michigan Public Utilities Com mission hns approved the issue of $4,000,000 Detroit United Railway first mortgage collateral 8 per cent sinking fund bonds. A. F. Edwards, vice-presi dent. has arrived In New York and has delivered to tho Central Union Trust Company a certified copy of the order. Interim receipts for these bonds are be ing delivered by Dillon, Read A Co. Mortgage by Central Knciir. At the adjourned meeting of stock holders of the Central Sugar Corpora tion yesterday holders of more than two thirds of each class of stock authorized a first mortgage not to exceed $3,000, 000 on thi property of tho company and Its subsidiary companies. Wllmlnulon Ttouds Iloiiuht Here. The City Treasurer of Wilmington, Del., yesterday awarded $697,000 5 per cent semi-annual thirty-five year aver age publlr> safety bonds to Grant A Co. of New York at 90.81. Vlrnnn Bonds Offered. Morton I^achenbruch A Co. are offering bonds of the sixty year 5 per cent, loan of the city of Vienna, Austria, at $18.80 per 10,000 krone 'bonds. These bond* form part of the loan of the city of Vienna, contracted under a resolution of January 18, 1921. They are printed in English, French and German. The loan Is unredeemable for ten years from date of Issue. The bonds are Issued In denominations of 10,000. 5,000, 2,000 and 1,000 crown*. BONDS IN STOCK EXCHANGE MONDAY, AUGUST 1, 1921. ^ 1921. 1920. Day'a sales $13,208,000 $11,564,000 Year to date 1,801,679.000 2.243,774,000 RANGE OF LIBERTY BONDS. Closing. Bales (In Bid. Asked-Yield. $l,000a) 87.86 88.00 87.76 87.50 87.86 87.62 96.10 91.70 87.70 87.90 87.64 87.98 87.64 97.00 91.78 87.72 4.82 4.95 5.10 5.22 5.65 6.30 88 3^3 (1982-47) 1 3V4s reg 6 1st cv. 4s (1982-47).. 13 2d 4s (1927-42) 98.66 98.63 5.40 98.66 98.68 4.34 205 1st cv. 4%s (1932-47) 87.80 1,068 2d cv. 4%s (1937-42). 87.68 .. 1st-2d 4fcs 417 3d 4V4a (1928) 91.90 3,047 4th 4(1933-38).... 87.76 4 4th 4^s reg 87.68 8,105 Vic. 4%s (1922-23)... 98.60 5 Vic. 4%s reg 98.46 207 Vic. 8%s (1922-23)... 98.64 Open. 87.80 87.50 87.64 87.58 High. 88.00 87.50 87.70 87.60 88.00 87.74 91.94 87.90 87.68 98.66 98.48 98.66 Low. 87.80 87.50 87.64 87.58 87.80 67.56 91.66 87.68 87.68 98.60 98.46 98.64 Last. 87.90 87.50 87.70 87.60 87.98 87.62 United S^atei, Foreign Government, French Rep w 14 10078 1 101 20 100% 1 IOOI3 2 1007a 2 10034 3 10078 7 1003* French Rep 7 receipts 1 2 ems 7 9o78 28 96 6 90l8 11 4 9578 39 9(5 1 901g ?8 9634 ft no 33 961s 5 90 4 901s 10 00 2 901g 1 9?U 5t 961 a 3 90U 51 961? 81 96U 6 063s 2 90U 62 9618 3 9?U, {85 9618 12 9038 2 06l8 8 90 4 9618 1 06 1 3 9??S 5 96 13 9618 3 90 1 9618 1 96 1 2 901a City of Bor deaux <>S |J3 8212 1 831a City of Mar seilles 8.1 2 831a Q ?4 City of Puis 6s 18 9978 I cited Klnstdra 8Hs 1921 6 907a th? 1(22 1 os#a 10 99 8 987g 1 1 99 6 9878 124 67 98V 5Hn 1(29 10 89 1 8878 27 80 10 8834 179 89 6H? "37 9 87 la 8712 2 87 3 8634 3 87 2 867s 22 87 Belgian Gov 8s receipts 5 lOlU 8 101 2 10118 ft 10078 6 10034 2 1001a la 101 1 10034 Belgian OorJl+u 1 101 3 IOH4! 4...'.. lOHa 1 101% e 102 Belgian Gov to WU 1 3 93 2 9434 lf> 947g 6 9434 Danish Gov ta 1 1021a 2 102U 4 1021a Danish Con Municipal Ss Series A 8 102 Serin B 1 102 Brazilian Govs* 0 100'a 6 IOOI4 11 lOOlg 1 IOOI4 1 100 2 IOOI4 4 1001 a 1 10014 1 100 1 3 100l8 3 IOOI4 6 lOOlg 8 100 3 IOOI4 ft 100 6..3. . .10* 1 0 looia 9 100 6 99% Chilean Gov ? receipts 2 9878 1 99 6 9878 6 98% 1 9878 1 4 9834 2 9878 1 1 99 2 9878 13 9834 13 99 Cal Gas ft K S* 7 8678 Can Nor Ry 7? 1 102 1 10212 1 10214 13 102% 3 loaig 2 102% 6 IO2I4 6 1021a Cent Pacific 1st 9 74 Cerro de Pasco Copper i) 1 10712 OiOCT #9 48 5 831 g 11 8334 1 8312 26 8334 2 88I3 8 83U O ft O CV 44s 1 7778 3 78 28 7814 1 77% 1 7T~8 13 7Tla Ches ft O iHi 1 7512 1 70 3 9S%. CAOCralg V 6s 1 08% DomlncnRepSs 1 80 Chinese Qovt 5s 1 46% 4 4612 Japanesclst4'is 1 sr. 7 80I4 Japanese 2d 4his 10 88I4 Japan 1 70% 313 sO. .7014 2 70% Tokyo 5s la 5013 Am AgrCh 7'/ii receipts 1 96% |0 96la 1 96% 4 961a AmSmeltftR 8s 1 7878 1 7912 4 79 2. ,s30 . .78 6 7914 6 791a AmTftT rv 1 10 100 1 iooi8 6 100 1 1001a 1 9978 1 lOOia 1 . . 9978 2 100 1 097a 6 100 2 09% 7 100 AmTiT clt 5s 1 8434 1 8478 t 1 8434 4 8478 8 8414 AmTiT Clt 4s 4 79% 1 8OI4 0. .80 AmWrttlngP 7s 1 70 Ann Arbor 1st 4s 1 64 Armour 4! js 1 . 791a 0 80 3 791a A T 4 8 F cv 4* 2 70% I960 1. .30. ..84% 1 861a AT ft SF gen4K 2 781a ChlftAlton % 2 : 35 CBAQNl>-GcN Clt 6Hs 1 10034 7 1007a 0 100% 34 10034 1 100% 27 1001a 9 100% 1 100% 20 101% 2 100% 2 10034 6 100% 1 100% 2 1007g 3 100% 13 10078 1 1 10034 Chi B ft Q 111 in 2 8414 Chi ft Erio 1st 6 \ . .77 Ch Gt West 4s 2 52% 6 62% ChilndftLou 5s 1066 1 00 CMftStP cv 5s 6 08 11 O8I4 C M ft St P giu <>49 6 76 1 7514 10 70 O M ft 9t P CV 4Hs 4 06% 2 061a 1 06% 1 67 < r 07ia 0 ft a. p fu <Y* 1 6H2 2 01 2 6Ha 1 61 Chi M llftStP 4s 1 69 1025 1 75% Cbl ft NW 7s 1 103% 1 1031a Chi ft WW OVjs 1 102 C ft N W gm 5s 1 91% ChlftNW ex 4s 3 891a Ch ft NW SHs 1 07 8 78%j CANWStLPeo ? 781a ,7814 ,781a .78% .781a .78U ? 781a AT ft 8F adj Is stamped 1 721* ATftHFCaUHs 3 781a 1 10178iAtl ft Charl 5s City of Copen-; 1 89 hagun 54? ] At CoastLlne 7s 4 78121 i 103 1 7 78%' At| C Line 4*js 1 78%, 10 70% 4 78%, AtCoastLlne 4s ia 791 a ] n 79 8 "8% 1 Atl Keflnlng64s Norway Gov Ks certificates 1 1031a 10 1011a 1 103% ilBit 4 Ohio 5s 1 104 , 3 91 0 103ia| 1 0013 Cltyof Bergenw j 1 91 receipts I B ft O la 1095 6...sS..98%| 1 7278 1 8 98% j e 721a 2 9878lB ao CV4H? City of Chris tian la 8s 2 99% 1 100 0 99% 6 99>a 2 9914 3 99 Swedish Gov (Is 1 801a 10 80 2 8613 8*lss Gov Rs 12 1051a 1 105U 1 1 losia 8 105% 1 2 106 Cltyof Berne M 2 991a 2 99% 6 90U 6 09 Clt yofZurlch m 8 10O 71 1 701s 6 71 1 71U 2 7Ha BaltftO gold 4s 6 09U 2 0O78 4 ?9la BaltftOhlo JHs 2 86% 6 801a BaltftOSW SHs 1 83 3 *214 2 82% 1 8278 B ft O I* I- K ft W Va 4s 6 06 1 60% BftO TolftC 4s 1 6678 ! IMI Tel Pa 7s Dm CanadalHs lt? 1 92% 2 921* 1 92% a. 2. 2 105 1 lOfilg Beth Stl M 5s 2 85 3 83 U21ol Both Stl 5s )?3A 92* 1 ? 77 92% .93 ? 1 1. 2. 1. I 1. Dom ('ana<la 5 1926 a 021a 1 92% 1.. .?7. 92U 1 9278 1 93 1 921a 1M1 10. 89 Rep of CMM 5* 1904 2 781a 3 78l4 Rep of Ciiba4ly 3 frtMa 3 09% 1 70 OH of Mexico Ss 5 441a C8 of Mexico ?s H 3314 S 33la 4 3378 2 34 Ban Paulo h certificates 2 087a 11 98% 1 9H> | 0 98% 1 98% 0 98 14 4 98% ArgontlneOv 5s 1 09 1 o?:u' Bkln F.dsn 5s A ?J27u' n s0% " I Bk In Kdsn 7s D U3%! " 90 >2%' "kn Knl> Tr ccrtlflnitos stamped 1 531a 10 &Ha Bkn Rap Tr 5s 6 25 BufTRAI'ltts 5s 2 89% Bush Termnl 5s 2 72 Bush T Rldg Is 1 76 Can Natl Itvs Can Nor (i,4? receipts 1 98lg 3 98 98l4 98% ft n w m 8< *a Chi Rys 5S 7 64*2 ChiRlfcPKy 4S I 72 72% | i: 7a ChtRIftP M *? , 2 68% 08ia 0 08% V .S30 . 6812 68% a ?8% 2 6834 CblStP MftOcn 101 ChiCnStn GMfl i cerUflcawM 2 1041a I 106 ChlUnStn 4Vjs 2 80l8 | 4 80 2 801a , Chile Copper 7? | 94% j Chile Copper (U 1 71% 1 7iia 0. : 71% COCft St 1j6s I OO , 1 90% 1 COCftStLgnUs 2 09 1 . 70 Colo In col tr 5s 2 7478 Col So ext 4Hs 70 Colo South 4s 10 >*2 Columbia OftK ! 1st mtg 5* 1 i Coo Gas 5-yr'* 7 10134 1 1 102 a 101%! 1 1'* , Cub A Sugar Ss 1 991a 1.......9914 3 99ia 0....... .9914! CubaCaneS c-? 10 ?5,a ?!. 2 .... .0' U 10. ?7 10 Cuba K R5* I R0I3 1. '. ? ? ? 00 Del % Hud cv us 10 8"? Deo A R <> 5? 6 72 721' 72% Den ft Wo 0 ?' 6 00 Del.* ROMS' 1 47% 1 471a 2 ... 47% 4.. <7 Det Kdlsor. 6s .88 88I4 8. 2 3 Dla Match 74s 1 10;tl3 103 j * 9814 i Duquetno L,t 98ia 98% 16 981 a 1 98% 1 98% 1 08lg 23 (.8I4 18 O8I3 10.. .67. . 9878 15 98Ih 20.. .90. 9NI4 8. OMIy 5.. .DO. .98I4 2 98% Canada So In 3 .... 80% Cm Iy^slher 61 4 89 1. 9114 Oil. Olli 91l2 Oil* 4 9114 DetroitDn 4 58% DuPont de Ne mours 7!<s 3 98% a 081 a 1 98% 1 98ft* 15 081;. 28 0811 2 O8I3 37 98I4 PANHABrni.R lir.FIXlsrfi mspicit The T'anhnnilln Producing nrnl Refln Injf Company for thn Juno quarter ro porls a deficit of $9R,998 after taxes, sinking fund, depletion, deprerlntlon find 108s on Invenlorlem. Operatlnw revenue* totalled tl,267.5C>, ?whlln expenses and | t*XN amounted to 1812,674. Slightly / Railroad, Industrial and Other Bond*. MinnAStL fd8s , StL * SanFran Dot Tun 4H" 1 TTftg 1 771a 1 78 EdiaonElcIU Co of NY con 1 89>a Erie 1st con 4s 1 67 20 6684 Eriocv Mwr A 8 40 Eilocr tenor B 3 39 3 397g 3 30 Erie gran 4s 15 441s 1 4314 1 44 Gon Elect rin 6.s 3 100% 3 10084 Gen Elcctrlc 8 s 0 861a Goodyear Tiro &Rub 1st 8? 1 1018g 1 41 Minn Ac St L Sh S 69 Minn & St L 4i 1 4034 1 401a MStPJtSS M te 5 8OI4 Wo K * Tex 4i 10 617gl lno ?a 1 0 S714 18 58 3 577g 2 58I4 6 5812 15 50 1 1 5812 10 50 1 5804 1 81#8i " 50 3 ?17?; 2 58-14 Mo Pac 9s 1WS 13 50 1 771.11 10 5813 Mo Pac gm 41 12 58U 3 54U 0 581a 2 64 jStLoulsSW 1st 10 MU 1 0838 MontPwrBe 1 68 1 861g 5 6778 ,081a .68 071a 5 8.17s I 1 SSiul 1.. MorrlsACo 4H* 1.. 10 74 ! fitl.OUlsSWSs Nassau Eloc 4s I 9 68I3 2 22 1 StLS W con 4s NOTexJfc M OsA i 4 66 1 lOHal 1 92 StPJtKCSL4>is 1 101341 NewOrTer 4sA 10 657g 1 IOII3 1 OSIbI 5 66I4 4.. S7.. lOllgl CfO Tex A M 8s 1 6578 1. ....lOHa 10 58 ;SanA&APaNs4# 2 101:141 Pi Y Central 7s 5 0213 1. .s30. .loiagl 8 IO.II4! ^ealxl A L Da lOllal 5 10.1 1 101V] 4 IO.II4 2 1011a! 15 103 1 101' N Y Cen debOi 2.. aO.. 101 I 42 021a 0.. ..101V 10 923a QrTrRyCuu ." > N Y Cen deb in rccclpts ! 2 70 2 102 : 2 79la 1 101V1 N * Cen 3Ks 6 IOU3 Gt North 7s A 6 10034 2 lOO^s 2 10014 1 1005a 9 100*4 8 10058 19 100.14 10 1007g 5 101 24 1007g 3 101 4 1007g 2.1 50 7 501a '6 50 Srnbd A L adj 5 27 2 2714 1 273g ft 27ia 1 27Sg 2 28 2 2812 10 25 ficabd A L fd4 s BIO 40 3 4012 NY<* North 1st'Sharon Stool .671a 2 67#8 NYSB1H CV 6S 7 ou2 J 04 Hoop 8s N Y Tel deb ?s 1 97U 3 03 Sinclair CO 7Hs 15 0314 2 Oils NY Tel RUMS* 10 91 4 82I8i(!10 9112 3. . s30.. 82 t-'onthPac cv 4* 2 8213 3 8OI2 l 101 I NY Westchertr , 10 805g 10 10n7g! * Boston 44-i 4 8OI2 1 10034! 4 38 15 8O.I4 4 1007g. Nlag Fls Pwrfls 3 80?g 6 10038I 2 03 1 6 1001a Norfolk Sou Ss 2 1007* I 6 42^8 2 100^4 NorffcW cv 9s 2 80:54 0 81 1 81U 5 81 1 JOOVg I 63 103 South Pac fd 4s 64 10034 Hud & Man fd Is Series \ 9 0734 2 1031.11 l..s30...771a 2 104 3 77-14 4 103.14 i 1 .7718 Norfolk tWtol 2 7734 1 676sl '8 79 5 677a! S.. . ._. . .7814 8 68 ? 677g 9 68I3 Hud A Man adj 2 4 4414 1 441a 1 44:14 1 4.:,ia 13 44U 10 441a fi 4434 Central S>41 1 0l.1l 1 0ll2 5 9158 III Cent 4s lx.v, 6 71 III Cen fd 4s 88 5 761a 1 7014 III Cen Ch Jen Si 3 831a III Cen StL IVt* 1 6634 Illinois Stl 4VJs 12 82 lndianaSteei 8s 1 901a Icterb R T fd ta 1989 6 6684 15.. ,s7. ,561a 5 er> 30 5018 2 5 56 I , 12 6534 1 56 7 557b 1 5534 10 50 0 5514 Norf&W <11 v 4s 1 . 791a N'orPac fd f s B 1 1001a NorthernPar 4 S. 10 7814 South I'ac 4s 10 727g 2 721a SoPac SF torts 1 73 1 781-.; Southern Ry Ss 3 .78l8| 3 847g 2 7814; 22 85 2 781a 5 8414 1 7734I 1 84U Northern Pac 3s I 12..,.. .86I4 26 .67 1 561a Nor Status Pwr 1st As Ser A 1 79.13 4 78-14 NW Bell Tel 7k South Ry gm 4s 8 571a .58 1 r,77(t 2 6712 1 58 2 577g 2 1017g 6 102 Or .V Cal Ut Ss 6las30.. OOI3 Ore Sh L fd 4s 5 84 ? 8318 OreWash RRJc Nav fd 4s 4 73ia 1 74 10 731a 11 551ai 17 73 lnterboro Met- ! Pacific Gas 8s col trust 4'<i 1 70 5 1634 6 102 StandOll Cal 7.1 2 10l7s 1 10314 2 lOWt 2 10338 1 1017g StoelATube Co 2.. ?7.. lOl-'U of America 7s 12 102 3 921a 10 1017a Tex <* P La as 4 101 1 71 6 102**-, Third At ad] Ss 1 101^8 i2 3434 341a 6 31U Third At fd 4s 1 6212 1 62 4 6214 6 52 Tdwter Oil #Hs certificates 8 9614 Tol BtL & W 48 6 47 CnPac 10-yr 8s 1 101 6 10034 rnlonPadUc 4s 20 . .8218 certificates4!PaP To1 * T I'nlonPac cr 4< 1 0 137g| 2 838s 10 8514 14 1334' Packard M Car Ir.t M Marine 81 i Co I 4 80 1 06-14! 1 70341 Pan-American 4 707g Pet & Tr 7s I 17. 791a! 3 881a 3 797g Prana 7s 1 79ag j 3 IO.II4I 1 1 79381 5 103 Iowa Central 4-< 1 1 103ig| 1 2 39.14! 1 103 . 3 KCPtS* M 4s 2 B714 22-... .. .671a Kan C 80 fd ?s 3 77 ' "14 1 77 ? f 771a i..sao...?(ii9 * 77 K?n City Ho .Is ?7IS inCltyTer 4s a In Kcllr-flprtntfld Tlrs to '] .97 9714 07l3 2l ?7l4 2 97 " ?714 J 1 ?7,a * 2 0718 7 '?"k SU le i?w * ??8 1 73 1-8* MS 4a I9M 10 87 2 ?....86l4 , 0 '-8* M.8 4s 1(31 , * 83l3 '"high Val ?n 2 100 , ?01a I.eb Val con 4 iyi ' 80ia lWttikM?8, , 8 . . 8G;tu iX)ng Jul |ln 4j, f 6 66I4 ^ * Ark frs , 6^4 * Nash 7s , 9 -? . . 104 I'Ou A NaaH I i W ? 82 ' * N 8,, M 4s 1 M.nhat Hy 4s "tamperl i ??'a I " 68 Msnhaf Jd 4s " 4-f Market Ht Rwy 1st con 1W4 ? 70la MlchSl.^TI 8s 873? 1 87 Mex Pet of Del cr M <-Wlflc?f?, ,j 07 V '? 97lg Penna 8s 1SS4 8 88I4 8 88 B 88I4 Penna CHs 12 99.I4 14 998g 5 997g 39 9934 20 OOig 1 997fc 8 9958 8 997g 14 997g 7 0958 B 9934 4 097b Tenn Km 4H* A 1 80 1 soia Penna 4VJs ltoo 1. 801a Pbila Oucrh 1 m 1 067g "3 07 1 967g Portland Ry 8s 1942 4 ?7 Pub Kerr Corp or N J 8s 1 65la 1'radlnK 4s 6 70 4 7614 2 .7534 2 7C 6 76lg RloOrandeWts 10 66 RlArkftl* 4Hs 1 6784 ? 68 fltMklronM 8s Htl. A Iron Mt RT&Gulf 4s 7 688| StL St RanFraD Series A l 62ia 3 62 V 4 62U Mldrnle Htl llx 17 6 861a OnlonPac fd 4a 1 78 ?1 7818 CSIiealty&I Ss 6 87% VH Rubber 7Ks 1 IOH4 3 1011a 4 101V 4 102 , 1 101V 1 102 1 ioi<v 1 10112 PS Rubber 7s 10 79lj P8 Rubber 8s 3 7914 10 70>a 12 79U 8 70 1 79ia PN Steel sr 8a 27 OS 7 94719 3 96 1... 9454 1 96 7 94.1< 10 95 Ctah Power ss 1 80 2. afl. ..78 3 70 1 80 1 78 VaOarChsf7VV 4 91 Va Caro Ch 1st 1 93 Vlrxlnlan Ry V ? 83V 3 831a 1 84 Wabash Id 3 HO Western F.lec Ss 3 97 West Md ?s 3 66 3 64.I4 1 547, W NY * Pa 1st 1 85U WestPaclflo 1st 1 79I3 3 79>i 3 79% West Shore 4s 4 73 1 73lg WentUnlon 4>v< 1 81?4 B2la, Wsetinghssfs * 02N, 11 102 * fl!?l4 4 l'>17g 4 621a] 2 10114 2 62'U' 2 IOI7, ( 3 10 111 HtL ARan Kraii | 10 102 Series II j ^ ,021 10... 747g v\ Irk wire (itL A SanFran I HpencerStllst Series f! | } 90|. ....... .8OI3 n 00 8IL * HanFran 1 M llsonACo 1st ^ ; 4 8614 J 681 h 1 86 ? *8'3j 14 80la ? 6884 3 8? 2' 69 HllsonACo cv * 6913 3 7PH4 * "014 * Wl?| 76 .69 ,68.14! moro tlinn $43S,000 wa* ohArRort off for slnklnir fond, deplotton, depredation. fkr.., and f 107,41B for Inventory .'idjunt mont. The si* months' deflclt, after pre ferred dividends and Including cre<llt ad justment of $270,884 for reserves for de pletion on dLscovery valuea, amounted to 1206,211. WHEAT UP AS SPRING CROP SHOWS POORLY Reduction in Canadian Esti mates Helps Advance?Big Receipts Act as Brake. Chicago, Auk. 1.?Bullish advices re garding the spring crop yield strength ened wheat to-day despite big rocelpts here. Values closed firm lo. to l%c. net higher, with September $1.24% @1.24% and December f 1.27% @1.28. Corn lost Vfcc. to %@%c.; oats finished un changed to %@%c. lower; provisions are from 5c. decline to 10c. advance. Buying orders from the Northwest gave special emphasis*- to messages saying that domestic spring wheat ter ritory that looked promising ten days ago was falling down badly on final returns. Notice was taken also of gossip that stocks of flour everywhere were low. Besides considerable Impor tance was attached to an estimate put ting the Canadian crop at 287,000,000 bushels^ als against earlier estimates of 300,000,000 to 350,000,000 bushels. Strength In the market, however, was more tha^i offset for a time by big re ceipts here and by slackness of ex port Inquiry. Nevertheless continued power to rally was shown, especially after midday, when the visible supply increase, although large, proved to b< less than many traders had looked for. It was said, too, that rural consign ments in the Southwest had dropp -d off at a rapid rate. Rain's and cooler weather had a bear ish effect on corn. Heavy arrivals here weakened outs. Lard and ribs averaged lower In sym pathy with hogs. Pork, with trading light, finished at a nominal advance. CHICAGO PRICES. WHEAT? Satur Open. High. Low. On--.-, dny September.... 123% 124% 122% 124% 123% December 120% 12S 123% 128 120% CORN? September 00% 00% r>STi 5P74 00% December (10% 00% 59% 00% 60% OATS? September.... 38% 38% 37% 38% 38% December... .. 41% 41% 40% 41% 41% I-ARD? September 12.10 12.22 12.02 12.22 12.22 October 12.20 12.35 12.115 12.32 12.32 RIDS? September 10.70 10 80 10.70 10.80 10.82 October 10.02 10.05 10.G0 10.03 10.70 PORK? September 18.80 18.70 Tho fact that the Bank of England was closed yesterday restricted sales of cash wheat. Only about 200,000 bushels were sold. Europe Is also expected to depend on its own production as much ns possible. Flour buyers are showing more hesitation about paying the prices asked for old spring patents, as they expect a readjustment to a new crop basis. NFAV YORK PRICES. WHEAT?No. 2 red, $1.38%; No, 2 hard, *1.41%; No. 1 Manitoba, $1.70; No. 2 mixed durum, $1.37% c. 1. f. track New York to arrive. CORN?No. 2 yellow, and No. 2 white were ouotid Rt 82%e.; No. 2 mixed, 82c. c. i. f. New York ten days' shipment. OATS?No. 2 White, 51c.; No. 3 white, 40%c.; No. 4 white. 48c.; fancy clipped, 54%e.; ordinary clipped white, rii%ft|32U.c.; all elevator. RYE?No. 2 Western, $1.30, f. o. b. New York and $1.27 c. I. f. Now York. BART.EY?Focdlnp. 70fJ7.">c.; malting, 78f? 83-. c. 1, f. New York. HAY?No. 1. *30^32; No. 2, $2flj?28: No. 3, *23^25: shipping, $20^22 a ton. STRAW?No. 1 rye. $22ff?23 a ton. INTERIOR RECEIPTS. Wheat. Corn. Oats. To-day 4.022,000 008,000 3,001,000 Last week 5.575,000 000,000 1,507.000 f,ast year 2,340.000 500.000 742.000 SEAHOAKH CLEARANCES. Flour. Wheat. Corn. To-day 10.000 ?r.:'.,000 2.000 Lam week 13,000 2,243,000 2,000 Last year 7,000 789.000 FLQUR. New York Prices. Soring patents, $8.6ty99.30; spring clears, $6.Ef,>?6.75; soft winter straights, $(ir0ti.7u; bard winter straijrtitH, $7.29(98. Hye quiet: fair to good, >7.7."y8; choice to fancy, $8<3> 8.23. Commeal dull; fine white ami yellow granulated, $1.02tt<82.03. Feed, city, dull: r?ntn, 100 lb. sacks, $2.r>; heavy middling-*. 100 lb. sacks. $-5; red dog flour, 1(0 lb. sacks, $38; Western, dull; bran, 100 lb. Hacks, $23; standard middlings, 100 lb. sacks, $23.60; flour, middlings, 100 lb. arcks, $.20; red clog flour, 140 lb. sac ks, $30. pll meal. $48 per ton. Minneapolis. Flour unchanged to .Hoc. lower. In car loads lots family patents quoted at $8,000 8.OS a barrel In 08 pound cotton Kacks. Ship ments, 42,332 barrels. Bran. $15. ST. LOUIS WHEAT RECORD. St. I,oris, Aug. 1.?July wheat re ceipts at St. Louis broke all record*, it was announced to-day. Figures com piled by the exch&ngo showed 9.767,000 bushels were received, against the pre vious record of 8,613,101, established in 1918. Last month's receipts exceeded those of July of last year 5,496,000 bushels. Early and good crops was ascribed as the reason. WEEVIL CUTS COTTON CROP. Great Danger of Increasing Dam age, Saya United State* Report. Washington, Aug. 1.?Cotton produc tion this year was forecast to-day at 8, 203,000 bales of 500 pounds gross weight by the Department of Agriculture, basing Its estimate on the condition July 25, which was 64.7 per cent, of a normal. Tlie condition by States follows: Virginia, 82; North Carolina, 75; South Carolina, 62; Georgia, 59: Florida, 60 ; Alabama, 58 ; Mississippi, 68 ; Louinl ? ana, 59 ; Texas, 62; Arkansas, 76 ; Ten nessoe, 75 ; Missouri, 80 ; Oklahoma. 68 ; California, 83; Arizona, 89; all other States, 88. "Cotton suffered more than tlie usual decline during July, being damaged par ticularly by the boll weevil." said a statement accompanying the figures. "Damage from tills Insect throughout the beilt has been heavy and the threat of continued and increased damage Is very serious. Tn many sections it prom ises to take all new growth. "This condition results largely from the heavy July rainfall, which has also i leachmd out much of the scanty supply \ of fertilizer and encouraged a heavy j growth of grass and weeds. Through most of the belt the present condition of the plant Is unpromising. Conditions are. favorable only in the fringes of the belt in western Texas, western Okahoma, alonpr the Mississippi River from north ern Mississippi, through Tennessee and Into Missouri, in Virginia and North Carolina, the northern portion of South Carolina and in the delta section of Mississippi." A crop of 8,433.000 bales was forecast from tlie condition on June 25, which was 69.2 per cent, of a normaJ. The condition was 74.1 per oent. on July 25 last year, 67.1 In 1919, and 75.4 the ten year July 25 average. Ln-st year's crop was 13,365,754 bales; of 1919, 11,420.763; 1918. 12,040,532; 1917, 11,302,375; 1916, 11,449,930. U. S. RAIL ORDER FROM CHINA. The General America Tank Car Com pany, a subsidiary of the American Tank Car Corporation of Chicago, has obtained a contract from the Chinese Government Railways for 14,000 tons of No. 85 rails, which has been plsced with the United States Steel Products Com pany. Executor " Trustee Chartered 1822 The Farm ers' Loan and Trust Company Nos. 16, 18, 20 & 22 William Street Branch Office, 475 Fifth Avenue At Forty-first Street New York . London Paris Foreign Exchange Administrator Guardian Member Federal Reserve System and New York Clearing House New Issue Legal Investment for Savings Banks and Trust Funds in New York and all New England States $1,750,000 State of Maine 5% Highway & Bridge Bonds Dated August 1, 1921. Maturing 1927-1041, inclusive. Coupon bonds, denomination $1,000. Principal and semi annual interest payable in gold at New York, Boston, or Augusta, Maine. Free from all local and State taxes, as well as all Federal income taxes. These bonds are the unqualified direct obligation of the State of Maine which has assessed valuation of $637,403,330; bonded debt, $8,802,300; population, 1920, 768,014. Having sold all but the following maturities, we offer them subject to prior sale as follows: $100,000 August 1, 1937, at price to yield 5.10% 100,000 44 1938 44 44 44 44 5.05% 100,000 " 1939 44 44 44 44 5.05% Temporary certificates, pending delivery of definitive bonds, will be ready for delivery about August 8th Brandon, Gordon & Waddell Ground Floor, Singer Building 89 Liberty Street New York Foreign Exchange Explained , Ask for Free Booklet R-3 Wm. H. McKenna&Co. DETROIT UNITED RAILWAY DETROIT & FLINT RAILWAY The $1,400,000 Vlrst Consolidated Mortgage Bonds of Detroit & Kllnt Hallway which mature "August 1. 1921, will b<> taken tip from the present holders upon presentation to the Central Union Trust Company of New York, Broadway, New York City. Cou pons will be paid as heretofore by The Eijultable Trust Company of New York, N?w York. They should be detached and de posited In regular manner. (Signed) A K. PETERS, Secretary. DOWNTOWN UPTOWN 25 Broadway 25 West 43d St, Bowling Green 3073 Murray Hill 8089 PHILADELPHIA V. I Sooth ISth St. Phone Bell locust 1778 - ? ? - - ====" ' $25,000,000 Swift and Company 1% Ten-Year Gold Notes Dated August 15, 1921 Due August 15, 1931 Total Authorized Issue $25,000,000 ? Interest payable February 15 and August 15, at Illinois Trust &> Savings Bank, Chicago, or at the American Exchange National Bank, New York. Coupon Notes in interchangeable denominations of $1,000, $500 and $100, with privilege of registration as to principal only. Redeemable, as a whole or in part, at the option of the Company on thirty days' previous notice, on any interest payment date before maturity, on payment of a premium of 2'/j% if redeemed during the year 1922, such premium decreasing % of 1% each succeeding year thereafter. Interest payable, so far as may be lawful, without deduction for Federal Income Taxes not in excess of 2%, as provided in the Trust Indenture. Illinois Trust & Savings Bank, Chicago, Trustee From information in regard to this issue of Notes received from the Company, we summarize as follows: These Notes will be the direct obligation of Swift and Company, one of the largest and most successful concerns in the world engaged in the production and sale of meats and their by-products. The authorized issued Capital Stock of the Company amounts to $150,000,000 upon which dividends at the rate of 8% per annum are now being paid. The Company has paid cash dividends without interruption for the past thirty-five years. During the eleven years ending October 30, 1920, net earnings of Swift and Company amounted to $149,537,840, of which amount $72,099,380?or over 48%?has bssn re tained in tho business. Annual net earnings available for interest and after providing for Federal and Foreign taxes, for the five years ending October 30, 1920, averaged $28,157,564 per year. The average annual interest charges on all outstanding obligations during these five years were approximately $9,094,996. Total sales of the Company's products have increased from $250,000,000 in 1909 to over $1,100,000,000 in 1920. The Trust Indenture requires the maintenance of current assets to an aggregate amount equal to at least one and one-half times current liabilities, plus the outstanding amount of 7% Notes due 1925 and outstanding Notes of this issue, and provides that no new mortgage may be created against present assets and property. The financial statement of the Company as of October 30, 1920, and after giving effect to this financing, shows net tangible assets of $336,877,841, applicable to the total funded debt, including this issue, of $94,591,000. Since October 30, 1920, a substantial reduction has been made in liabilities. The proceeds of this Note issue will be used in retiring $25,000,009 6% Gold Notes, due August 15, 1921. The Company's funded debt, therefore, is not increased by this financing. PRICE 973^ AND INTEREST, YIELDING ABOUT 7%% Pending delivery of Definitive Xnfe.v, it is expected that Interim Receipts of Illinois Trust. ?t* Savings Bank, Trustee, trill be ready fur delivery ori or about August 16, 1921. Illinois Trust & Savings Bank First Trust and Savings Bank Chicago Chicago The Merchants Loan and Trust Company Harris Trust and Savings Bank Chicago Chicago Guaranty Company of New York Continental and Commercial Trust and Savings Bank Chicago We do not guarantee the above statements and figures, but they are taken from sources which we believe to be reliable.