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The New York herald. [volume] (New York, N.Y.) 1920-1924, August 08, 1921, Image 13

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Persistent link: https://chroniclingamerica.loc.gov/lccn/sn83045774/1921-08-08/ed-1/seq-13/

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A
UNIQUE
POSITION
Practically the only
companies which can show
a steady increase in net earn
ings for the past six months are
public utility companies.
This is one reason
why the bonds of these
companies afford a
profitable field for the
employment of surplus
savings.
Write for selected list?
II-200
tfHBickmore&|p
III BROADWAY, NY.
Established lS6i
The State Bank of th<i
Portuguese Colonies
BANCO NACIONAL
ULTPAMARINO
New York Agency. 93 Liberty Street
Title Guarantee]
& Trust Co.
CLBNTON GILBERT
2 Well Street, N. Y. Tel. 4848 Rector
General Baking
Com. Pfd. & 6s
C. C. Kerr & Co.
2 Rector St., N. Y. Plton ? 6780 Rector
Salesmen
High-class brokerage house deal
ing in listed securities desires t lie
services of n few high-grade lelc
Ehone salesmen with initiative,
ive wires can cam u substantial
income on salary and commission
basis. Call or write
Suite 1112
82 Beaver St. New York
??ananBraaaaaaaaBBat
HENDERSON IIIUIX.E COMPANY.
HINKINd KUNI).
THIS TO CERTIFY that at ? draw-ins
held this 4th day of August, 1921, lu our
presence, at tlic office of the Central l't:ion
Trust Company of New York, at ten-thirty
Wlowlns ninety
o'clork
six (WU
COMPANY viz.. "umbei
19
tl 255 443
23 2H'_' 452 765 071 1308
24 398 4?? 781 11141 1347
6."> 300 470 7 t"i 1104 1300
H3 30.S 180 810 1133 1425
124 333 485 830 1159 1440
130 834 f.18 830 1107 1 ItM
152 410 510 811 1174 1515
153 423 564 845 1183 1522
133 431 583 871 1192 1544
158 433 018 877 1200 1540 177<> 200O
were designated hy lot for redemption at
the office Hi the Central Union Trust Com
pany of New York on the first day of Sep
tember. 1021. nt 105 per centum on tin- par
value, in accordance with supplemental deed
of trust of February 27, 1881.
Interest on .aid Bonds will cease on the
dny named for redemption.
New York, August <:)i. 1021.
E. I,. SMITH MRS.
For Henderson Bridge Company.
F. WOI,FE, Asst. Secretary,
of Central Union Trust Co. of N. Y.
THOMAS JEROME HAllOU,
[SEAL1 Notary Public, Bronx Co. No. 97.
Certlfleute filed In N. Y. Co. No. Hit!.
New York County Register's No. 2408.
Term expires March 30, 1922.
Redemption of Serin I Notes Maturing
November I. 1021
Thn American Tobacco Company herotiy
gives notice that It will redeem and pay.
on August 15, 1921, at the office of C',uar
nnty Trust Co. of New York, 140 Broad
way, II,trough of Manhattan, City of New
York, all, to velt: $3.3.33,000. at pat of its
t-crles C notes dated November 1. 1918, ma
turing on November 1. 11121. nt par with
Interest acerm d front May 1. 1921, So sal"'
August 15, 1921, and with a, premium of
one per cant on tho principal of said
notes. This redemption Is hi accordance
with the terms of Article IV of the trust
agreement of November 1, 1918, to which
The American Tohncco Company was
party of the first part, and (Suaranty Trust
Company of New York as Trurten was
party of the second part, whereunder $25,
000.000. at par of 7% serial gold notes
were Issued. Series A and Series B matur
ing respectively November I. 1919. and
November 1. 1920. having Already been
paid; and tills notice Is In accordance with
mid Article.
Holders of any of raid Series C of sahl
aerial gold notes maturing November I,
1921. may present such on. or at any time
after, August 15. 1921. at the office of
s.nld Guaranty Trust Company of New
York, and the said notes will ho paid with
accrued Intereet tip to August 15, 1921, and
the premium of one per cent, as aforesaid;
whether so presented or not, such notes
shall cease to draw Interrst on said Au
gust 15, 1921. and coupons for Interest sub
sequent to that date shall be void.
'J UK AMERICAN TOIIACCO COMPANY,
By J. M. 33'. HICKS, Treasurer.
July 14. 1921.
mitniMi- r.n t\n:ni:sr.
v. kh.hi %eron tint 'bit ition
;tl Wall St.. New York City.
Tim Board of Director of Wright Aero
nautical Corpora lion a' a mooting held In
New 3 nrk City on Tuesday, August 2nd, 1921.
declared a dividend of 2" cents |M>r share o-t
t.Mi Outstanding eapltnl stock of the Corpnra
tlon, payable Wedne'day, Angus' 31st, 1921,
to holders of roc ?rd as "f lh" close of bust
rows, Wednesday, August 17th, 1921.
J. F. rill.NCE. Treasurer.
439 1123 931 1233
946 1240
N UIUIX1K
1559
1773
1
1784
15, 1
1792
1578
1822
159(1
1855
1(123
1S79
1642
1893
1853
1937
1071
19G2
1375
1994
1757
1972
177"
2(819
ALL BOND OFFERINGS
ARE QUICKLY TAKES
Monoy Is Abundant for Invest
ment Despite Advance in
the Loan Rate.
Average Bond Prices
August a. 1HSI,
Sutur- Net Week
day.Change. Ago. I)rr. 31
I? IUII* 14.111 +.S1 74.52 73.4#
10 IndortriHls #0.55 ? .to Hti.V> HO. 13
6 I'lih. I'tll (19..VJ +.05 09.75 90.32
f> foreign 91.20 +.05 94.54 90.52
30 Itoml* 07.01 +.09 00.73 70.35
J
The unexpected stiffening of the
money market without any satisfactory
explanation rather upset calculations in
the bond market last week. The lenewal
rate for call loans advanced to 6 percent.,
against a low rate of 3'j per cent, in trhe
week previous and time loans were
not obtainable at the low rates
prevailing for some tlnicj. This
caused a check to the upward move
ment in bond prices, although there
was still an excellent demand for bonds
of many classes. According to the best
banking opinion, however, quotations last
week did not reflect the actual money
position of the country, and It is still
maintained that there Is an abundance
of capital for investment purposes.
New financing for the week justified
this theory, as distributing bankers ap
parently had no difficulty in selling all
they had to offer. The* offering of
$300,000,000 Treasury certificates was
more than three times oversubscribed,
and New York a lone accounted for
more than half of the total subscriptions.
Philadelphia ranked second, Boston
next and Cleveland fourth. There is
net expected to be any further issue of
certificates before the third instalment
tax date of September 15, when maturi
ties are heavy.
New issues last week totalled approx
imately $46,000,000, against $60,000,000
in the week before. An Issue of $25,
000,000 Swift & Co. 7 per cent, ten year
gold notes, the largest Item, was quickly
oversubscribed. The proceeds will be
used in retiring $25,000,000 6 per cent,
gold notes due August 15, 1921.
Other Important offerings were:
$6,000,000 Southern California Kdlson ,
general and refunding mortgage 6 per
cent, bonds; $3,300,000 Tidal Osage OH
Company ten year 7 per cent, bonds;
$1,391,000 City of Hoboken school 6s;
$2,500,000 Cmplrc Tank Line Company
ten year 8 per cent, equipment trust
certificates, and $5,000,000 first mort
gage twenty year R per cent, sinking
fund gold bonds of the Otil Steel Com- 1
pany.
In addition dealers reported that they |
were able to rid their shelves of num
[ erous odds and ends of previous issues.
Cargo houses of issue are Justly proud
of I heir record in the last few years,
while few failures have occurred in the i
disposal ot new bond issues recently.
Some issues, largely because of their!
slsuy have moved slowly, but they were I
Anally distributed and placed In good j
hands, as shown by the market for the I
bonds thereafter.
Almost every recently created bond is j
M'illne materially higher than the orig
j inal offering price. A few examples are :
; Canadian Northern 6',as. issued at
| 96'.j, which wont to around 9S',7 ; Chi-j
icago and Northwestern 6i?n, 99V',, to
| 191 "s : ('.. H. and Q. Joint 96 bj to
loo:l, ; Goodyear Tire Rs, 99 to 10134 ?
Northwestern Bull Telephone, 96^ to
10-'u. and U. S. of Brasil Rs, 97V6 to j
100*. Dozens of other instances In-j
elude industrials, railroad, public utility
and foreign government bonds.
Many of the largest borrowers In the'
municipal market have been eliminated
so that present outstanding issues will j
bnve little competition for some time.
Ibis week includes few sales of impor
tance by cities and States. Cleveland
has asked for proposals up to September i
10 for $5,000,(?0o tf pup cent, one to I
twenty year serial bonds. West Virginia
Is offering $15,000,000 mad bonds on
Wednesday, hut these are ;,s and cannot
he sold for less than par. As an illus
tration of the changed condition of the
municipal market the case of New York
Stat? bonds Is cited. Two months ago
$41,809,000 of these were to be disposed
of, while to-day there arc possibly onlv
$3,000,000.
Proposals will be received by the Bu
reau nf insular Affairs until August 11
for $10,000,009 5 per cent twenty vear
Philippine Government public improve
ment coupon bonds. Negotiations be
tween Uruguay and a group of New
A ork bankers are expected to be com
pleted any day for a loan of between
$7,500,000 and $10,900,090 for the pur
pose of Installing a modern telephone
ivstem in Montevideo. With these ex
's pflons and one or two small public
utility Issues the horizon is bare of new
financing.
STOCK EXCHANGE SALES.
rn^d Aw ?wi week
! 1021. 1520, If) 10 I
Monday 9*1.022 020,?3!l 1.310 300'
I mwdny... .117,010 1,111,726 1 ,N73-R3r |
Wednesday MO,310 777.992 1 343 770
Thursday,. 340,#6# 1,996,(72 1707420
J-i lduy 4 17.239 933,910 2.019,'(>50
Saturday.. 133,320 241,633 622,163
Tots!,-.. 2,137.660 3,OR 1,377 ,'MI3 art I
L V\*i^?-,fP'7?>.44| 14 1,294,708*4
(Jetslied nnle* of storks for weeks end, >1
I August h 041(1 July 30:
I T?,. , , , A up. ?. J?iv so.
1, n , 1,713,*75 1,790.921
Kail road* 40(1,505 114,375
bonds (PAR mark i.
,, , twi. i ftcn. iota
Mot]"a.-... $13,296,000 $11,361,000 $6,627,000
"."???"lay... 6,333,000 12,307,090 18,001,000 i
Wednesday II.RKl.ono 11,201,000 ailTooo!
J hor daj-.. J2,1161,000 13,693,000 10 744 Ski
fr'.ay.... 9,991,000 12.R36.000 14.043 001)!
patiirday,. 3,6.5,090 ,3,190,000 6,631,000
Y.'arn?' ' , ?"a'1 *G"'.604, $#0,733.0(10
" IV,#S."2J03,W? $1,967,334,000
August and July 30? * f"r Wr<,1<''
i-. . A"*, rt Jiilv SO 1
(? or po ration $20,on I ,:>no $*n run ana!
!;1!>,T v 32,30,"*1,000 SO^Vooo
L?.rr"cn 6,flta,.3O0 Vi::7;.3?i
? ? - 226,000 241,0001
Announcement
The Continental Bank
of New York
Announce? the removal of its banking offices
from 23 Broad Street to the
Broad Fxchange Building
25 Broad Street
BONDS IN NEW YORK STOCK EXCHANGE
WEEK ENDED AUGUST 6. J921.
1921. 1920. 1919. I
ShIph for week... $59,211,000 $65,604,000 $60,753,000
High- Low- Cloa- Net , 1921?,
Sale*. sat. eet. lng. Ch'ge, High, l.otv.
ft Adams Express 4* 635$ ftl? 5* 03'$ 565$
! 1 Alaska Gold rv Be series A. 10 10 10 ??119"$ 10
58 Amar Ag *'h 7 54? receipts. DO"*, 96?< 96'$ ? J$ 0754 0254
80 AroSiuoltlng ft Refining 5s 79*,' 79 79 hi ? 54 HO 78
250 Am To! A Tel conv 6* 101 09*$ 100 54 + 44 101 ?$ Oil*
138 Are Tel A Tel elf fts 851$ 84 '$ 65 + H 85 5$ 77 5$
5 Am 3 el A Tel conv 41??... 87 >4 87)4 8744 + *4 90 80
1 5 Am Tel A Tel conv 4s 7044 70 7044 ? *4 73 63
84 Alii Tel A Tel clt 4a 81 79*4 804* ? 44 81 73 44
ft American Tolraoco 4* 70 69 69 ? 44 70 69
4 Am Writing Paper 7s 70 70 70 ? 5* 735$ 67
9 Ann Arbor lat 4s 54 44 53.4 fi444 ? '4 5ft 50
43 Armuur4t*n 80 79)$ 80 + 44 8.3 75
44 Atrh Top & Santa Fe cv fts 71 54 7044 7054 ? ?4 72 66)$
2 AtchT A SF vc4s I960.. . 344* 84', 8544 + ?. 85)4 79
161 AtrhTopASantaFegn4s 78** 774$ 77?, ? 44 70 734*
3 Atrb Top A S F adj 4s 72 71' 5 71?* ? 4* 73 4* 67!*
25 Atch Top A S F ailj 4a std. 73 7144 71V* ?1*4 73 68
2 AT4S1' Cal 4 4*?. 7814 78'? 78*4 + 44 8ft *4 75 5$
5 A T & H P Rocky Ml 4* .. 71 71 1 + *4 72)$ 65
2 Atch Top A h F Ah Line 4s 70 *4 7ft >4 7 5 44 ?1 ** 79*4 7.3?$
T 1 Atlanta & Charlotte 5*.. . 89 89 80 +2 02 44 84 44
* 7 Atlantic Coast Lihe 7s 103 102)4 103 +1 104 0954
13 Atlantic Coast Linn 4 *$s. . 76?$ 76)4 76"$ + 1$ 78 72 *4
15 Atlantic Coast I.lne 4*.. . 80 79 70*4 4- 44 81 734*
11 Atlantic O Line clt tr -Is. .. 72 71 72 + 44 73 6044
Vt 1 Atlantic & Danville let 4k. 65 65 6ft +1 70 64
as 0 Atlantic Fruit 7s 40 39 4fl J* 4*4 73 33
46 Atlantic Refining 6'4* ctfslOl 1$ 101 101*4 ? 54 1015* 99
39 Atlas Powder 7* j* w 1 ... 96*$ 96*4 116'* -- 4* 97 085*
68 Baltimore A Ohio 6a 0144 90)4 90 J, ?X 03 *4 8744
79 Baltimore A-Ohio ?s 1993. 73 72 72 ? ' 4 73 J* 6544
113 Baltimore A Ohio cv444*. 71 *4 70)4 <? +4$ 71 ?J 65
98 Baltimore A Ohio gold 4a.. 70s, 6970 7054 644$
47 Baltimore A Ohio 34<j* 87*$ 86>i 86*$ + 44 87*$ 79*$
90 Bait A Ohio 8 W 344s 83'4 82 ?$ 82*4 + !$ 83 54 73*$
00 B A Ohio PLEA WVa 4a 67 06 66 44 + *$ ?7 61'$
5 B A O Pitts A M D 3 5$3. ?. 84 81 84 ?+44 ?' 08*4
54 Halt A Ohio T A C 4a 66*4 55 54)$ ?1'$ 5644 5044
06 Bell Telephone of Pa 7s .. 105'\ 104 44 105 + ?$ 100*4 100 *$
14 Bethlehem Steel late* 5a.. 9144 91J4 91'4 + 44 93 865$
13 Bethlehem Steel fd 5s 87 S3 86*4 +1 "$ 87 78
10 Bethlehem Steel 5s 1936.. 805$ 77 77s, + 5$ 82*4 74/4
289 Braden Copper 6s 86 835$ 834* +1 86 81
5 Brooklyn Edison 5* A.... 805$ 80*$ 805$ + *$ 80*$ 70
7 Brooklyn Edison 6* B 8954 895ft 8954 + 54 89*4 87
8 Brooklj n KdUon 7a O 995$ 98*4 99 + *$ 99*$ 955*
93 Brooklyn Edison 7? D 99 5$ 98 5* 981$ ? *4 99 "4 96
33 Brooklyn Rap Trans 7s . . . 'ft 63 .',6 ? 54 5644 $05*
37 liklyn Rap Traus 7s etfs. . fi4 52 54 ?15* 8554 37 5$
17 Ilklyn Hp Tran 7setfsstd. 53)4 51 52 53*4 33
9 Brooklyn Rap Tran 5s.... 25 25 25 ?2 32 2.344
1 Brooklyn Union B11st 66*4 60 54 0844 86'$ 58
5 Brooklyn Union Gas 1st. . 81 81 81+1 81 71
3 Buffalo Rood A Pitts 5s... 90 89?4 90 ?3 93 89*4
9 Bush Terminal 5s 72 44 7 2 7 2 54 + 54 7 2 54 6 7 44
11 Bush T lllils 1st guar 5 s... 70 74*$ 74?$ ? 54 76 87?$
8 California Gas A Blec 5*: . 85J4 85)$ 85*$ + ?$ 86.'$ R2?4
421 fan Nat Can Nor 64*s rets 99 98 98?$ + *4 99 90?4
109 Canadian Northern 7s.... 1035$ 102 102*4 103 5$ 99 ?4
38 Canada Southern 5s 87'ft 86*4 87 + 54 8854 8144
5 < 'ar Cllnchfleld A Ohio 5s. 7314 73*4 73)4 ?1 70 08
11 Central of Georgia 1st. ... 895$ 80'$ 89'$ ? '$ 9554 88
25 Central of Georgia 6s 92 89*4 89 '4 + >* 92 84 54
12 Central of Georgia eon 5?.. 84)4 8354 84 *$ + *4 89 805$
1 Cent R R A B Co Ga oS... S0?$ 80*$ 80*$ +35$ 84 7554
2 Central of Ga M G & A 5a. 07 67 67 07 67
3 < 'en t of Georgia Mobile 5s. 87 14 87)4 87)4 +2 54 87'$ 85
?1 Central Leather 5s 8954 80 80?4 + 54 93 8054
10 Central New England 4s.. 48 40*4 4ev$ +2*4 55*$ 435*
245 Central Pacific 1st 74 72 54 73'$?1 75 70*$
5 Central Pacific3) js 795$ 79*$ 79?$ + 5$ 79'$ 75*$
) J 5 Central Pacific 8 Line 4?. . 7354 7354 7.3?* +1*4 73?4 6754
4 Central RR of N.J fta 96 96 96 100 92*4
25 Cerrode Pasco Copper8s. 108 107*4 107 ? *4 111 104 *$
157 Chesa A Ohio conv 5s 1946 83*$ R2?$ 82"4 85*4 79
131 Cbesa & Ohio conv 454*.. ? 78 54 77?4 78 79 7154
21 Hhes A Ohio 45<s 77 7554 76)4 + y i 77*4 715$
2 Chosa A O Craig Va> fts. . . 7654 7054 <6*4 +3*4 76*4 73
55 Chicago A Alton 3Hs 36 34 355$ +1*4 3?7-i 30*4
18 Chicago A Alton3? 40 5* 45 45 ? 54 46 5* 41
097 C B A QNPON col 6>$s.l01 100 100 , + 5* 101 06*4
12 Chi Burl A Qnlneygen 4s. 80 795$ 8J 82 74?$
11 Chi Burl & Quincy Til 4?. . 845$ 83 83 ?1'$ N4*$ 77'$
1 Chi Burl A Quincy ill 354s 74?, 74 5, <4 54 ?1*4 75)4 605$
3 Chi Burl A Quincy Neb fts. 90 90 90 ? )?' 90)4 86*4
1 < "111 A Eastern 111 con 6s. . . 91*$ 91*$ 91*, + *4 95*4 9054
10 Chicago A Erie 1st 80*4 77 79*4 +1*4 81*$ 74
53 Chi Gas Light A Coke 5s .. 80 79 54 80 +1 79 72)4
49 Chicago Great Western -la. 68', 835$ 62?$ +)$ 64 47*4
1 Chi Ind A Louisville 6s. . . 96 96 96 +2?$ 98 92
1 Chi Intl A Louis 5* 1966.. 66 66 66 66 60
2 Chi lnd A Louisville 4s.. . 66 06 66 66 66
30 Chi Mil A Paget bound 4<i. ? 1 61.*$ 61'$ ?1*4 68*4 60
46 Chi Mfl A St Paul conv 5*. 70 67'4 69 +154 72*4 03
28 Chi MU A St P gen 4*4*.. . 76 75 76 +1 795$ 71*4
69 Chi Mil A St P conv 4}* S.. 68 1 0)4 67>$ ? !? 72 62?$
3.3 Chi Mil A St P fd 4 '4s 61)$ 61 01 + ), 65 57
3 ' hi Mil A St Paul dob 4s . 89*4 59 59 ? ', 63*, 6ft
It. Chi Mil A at Paul 4s 70 09 69), + 5* 72 63*4
.56 Chi Mil A St PauUs 1985. 76*4 76?$ 76), + J, 785$ 71*4
12 Chicago AN W7a 10.3*4 '03 103*4 + 5* 104)$ 99*$
39 Chicago A NTH 6**? 102 100"$ 101 ?1 102*$ 96*$
2 Chicago A N Wdeb 1033.. 90)4 uo", 90*4 +1*4 9 1 54 8 7 5$
fti) Chicago A N W gen 5s 9.3)4 9154 96 *4 +2 96 90
J 21 Chicago A N W gen 4s.... 77 76 76 +154 78}$ 7154
9 Chicago A N W ex 4s 91 89?$ 90 +25$ 91* 85*4
2 CAN WStLP&NWfts. 87*4 8754 *7 *? + 2 99 85*$
1 4 Chicago AN W 3J$s 67 07 67 +1 69 60
?2 Chicago Railway* 1st 6*. . 0 ft'$ 64*$ 64 54 00*4 58
46 Chi Rock (Stand A Pan4s. 72*4 71 *$ 72'$ ? *4 7$ 08
230 Chi Rock is! A Pao ftl4s . . 69*4 68'4 68*4 + *? 69 '4 64*4
1 Chicago St L A N O fis rog. 87*4 *7 5$ 87*4 ?1", 88'4 88*4
2 Chicago St I'M & Ocon. .101 101 101 102)$ 975$
.36 Chi Union Station 9*4sct 106 104 1C4 ?Hi 1065, 101
30 Chi Union Station454s . 81)4 80 8054 + *4 82?, 77
18 Chi A Western Indiana 4s f.o?$ 60 00 62*4 57
15 Chile Copper 7? 94 54 03 93 ?15$ 96 90
SK Chil?c0ppor6s 71", 715$ 715$ + *$ "6*4 66
CO CCCAStLOs 00'$ 90 C0)$ + 54 92 8354
J , 5 C'CC AStL4!4s 77 *4 76 5$ 77)4 81 72
0 CCC A St, Lgen 4s 70 60 70 +3*4 72 65?$
29 CCC AStLCairo<Hv4s. 76 75 78 5$ +2*4 76 73
2 Colorado Industrial clt 5s. 7* ", 74?$ 7ft"ft +2?$ 74*4 62?$
j 09 Colorado Southern e* 4 *$s 76?$ 76 76*4 + J4 765$ 72
47 Colorado Southern 4s 84 82 8.3*4 +1), 84 77 *$
5 Columbia Gas A K!?c ft1*. .85 K154 84 *4 86 78
3 Columbia GAE Ssstmpe'l. 8.5 85 8.* +3 86 81)4
2 Computing Tab Ken Oe . .. 79 79 79 +1 82 77
77 t otisolidated lias 7s 10.3 101?$ !0?<$ -*? ).< 10??$ 96)$
53 Cuban American Sugar 8s.l00 095, 99)4 + *4 19254 96
439 Cuba Cane Sugar conv 7s. 67 5$ 65*4 66', ? *4 86 57 54
ft Cuba Railroad 5s 69 60 69 +1 7.3 7,9*$
17 Cumberland Tel A Tol 5s.. 81*$ 80 80 ?1 81'$ 78
1 Dayton A Mich 454*.... 81 81 81 8' 81
1 Del A Hudson .told 7? 103?$ 103*$ 103'$ + '$ 106 100*$
5 68 Delaware A Hudson cv 5s. 86 85 85 ?$ + *? 86, 78?$
6 Delaware A Hudson fd 4s. 80 80 80 +1 82*4 7454
20 Denver A TIlo Grsnde5s . 72'$ 72 7254 + 72"$ 07*$
14 Denver A Bin Granno 4 54a 70 60*4 "o +1 75 67
54 Denver A Rio Grande 4s.. 60 *$ 65*4 05?4 ? ?$ 60*4 02*$
158 Denier A RioGrfuSs 47?, 40*$ 47 475$ 40*4
3 Denver A H G Id 5s etfs... 45*4 45 54 4 5 54 + 2*4 4ft 3754
4 Dos M A Fort Dodge ex 4s 44 '4 44 *, 445$ ? )$ 47 40
0| Detroit Edition 6s 685$ 88 86 +1?$ 90 8054
2 Detroit Kdisonftsl933 ... 86 87?$ 87?$ +1 90 86*$
18 Detroit KdlsoO 5* 1940... 7854 77 ?$ 76)4 815$ 76)4
10 Detroit Tunnel 4*4s 78)4 77*4 7854 +1'4 76*4 7454
19 Detroit United 1st 45$s ... 59 58?$ 59 + 2 63*, 57
24 Diamond Match 7 5$s 104 103 104 + *4 161 102
.30 Duluth A Iron Kangefts. . 88'4 86*5 8h'4 91 87?4
290 Du < ont do Nemours 7 54s. 98*$ 97 5$ 97 1$ ?1 5j 100*$ 90
lis Dttquense Light 6s 92)$ 91 92 + ?$ 92 5$ 8H
2 Ed Ell II Co of NY con... 89*4 89*4 8? 54 + *$ m Hn
75 Kriolstcon4? 57 56 50 ? 54 58*$ 51
at* Erie cv 4s A 40 3954 39*4 ? *i ??*$ 31)4
44 Erie cv 4s B 39?$ 38), .38"$ ? 5$ 40 3454
15 Erie cv 4.s D 44 42 42)$ ?1 45*4 3754
98 Erie gen 4s. 44 *$ 43 54 4 3 54 ~~ *4 85 39
2 Erie CenesneeRiverCa. 8.3 83 83 +3 83 80
1 Erie A Jersey Os 82 82 82 +5 5, 84)4 7654
23 Erie Pa Coal col trust 4s . 735$ 73?$ 7354 ? 54 7ft 735$
1 Florida Central A Pen 6s. o.t 93 9.t ?I'4 95*4 93
3 Florida Ccn A Pen con fts. 7654 7654 7654 ? 1 815$ 735$
2 Florida Last Const 4 *$s... 7ft 76 76 +3*4 77*4 72 5$
6 Kt Worth A Den City 1st.. 99*$ 99 99 99 $ 93
85 General F.leotrlo 6s 102 100*$ 102 +1?$ 102 99
51 General K.leetrlefts .... 87 86)4 87 + 54 90 8$
281 Goodyear Tire A Ttub 8s 1025$ 101*4 102'} +1)4 102*4 975$
I GranbyMining8s 88 88 88 +7 86 80
132 C'rand Tmk of Can 7s rtca.103 1015< 102'4 + '$ 103 W)$
97.7 Great Northern 7s berlosAlOl 100*$ 100** ? ?, 101 9654
31 Hocking Valley 4 *$s 74"$ 72?4 74?$ +!?$ 78 67'4
208 Hudson A Man fd fts 8e. A 6854 67*4 67', 69"$ 5954
284 Hudson A Manadj 445$ 42'$ 425$ ?15$ 445$ 235,
31 Illinois Central 654? 1015$ 100', 10! ? 54 101*$ 1005$
28 Illinois Central 554s'. 01 T$ 91*4 915$ 92 5$ 8.V$
10 Illinois Central 4? 1952. .. 74 73', 73J4 +1*4 74 67*$
37 Illinois Central 4s 1953 735$ 70"$ 71'$ + 'i 73?$ 0ft?$
22 Illinois Central fd fts 105ft 765$ 70*$ <05$ + *$ 77*4 715$
3 Illinois On Chi dune 5s... 83*4 83)4 8354 87 785$
1 Illinois On 81 Louis 3 *4? 6654 ?6'$ + '? "8', 3854
36 Illinois Steel 454* . 82 8154 82 +1 82 *4 76
9 Indiana Stiel fts 901| 81", 9014 + *, 9'J 86
374 Inter HTM fts 106ft. ?6"$ ft* 7,61, ? *$ ftgi4' 4Nt(
21 lntrr-Metrol trft*4? 16'* Iff, If. $ ? 5, 21*4 13*4
61 Inter-Met eol tr 1'4s etfk.. 14 13)4 1154 ? 54 19 11*4
9 InterAgrChemical8?.... 72 7!?t <2 7ft 71
08 Inter Mer Marino00! 6?... 80 7054 79*4 ?? 54 8ft 775$
2 Internal Pattjrcv 5, 80 80 HO l*$ 83 no
ftl Iowa Centralfta 49 <"'9'$ 40 + 54 44 385ft
6 Kanawha A Michigan 4t . 71 oo*$ 71 +1,14 71 69
1 Kanawha A Mich 2d ft*. .. Ht sft fti +3)$ 84 80?4
4."? Kan City Ft Scott A M fts. 68 675$ 67"$ +11$ 68 62
64 Kan City Southern fd 6s.. 78 77 77*4 + ?$ 78 72
112 Kansas City Southern 3s.. 5754 87 67 ?? '$ ft")$ 6354
27 Kansas City Terminal 4s.. 73 72)$ 725$ ? 54 71 69*4
Iftft Kellj-Springfield Tire fts.. 97 *4 07 97 90t$ 9254
4 Lack Steel fts 1923 9ft *< 91)? 95*$ ? 5$ 96)4 91
12 Lack Steel fts 1950 7454 73 73)4 ? J$ 78 73
12 Laclede Gas 6s 77)? <6 77*4 +15$ 77 5$ 68 5$
1 Lake Erla A Western 1st.. 81?$ 81 ?? ftl'4 + J4 82 .. 79
27 Lake Shore A >t S 4a 1918. 17 SiH W54 + 54 17 82
1921. 1920. 1919.
Jan. I to date.. ?1,872,309,000 %i. 182.105,000 $1,967,534,000
High- How- Clou- Not 1021 ,
Sales. est. eat. lug. Ch'ge. High. Low.
47 Lake Shore & M 84s 1931 83<+ 83 83 ? 5* 85 75}$
2 Lake Shore ft M So 3 !$s. 68 ?$ 08'i 685$ + ?( 711* 644,
10 Lake Shore ft M 8 34i? reg (1/ la 6744 ?7'? + 35, 675, 5H
6 Iehlgh Valley Cu 100 09 09 + ?* 100 95
10 Lehigh Valley con 4 4*s. . . 804$ 70 79 ?1 81 73 5$
ft Liggett ft Myers 7s 1007, 104 107 + >1 1084$ 102
8 Liggett ft Myers 5s 88 86 4$ 88 +2 7, 885$ 77 7,
3 Long Island5s 1937...... 604$ 60H 604* ? ?$ 634$ 574$
3 Long Island gen-1s .70 70 70 +3 75 66
8 long Island unified4s . 664$ 66'* 66J$ + 1?* 664* 63'$
12 Louisiana ft Arkansas 5s. . 71 005* 70 +24$ 71 034,
7 LouCin ft Lexington 4 >$s. 881$ 87"$ 887$ +2 807$ 864,
10 l<ou ft Jefferson Bridge 4s. 07 4* 07 4$ 675* 4- .'$ 68 045*
31 Louisville ft Nashville 7s.. 104 5$ 104 104'$ ? v$ 105 100
22 Louisviile ft Nashville 4s . 83 4$ 82 83 4$ +15$ 845$ 787*
23 LAN Atl Knox ft Cin 4s . . 725$ 724$ 72}$ ? >$ 73 70
1 Lou ft N So Mouotl Co! 4s. 07 67 67 + 4$ 715* 64'$
12 Manhattan 4s 58 66 56 fiS 64
26 Manhattan 4sstamped .. . 68 564* 674$ +1 00 53
22 Manhattan 2d 4s 435$ 43 435$ + 7$ 45 43
39 Market 9t By latcon 1944 71 70 70 ? 4$ 74 68'$
3 Mariand Oil 8s 94 4$ 94 94 + "$ 97'* 92'$
161 Me* Petro of Del conv 8s.. 9S}$ 974$ 98 + '$ 995$ 92?*
7 Michigan Central deb 4s. . 78 78 78 +14$ 797, 74
15 Michigan State Tel 5s .. . 90 87 894$ +17* 90 86
34 Mid vale Steel 6s 77}*' 76 76 79 73
2 Minn ft St Louts 5s 69 69 69 72 4$ 67'$
14 Minn ft 8t Loul*M 58 ? . . . 41'$ 41 41 48 39'$
63 Minn A St Louis 4* . . . 40"* 89}$ 404$ 44 39
12 Minn St !'ft SH Mario 4s.. 80?, 80 '$ 80?; + 7$ 85 755$
5 M fit i' S S M ft Atl 4s 90 00 90 + 5-, 90'$ 88?*
115 Mo Kan ft Texas 4s 62 61'$ 614$ ?14$ 62 4$ 56
26 Mo Kan ft Texas 2d 37 5$ 365$ 364$ + 5$ 43 34'$
2 Mo Kan A Texas 2d off*. . .35 35 35 ? 7* 41 341$
2 Missouri Pacific 6fl 1055... 794$ 77}$ 794$ +2'? 80 765,
10 Mo Pac 3d 7sextat4%.. . 71 71 71 +27$ 74 67
261 Missouri Pacific gen 4s... . 63 53?$ 54 ? 5$ 664$ 50'*
1 Mobile ft Birmingham 6s. 75}$ 7oJ$ 75?$ ?47$
4 Mobile ft Ohio 4s 60 60 60 +2 62 58
37 Mob ft O St L ft C 4a 1931. 79 76 78 +3 79 72
39 Montana Power 6s 8/ 85?$ 864$ 88 82
26 Morris ft Co 4 5$ s 74 4$ 74 74}-$ +5$ 785$ 714$
2 Nassau Kiectric 4s 22 22 22 +3 5$ 26 7$ 18
20 Nnt Rw ysof Mexico 4 5$s. 19 ,9 19 ?5 25 19
2 National Tube fts 94 92 7$ 92?$ +1 J$ 94 87
7 New Or ft Northeast 4 5$ s. 74 72 72 +3}$ 74 664$
11 New Or! Terminal 4s A. . 66}$ 664$ 665$ +1 674$ 61?$
3 New Orleans Tx ft Me* 6s 94 92 94 +14$ 95 90
66 New Orleans Tx ft Mex 5s. 591$ 68 60 +1?$ 65 634$
45 New York Central 7s 1034$ 101?$ 101?$ ?1 ?$ 1034$ 98
266 N Y Central deb 6s 93 92'*' 93 + 4$ 925$ 87
17 N Y Central 4}$a 79?$ 79 79'* +1 82 72?$
45 N YCentral deb 4s .95$ 78}$ 78 4$ ? 4$ 804$ 74
36 NY Central con 4s 71 }$ 70 1 ? 5$ 724$ 66}$
64 NY Central 34$s 07 ?$ 60 67}$ ? ?$ 69?$ 62 4$
13 NYCen Lake Shore 34jl. 63 63 63 64?$ 5?5$
6 N Y Cen Mich On 34$.s. . 03 63 63 + ?$ 70 59
1 N YChicago ft St 1,4s 79'* 795$ 79"$ ? 5$ 82 77?$
4 N Y Ch! ft St Ldeb 4s 73 5$ 73?$ 73?$ + ?* 74?$ 705$
9 NY Connecting Ity 4'$s.. 77 77 77 785$ 71?$
3 New York Dock 4s 715$ 71 71 +1 71 62
3 N Y Gas El LH ft P6l. . . 85 85 85 85}$ 81
18 N Y Gas El I, II ftp 4S . 68 "$ 07'$ 08?$ +1?$ 70 64?$
1 N Y ft N J Telephone 5s. . 86 86 86 +1 86 82
21 NYNllftllcvO, 01'$ 00 <0 ?1 72?$ 58
3 N YN H ft 114*1056 . 42 41 42 + ?$ 495$ 39',$
11 New York ft Northern 1st. 94 5$ 04 94 4$ ? ?$ 94 92 5,
5 N Y Ontario ft Western 1, 004* 091$ 00 '$ +15$ 05 66
8 N Y Railways ad? 6s. ... 5 5 5 ? 4$ 6 5$ 3
1 NY Railways fd 4s ctfs. . 20 194$ 194$ +0 22 144$
1 NY State Railways 4 5$s.. 704$ 66}$ 66 5$ + 4$ 57 47
1 N YSusq ft West terSe.. . 75 75 75 ?74$ 82 5$ 75
66 N Y Telephone dob 6s . . 93'$ 93 13J$ + >*- 93'$ ?7?$
47 N Y Telephone Ten 4?$ i. . 821$ 82 82?$ + 5$ *2'$ 77
26 N Y Te'.aph gen 4 !$s reg.. 82 '$ 82}$ 82 4$ 82 '$ 82'$
19 N YlVestft Ilos:ou4 4$s.. 40 8 39?$ +2 4 ;
2 Niagara Falls Power Cs.. . 93 93 93 + 5$ 93 90
26 Norfolk Southern5s 46.?$ 42?$ 46 4$ +3?$ 64:$ 39
122 Norfolk ft Western cv 6s. .104 4$ 1C3 104 +1 1054$ 99
80 Norfolk ft Western 4s. .. 79?$ 78 78 ?1?$ 80 737,
3 Norfolk* Westerndiv 4s. 79?$ 77'$ 77?$ ?2'* 79?$ 73'$
39 Northern Pacific fdGs 15 . 101 10ot$ 101 + ??$ 101 9li ' $
33 Northern Pacific 4". 78?$ 77'$ 7>?$ ? 4$ 7'J 73
37 Northern Pacific 3s 37 " .'.04$ 57 + 44 57 52?*
13 Nor States Power 5s Ser A. 70?$ 7H?$ 79'$ + >$ 80 70
216 Northwest Roll Tel 7s ...1024, 101 1C2?$ + '$ 1024$ 90
23 Oregon & Ca! 1st fis 914$ 89?$ 91'$ + 4$ 914$ 88
1 Oregon Railway ft Nav 4s. 78 77}$ 7.8 + ,'$ 80 75
9 Oregon Short Line Cs 99?$ 99'$ 90 4$ ? '$ 99?$ 97 ?$
4 Oregon Short Line 5;.. . 91 88 4$ 91 +17, 92 80'$
22 Oregon Short Linefd 4s.. . 84>? S2?$ 82?$ ?1 84'$ 75'$
50 Ore W*h R R ft Nav fd 4s. 74 715$ 72 ?1'* 74 67'$
27 Pacific Gas 6s 78'$ 78 784$ + 79 75;-$
8 Pacific Tel & Tel 5s 841$ 83?$ 84?,' + '$ 85 81
33 Packard Motor Car 8s 96?$ 05?* 96 + ', 101"$ 94'$
6 Pan-American Pet ft Tr 7a 89 88 5$ 89 ?45$ 91 87
1S3 Pennsylvania 7s 104 103 103)$ + ?$ 1057$ 1004$
799 Pennsylvania 6 ! $s 99 *< 99?$ 99?$ ? 5$ 100 5$ 92 4$
77 Pennsylvania 5s 1968 885$ 87?$ 88 ? ?$ 92 81
99 Pennsylvania gen 4'$s A.. 82 80 80?$ + ?$ 82 4$ 74 4*
2 Pennsylvania 4 4$s 19.,.,.. . 86}$ 86+$ 865$ 92 5$ 83
1 Pennsylvania4s 1906 . 794, 79'.$ 794, +2 764,
10 Pennsylvania Is 1048 82 80"$ 81 + ?$ 85'$ 76"$
6 Peoria ft Kastern 1st .58 57 !$ 58 61 ?$ 61
6 Pere MarrjUCtte 5s A 83'$ 83 83 85'$ 77 '$
13 PereMarnuottc 4s B 67'$ 66}$ 67 70 63
79 PhllB Co conv 5s 1922 . . 07?, 96 ?$ 97 ' , + '*' 97?$ 8S
1 Philllpplne Railway Is.... 40 10 40 +1 42 36
0 1' Lorlilnrd 7s 106'$ 100?$ 106?$ + ?$ 108 103
? P Lorrflard 5s 854$ 85 83 4$ + ?$ 80 78
1 POO ft 8t L4 '$sserC.. . 8-1 84 81 ? }$ 81 81
4 Portland Railway 5,1942 67 07 67 ?2 72 68
67 Public Service of N J 5?. . . 637 63 4$ 67 +|?$ 67'$ 57?$
64 lit sd'nggen 4s . . 76"$ 75'$ 73"$ ? ?$ 85',$ 71 t$
1 Reading-Jersey <'oncol 4s. 77 77 77 + ??$ 87 7'i
2 RepublicIr4 3tl 5s 1940. 83"$ 83?$ 83?$ +1"* 86', 805$
13 Kin Grande Western 4s 664$ frt 66 5$ + 5$ 665, 615$
2 Klo tlrande West ml trls. 53 52 52 ? }$ 51 47?$
30 Rock Island Ark ft L4!$s. 68 671$ 67?$ 69?$ 61
1 Rotue Water ft Ogden con. 9S?$ 98 '$ 9.8?$ + 1$ 03 * . 97'$
3 St I on is ft Iron Mtn 5s. . . 90 90 00 + '$ 90'$ 81
87 St IiOtiis ft Iron Mtn 4s. .. 71 <21$ 73?$ + , 74 GO"*'
45 St L ft 1 Mtn River ftG 4a. 70 68"$ 68?$ ? * 71'$ 64 '$
1 St Louis ft a V gen 6v ... 91'$ 0<"$ 94'$ ? 4$ 98 93'-$
317 8t I/OuU ft S P 4s Series A. 63 61"$ 61'$ ? ?$ 03 $ 68'$
08 Rtlg>uia8r?s8erlls li . 75'$ 74?$ 74?$ + ?, 77 701$
66 St Iavui.sA.8 Kfis Sc-ioitJ. 90'$ 19'$ 90 + '$ O'l'*' 811$
339 Sf Louis ft P KatlJOi 69?$ 671$ 07?$ ? ?$ r??$ 63
62(1 St l<ouls ft H F Ine6 50?$ 5J '$ 57 ', ? ", 79', 44?$
24 St Louis Houthwertern 1st. (585$ 67 67 ? 4$ 09 62 v,
41 fit Louis Southwest, rn 5s.. 68?* 68 68!$ + V$ 69?$ 62
6'i 8t Louis Southwest,con 41. 66 5$ 64"$ 65 ?1 ?<, 601 ; 60'$
48 Ht Pwil ft KanC .49 L l'$s 66 5$ 65?$ 00 +1 ?.s, 5(5 ,
6 ft Paul M ft M (ton 0* .. .101"$ 101 101 10 ion
1 St PaulMftM MC3s. . , 00'$ 905$ 00?$ ? 3"$ !?!'$ 9()t$
1 St. Paul ft North Pacific 6s. 99}$ 99 5$ 09 4$ f )$ 99', tit',
14 San An ft Aransas Pu -t 11. 63}$ 02'$ 62'$ + ?$ til'* 58
20 Santa I'oPr ft Phoenix 5s.. 87 87 87 + ?$ fs 86!,
102 Seaboard Air Line 0< ... 60}$ 49'$ 60 55 45
101 Hea hoard Air Line sdj ... 29t$ *27 285$ +!?$ 7?'i 21
34 Seaboard Air Line fd 4s. .. A0;$ 40 40 43 36
2 Seaboard A L 4s .stamped. 55 54 55 +1 57 59
1 Sea Air L At ft Bir 4s 62 03 62 05'$ 59?$
3 Hharon Steel Hoop 8s . .. 07'.$ 96 90 ?I 97 1, 96
1 7 Sinclair Con < >11 7' $? 93}$ 91 92"$ +1 1, 045* 90?$
17 South Bell Tel ft Tel.H. .. 83 82 83 +1'$ st hl'$
318 Southern Pacificcv4s. ... 83 80?$ 81?$ +15$ 83 75
221 Southern Pacific fd 4s 78 ?$ 76 5$ 76?* ?15$ 78 5$ 73 5$
26 Southern Pacific 4s 72 5$ "2 72 ? 73 67
2 So Pacific Ran Fran tor 4s. 73 ?$ 73 734$ + ?$ 70 OS
77 Southern Railway 5? 85 4$ 84 84 ?1 99 80
149 Southern Railway gen 4? . 58 67 67 ? "$ 615$ 54
1 Southern By Memphis 1st 83'$ 83 5$ 83'$ +1 86 80
31 tony Mobile ft Ohio 4s... oi?$ 60 61 ", +21$ oi'$ 574$
113 St a ndnrd Oil e f Cal 71 ..103)$ 102?$ 1031$ ? IU.C. 101
62 Steel ft Tube Co of Am 7s 93 92}$ 924$ + ?, 951 . 91?$
14 Terminal Assn St I/ouls 4s. 72 71 72 +1 5$ 72 67
5 Texas ft New Orleans 5s .78 78 78 + 5* 78 73
0 Texas ft Pacific lst.lt .. 79?$ 79'$ 795$ 4- 81'*' .77
1 Texas ft Pacific La 5s ... 71 71 71 +5 71 60
150 Third Avenue ail Bs. :'4 5$ .'.2 5$ 32t$ ?I ?* 14'* 25
38 Third Avenue f.l 4s. ... 52'$ St.4 52 ? t$ 52'$ 4(>?$
162 Tidewater Oil 6V$sctfs .. 5 65$ 95 95 ?2 99!* 904$
10 Toledo .St L ft 5Vestern U. 4/ 47 47 +1 51 45'$
1 Toledo St Lft West 3'$s . 78 78 78 + 1 78 $ 73
#4 Tri-Clty Rwy ft Light 5s.. 92'$ 92 92'; +1 o.i 88'$
18 Union Pacific 10-yoar 64 101 09'$ ion ? '$ ion; 97'$
80 UnionPacific4s 82'; m', m', ?1?$ sr, 77
13/ Union Pacific conv 4* . 86 5$ 5 8 85"$ -9 ?$ ' 6'$ si
43 Union Pacificf't 48 78?$ '.8 78?$ f ?$ s?5f 71
5 UnRKSFMUuTrctfH 231$ 25?$ 25!$?15, 36 75?$
33 Union Tank Car enulp 7s 101"$ 1011$ 101"$ ? 5$ 102 10oi*
10 United Rwy Investment 5s 60 ?$ f# 06 ? 1$ 70 6J'$
2 U 8 Realty ft Invoat 6* 87"$ 87?$ 87?$ + ', 87 ?$ 79'$
25 I n K K 8 Pfd Kti Trctfs. 28 5$ 28 28 36'$ 23
48 United States Rubber 7 5$s 102 1015$ 1011$ 41 102 95"$
23 United States Rubber7s . 09 4$ 97}$ 994$ 1001$ 91?$
73 United States Rubber 5s. . 79?$ 79 79 5$ + !$ 79?$ 78
3 United States Smeltlnt 6s. 91 91 01 ?I 0t'$ 89'$
244 United states Kteel af.vs.. 96 ??i$ 94?$ 96'$ uj
20 Utah Power 5s SO 78 795$ + >*' 81 "8
27 Va-Carolln* Chem sf 7 5$s. 91'$ 91 91 ? ?$ 91?* 87?$
2 Virginia-Carolina Ch 1st .. 93 9 1 93 ? '$ 9t 98'+
1 Vlrrlnl.a-CarollnaCh6s.. . 87?$ 871$ 87?$ - 1 955$ 85
18 Virginian Kailwsv 5s. . . . 84 835$ 83"$ + "$ 85 73'$
1 Virginia lly ft Power 5>. .. 64 64 6 4 69 60
25 Wabash 1 st f7)$ 8? 871$ + 1, 90 82?$
28 Wabash 3d 80 79'$ 79?$ +4 '* 30 72
4 Western F.leofric 5s .. 0<" ?$ 97 971$ 97'* 9-"$
47 Western Maryland fts . .. 65'$ 54'$ 54'$ + ?$ 56'$ 515$
4 West N Y ft Pa 1st. 80?$ 85 86', M', 80'v 83
5 West N V ft Ps gen 4s ... 82'$ 62'$ 02 5$ 4-15$ 63 601$
68 Western Pacific 1st 801$ 794$ 80 + ', 83 755$
15 West Shore 4s 73 5$ 73 73 V, 4 '$ 74 5$ 67 5$
6 Western Union fts 805$ SO 4$ 80 5$ ?7 86 5$ 80
8 Western Union 4 !$s. .. 814$ to 80 ? "$ 83"$ 77 4$
113 Westinghouse 7s 1024$ 101?$ 101"$ ? '* 103 945$
5 Wheel A La'.o Kriecon 4s. 544$ 54!$ 54'$ ?34$ 59 50
21 Wlckwlre SpencerSteci 1st. 90!$ 90 90 5$ + 4$ 95 90
63 Wilson A Co 1st ?s 86"$ 88 88'$ + 90 5$ 82 5$
39 Wilson ft Co cvfls 80 5$ , 9'$ 8(1 5$ +15$ 87 4$ 77 5,
? 7 Wisconsin Central4s..... 70 03 ttft 715$ 6J>$
FRENCH SECURITIES
SHOWING STRENGTH
Spanish Crisis and Russian
Famine Engage Attention
of Financiers.
FOREIGN PERT REDUCED
Subscriptions Heavy to New
Two-Year Treasury Bonds
of Bank of France.
Special Cable. In The New York Hbkaiii.
( npyrifiht, 1911, by The New York JiKK.u.i)
New inrk 11th Id llurrtu, )
I'arin. Aug. 7. f
| With Russia's famine occupying the j
attention of the Western world, it is only
natural that the French Bourse should
have shown considerable hesitation in
exterior operations last week, although
It is admitted that Fr ench securities are |
showing more strength lhan usual. So
far the Spanish troubles on the Moroc- '
can coast have not disturbed the finan- j
odal markets, but if the Spanish defeat
continues .serious developments are
foreseen, in which French financiers |
are likely to be seriously involved.
It is recalled here that the Spanish
.Marquis de Cortine during the Brus
sels conference last year showed un
precedented pessimism regarding Span
ish financial prospects, arguing that if
Spain was compelled to carry on war
against native elements- the Spanish
treasury would find itself seriously in
volved. It is realized here that any
Io.m by Spain would reflect serio-uily on
the French markets, as the commercial
deficit of botli countries usually is not
greatly separated.
During -the last twelve months 8pain
has developed a deficit of 120.000.0.W j
pesetas, notwithstanding exchange vari
ations. with exportations of ore, wool
and hides especially affected. As far
as Russia is concerned the French at
titude Is unchanged. Financiers insist
that it is impossible to carry on nego
tiations until the Soviets recognize the
debts of the pre-war regime, while the
conferences in which ex-Ambassador
Noullens 1s involved are said to have
decided that Lenine and Tiotzky must
recognize not only the debts but must
agree to demobilize the Red army and
abandon their original intention of fo
menting a worldwide revolution
With these two problems engaging
the attention of Paris financiers, it is
only natural that the visit of the Ru
manian King has been overlooked, al
though it is certain that it whs to pre
pare the way for a Franco-Rumanian
loan of 10,000, <K:0 francs gold, which
would have on important effect on the
exchange. It is understood that the
French Government has refused to con
sider this until the more serious Euro
pean questions have been settled, but
it is foreseen that a Rumanian loan is
certain to be granted eventually, as Ru
manian political support, is essential in
any settlement of the Russian problem
As far as French securities are con
cerned attention is still concentrated 01,
special issues for the rehabilitation of
beet sugar refineries and the restora
tion of damaged coal mines, for whi li
special Issues have been arranged with
Government consent. Tbe situation of
the Rank of France continues to Im
prove weekly since the two year Treas
ury Bonds at 6 per cent, arrived. It was
announced this week that the first
month's subscriptions total more than
5.000.000.000 francs, which will enable
the paying off not only a considerable
portion of advances tr> the State, but
also more than 2.."OO,ono.OO0 francs or
the foreign debt. Paul Doumer, Min
i ister of Finance, is urging that this
1 issue be continued unril December, as
j it will probably make unnecessary (he
| doubling of the sales lax. which at first
, seemed the only possibility of striking
I an equilibrium in the budget for 1922.
INCREASE IN HOLDERS
OF GENERAL MOTORS
66,000 Own Stock Compared
With 31,000 a Year Ago. j
Continued growth In the number of i
rtockholders of the (lenrral Motors for- ,
por.ition Jh ,'liown in ? report made pub- ?
Ii<' yesterday Stockholders total RG.ooo
of all classes, compared with 59,000 i
three months ago and Sl.OOO a year ago. I
Stockholder by classes are shown ns :
follows:
Number of Stockholders.
Classes of Stock. Aug.. 1921. May. 1921. <
Six per rent, preferred... .1,170
Six per cent, debenture... 10,107 9,934
Seven per cent. d"benturs, 9.not 7.847 !
Common 43,001 .17,922 ,
ml
Totals 0.1.334 .".s.sfl
The steady increase In shareholders Is
indicated in the following table
Common Combined
Quarterh Periods. Ht'kh'rt'rs. Pfd. tc tub.
August, 1921 414.49? 1 22.323
Mo y, 1921, 37,991 20.S3.3
February, 192! 28,4.14 20.1101
November, 1920 17,02." 19,8(19
August, 1920 11.(111 19.418
?liXXSVlA t VI \ till, MAIIKKT.
Oil fiTv. Co.. Aug. 8.?Credit bal
ances, $2.25. No runs or shipments.
BROWN BROTHERS 6KX).,
Established 1818
59 Waif Street
Philadelphia New York Boston i
Travelers' Letters of Credit
Summer travel at home or in foreign lands will be
greatly facilitated by the use of our Letters of
Credit which are known in all parts of the world
and can be negotiated at the offices of more than
3.000 correspondents. The safest and most con
venient form in which to carry funds. Send for
descriptive matter.
A Century of Service
BROWN, SHIPLEY, {COMPANY
Eiublithed 18x0
Head Office Olfto* Jar Treveian
Founder! Court, Lothbury 138
LONDON. E. C- LONDON. 5. W.
Park'Union
FOREIGN BANKING CORPORATION
56 Wall Street, New York
Banking Factors in Commerce
The Park-Union Foreign Banking Corpo
ration aims to establish the highest effi
ciency in banking factors contributing1 to
the expansion of world tiade.
Branches of this bank located in Europe and the
Far East, as well as connections in all parts of the
globe, are available for handling credits, collec
tions, foreign exchange, and other matters per
taining to your import and export business.
Capital (fully paid) $4,000,0G0
Surplus and Undivided Profits .$621,000
DIRECTORS
Richard Delafield H. B. Shaw
Stuyvesant Fish George Wilson
Gilbert G. Thorne Robert McCulloch
Thomas F. Vietor Stanley E. Elkin
A. P. Villa Stephen Haas
Maurice H. Ewer F. E. Kenaston
George C. Taylor W. J. Dawson
E. H. Outerbridge F. L. Appleby
Sir William Price T. Fred Aspd-n
Charles A. Holder, Chairman
America's 18%
of South Africa's Trade
approx imatel y
18% of the entire
I ' 7 ^BRANCHES
M AFRICA 1
trade with South Africa
is transacted with the
United States of America,
and South Africa is one of
the rapidly developing
countries of the world.
The National Bark of
South Africa, with more than 500 branches lo
cated throughout that growing country, offers
American merchants and manufacturers not
only an exceptional service in banking trans
actions, but also authoritative and first-hand
information about trade opportunities and gen
eral conditions existing throughout the Union.
These facilities are available to American busi
ness men through our New York Agency.
NATIONAL BANK ^ SOUTH AFRICA
LIMITED
New York Office, 44 Beaver Street
Paid up Capital and Reserves Exceed $21,000,000
BOMBAY LONDON ANTWERP
WEEK S COTTON PRICES.
High.
Low .
Utt.
October
12.11
It. 47
December
12.00
1.7.77
January. vi
13.92
12.(1%
in nr.
March
i2.np
11 02
May
11,20
13.10
1 1 20
WEEK'S PRODUCE PRICES.
September.
(IIIC AGO
\\ hrnl.
September 1 i lit ISO September..
"October
FINANCIAL XOTK.
Noble K. Vincent, formerly with Blair 3 .. ...
Co., haa become aaaorlatod with the bond September (t'i'v .'?>% 36% September.
deparunertt of .1 C. White ? Co. I !? '?(?roller ?Wti ?"? 30% October
Hl?h.
Low.
l.aat.
120
lit
120
12011
121%
122 \
ROC,
53%
r.?s
(Mnh,
50
3(1%
30%
30
?VIS
41%
3?%
39\
1.
18.83
|_
18.55
18.53
i2 25
11 23
11 83
12.37
11 40
11 77
iooo
10 2.5
10. to
10.72
10 12
10.25
I. S. fiOYKHN'MF.N'T BONDS.
High
Low
Cloe- Net
, 1921??
Saica.
est.
e*t.
Ittf. Oh'or.
I1l3h. l-OIV.
170.1
liberty 31<*
**.0*
87. SO
*H 40 +
01
93.50 HO.Of,
I
Libert r 3)4* re* .
*7.10
HT.ftO
87.10 +
.50
92 24 HO 14
10
l.lborty let 4*
r .90
87.40
87.90 +?
.18
88 60 82.24
30
Liberty JH 4*
87.01
87.12
87 H +?
02
88 04 8.1 34
020
Liberty l?t 4>4a
MK IS
87.80
87.82
88 80 *5.40
10
Liberty let 4 tlx re*....
87.9"!
87.80
87.00 +
.30
88.30 80.00
4
Liberty let 2a crt4 4 bi.
90 10
M io
90.10 4
00 100.50 91.00
1031
Liberty 20 4 ?<?
87.82
87.56
87.70 4
.10
88.40 8.1.IO
33
Liberty 2d 4 lie ro*.
87 04
87.40
87.52?
oo
88.00 88 50
.1410
Liberty ad 41??
92 00
91 90
91.94 4
.14
92 .00 88 00
40
Liberty Id 4 '.a re*
91 .90
91 00
91 90 4
.18
91. DO 88 40
8231
Liberty 4th 4 X*
8," ??!
87.08
87 8(1
88 00 88.80
100
Liberty 4th 4 re*
87. HO
87 08
87.74 4
(14
88 10 85.40
11 *41 Victory 4a
98 88
98.60
98.0) f.
.04
?H 8* 95.80
204
Victory 444* re*
98.70
98 40
98 48 4
(II
98 70 98.80
12.10
Victory 3?4e
98.8*
98 04
98.00 4
.04
98.88 91 30
FOKKKiN BONDS.
!fl?h.
Low*
Cine
Net
, 1921 1
Rale*.
eat.
ret.
In*.
Ch'ge.
High. Low
310
French Republic 8*
101
1001*
10O?,
- *4
ioioo'4
1900
French Rep7 '4*receipts.
90 *4
98',
(Hi' ,
+ ??
90', 95
no
CMyof Bordeaux Oe. .
. 83?,
811*
83
? > i
84 '* 74
27
t Ity of Lyon* fle.
. sat*
8214
83t,
? H
87 7314
47
City of MareeUfcw 6*
84
83
83
81 7 4
101
City of Parle Oe. . ?
100
99 '*
90",
1001, 94
81
United Kln*5Se 1921.
. 90 *
99',
99",
100 971*
483
Unitea Kin*<5! je 1922.
99',
98 t.
99
4- H
99'. 9414
149
United Kln*5He 1929
.891,
88*4
88',
91>4 HQ
307
Uniten King 6)4* 1937..
88
801*
87 i
+ '4
88 83
299
Bel* in Oov 8a receipt<
101 >*
100t?
100',
-
101', ?0%4
ISH
Belgian Oov 7)4*
102
101
ioi
?J? 8 j|
102 95)4
99
Belgian tlov Oa 1923.
. 98
941*
98
? H
97)4 87
100
Danish Oov 8e .
102 J|
102
1021 j
+ **
103 951*
33
Daniah Con Mun 8* A...,
102
10!
101
??h
103 v?;*
!
1 Dull
Low
C1o?
Net
,?1931?,
est.
eat.
In*.
Ch'ge.
High. Low
| 01
Ibnbh I'an Mnn.li it .
102
10114
101).
? H
10214
951*
219
< "Ity of Copenhagen 6 '4*.
7814
78)4
78 H
+ H
78-4
72
| 1
Italian <tov 0)4*.
89)4
8914
891*
4- ?4
89 ?4
81
; 80
Norway Oov 8*
104
10314
103'4
+ >4
103
96)4
j no
< 'Ity of Tlercen He receipt*
100
98)4
98',
+ H
100
93)4
1 08
City of Cbrtet ianl* 3*. .
100
98)*
99 I *
100)4
94 fc
1 78
Swedish Oov Oe
88
86
&?'?
+ 1
88'*
8114
120
,8wl*e fiov 8e
lOflt,
10.314
106
+ H
106)4
101 W
113
City of Berne 8*
99'<
98
99
? 14
100
91)4
CO City of Zurich 8?
100'j
991,
100 >4
-1- )4
10014
94)4
117
Dora Canada 8)4* 1929
03!4
92 ?4
93
+ )?
94
87',
33
Pom Canada 5? 1920
93
92'*
92)4
? H
93
85)4
13
Dotn Canada 8* 1931
90
89
89
+ *4
91
81 >,
17
Republic of Cuba Sa 1904
7914
7814
79'4
-M'4
821<
77
30
Republic of < "ub* 4 '* ?.. .
70
69
69
+ 2
71)4
69
88
1" 8 of Mexico 8?
45
4*
44
? H
83
40
29
1* 8 of Mexico 4a
34
S3
33
>4
41
2U
n
Argentine Oov .3*
?nl4
69
69
+
72)4
66)4
232
Urartllan f>o\ 8* .
100',
99',
100
? )<
toot*
93 )*
192
8?n I'aulo 8* elf*. ...
99'*
98
98
?I
99 )?
94)4
202
Chilean Oov 8* receipt*
99
98
99
09 J|
94
17
Dominican Republic 5a
80
79'.
79 >?
? 1
83)4
70H
57
Chineee Oov 5*
4814
46 1*
4814
4-2
49
40 V4
31
Japanese let 4 't?
85'j
88
83)4
+ w
83)4
75H
34
88'4
85
83
85)4
75)4
08 .tai anew 1#
??".
69',
70
? H
70)4
56
6
City of Toktn 5e
8914
59)4
59)4
? )?
621*
43
M1V 3 (IKK CITY BONDS.
Hlgh
lew.
Cloa
Net
r?1821?1
Bale*.
e?t.
ext.
Ing.
Ch'ge.
High. Ik>*?.
.3
XV city 4 '4 e 1957 May..
91
91
91
4-114
931*
68
115
N V City 4 '4* 190.1
91
DO'4
91
4-314
94
87 H
2
N Y city 4),a 1905
91
91
91
+ l'4
92 ??
87 H
100
N V City 4 <4* 1907 re*..
90)*
90'4
90Hi
?614
90'4 (90*4
2
N Y city 1 V 1990.
85)4
88 '*
8.3)4
+ !4
?8
8314
. UNI city 4* 1957
81 -
SI
SI
+ 1
84 >4
TSU

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