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^City of Columbus (Ohio) \ ? \School District 6% Bonds Due 1932 and 1934 To Yield 5.45% ' Details on Request print* & JStjttflg Established 1ST*. Members Neu) York Stock Exehants 52 Broadway Tel. Broad ?323 SINCLAIR CONSOLIDATED Recent developments in company make analysis timely ? possibil ities discussed?other features in Ask jot a MARKET copy C-II4. OPINION R.H.MacMASTERS&CO. i ltmLtrt CinjtliJjtgJ Stuk Exchnngt ?j' jV. Y, 82-84 Broad St. New York Ph*i14. Br*md 6jSo. * Entirt First Fl?r OH1;res in eight rttiee ? dircct wires The NATIONAL BOND CORP'N, NO. 12 UPPER CA.MDKN ST., U1HIJN (IKK I. AND) BUY AND HELL, FRENCH, BELGIAN, ROUMA NIAN, CANADIAN AND ALL GOVERNMENT BONDS Prospectus tree on Application. EX DIVIDEND TABLE. September 17? American fias t Electric 1 Itorne-Scrynner 20.00 Boston El. Railway 1.37*4 Finance Co. of Pennsylvania 1.75 ; Heime Co.. O. \V --">0 ! Helme Co.. CJ. W., pf 1.75 Lehigh Valley R. R S71.ic Lehigh Valley R. n. pf 1.25 i ltallwtiy Steel Spring "P" Uoyal Baking J'nwrier pf 1.50 1 Sloaa-Sheffield Steel 0% pf 1-75 Twin City Rapid Transit pf 1.75 | September 19? Am. l.a France F. Eng. pf 1.73 Loft, Inc 25c McCrory Stores Corp. pf 1.75 Manhattan Shirt pf 1.50 .Maverick Mills pf 1.*'0 Morris. Plilllp. ft Co 20' N. V., Chicago ft St. Louis R. R fi.l'O N. Y., Chicago ft St. L. R. R. 1st pf.. 0.00 N. Y.. Chicago & St. L. It. R. li?l pf... 5.0(1 N. Y.. Chicago ft St. L. R. R. 2d pf... 2.50 St. L.. Rocky Mt. ft P *. 100 St. L., Rocky Mt. ft P 1.25 Tidewater Oil 2.(0 Weyman-Bruton 2.50 Weyman-Bruton pf 1.75 September 20? Abltlbl Pr. ft Paper pf 1.75 Amer. Stores 1.00 Amer. Stores 1st pf 1.75 Amer. Stores 2d rf 1.75 Am. Tel. ft Tel 2.25 Bangor Rwy. ft Elee. pf 1.75 Brier Hill Steel pf 1.75 Brunswlck-Balke-Collender pf 1.75 Cal. Petroleum Co. pf 1.75 Certalnteed Products l?t pf 1.75 Certalnteed Products 2d pf 1.75 Cluett, l'eabody pf 1.75 Continental Can pf 1.75 Dayton Pr. ft Lt. pf 1.50 Dominion Iron ft Steel pf 1.75 Dunham ft Co., J. H 1.50 Dunham ft Co., J. H., 1st pf 1.50 Dunham ft Co., J. H.. 2d pf 1.25 Farrell. Wm., ft Son. pf 1.75 (?cnenil Railway Signal pf 1.50 Hart, Sehaffner ft Marx pf 1.75 Hendee Mfg. pf 1.75 Hotnentake Mining 25c Hupp Motor Car Corp. pf 1.75 Inter. Motor Truck 1st pf 1.75 Inter. Motor Truck 2d pf 1.7." Jollet ft Chicago R. R 1.75 Kress. S. H.. pf 1.75 Loose-Wiles Biscuit 1st pf 1.75 Manhattan Electric Supply 1.00 Montgomery. Ward pf 1.75 New River Co. pf 1.50 New York Transit 4.(?) Panhandle Prod, ft Ref. pf 2.00 Penney. J. C., pf 1.75 Phelps-Dodge Co 1.00 Renfrew Mfg 1.75 Thompson'Starrett pf < 00 Tonopah Ext. Mining 5c United Fruit 2.00 United Shoe Machine Co 50c United Shoe Machine Co. pf 37>>,c Wllaon Body Co.. C. R.. pf 1.75 Worthlngton P. ft pf. A 1.75 XVorthlngton P. ft M. pf. B 1.50 Ymingstown Sheet ft Tube 50c Youngstown Sheet ft Tube pf 1.73 September 21? Bucyrus Co. pf 1.75 Central Agulrre Sugar 1.50 Dututh EdHon Elec. pf 1.50 (Goodrich. B. F., pf 1.75 Me*. Petroleum of Del 3.00 Mix. Petroleum of Del '.'.00 Pan-Amer. Pet. A Transp. (Ai l..V? Pan-Arner. Tel. ft Transp. (B) l.'O Pettlbone-Mulllken 1st pf 1.75 I'? ttlbone-Mulllken 2d pf 1.75 September 22? Endicott-Johnson 1.25 , Endlcott-Johnson pf 1.75 j Union Twist Drill pf 1.75 | Wahl ft Co i.oo Wahl ft Co. pf 1.75 DIVIDENDS. Stock of Pay. _ Record. able. American Power A I.lght 1;' ?'?"?I Sept.)" Oct. 1 Pank of Manhattan, q.. |G .Sept. 22 Oct J Hiooklyn Truat Co.. q.. ?|S S.-pt 34 Oi >' I City Investing pf.. q., $1.73.Hept. 26 0<-t' 1 Columbia Truat Co., ?j., 14. .Sept. 20 Kept 30 Crucible Steel Co . (j.. *1 Oct. IS Oct .11 Clunranty Trunt Co., q.. *3. Sept. 21 Sept. 30 Independent Warehouses, Inc.. q.. *2 Sept. 20 R-pt. 30 Kaufman T>epartnient Stores pf.. q.. ?173 Sept. 20 Oct. 1 Feaboard National Hank, q., *3 Sept. 23 Oct. 1 United State* Industrial Al ? oliol pf.. q.. 11.7:. Sept. 30 Oct. 13 \lctor Talking Machine, <V. ?10 Sept. 30 Oct. 10 Victor Talking Machine pf . q., $1.75 Sept. 30 Oct. 10 EQUIPMENT TRUSTS. 'Quoted on ft percentage basl?). Name. Maturity. itate. Hid. A?k. Atlantic Coast I,... 1022-30 C'4 tt.AO ti III Itaitlmnre *? Ohio. .1022 27 4'a 7 (.0 II.4U Ile'hlehem St ...1022-30 7 7 17 7.011 l'uff.. Roch. A P. . 1021-3.1 3-fl 11 NO IS 20 Canadian Pacific... 1021-32 4'j-O 11 10 ''heenp>ak-' A ("?.. . 1024-33 HVj 1133 111." Chicago * N. W. 1021-23 4Vi H.no O.'a.l Chicago A N \V... 102.".-.'Ill I'.U O.OU (ill) Chi.. II. I. * Par .1021-27 4'j-r, 7.50 rt.73 C . St. I., ft N. O. 11*21 -24 ". 7.no 11 10 C., C . C. It fit. 1, . 1022 29 :.-fl H.7-. r,2.-, J'elaware * Hud.. 1022 4'-, (7n B..1J Krle HallroM.. .... 1921-29 4'v-l-fl 7.7.3 7,i? Illinois Central.... 1021-27 44-5 n.oo nV, Illinois Central I #2 3-311 11^7 H no 11 imi Houlavllle ii Nash.. 1021-23 5 i?.jh> 113 ,1 )/OUlavllle A Nash.. lP22-.fl tl'4 illtkl 1: In Mat land Tank I. ..1021-27 H ft 23 j-, Michigan On'ral... IH22-.12 SHI H..30 9 10 i M. ft.P. A IK M 11*31 .'Ii 11 '. 7--, fl'y) M . St . P. * ?.B. M. 1021 33 ft-d?4-7 7 IK fl' to Mo.. Kan. a Texas.1021-24 3 7. ,q tgn IWal'l Htcel Csr I...1021 21 H o.OO a.10 Jfcw Yor't Central. 1021 .'12 4'i-3 ?.70 tt.til ' New Turk Central. IU2I-33 7 r,.7.-, n in N V . N. H A H.. I02I-2O 4'J-5-? .H int 7.m) Norfolk A West? rn 10*1 21 r, 117.*, a 30 | I.'ortliern l'a. lflc.. 1021 30 7 t;.73 fl.lB I Pacific Krult Kxp. .1023-33 7 1133 11 lit pnin. Oen. Kr l-lit. 1021-23 4 4 ft IS.73 r. S3 l'ltta. A I.ake Kr. .1021 33 ?*, li HO c.lii Hi ailing Company 1021-27 4') fl.7,', c, :23 Seaboard Air l.tuu. 1821 -27 ? '?jr-j-fl 7.73 7.0<l Sinclair Refining.. .1021-2.1 f x r.O 7.2". Southern Pacific... IMI-2? 4'i H.*3 ? .11 Southern Pacific... 1021 3.3 7 11,33 1101 f'outhern Railway 1021-2(1 4'4-5 7 no n..v> Union Paclflr 1021 33 7 ?U0 11.on Virginian Railway. 1321 -HO <1 7 00 ? 40 WbIM Oil Corpa...1021-24 ? 8 00 S.OO FINANCIAL SEWS AND COMMENT Bonds Lead Trading in Invest ment Markets?Steel Gets to New High. j Dealings In bonds stood more prom inently In the market limelight yes terday than did stocks, pronounced firmness of Liberty Issues and many corporation bonds being significant o. an Improving demand for investments and indicating at the same time the trend of money rates. Stocks were traded in In a rather leisurely fashion. The price front displayed considerable strength of steel shares all the way along. United States Steel common reaching upward to a new high point on the current swing?and the majority of Industrial and railroad stocks rising at least fractionally higher than they did on Thursday. The market, however, disclosed signs, that the short sellers had become emboldened by this week s irregular trend, and net gains of more active shares were made In the face of considerable resistance. That there j should be a slowing down of business In stocks and cotton was inherent in the extravagant movements of the latter and in the accompanying strength of the former during last week. A pow erful rise nearly always, when extended over a week or ten days, brings in its \Jake a period of readjustment and cau tious transactions. Cotton futures re ceded about a half cent a pound. The fact that a $23,000,000 issue of Canadian National Hallway fifteen year bonds were sold quickly yesterday on a 6>i per cent, bdsls is worthy of atten tion. Two months ago an issue of that size and maturity would have com manded probably 6?4 per cent. Yes terday's sale suggests that the timo Is rapidly drawing near when sound rail road and the best grade industrial long term paper can be disposed of on a jtfeld basis not much higher than 6 per cent., and news that the United States Treasury is confident of selling to bankers additional blocks of the cor trust certificates held by the 1. nlted States Railroad Administration indi cates expectation at the centre of Gov ernment finance that money and credit cost Is reaching downward to a normal level. Seasonal developments support that view. The country is passing from the crop harvesting to the crop market ing stage, and Inasmuch as the harvest ing period brought no strain?In fact, Federal Reserve loans have declined all the way along?the outlook Is for *n even more rapid contraction of loans In the immediate future as agricultural obligations to the banks are paid off. These fundamentals In the light of past experience, speak in encouraging fashion of investment market prospects. Whether or not, they contain factors of equal support fov stocks is likely to be determined by the actual course j of business and trade. Relative cheap and easy money is satisfactory for or ganized efforts to put stocks up. but pool operations to be sustained must have an underpinning olf continued favorable business prospects. Yester day's upbiddlng of steel shares was colored by speculative comment on price advances of certain products, such as wire and sheets, which. In them selves, reflected a reduction of supplies in consumers' hands without outlining a substantial improvement for the near future in the steel industry as a whole. Expert discussion of steel conditions forecasts the arrival of late winter months before mill operations will have recovered broadly. Call money was lent at & and 4!a Per cent., the latter being the closing quo tltion. Although income tax payments for the .present quarter are running much lower t*an a year ago. the pas sage of checks through the mall .prob ably Is having some bearing on bank deposits. As the shifting of these funds ceases, the result will bo to Increase deposits in New Tork. German exchange enjoyed somethlnt of a rally, the rate colng from .92 to ?7 cents, suggesting that transfers of funds from Berlin to outside centers had abated. Sterling was unchanged. FOREIGN EXCHANGE. Parlts Use,' FR1DAT, 8RITRMB1SR 1?, 1021. GREAT BRITAIN. Thnra , Sterling: Frldljr. da v. S-p' 9 IVmand $3.70?i $.1.72',i Cable* 3.71 n TI 3.7.'! Kankeffa, ?"? dv 3.60V4 M Ort'i Hankers, 90 dy 3.05 l.MU 3.07V* 19.30 19.30 19 30 19 30 23.80 28. SO 2(1.90 20.SO 19.30 19.30 40.20 ?1.4a 20.26 2:i.90 20.30 20.30 19."0 20.20 19.30 THE CONTINENT. Trance, cent* a franr: Demand 7,b*'i 7 Ofi Cable* 7.00 7.03',i Ji'lalnm. cents * franc: Demand 7.IH? H.95 Cable* 7.0014 o.nn'i H? Itrerland, cent* * fraic: Demand 17.20 17.1% Cable* 17.25 17 1.0 I nly, cent* a lira: 1>?mand 4.21 4 20 <?abl.ii 4.24W 4 Germany, cent a mark: Demand 07 .02 ? 'able* 07'i .92V4 Huert'n. cent* s krone: I><-mand 21.00 21.55 Cable* 21.05 21.00 Norway, cent* 11 krone: Demand 12.05 12 00 Cable* 12.0<> IS.95 Denmark. Cent* a kron^' Itemanil I7.f>0 I7."i.ri < 'ablet 17."> 17 CO flreece. i<n ? a ilracbm* D'-manrl 5.25 .".in Cable* 5.37 5.43 Hp* In. cent* a l""**!*: l>emaml l.i.OI 1.1.04 Cable* 13.OA 13.t>7 Holland. r< nt* a florin : !>*mnnd .31.40 .'II..'12 Cable* 31.M 31.37 ftn**la. 1 i n 1 * a ruble: 100 ruble* 10'i .".00 ruble* 17* i .I7'? \'i?'ri*. cent* a frown: Demand Wi .00 Cable* (???; .<>?'* I'oland, < .-nt* a m* rk : Demand .02% .02*4 ? 'abl? * U2U .03 Ihinran, n-nta a rfiwr#: Demand 20'4 .20 c?ble* '11 .21 .?nan-Hi*vla. tenia *. crown Ileniand 12 .40 Cable* K .42 1 'Inland. 1 ?ni* * n ark : P?m*nd 1.3" 1.55 C*bl<-* 1..17 1.27 < 'zerbo-Slovaklal OMItl a rroni Demand I 22 1 '.O'j C'nble* 1.2S 1.21 Rutvanla, centl * leu: Demand 1.08 .?'?t Cable*. 1.08 .92 FAR EAST. 102 :12 Shanghai. cont* a_tarl:_ Demand 75. *0 7.1.SO Cab!** 74.00 71.00 7*00 llnriaknnB, cent* a dollar: Demand "I2.2JJ II.U Cable* 52.75 82.75 17 10 17.12 21.55 21.0O 13.01 13 05 17 50 17 55 5.73 & SO 13.04 13.05 31.0H 31.70 no ..-.1 1,<0 I 12 1.T3 1.24 NEW YORK STOCK EXCHANGE QUOTATIONS. FRIDAY, SEPTEMBER 16, 1321. Day's sales " ?1921 s! /-Cloning.-, IdH.i Hlgh.l Low. | rm. | Ask. |in$.| Sales. 26% 45% j 40 11 I 13 , 14 34 36 ! 21 I 21%; 84% 48 19% 40 39% 1% i% 55%j 34 93 %j 83 39 % 1 28% 1 33% 65%i 26% 31% 84 I 51 51 I 25% 74 7n; 55 65%j 27% 32% 23% 133 |116% 114 108 1921. . 518,825 Open In*. , * 1%[ 1%' 40%; 41 62 29 55 34 27% 127 108 29 | 9 23 | 15% 8%, 4% 135 (113 13% 8 52% 40% I 51% 59%j 42 ? 54 53%| 21% 31% 62% I 17% I 24 93 i 39%I 51 93%I 73%: 90% 85%! 34 j 35% 63%! 30% 70 ; 35%: 28 128 112 12 10 10% 20 21 4%l 4%| 114 illfi | 10% 10 14 44% 83 31% 96 S8 108% 129% 3% 4% 29% 63% 18 58% 37% 95% 111% 127% IllO 82% i 57 11 % 52 % 57% 31% 24% 51% 90% 4 % 6% 36% 70% 25 63% 43%; 44% 108 1108% I 9j 124% 1125% j 12 124% jl25 j 12) 75%! 75% 4 6% 36 70% 24% 63% f6 39% 20%; 24 I 26 10 I 6%; 8% i S% 43% : 81% 3S% 1 38% 65 | 55% 64 ! 65 107%! 93 96% i 97% 107% 93 I 96% 97% 87% 76%! 85% I 86 80% 75%! 80%' 81 7%, 2 j 2 | 2% 9 I 3 2% 3 76 I 18 ' 2S I 28% I 44%I 15% 22%; 23 ! 62% 89 j 89%! 30%! 3S%! 38%| 47 51 I 51%! 94% 42% 54 93% 65 14% 10 87 41% ?% 90% 91% 65% 55% 9% 10 6% 7 97%; 81%I 96% < 96% 6 I 3%| 4%I 4% 19%! 7% 9%! 10 49%! 25 ] 37%l 37% ^f%, 3% 4% 4% 119% 101 1112 % 112% 10%1 4 | 4 j 4% 43%! 22%: 28% 209 |188 '198 32% | 23 ! 26% 86 I 39% I 47 65 % | 46 6% I % 7%! 5 9% 6% 20%] 14 31 ' 22 46% 70% 34% 67% 12% 35% 32% 63 12% 91% 21% 12 66 32 47 22% 56% 9 19 22 62 2% 77% 12% 1% 34% 55% 1 5% 7% 16% 25% 40 52% 8% id9 26% 47% 56% 1% 6 7% 17 26 40% 53 33 %l 33% 66 | 66% 10%| 11 34% i 35 25 ; 25% 56% 57 4%' 4% 87% 1 88% 18 ! 18% 1 | 1% 40%I 43% %! % 6% 59 74%' 74% 104 %| 96 102 i 105 44%: 22% 26%! 26% 107%: 49 : 62%: 62% 33%; 12% I 13%! 13% 26 6%. 8% I 8% 67%I 17%! 20 i 20% 249 I 93 !105%! 107 10 101 xlO *6! 21% I 10% 17%' 17% C9% 52 64%| 65 15% 11% 13%! 13% 22% 16% 19 % f 19% 82%! 44% 50%! 56% 90 I 75 85 Vi1 88 10 19% | 8% 10 i 10% 20% 9% 13%' 13% 5%! %! % 1 78% I 39%! 51%! 51% 62%! 54 i 58 59%! 6| 138% ! 109% i 120 ! 120% 1x12 16%! 9%; 10 10%; 72 : C" 63%.' 65 I 44%' 26%! 31%! 32%! 85 I 62%; 75% 7S I 25 15 j 18%' 20 i 79%! 60 76 I 76%; 32% 25% 28%! 29 i 48%! 25 i 39% I 40 61% | 50%1 58 I 59 , 16%; io%; ii%| 11% 6' 300!Adanis Exp .. 100 Adv Rumely . 100:Air Reduction. lyOOlAJax Rubber.. 1000 Alaska O M... 1300!Alaska Juneau 200!Allied C & D.. 3001 A] e & D pf... 400!Allls Chalmers 7001 Am Ag Chem. 100 Am Ag Ch pf. 300 Am Beet Sug.. 100|Am Beet S pf. 300 Am Bosch M.. 700 Am Can 800iAm Car & P.. 44% 13% 35 20 % 1% 41 84% 33% 35% 62% 30 63% 34 27% 128 1001Am C & P pf.!108% 1001 Am Chicle 2001 Am Cotton Oil 100|Am Drug Syn. 1001*Am Express. 1001Am Illde & L. lOOlAm H & L pf.. 200 Am Ice 3800 Am Int Corp.. 1700 Am Linseed .. 1200 Am Linseed pf 2700 Am l/oco 34001 Am Saf Razor. .. Am Ship & C.. 1450'Am Sm & Ref. 2001 Am S & R pf.. 5001 Am Steel F... 3300|Am Susar 3200'Am Sum Tob. 4000!Am Tel & Tel. 600 Am Tobacco .. 300 Am Tobacco B 5900 Am Woolen.. 100 Am Writ P pf. 100 Am Z, L & S.. 10001 Anaconda .... 100 As D G 1st pf. 100 Asso Oil s 6... lOOJAsso Oil 700|Atch, T ft S P HOOlA, T & S F pf 200! At. BIrm & Atl 200 Atlantic Fruit. 6900 A, Gulf & W 1 200lA, G & W I pf 51700 Baldwin Loco. 2700 50 100 71C0 800 100 3600 Bait & Ohio Bait & O pf Beth 8 7 pc pf. Beth Steel B Brooklyn R T. B R T otfs. .. Burrs Bros ., 200!Butte Cop & 'A 300|Caddo CO&R. 1600'Cal Petrol 200|Callahan Z&L 19001 Canadian Pac. 100[Case (JI) P W 500iCen Leather . 200|Central of N J lOOICerro de Pas.. 2000lChandler Mot. 100|Ches & Ohio... 100 Chi & East 111. 100|CftEIpf eq tctf 300!Chi Gt West.. 300!chi C,t W pf.. 300Chi. M & St P. 600 iC. M & St P pf 600 Chi Pneu Tool 3000'Chi. R I & P.. 200 C.RI&P 6 pc pf 800 Chile Copper.. 1200 Coca-Cola .... 900:Col Fuel & Ir. 10 20% 4% 116 11 51% 56 31% 22% 48% 90 4% 10 36% 70% 24% 63% 42% 107% 124 High est. 45% 13% 35 22 % 1% 41% 85 34 35% 62% 30 63% 35% 27% 129 108% 10 20% 4% 116 ?11 51% 56 32% 24% 51% 91% 4% 10 37 70% 25 64% 45 108 125% eat. 44% 13% 36 20 % 1% 41 84% 33% 35 62% 30 63% 34 27% ? % + 1% 127%! 127%' + 108%! 108%:? 1 124% |124% 75 25 8% 38% 66 97 97% 85% 80% 2 3 27% 22% 89 3S% 51 91 54% 9% 6% 94% 4% 10 37% 4% 112% 4% 28% 198 26% 46% 56 1 6 7% 16% 26 39% 50 33% 66 10% 34% 24% 56% 4% 86% 18 1% 43% % 74% 102% 26% 61% 13% 8% 19% 86 ! 10% 98 85% 7% 2 15* 7% 37%! 29% 5% 1% 16 | 6% 13%| 6 57 j 34 100% 67% 17%l 7% 63% 36 42 I 27 51% 95% 2% 7% 33% 2% 7% 7% 9 96 71 2% t60o 8% 34 ! 2% 8 ! 8 ! 9% 80% 81 9%. 10 % | 45%; 46%] 30 32 ! 17 ; 11%: 14 I 14%' 73% 38%| 49% I J9%! 75 67 ! 68 69 I 26 I 5%| 8%i 8%) 40 1 22% i 22% [ 28 4%I 2%| 2%; 2%! 1100 Col Gas & El.. 5700 Colum Graph.. 500 Consol Gas ... 1400:Consol Textile. 1300!Consol Distrlb. 200 Cont Can 1000|Cont Candy .. 2100'Corn Prod Ref lOOICorn Pr Ref pf 1600lCosdfn & Co.. 9900:CrucJble Steel. 900:Cub Am Sugar 200|Cuba Cane S.. 2200,Cuba C S pf... 440*0iDel, L & West! 103 lOO'Dome Mines.. 17V 1400lEnd Johnson.. 64% 900 Erie 13% 300 Krie 1st pf.... 19% 4400!Fam Play-Las 55% eoolnshcr Body.. 87 200jFisk Rubber.. 10% 200!Freeport Tex.. 13% 200|Gas, W & W.. % 21100lGen Asphalt.. 52% 100.Gen Cigar .... 59 400 i Gen Electric.. 126% 3400 Gen Motors .. 10 100 ;Gen Motors pf 64% 300 Goodrich 32% 200! Goodrich pf... 76% lOOiGranby CM & S 18 1400|Great Nor pf.' 75% lOOitJr^at Nor Orel 29 9O0!Guif States S-! 38% 1300'Hask & Bark. 58% 200lllupp Motor .. 11% 100! Houston Oil .. 53% 1001 Illinois Cent... 95% 400ilndiahoma .... 2% lOOIIndlan Ref .... 7% 1100 Inspiration C. 34 700 Interboro C ... 2% lOOiInterboro C pf 7% 1001 Int Agri Corp. 7% 100ilnt Ag Corp pf 3D 800 Int Harv Co... 80% 200|lnt Mer Mar.. 10 lOOOUnt Mer M nf. 45 200 lilt Motor Tr.. 31 1400|Int Nickel . ... 13% 37001 Int Paper 49% 100!tnt P pf Btpd. 68% 600'Invincible Oil. 8% lOOllron Products. 25 6800!Island Oil & T 2% 76% 38% 65 97? Mil 85% 80% 2 3 29% 22% 91 39% 51 91 56% 9% 6% 97% 4% 10 38% 4% 113% 4% 28% 193 26% 47% 56 1 6 7% 16% 26 40% 52% 34% 66 10% 35 25 57% 4% 88 18% 1% 43% % 75% 102% 26% 63% 13% 8% 20% 107% 17% 65% 13% 19% 57 87 10% 13% % 53% 59 126% 10 61% 32% 77 18 76% 29 40% 59% 11% 53% 95% 2% 7% 34% 2% 7% 7% 39 81 10 46% 31 14% 51% 68% 8% 25 2% 10 20% 4% 116 11 51% 56 31% 22% 48% 90i 4 10 36% 70% 24% 63% 42% 107% 125% 124 75 25 8% 38% 65 97 97% 85% 80% 0 3 27% 22% 88% 38% 61 91 53% 9% 6% 94 4% 10 37% 4% 112% 4% 28% 198 26% 46% 56 1 6 7% 16% 26 39% 50 33% 66 10% 34% 24% 66% 4% 86% 18 1% 42% % 74% 102% 26% 61% 13% 8% 19% 103 17% 64% 13% 19% 55% 85% 10 13% % 51% 59 126 9% 64% 32'i 76% 18 75% 29 38% 58 11% 53% 95% 2% 7% 33% 2% 7% 7% 39 80% 10 45 31 13% 49% 68% 8% 25 2% % 10 | + 20%:+ % 4%:? % 116 1+ % 11 |? % 51 % i + % 5G + % 81% + % 24% + 2% 51% + 3% 90 | 4 |? 10 + 36% I .. 70%! ? 25 + 63% + 44 1+ 1 108 | + 125% ? 124 %|? 75%| + 25 | % 3% "% % % 1% 1 % 8% 38% 65 97' 97% 85% 80% 2 3 28 22% 89% 38% 51 91 55% + + + 2% + % - % + 2% + 1% 9%! + % 6% + % 96% + 2% 4% + % 10 .. 37%'? % 4% + % 112%? % 4% ? % + 28% 198 + 26% + 47% + 56 ? 1 6 7% 16% 26 40% 52% 33% 66 10% 35 25 57 4% 88 18% 1* ? 42% + % ? 74% + 102% + 26% . 62% j + 13%!? 8% I . 20 i + 106%,+ 4% 17% I + % 65% I + % 13% + % 19% .. + % 56% 86 10 13% %l? % 51%!? % 59 126% + % 10 + % 64%- % 32% + 1% 77 !+ % 18 ? % 76% + % 29 j .. 40%,+ 1% 69%l+ % 11% + % 53%;+ % 95% 2% 7% 34 2% 7% 7% 39 80% 10 45% 31 14% 50 I . 68% ? 8%' + 25 ! + + 1921. Year to date 119,913,975 1920. 155.321.40Hi ,-CloMns.?i I Dlv.| Huh.i Low. I Ft J. i Auk. |ln?.| galea. 4 18% 45% 32% 16 8% 130 70 32 40 17% 17% 9% 26% 51% 41% 19% 12% 132 05 41% 48 19% 26 el 47%) 51% 64 73 10 26% 51% 43 20 12% 141 80 43 51 I .. 22%' .. 20%) 2 52% 13% 97%!l00 10 10 35% 12 27 14 14% 17% 39 12 29 14% 15% 10 22 63 53 % 16 33% 43 14% 102 1 100 3% 9 64% 20% 13% 16 32% 31% 61% 8% 7% 1% 16% 26% 46% 27% 38% 34% 9% 32% 6% 33% 15% 9% 21% 5% 30% 52 24% 12% 48 89% 25 21% 67 11 G0% 38% 18 41% 45% 19% 19% 28 59% 12% 16% 32% 67% 17% 42 105% 67% 21 43% 8% 26 4% 29 15% 16% 13 45 t; 57 15% 111 62% 46 95% J 46% 11% 5% 14% 74% | 43% 84 41% 40% 74 70% 105 84%! 115% 21 12% 26 69% 52% 1% 19% 39% 48% 18% 115 % 101 4% 11 71% 30 14% 19% 38% 33% 77% 11 7% 1% 18% 26% 55 35% 52% 48% 9% 38% 11% 53 19% 12% 26% 6% 42% 58% 26% 13 53 93% 28% 24% 85 12% 71% 40% 74 102 14% 1S% 40 10% 30% 15 116 21% 12% 26% 70% 58 19% 39% 50 19 120 1 105 4% 11% 72 31 14% 20 39 33% 77% 13 8 2 19 27% 56 35% 52% 49% 10% 38% 11% 53% 19% 3 2% 26% 7 43% 59 26% 14% 59 93% 29 S6 12% 71% 42% lOpen I Inc. 1V15?. 213,458,489 Hlsh-I Low-1 CIob-I N?t " 1 -.1 tng. ICh'nf. eat. est. 1 I. 22%f 25% 52% 48% 23% 24% 34% 69% 18% 20% 39 77% 20% 47% 106% 1107 71% 24% 76 4% 32% 3% 48% 23% I 25 35 70 18% 20% 40 77% 20% 48% 300 Jewel Tea .... 100 Kan City So... 100 Kan C So pf.. 10500 Kelly Spr Tire 1600 Kennecott .... 600 Key Tiro & R. 100 Kresge, S 8... 100'Kress, SH,&Co 14001Lack Steel ... 2001 Laclede C. as... 100 L E & W pf.. 2001Lee It & Tire. 300i*Lehlgh Valley 2001 Lima Loco.. lOOiL & M Tob pf 2800! Loews Inc 200|Malllson & Co. 20C|Man Elo guar. 100 Mkt 8 8 1st pf 100'Mkt SRpr pf. 21 2000lMart-Parry 12 40400!Mex Petrol 21 400'Miami Copper. fl.60 6200|Mid States Oil. 3000i Midvule S & O 100 M.StP & SSM. 100 Minn L L 1000'Mo, Kan & T. 400!Mo Pacific ... 400iMo Pacific pf. 2001Mont Power... 1100 Mont W & Co. 100 Nat Biscuit .. 100 Nat C & Cable 100!Nat Lead pf.. 100 NRR of M 2 pf 400 Nevada Con C. 2300 N Y Central... 200 N Y Dock 300 N Y, N H & H 300 N Y, Ont & W 2400 North Am Co. 1200 Nor Am Co pf 1300 Northern Pac. 100 Nunnally 75 Ohio B it B Co 1900 Ok la P & Ref. 500 Orph Circuit . 100 Owens Bottle.. 300 Pac OJas & El.. 1% 5300IPaciflc Oil . 6 4900 Pan Am 1' & T 5000 Pan A P & T B 500 Par & Blng... 2100iPenn R R 16100)Penn Seab St. 100|Peoples Gas... 100|Pere Marq ... 1700iPierce Arrow.. 1200)Pierce Ar pf.. 400jPierce Oil .... 100 Pierco Oil pf.. 100 Pitta Coal of P. 100 Pittn & W Va. 100!Pond Cr Coal. lOOlPress Steel C. 8001 Pullman 200 Punta A1 lSug 300 Pure Oil 100 *Ry St Spring 500 13000 100 100 ?5700 5.20 35% 19% 22% 14% 68% 7% 60 17% 120 65 55 109 7% 54 12% 5% 14% 48% 84 51% 49% 86% 79% 25% 76% 4% 32% 8% 35% 19% 22% 15% 69% 7% 62 18% 120% 651 55% 110% 8 54% 15 6% 15 48% 92 52% 49% 87% 79% t6 Ray Con Cop Reading Reading 1st pf Replogle Steel. Rep Iron & St 40001Royal D N Y.. 3001St L & San F. 7001 St Louis S W. 400 St L S W pf.. 2100, Sears Roebuck 1700 Seneca Copper 53001 Sinclair Cons.. 600lSloss-Sh S & 1 4100 Southern Pac. 1500 Southern Ry.. 100 South Ry pf.. 500 St O of N J pf. 300 St Oil of Cal.. 100 Stew Warn Sp 25100 Studebaker 200 Superior Oil 1300 Superior Steel. 100 Tem C & F A. 4300 'Texas Co .... 950 Tex Pac C & O 2600 Texu:j & Pac.. 700 Third Avenue. 4600 Tobacco Prod. 2900 Transcon Oil . 200 Un Bag & Pap 100 Union Oil 500 Union Pacific. 200 Union Pac pf. 1600 United Drug 400 United Fruit 100 Un Ry Invest. 4400 Un Retail St.. 100 USCIP4F lOOlU S Express.. 8100IU S Food Pr.. 9100'IT S Ind Alco. 100IU S Ind Al pf. 1800iU S R & Imp.. 52001U S Rubber... 300 U 8 Rub 1 pf. 38300 U S Steel 9% 26% 51 42 19% 12% 137 70 41% 50 19% 26% 52% 74 101% 13% 17% 40 14% 30% 14% 115% 21 12 25% 70 53 20 39% 48% 19% 111% 1 105 4% 11 i 71% 30 % 14% 20 38% 33% 77% 12 8 18% 27 55% 35% 51% 47% 10% 38% 10 53% 19% 12% 27 7% 42% 58% 26% 14% 58% 93% 29 24% 85 12% 71 42 26 52% 4S% 24 24% 34 69% 18% 20% 39 77% 20% 48 107% 72 25% 76 4% 32% 8 36 19% 23 14% 69% 7% 62 18% 120% 65% 55 108% 8 53% 15% 6% 16% 48 S7 51% 49% 86% 78% 9% 26% 51 43% 20 12% 137 70 42% 50 19% 26% 52% 74 101% 14% 18 40 14% 30% 14% 117% 21% 12% 26% 70 53 2 20 40% 48% 19% 9% 26% 51 41% 19% 12% 137 70 41% 50 19% 26% 52% 74 101% 13% 17 39% 14% 30% 14% 114% 21 12 25% 70 53 2 19% 39% 48% 19 111% 1111% 1 105 4% 11% 72% 30% 14% 20 39 33% 78% 12 8 2 19 27 55% 35% 53 50 10% 38% 11% 53% 18% 12% 27% 7% 42% 58% 26% 14% 58% 94 29% 24% 85 12% 72 42 26 54% 49% 24 24% 34% 70% 18% 20% 39% 77% 21% 48 107% 72 25% 77% 4% 33% 8 36 19% 23% 15 70% 8 62 18% 120% 65% 56 108% 8 54% 15% 6% 16% 49% 87 53% 50% 86% 79% 109% 1109%| 71 909 U 8 Steel pf... 1109%i 109% 41% 49% 50 ! 21 800 'Utah Copper. 49% 50% 8% !'% 10 I ..I 200 Utah Sec 9% 9% 25% 33% 33% .. 5600 Vanadium .... 32% 34% 20% 29% 30 .. 100 Va-Car Chem. 29% 29% 57% 74% 75% .. 200 Va-Car Ch pf. 76% 76% 5% 8% 8% .. 1S00 Vlvaudou ?... 8% 8% 7 7% 7% .. 300 Wabasn 7% 7% 18 21 21% .. 500 Wabash pf A.. 21 21% 12% 13 15 .. 200 Wabash pf B.. 18% 13% 8% 12 12% 1 . 100 Weber & Heilb 12% 12% 20% 22% 23% .. 200 West Pacific... 23% 23% 38% 44% 44% 4 300 WestE&M.. 44% 44% 7% 8% 8% .. 100 Wheel & L E. 8% 8% 7 " 8% S% .. 1200! White Oil 8% 8% 10 10 15 .. 200 Wick Spen St. 10 10 5% 6% 6% .. 2800 'Willys Over .. 6% 6% 30% 40% 40% 4! 200 Worth Pump.. 40% 40% 6% 7%I 7% 25| lOOIWright Aero.. 7% 7% 7% 7%!? ?Ex div. tEx rights. Jin scrip, x Part stock, e In stock, f Part extra. NOTE?Odd lot transactions are not recorded in separate line unless sates were mnde at price outside of the regular lot range. 1 105 4% ii ! 71% 30% 14% 19% 38% 33% 77% 12 8 1% 18% 27 55% 35% 50% 47% 10% 38% 9% 53% 19% 12% 26% 6% 42% 58% 26% 14% 58% 93% 29 24% 85 12% 70% 42 26 51% 43 23% 24% 34 69% 18% 20 39 77% 20% 48 107% 72 25% 75% 4% 32% 8 35% 19 22% 14% 68% 7% 60% 18% 120% 65% 54% 108% 8 53% 15% 6% 14% 47% 87 51% 49 86% 77% 109% 49% 9% 32% 29% 75 8% 7% 21 13% 12% 22% 44% 8% 8 10 6 40% 7% 9% 26% 51 42 20 12% 137 70 42 50 19% 26% 52% 74 101% 14% 17 39% 14% 30% 14% 115% 21% 12% 26% 70 53 2 19% 40% 48% 19 111% 1 105 4% 11% 71% 30% 14% 19% 39 33% 77% 12 8 o 19 27 55% 35% 52 49 10% 38% 11% 53% 19% 12% 26% 6% 42% 58% 26% 14% 58% 94 29% 24% 85 12% 71% 42 26 53% 48% 23% 24% 34% 69% 18% 20% 39 77% 21 48 107% 72 25% 76 4% 32% 8 35% 19% 22% 15 69 7% 60% 13% 120% 65% 55 108% 8 54% 15% 6% 14% 48% 87 52 49% 86% 79% 109% 49% 9% 33 29% 75 8% 7% 21 13% 12% 22% 44% 8% 8 10 6% 40% ? % + % + % + % + 4% ? 5 + 1* ? 1% + 1% % % 1 % % "% % 1% % % % % % % % % % % + 1% + % + i% ? i + i% + % + % + "% ? i% ? % + % ? % 4- 1% + IV* + 2% - % -"% - % - % ? % - % + % + % + K % % % 1% % 2 ? % ? % + 1% % % % % % 1% ? % ?'in + % - % ? % ? 6 + % + % % 32.41 Bombay, cent* a rupee: P.mand 20.50 20 50 20.25 Cable* 2fl.T3 '-'0.73 28.50 4!? S4 Yokohama, cents a yen: Demand ?8.00 48.00 48 25 Cable* 48..5 48.25 48.30 SOI TH AMERICA. 32.44 K!o de Janeiro. cents a mllrels: L>i mand 12.50 12.50 12.75 Cables 12 02 12.U2 12.87 42.45 Buenoa Aires, rente a peso: Demand ."!0.25 30.7S 30 75 ('able* no.no r.i.oo :.o.87 105.42 Urusuay, centa a dollar: Demand 84.25 m 05.00 05.0'J Cable 05.25 65.87 CANADA. New Tork fund* In Montreal, $121.25 pre mium per |1,<iO0: Montreal funds In Now York, 1108.14 discount per 91,000. MONEY MABXET. FRIDAY, SF.PTRMBKR 18. Renewal* r> ll.aat 4',J IUkIi 5 I Year's high !> Low 4U! Year's low Jfi^ TIM* LOANS. Mixed collateral. 00 to no day* >H#6H Mixed collateral, 4 to 0 months B'.ji.lS Industrial*. 00 to HO day* Industrial*. 4 to <1 months 3<l?5% ? COMMERCIAL PAPER. Re?t n*me?, 4 to 0 month* O'l'er i a me*. 4 to ? month* 80614 DISCOI'NT RATES, RESERVE BANK. Commercial paper. *15 days, BH: 00 to H day*. .VI: Liberty bonds arid Victory not**, 15 days, 5Vi; 1j to (M) days, &t|; bankers' acceptance*. 10 to 90 days, 0'4. ?Fixed July 21. Previous rata, 6, meg June 15. OPKN MARKET RATW. Prim* eligible acceptance* on call, 4',C<'i: r*.;i*< ount at r**er\e banka. HO to 00 day*', 5'44-i: non-meniber and prlvatw banker*, eligible, 00 to 90 day*. C'.itfSi non-ellglbl* 10 to 00 day*, 5*4514. CLEARING ItOL'SK STATEMENT, rinerlrg llonse qxchntigos, 9000.400,041); balance*, ?110,000,000; Federal reverse credit bftlnw*. 903.800,000. SILVER MARKET. Official bat- allver In New York, domeatln, W',c. an onrir*. unchamred; foreign, Uc. up ?4c. t/omlon, .'t!?'4d. up 'id.: Mexican dol lar*. .''Or. "P Tbe range of allver price* thl* year; I.ordon 42Hd. Jan. 8 :.0?id. Mareh 5 New York fl*H< Jan. 8 B2*c. March 9 banks may buy f.imjf. stock. The Federal Reserve Board his ruled that natlonnl banka are no longer re quired to obtain permission of the board before purchasing stock In Kdgo Cor porations, according to announcement by Benjamin Strong, Jr., Governor of the New Tork Federal Reserve Bank. * CONSOLIDATED EXCHANGE. Realizing sales during the final hour of yesterday's trading in the Consoli dated Stock Exchange brought general recessions. The steel Issues, after mov ing Into high ground for this movement during the noon trading, ended wltn substantial Improvement for the session. In the balance of the list, ccrtuin rail and specialty Issues excepted, n<;t changes from Thursday's final figures were mainly nominal. Gains of 5%, at the maximum. In Delaware, Lacka wanna and Western to 107%, 3 in American Unseed to 24%. 2% in Cruci ble to 63%, 2% In Burns Brothers to 96*4, l?a In United States Steel to 79% and declines of 2 In United Food Prod ucts to 14% and 1% In Texas and Pacific to 21% were feature chang'-s. Bethlehem Steel B was bid up 2% to 56. Republic 2% to 53%, Gulf State Steel 1% to 39%, Pennsylvania Sea board Stool 1% to 11%, Baldwin hoot motlve 2% to 91, Mexican Petroleun 2% to 117 . Pan American 2% to 62%, International Paper 2 to 51%, Kelly Sprlngfieid 1 Vi to 43%, Famous Plny>r* 1% to 07, Studebaker rose 1 % to 77%, Pierce Arrow to 13. American Inte natlonal 1% to 32%. Atlantic Gulf 2 to 29. American Sumatra 2% to 45, To bacco Products 1% to 70%, Reading 1% to 72. Southern Pacific 1 to 7*. New York Central 1% to 72% and Northern Pacific 1 % to 78%. BUSINESS FAILURES DROP. I.nut Total of .t22 Repr? irati Decrrnic of 14. Business failures reported to the Credit Guide for the current week num bered 322. a decrease of fourteen com pared with those of the preceding week. In the corresponding 1920 week there were 142 defaults. New York city had forty-five casualties. In contrast lo forty last week. In Boston there wero three defaults, against thirteen last week; In Chleaeo nine, against nineteen, anu In Philadelphia six. against three. Tha average liabilities were about $21,r>00, against $31,050 last woe* and $27,000 In the corresponding 1920 week. U. S. CERTIFICATES AND NOTES. Closing prices bid in yesterday's open market for United Statna certificates of Indebtedness and notes were as follows: Month. Per Thurs. Appro*. 1921. Cent. l'.M. Askrd. H|d. field. Ortobrr. B?j 100 1-32 100.1-32 100 1-32 4.12 October. 100^, ioo<i wo,", 4.00 ?Dec.... 0 100 . 100'j lOO'j 3.87 1022. Feb :>M mo% loon ioow 4.no ?March.. ."> 100 iiioa 100 3-32 4 ilO ?March.. fi'4 100 .1-32 loo .V32 IOOA 4 SKI ?March. r.?H 10Oft 100,!, ... 4 *7 ?June... nu lOOot 1M>\ 10OA 4.0:. ?\ii?imt.. r>'4 I'K) 7-32 1007-32 B.10 ?Sept.... 5V4 100.1-32 100ft ... 5.0<s 1024. ?June... Mi 100-', 101 100'4 6.33 ?Kept.... !Hj 100,V . 100A ... n.3t? ?Aceptable In payment of Federal tales on the rlstM of maturity. UNITED STATES TREASURY STATEMENT. BpttHal Penpatrh (? Tni Naw Tom TTwuib. New York Hrrnld Rurean, I Washington. D. C., Srpf. 16. ) Rorrnua r#e??tpt? and e*p?ndlturM m at r1o*? of bualnfa* fipptrmber l?: Corrwipondlnrj Corresponding This P'rlo'l ?Flue*I period fiscal nfHp?? ordinary: month. Uat year. j-*?r 1821. year 1020. Cfkoms t10.83l.MT ?n.W.'.olT t30,T?8,240 170,014,334 internal rovamta! Income and profits ta* .17.07.1,7<17 fi7,08..,2..l 1.11,1170,Ml 182.434.T88 Miscellaneous T3.ft33.3fll TT.3T8.87I 321.tl2S.M2 828,038,720 Miscellaneous revenue 7.810,300 13,320,281 dp, 110,70.7 200,1211,021 Panama Canal toll*, Ac 1.OM.880 7,10tl 2,07H,071 1,002,729 Total ordinary 130,373,203 160.I7S.8W r>81,888,034 780,048,190 Eltcuii of ordinary recelpta over ordinary dlabursemanti 8,450.838 Kicess of ordinary disbursement* over ordinary receipts ...... 88,118,010 1 53,013,018 1 83,421,021 Halanre to-day, 8200,2.12,1*3. *JMm1?U and dUbura?manU tor Jon* niching Uia Tr?aaury la Jul/ art Included, WOOL. Boston, Sept. IS.?The Commercial Uulletin 'will say to-morrow: "There has been a fairly good business accom plished In wool this week although the tra<ie has not been very evenly distrib uted. Prices keep firm and low grades are Inclined to strengthen slightly. A better tone also Is reported In the roods markets. "The forclfrn markets are all stronr." The Commercial BtUletln will publish to-morrow wool quotations as follows: Ohio and Pennsylvania fleeces? Delaine, unwashed, 33?35c.; fine un washed, 28? 29c.; one-half blood comb ing, 29030c.; threp-elghth blood comb ing 23? 26c. Michigan and New York fleeces ? Delaine unwashed, 31 ?33c.; fine unwashed, 26? 27c.; one-half blood unwashed, 28? 29c.; three-eighth blood unwashed, 26? 26c.; one-quarter blood unwashed, 22 ?24c. Wisconsin, Missouri and average New England?One-half blood, 23? 24c.: three-eighth blood, 22? 23c.: one-quarter blood, 2t?22c. Ken tucky, West Virginia and similar? Three-eighth blood unwashed, 26? 27c.; one-quarter blood unwashed, 23? 25c. 8coured basis. Texas?Fine 12 months, 65?7uc.; fine 8 months. 50?S5c. Cali lornla ? Northern, 70?75c.; middle county, 65?66c.: southern, 60? 65c. Oregon?Eastern No. 1, staple, 78?80c.; eastern clothing 60?65c.; valley No. 1, 65? 70c. Territory?Fine staple choice, MKy 8">c.: one-half blood combing, 63? 72c.: three-eighth blood combing, 60? 56c.; one-quarter blood combing, 33? 40c. Pino and fine medium clothing, 60? 63c.; fine and fine medium French combing, 65? 70c. Mohairs?Best comb ing, 27?30c. : best carding, 22?25c. FOREIGN MARKETS. Londok, Sept. 16.?Trading was fea tureless on the Stock Exchange to-day: Har silver, 39*,?d. an ounce; bar Fold, 110s. lOd. : money, 2!*? per cent. Dis count rates: 8hort bills, 3Tli?l per cent.; three montha bills, 4 1-16 per cent. Parts, Sept. 16.?Trading was dull on the Bourse to-df>y: 3 per cent, rentes, 55 francs 82 centimes: exchange on Lon don, 63 francs 25 centimes; 6 per cent losn. 81 franca 45 centimes; the dollar, 14 francs 36 centimes. TOPICS OP WALL STREET. All Steel Sharp* II Iff her. effect ot the "harp upturn in Steel I common yesterday was to put the otner 'wkli q!)are.fl1>t01,hI''her Ievels- Although | Wall Street believes that the next state ments to be made by the steel producing companies will be even worse In poim of business done and earnings acquired n^amWere 1 last ones' there '? a dls fhat th" V* Ule Hteela on theory fh? .ind"stl^'' about the last to reel j the effects of the depression, at last Is That nimn*lsns ?? 'mProven?M>t. That Improvement, according to steel men. has not been great, but It has been real nevertheless, and steel manufactur ing concerns which were down to 25 per cent, of capacity and even lower are operating as high as 35 per cent., and In hEh~ r,CaS^ U ls 8a,d- on an cv?n higher level. Sloss Sheffield. Republic. anC.,Zan?a', Mldvale and practically all other steel stocks followed yesterday ground 88 Steel common into higher Linseed }?anea Clluib. d?" IT ?f a resp?Ctable ris? on Thurs . c?mmon and the preferred nlnv J Amer'can Linseed Corn Ms? ?cored yesterday further substan un Vianoe8' ?Th0 cowln>On stock got / 1>0,"ts to 24 * and the pre ferred shares advanced 3% points to a high and last mark of 51%. No news was. forthcoming on the affairs of the company, but rumors concerning a mys terious deal which it is said its pTell dent was in Europe to close were In 0 "lnatio" I10'* of the day. Only nfnts of tfho affair were heard and nothing of a tangible character was offered by Th? strJ/1 explanatlon ?f the move. The Street remembered the last deal on? ui!*er Was puttlnff through?that At'thlf h ,rr Brothera of England. 60 2?,ft 1 St?Ck Was seI1,nff around 60 and the deal was off again, on again. lull +hCS # moves In the stock, much years agoam?US ne deal a coupIe of Steel mad Baldwin Lead. , *ea'" yesterday Baldwin was bade to S St-il ^ aill3t' but ln company ita fcteel, and the result was "2. lu6 standPo|nt of tbosc trying to was on Thur?det l? VSher '^els tha'n It was on Thursday, when every effort to advance the market by strong-arming I Baldwin was without success SteeP SFB* '2? Vew w?h ?>"?><> * at 73%, and only sold off fractionally before clos^ Bald hlgh of 91?LqUhm uUCh 118 prevl0us a if da v Th U .Was a strong feature ail day. The remainder of the market iead*'frth?so ??re,l"cllned to fo?ow the stocks ? 'ndustrIa'?. and most day Th? phtl.moderate gains on the, oay. The character of the buying how ?ver was not a whit changed Most I purchases of active stocks canie from houses supposed to act for the group un derstood to have been working the mar moreUP during the last fortnight and I more. As In past days, commission houses report an almost complete Uck of and very little new buying evon fmm professionals. Wall Street felt yes?? da> that the very evident contest in the I stock market was between the groun mentioned as trying to set a new level of I prices and the professional element The latter has been inclined to play with the constructive operators, but its failure I to ram stocks up on Thursday, notwith- I standing obvious efforts, caused many 2JS a,"'"" Sinclair Consolidated. All seventeen tankers of the Sinclair Consolidated Oil Corporation are en gaged In handling bulk cargoes, accord ing to its officials. That showing is ln marked contrast to only six ship * in its ?ervice about a month ago The COm pany has booked three full ship cargoes of lubricating oils for Europe. Indicating Thc ElfrmrnV"JtS business^ inc Sinclair Crude OH Purcha*inc Pany, buying agent for the corporation" has completed negotiations for the pur chase of fifteen more 55,000 barrel tank* according to advices from Tulsa. Domestic Gasolene C?t, "* reductlon of export gaso panv?of v? ty' thc Standard OH Com - ?* . Jerscy announced yester price of* that " ,n U" domestlc market price of tliat commodity of a cent to wo cents a gallon. A cut of a cent to tnentj -one cents a gallon was made in .?eMJerry?and 0f a cen? to two cent" vi *J*fy'an<>. the District of Columbia """" United State? Realty. Contracts amounting to more than $14,900,000 have been closed since May 1 by the George A. Puller Construction Company, a subsidiary of the United States Realty and Improvement Com pany, according to information obtained yesterday. Those contracts consists largely of construction work on hotels and office buildings, one of the largeet of which is said to be for the Bowery Bank in Forty-sccond street. The amount of that contract is fixed unof ficially at $4,000,000. Crndble Dividend Regular, The uncertainty surrounding the Cruci ble Steel Company's dividend was ended yesterday afternoon when its directors declarod Its regular quarterly disburse ment of $1 a share, payable on October 81 to its stock of record on October 15. Since the flrst cut made by the com pany's board three months ago there have been numerous rumors of further reductions of Its dividend, and Wall Street wax rather anxious about that matter all day yesterday. Money Easy In Tone. The minimum rates recorded yester day for call loans were 4Va per cent, against stocks, 4 Vi per cent, against prime acceptances and 4 per cent, against United States Treasury notes. The renewal rate In the New York Stock Exchange was 5 per cent. The easy tone was due largely to the lack of de mand, although the supply was fairly large. There was practically no busi ness in time money. Bank Clearings Large. Bank clearings of yesterday were $902, 400,000, a much larger figure than the usual run, due to the clearing of checks in connection with certificate maturities and Federal Income and excess profits tax payment?. There probably will be a larger clearing total to-day. Korlkweilern Improve* Ratio. The ratio of operating expenses to operating revenues of the Chicago and Northwestern Railroad in September will be under 70 per cent., according to preliminary estimates. In contrast to a ratio in the neighborhood of 100 per cent, a few months ago. The road's management reports that its shop forces at work on repairs to locomotives and cars are nearly double Its recent mini mum working forces. Pending the United States Railroad Labor Board's decision on piece work the eight hour day is in effcct in the shops. Grain Loadings Increase. With reference to the record seasonal movement of grain the tlnilwuy Afft says In its current issue: "For the eight weeks ending August 27 the loading of grain and grain products were 465,839 cars, as compared with 302,623 In the corre*>pondlng period of 1920 and 381.726 in 1!?19, and from January 1 to Auguit 27 this year 1,486,954 cars were loaded with grain nnil grain products, as com pared with 1,195,435 In the correspond ing period of 1920, and 1,424,416 In n P. C. BASIS IS SET BY GUARANTY TRUST Board of Directors Cut Quar terly Dividend From 65 to $3 a Share. The Guaranty Trust Company of New York announced yesterday that lis di rectors had cut Its quarterly dividend rate from $5 to $3 & share. Announce ment that all ltd realized losses had bten charged off and thaii other pos sible losses had been anticipated by set ting up extraordinary reserves of ap proximately $15,250,000 by reducing sur plus and undivided profits to the extent of $14,400,000 and by charging $800,000 to earnings since June 30 also was made. Put into a table, the action of the board made the following changes In. capital, surplus and profits account, ai> com pared on September 6 with June 30: Undivided profits 1,131,405 r,)o4u[:t73 Totals $41,131,463 $55,543,373 Ever since 1903 the Guaranty Trust Company had paid at least $20 a year, and sometimes 32 per cent., 38 per cont. and 40 per cent. On its present capital ization of $25,000,000 dividends of ?2il a year had been paid since 1917, when the stock was Increased to Its present figure. The new dividend of 3 per cent., or $3 a share. Is payable September 30 to stock of record September 21. A let ter sent to the stockholders yesterday by order of the board of directors said in part: '"Your directors have unanimously voted a dividend for the quarter ending September 30 of three (3) per cent; this contrasting with five (5) per cent, quarterly that has been paid for some years. "Your directors have heretofore charged off ail realised losses; but in addition, in order to anttcipato any other possibld losses, have now set up ex traordinary reserves of approximately $15,250,000, charging such reserve items against the company's surplus and un divided profdts accounts. The company's statement thus shows capital, surplus and undivided profits of $41,131,404. These figures have been arrived at by the directors. In consultation with lead ing authorities, after exhaustive ex amination, and make complete allow ance for all accounts concerning wit' 't question has been raised. These inclu > any losses that may be sustained fri a banking operations in Central and South America, where the shrinkage In the value of customers' loans, due to the un precedented fall 111 the price of com modities and the fluctuation in ex change, have been excessive. "The company's current earnings (be fore charge offs) for the nine months ending September 30 will be in excess of $5,000,000, the total dividend require ments for the year at the former rate, but your directors have adopted the con servative course, first, of setting up Im mediately ample reserves against all its known or potential losses; and. second, at this time, of making a certain reduc tion in its dividend distribution, so as to devote a greater portion of its earnings than heretofore to the Increase of its surplus fund." Following the dharge offs, a director said, for realized losses during the first half year, the directors of the company were faced with two methods of deal ing with their accounts in future. One course would toe to charge against sur plus losses only when realized, but this would mean a considerable period of stagnation, with the institution showing no growth and no progress. The other course, and the one chosen toy the directors, was to charge off all losses thus far realized and in addi tion to make an exhaustive examination of each and all outstanding accounts, including losses that might toe sustained from banking operations In South and Central America, to set up reservo against any account on which question was raised by reducing surplus and un divided profits and after securing a clean slate to devote all earnings abov? 12 per cent, paid in dividends, Including velvet that may toe obtained from salvage of doubtful accounts to tha building up r>f the surplus fund. As a result of the drastic action ft prominent member of the board de clared that Che surplus would be re stored quickly to its former figures. Capital Surplus September 0. .$i"j,000.000 . 13,000,000 June .'JO. $2.->,OOO.OOfl 1:5,000.000 JAPAN'S FOREIGN TRADE UP AGAIN AFTER SLUMP Value of Exports for August Put at $82,000,000. Washington, Sept. 16.?Marked re vival In both the exports and Imports of Japan In August followed the pro nounced slump in July, according to a cable from Trade Commissioner Butts in Tokio. Exports, which dropped from $53, 000,000 In June to $40,000,000 for July returned to $02,000,000 for August, which compares with $87,000,000 in August, 1920. Imports which declined from $74,000,000 for June to $55,000,000 for July, rose again to $65,000,000. Excess of Imports over exports for t)?? eight months of this year is $131,000, 000, as against $215,000,000 for the same period last year. SUGAB. Raw sugar was steady yesterday, when It declined to 4 cents delivered basis, one or two local refiners being; possible further buyers at that price, but holders asked H cent advance ar.-' gave evidenco of storing the sura." rather than selling it for 4 cents. The demand for refined sugar was unsatisfactory*, certain refiners having accumulated large stocks and cloned down and others working at minimum capacity. The Cuban committee Is expected t? Issue a statement shortly as to Its posi tion. the trade expecting an announce ment of a cut In the committee price for Cubas, but nothing official as to It w?? obtainable up to a late hour yesterday. The range of prices In yesterday's sugar futures market follows: Pre*. Open. High. Vow. Close. Close. September ? ? .... 2.71 2.75 December .. 9.33 2-3? 2.30 2.3* 2.:U January ... 2.33 2.3# 2.33 2.37 2.ii2 March 2.2(1 2.M 2.26 2.3.1 2.2? May 2 33 2.39 2.53 2.38 2.34 FINANCIAL NOTES. Rollins. Kalbflelsch ? Co., members of the New York Stock Exchange, hsvo Issued a circular showing the gross and tho net earn ings of twenty-two leading railroad system* of the country for the first six months .if 1021, compared with those of the correspond ing 1020 period. Farson, Bon A Co. are distributing a elre-i lar describing more than 100 railroad, In dustrial, public utility snd corporation bondi. Charles Tl. Clarkson A Co., ftfl Wroadwsr, are Issuing analyses of active New Yom Stock Exchange securities. Arthur L. Fuller. Oeorge C. kuebbers and I/orren l.. Hart have formed s partnership under the firm nnme of A. I<. Fuller t, Co. to conduct a general stock brokerage litiel ness In 120 Broadway as members of til* New York Stock Exchange. Anstln .T. O. Tlamsay has opened an office In 01 William street for conducting a for eign exchsnge brokerage business.