The New York Times from New York, New York • Page 12

12 FINANCIAL, THE NEW YORK TIMES, i SATURDAY. AUGUSTJ FINANCIAL. SAFEGUARDS These features give owners of public utility securities a protection not found else-' where. 1. la at us try vitally Mcnury o-cry.

2. Safe raamaga-me-nt no-aUr- tb coatroJ of Stat CMIMlMioBt. 3. AMnrtJ future market men tljan twice a. great a at present.

Write for our selected Hit of ecuritie T-200. III BROADWAY, N.Y. IFIHAHCIAL MARKETS: Decline i In Stock Exchange Prices CtJI Money Again i 6 Per Cent. Po2Jtf, for Profit FOREIGN EXCHANGE Purcbaee Forg-n Icteraa.1 Thr era far larte pror.t, da th, low fcs-Cbanfee. Detailed I rat of 70 Bond I.

Send tor kend circular '444 sUrobar. New York B'ock Ftcnnge 115 Broadway, Nw York Safe'Ttonds Jbr Investment HALSEY, STUART CO. Inc. 4. Trail 8t.

Phone Tlaoovrr 000. Kissel, Kinnicutt Co. 14 W.J! Street New York Rookery Chicago Investment Securities Lyman D. Smith E'Co. Members N.

Y. Stnck Exchange 34 I'ine St. Tel. John 4100 Broach Offlc 887 nrth Aifv. Tel.

Murray inu 370. Bonds STROUD CO. 52 Brc-4-rsy, Naw York 142 Walnut Philadelphia General Baking Com. a Pfd. J.K.Rice, Co.

Iwm 4-vw to 401 John. Wall St. K. T. F1TXAL- NOTICE.

THE NUNNALLY COMPANY, ATLANTA, GEORGIA juna soih. irsi. CONDENSED FA1ANCB SHEET. JUNiC J'lTH. 1921.

ASSETS. 4 8KV4T AMWinl. Receivable nmfrr V. H- twTt. Securi-(Ut (Mkt.

Value) 67 Irtduatrtal rion1. Jj.1i.pleye, and N. and Account Re-eaivab-e IVafarred Ohargaa Lan. 8.T8S.78 Machinery, Tj, jreclaled B.6J3.7 63 .54. 49 Kjijlprrwnt.

a a. Trfc! Mtrki an 1 Ooo.Swill hold and Or ja luxation x- BS1.1ST S3 1.44J.oM.70 40.131.30 (3.11T.503.15 Tlier wa more ficntflcaao. In th movement cf otter market yeste-rd than ia th eoora of prior en th Stpdi Tho vlrorotti advance In cotton tu specially worth watching, both bacavu of the peculiar situation in th matter of prospective aupplie with an estiinaUd B.Q09.vv-bal reduction In the hrtt offsetting an eaTlmatevl "carry -ovar" from tho old crop and b-eeavuse any eonalderable recovery in price will teat tho question. heej and at what flrur, th. oottoo bo- hind tho South'.

froxn credit." will bo nlMMd, If amaJl sew crop I. iu Jly In pro.peet. Whllo tho ar' cotton market xdvajiosd. tho OJLjr. wheat nvar- Icrt deellnod MTtn it i11 cent.

buahel lower than wwk aro. Thla waa no doubt tho trade' reoponao to tho ud den revenal of theU holding policy by tho farmer. Lesa attention awemed to bo paid to th osport firurea. which yeaterday. nimcwd up tor tho week.

marked tho larreat ahlprnant from both coaata eince laat September i a rooTornent exoeeded 14 only-four waka of 1920. Tho otock maraoti waa weak, with considerable number of not. decline njnnlnj to 1 and 3 i-olnta and lncludlns both railway and InduaftiaJ share. Wall Street profesaed to aerlbo tho waaJaiaaa not only eo tho da.y'm per cent, call money market, but th. probability of other dividanil reduction, and tho pect of a In order on hand in next week monthly statement of the Steel Those are entirely reaaonable, expectations' AVall Street would be bo surprlaed if they were not fulfilled.

Hot th. i reaction In atocks find, a much better explanation In the fact that the particular lmpulae behind the recent recovery had apparently apent its force an that' th. room-tradlns; fraternity wa therefor, disposed to aolL The market waa not active. Bonds a a rule were ellfffcUy lower, the rather: noteworthy exception being; a rapid advance in the tax-exempt Unit ed Slate thi per ceats. Probably this reflected an effort of somebody to capitalize Secretary Mellon' estimate of increased public expenditures and of th necessity of i Increased taxation during; the present fiscal year.

But tle 45ci-tary has proposed to increase the' Internal revenue, not the Income taxes. In case his estimate of larger disbursements is fulfilled. Moreover, the states men appear to have taken fright' at Mr, MeUon'a analyst of tn. results of their own appropriation- measures. Coercion of this particular Congress by th Executive into doing-; what It ought to do or undoing what It ought not to have done, has thus far, proved so easy that the suggestion of cutting down the appropriations rday Itself actually turn out to be the solution, review of th state of trade by the mercantile agencies have been growing more cheorf ul noe the middle of July, and this, week 1 no exception.

Revival of business, so It la now reported, catjnot yet be described as general, but It has become sufficiently well defined In some quarters to strengthen hopeful views," and stock of goods In retailers hands, have been fairly well Notably. ln the textile Industry. the effects- of prolonged curtailment of output are more clearly seen and merchandise for th. Spring; trade Is blng taken with rfeater freedom." This was the trade In which the great readjustment of price began a year and a ago; it will naturally; be the first to recover. Th change from conditions of a year ago wilt be realixed by those who recall that th consumer' rebellion against existing prices wa then in such formidable shape that the large textile producers postponed for their announcement of price tor- th.

coming season. i That situation at any rate has been radically corrected. and the question now uppermost; in many industries how much longnr a demand of substan tlal proportions from consumers can be in MARKET AVERAGES. STOCKS. TESTEKDAT'S JIANGS.

Kirn-1 Isrw Ch'. 3 4. r.3.T2 M.0 1 S-V IMiutrUli. It SI Ti.W -60 euvVs CZ.99 UA1J-T PJLMK Or STOCKS. An.

4 4 01 fr Au. fJL.it H4.1 M. A .) Au. 6.VI0 Aujt. f.l 4 21 -r -45 July SO.

63 ST 3.aa 3.1 At va us tt July 1 63.42 Jttiy i7 64X1 C1.2Z t.H jthlv tiajigb or 60 rrocK. Low. 3 11 Aug. 5 73.04 Au. 7P.2 Ao- 71.1.1 AIMT.

I Aiiurt. Hifh. AUI. 1njf CI. 14 Au.

a 44 iu. Au. 1417. .2.07 Au. 74.4i Aug.

St Tl.S M.Sg 73.4J 7JJ7 IS 714 s.e. 7X.3 UArlLV ir.AKUS Cr 1921. 7.13 May M.SS June 21 63- tlW. U.07Apr. it 74.43 Full Tear.

I iP7o. a.irr At. Dwa. WUNvr. e9.74Jao.

Jl 1,1. ao.l Nov. it e4.12Jao.iS Mt.4Jan. 4 67.47 leo. 2t I BONDS.

TX-TTKlOJAX a cixtsv. Nat Ctianr. Day. Month. 40 71.13 X5 I DalLT HAN'OTI or BOXfJ.

Aug. 4 Auk. Aug. .09 July i2. -r-12 Au.

-rAiJaiy TI.18 7O.05 1 .3 July July 70.03 4-li July July Jujy" July .0..21 TCAIU.T RAN OB Of DOXDS. .04 .18 14... b. 45 .03 6T.MJun,S0 T1.1S 63.37 May 21 67.47 "UH Oct 31 K3.67 31 71.05 lre. If T3.0.

'P. 37 7.7 74.24 rc. 20 Ti ll 131. 71.00 Jan. 80 71620- 72J4Jan.

10 )1S. 7.0S June 8 lftl. 83.r. Nov. l'J lit! 4t Jaa.

20 To data. fTo corresponding' dat, laat year FOREIGN EXCHANGE I Oniy Minor Fluctuations, With the Market Entirely! Nsglected. i SILVER BULLION. Bar silver In London up at 2Sd. New Tork price for domestic bar sfiTer unchanged at 99 cent per ounce, the Mint price; foreign silver up He at ei4c Hang of price for silver bullion for th present year to data Highest.

IowtHrt. London .424 Jan. SOHd Mar. a New Jan. C2Ho Mar.

Rang, for Ui. year 1U20: London SVVad 11- 851 Dee. 10 New Tork 81.87 Jan. 82 Mxc Dae. 10 After th.

brief activity of Thursday. In which sharp advance were record 3 in principal exchanges, the foreign exchange market again acttled back into the doldrums yesterday, and fluctuation- were minor ones. with th. market again entirely neglected. The, opinion la general that the market wa up-ported on th previous day, when a settlement of li.000.CO0 -was made toy Germany with th Bank of England am the Bank of France.

In dollar deposited In th Federal Reserve Bank cf New Tork. At iy rat, there wa no pressure on either sWe yesterday. anJ at the close th day Quotations were approximately where they had started, FRTTJAT. A.UO. 8.

1921. fXaage 4 Bateis Sight Exehaage. Thursday. 7.72V 4.29 30.M 12. tU Cleehag Katea.

rarity of exchange Is given as reported by the: U. 8. Mint, axr.pt In couoinea wjia a sCver standard, where parity fluctuates wit. th, prtc silver. High.

London 3 5' Parta 7.74 Hntna 4.S")-!, Amsterdam Heriln I Madrid 12-e Pinal, 7.73Vi 4.2Vi 9f.S7 l.anH 12.64 Final. S3.rH 7.75,i SO.P 1.23H 12.97 Week Tear i Friday. Ago. Ag. Tl NX A XI fa 19.2 cert, par flnmark.

Iwniand l-'. Cables i-M 1M CREICCEj Par 18.8 eents rr dr.rhma. Iniaod 5.M b.tl Cbl.a 8.44 BOIJ-ANT-Par 40.3 cent. pr' Tort a. Iemnd wu CahUs v.

80.30 So. 75 fJ3 84.JTT5 340 3860 15.70 .04 2. SO 2 33 14.8 30 20.73 Borope. Friday. Ago.

PTKRLING Par 1 4 P-r r.rrl ru Cables J.MJj, 0 daye 8.W 90 day, 8.344 3.30, FRANCE Par 18.3 ceata par frana. Demand Ill' Cables T.74 7.59 ITALY Par 19 cant Prlirs- ttwnand 4B2V H1P rblaa 4.80 4.19 BELGIUM Par 1BX eents par franc J.S4 Cablas '-33 GKHitAJNT Par 23.8 eanta par mark Oabiea 134U AUSTRIA Par 20.8 cents par crown. Il4 .12 Cable, 11 -12V4 I CZHCHOSLOVAK1A Par 20.2 cent Demand 13T I CR 1.P0 1.29 1.27 i.a DKXMARK Par 58J cant, par kronen Demand 13.80 13.12 CO 5 Cabt.a 15 33 13.17 20.T3 Tear Ago. a 3.W 7.84 7.83 B.14H 5.13 7.S9' 9.19 2.21 per HUX'3AHT-Par 20-3 cent, per tntand .2 -37H JUGOSLAVIA Par 20.3 cenls per erewa. Leriand Cables -de NORWAY Par 8..

eanta per arwna. tMmiand ..12.71 12.73 Cablaa 12.SO 12.80 POLAXD Par 23.8 eents per mark. Liand or.Hi .06 3'i Rl-MaXTA Par 19.8 eenta per lo. Dentaod 1.20;. 1 Cables J.28; 1.29H BKRII1A Belgrade Par 1.

cent, par rne. ftamand 2X3 2.23 r.TO Cable, 2.2 2.29 8.23 PA TH Par 1S.6 cent, par peseta. lraand 12 123 Oables 12.B3 12.83 SWEDEN Par 2fl.8 cer.ta per krone. Demand 20.45 20.33 Cablee 20.30 20.40 SWrrZERLAJiD Par 9.3 per frane. Demand 16.3S; 16.3-S Jd.77 Cable 18.10.

1C.40 18.63 I Far CHINA Cant par ariwr Collar for Hon. VorT: per tal rr fiinrr.ai ano r--nr. Honckong, 01. 00 ro.50 71 SO Hongkong, f)J 7.o Pakln. daoihod 74.

T3.60 114.00 Phanghal. 70.SO 108.30 neaghai. cablaa. i 71.00 109.00 iKDIX Caloutta, oants per rupee, nominally at oTw-unii ni a peuad ater Demand- 33.60 i. 23.123 Cabin 23.73 23.25 PHlLirriNE ISLANDS Manila eon' a stiver po Demand CT.

48.CO 49.90 Cable, ,........48.25 40.73 JAVA Par 40.2 cents per Cotin. Demand 32.00 Zl.00 IAPAN Par 4. cent per yen. Demand 4.1f Cablaa -i 48.75 44.373 teoata AiDsrlea. -URGENTIN Par 42.44 cent per Argentine paper dollar.

Demand 73 88.13 Cablea 28.875 29.23 88.40 BRAZIL Par 33.43 eeet, f-r paper mllr.1. S7.2S 37.30 Par 34 47.23 47.50 61.23 SI. to COAL OPERATORS FIGHT FORD'S RAIL RATE CUT Association Tells Commerce Ccm mission His Reductions Will BrecJtDcwnTcrUfStTvdwre. Cables ....12.23 ....12.873 11.133 11.25 MONTRKAL Par 100 car.ts par Ckaadlaa collar. Damaad 89.8 83.6 Riiaalaa Correaey.

Prlctss for ire-revolutlon Ku-rfai ruble rote, were as follows: ruble. i ar, S1.40 cent, per ICiO ruble notes, per 300 ruble per Bid. .25 .20 NEW YORK STOCK EXCHANGE TRANSACTIONS FRIDAY, AUG. 5, 1921. Day's Snles.

Wednesday. 338,743 506,510 i A Year Ago. Two Years 1U5 21.23 88.9 Asked. .23 WAEHINQTON, Aug. S.

Referring to Henry Ford, owner of th. Detroit, Toledo tc Ironton Railroad, a ani over- eaJou entrepreneur who should not be permitted for purpOMr of hi own to break down freight rates upon which a cumber of railroad xrlnclpally de pended for their livelihood." 0. North ern West Virginia Coal Association pro tested today to the Interstate Commerce Commlsnlon against coai raie ito-uui proposed by Mr. Ford' read. The association wa Joined In It protest by other coal operators organisa tion in the Harlan.

liassard tnl Boum Appalachian coal mine district or; Kn-. Wa, Virginia. The protest declared that th reduc tion, propoaea on com river polnu by th Detroit, ToUdo A Ironton. a well aa rate on col originating at other point on the road. would breaa oown rJ lit ture In the Ohio territory, "he rate which it Is proponed to reduce.

It wa expl.iln-Nl. Is amwtiiT the Hocking rate, which the key Urlff for the district. GERMAN DEBT STILL RISES. 1 ii. ft Marka In June Making Total 135.03i,oou,www.

to Th Nt Torh Time. Tt'tRutvnTON. Aug. 6. Oerraany Mnatinir debt on June SO, 1921.

waa 135. 031.oeo.000 mark, according to th. cur rent statement of th. F.eichs-nnanxmin- istcrtum. forwarded to uie wmiaini of Commerce today by Ita representa- Uv at Berlin.

nnn ml In June, a comDSren Wlin Increase of approximately 4.000,000.000 marK in me ravmn wi mark in April and an average monthly increase of each mnnlh tnr th. lajtt fiscal Year. Iurlna- June 70.242.2O3.O00 mark of new Treaaury bills were Issued and 863.lfl3.000 were withdrawn from circulation. The difference represent th Increase in floating debt for the month. American Smelting Dividend.

The Board of Direo-ors of the American Smelting and Reflnlnr Company have declared the regular quarterly dividend of 1 per cent, on the preferred stock, payable Sept. 1 to stockholder of record Aug. 15. Year to Date. 1 1926.

-Same Period-1919. 185,670,600 1 4 1918. 83,105,190 1921. 4644 11 14 6o 74 Sale. I Stock and Dividend Rates.

is deferred. Even: in the steel trade. which this week's iron production fig urea would eent to have Indicated abso lute -stagnation of business. It 1 impos slble that so low a rate of output should continue very leng If the country's abso lute requirements are to be met. regard less of export Inquiry.

MONEY. LiABH.lTlF:. Aeenunts A44.4M.M Accraed tC1.4l 24.034.79 lUearr for Fvdarai Tas 050) NOMINAL. Capital Fieek u0 miare, mat Par Zroftt and Lcaa urpiua 4a.230.27 ijb4JU0.Tt t.lt7.3fls.15 NOTE: No provision hae bacn niada for Federal Taar, on (or Ute ats iaaalhs ended Juna Jtta. CVaUfArtr OP OrETlATIO N5 ANT PROFIT AND IXiSB-rU'KtluL'ri ACCOUXT.

PTX MONTH ENDED JUNB 3UTH, 1WI. I siS.0St.23 Coat of bales a41.feUU.23 GROSS OPERATINO PROrTT. W.WI.M 4tCi.570.43 NTT CrERATlNO Other Income Net FRIDUCY. AUO. 0.

1021 Call money loaned on the Stock Ex change at per eent. with no vari tlon from that rate during the day. Re newal were made on the same figure. which waa tha highest sine July 28. Time money wa firmer In tone, without appreciable change, to rate except that the Mi per cent, recently current for ninety-day loan wa ahortened to cover only th thirty-day period.

Commercial paper was quoted. at CffC per cenL. but the market waa so quiet that rates were to a large extent nominal, the firmness of call money continuing to hold Dullness In check. Bankers ac ceptancea were unchanged, but the call loan rate on that class of collateral wa advanced to per pane I Call lieana Thursday, Renewal. mru w.

ua. final. I Tan Vrri eonateral. t. 90 day 4.

5 and 6 876 AH Industrial rallateral. 90 to 90 daya.6W6e 4. 3 aad Caenroereial 4 months.L... 5 721 1 V. niviiiaa net rnoriT ayoaa.oe.

BA UA.Ni Krroflt ai4 lwHiir-phts. btmiabtr aiat, t9.997.S2 8I2e.2Ml.37 aO.OtiO.OO tXvtdaads Paid BALANCE PROFTT AND LOSS SL'Rl'LVS-JUNS avTH. 121... 346.250 S7 lH.c.ant RatM Federal aaarr ak Commerctal paper. 13 daya, 8H: 18 to 0 daya 6 IJbarty bead.

Vlotory notas and Treasury certificate of indebted- 13 day. 6: 18 to 90 Opea atark. Rates. WTQ HKRKBT CERTIFY that have i', audtied tha books of arcount and rword et 41 ttaxe. auotaa foe I A In.

that Bay, eevarlna' the six month, ended June and ead upon our examination and lafartuattoa obtainM. and subject to possible nJuaUMiit of in final liability tnr 1 zwm. it la our opttuoa th, ac04npaAy lrv, balance Sheet ia so drawn as ta ror-. tectly rafiert tb fuvaoclal poatlien 4 the 1'trepany. at the date named, and that the raiatlv, summary of Operalloas and 1 "rot it aad Loss-urpiu is cwrreet.

Youra ery truly. 4Stgnd KRN3T A ERNST. Publto Accountants and Auditor. Call loans esalaat S4 Irtm paiuiar, wnyima-n wigioie oy irXMral Re are lur ilaoamt at Bid. Asked.

TCMrut coax. m. Salge. aad lateral Fire biakiag prov.alor.a or ta nortgaf-a. pro ai for aocouct of Sinking lwnd will raoarred antU 3 P.

H. Aogaat 1. tstl. at tM offta-e of Ttoe Pvtieirlvania Company for Insurance Li-a aod Graatlo AJiaaUle. Truate.

for the aala ta at tu. It.waat prl" cot ascaedlng lul and aorued Intaraat. of a many boaJs aa 8i04C3.28 T.U1 purckaaa. AU tercr, should be ad-r to the nn4eris-ned. TH-B rtSNSYLVAXU "OVPANY fer Inauraneee oa Livae and Granting Ajuauluaa V.

817 Cheat nt rhfla-. Pa. far H. r. Tampia Coai ta.

i. 00 6 Jl da. 4 month months 6 Ka-ueniber aad private hank-era. eo-M a 8 We Leadea Markst, ui. ionaon market waa Xloney on unohanged at 14 per cent.

snort bill, were up at; 4 9-18 per three month bills up at cent. Gold bullion jorj th. London market up at Ilia 10d. Talcing th. British Mint', standard prtc of 85 shaiisg per fine enact th.

market quotation would repreaent a pric of 112 1-3 for gold at London. On th aame basis the big heat London, price for gold this year wa 118S. on; Jan. 3: the highest of th. period 11 oa Feb.

Itie. Cleartag Ueaa Kxenaages. Exchange of checika at the New York Oaring House. Sv42.300.C0O; balance. S5I.0C0.000.

Federal Reserve Bank's credit 844.400.000: clearing tha day a year a- 3711.4S0.4Od. a 12ul i IV 1- 10 14 4 83 12 H8 107VJ OH 94 10 434 107 bTJ4 7U 444 7 15 f44 4, 6 -ft 7H 43i i2n; 301! 531J C3! 12 6l s-y 6 2 103t 90' lO'a 71V 44i 25 i 794 33 46 lf.K 98 7Vt ova 18 110 110 17 4 11. 3t2V 04 1T, 2ilV 18 1 35 34 4 5T SO 23J4 15Vi I 4V4 Ui 8 40 42 21 73H 4 67 i5 40. liiia 22 24 1 1-3 7T 38 12V I 10 2V4 47 14 b7 9Vk 1 10V4 14V JO 23 4Va mi SIS 4 23 4T5a 4 14 22 82 x'a 2iS 66V5 9 19V4 19 27V4 49 r2 4H 21 Vi 63 77V4 25T fil 12T 1 90 1 19 3 02 87 lVi 44 73 40U 116 9H 63 2S 164 eo 1M 23 47 10H 2 2y SVi 99V4)l 4i 13 4314 1V4 70i It 100 lAdam Express 3(W lAiax Rubber 100 (Alaska Gold 4ii0 lAlnfka Juneau COO Allied Ch. Dye (4) WHl Allia-ChaJm.

(4) COO Am. Ag. Chemical. 100 Am. licet S.

pf. (8). 100 Am. Bosch 1,400 Am. Can loo Am.

Can pf. 1.0!0 Am. Car A Kdy. (12) 2O0 Am. Car A F.

pf. (7) 100 Am. Drug. 1C0 Am. Kxpresa 10O Am.

Hide 700 Am. Hide aL.pl... IOO Am. 1c (5) M0 Am." International Iu0 Am. Linseed 1.O0O Am.

Locomotive (fl) lhO Am. Safety 400 Am. Ship .700 Am. Smelt. Kef 100 Am.

Sm. K. Hrf) Am Snuff. (12) 3,100 Am. Sugar Kef.

(7). 200 Am. Husar R. pf. (7) WO Am.

Sum Tob. 1.8K Am. Tel. A Tel. 1.7U0 Am Tobacco (12...

200 1 Am. Tobacco pf. (6) 5.300 Am. Woolen (1). 100 Am, WrlL Paper pf 200 Am.

Zinc, Ij. 2.0O Anaconda Copper 2J0 I Assoc. Ury O. 100 Associated on (0) JAiO T. A S.

F. (8) 4il0 Do pf. (0) 400 At. Coast Line (7) 12.000 Oulf A W. 100 At, Oulf A V'.

1. pf 100 At Petroleum (j) 10O AusUn Nlch'a 100 I Auto Bale 11.100 IBaldwln FlrntJulgh 4 S7h 31 31V 4.300 IOO 100 7oo 200 100 200 100 100 IOO boo 100 800 euO loo 100 2.700 700 I'OO l.coo 4,40 400 200 800 2.100 2.0UO 9M 4,200 100 200 1.2O0 4M) S.900 200 20O 2O0 9)0 100 100 700 200 200 800 4.600 4.20 .1.900 eoo Lalt. A Do Df. (4) Barnsdall. Claa Beth.

Kteel (6). Do Class Do pf. (7) Do bf. (8) Booth Brooklyn R. T.

Do cfs. of Butte A Superior. Dutterick Co Caddo Cent. O. A R.

CaL-Facking Cal. Petroleum Cal. Pet. pf. Callahan Zlno Lead Canadian lac.

(10) Cent. Leather Cent. Leather Co. pf erro de 1'. Copper, Chandler Motor (o) Che.

A Ohio Chi. GL Western. ChL Ot Western pf Mil. at Kt- P. Mil.

A St. P.pf Chi. ft Aortnw a t) Chl I. A Pacific Do pf. Do Df.

Chile Copper Chino Copper Coca-Cola Colorado Southern. Do. 1st pf. (4) Columbia G. A E(6) Columbia Consolidated Cigar.

Do pf. (7) Consol. Gas Consolidated Textile Continental Candy Corn Prod. Ref. (f) cosden co.

(24). Crucible Kteel (4) Cub.Am. Sugar (2) Cuba Cane Do pf. (7) 200DeL A Hudson (9). 8 600 I Denver A Rio Or.

pf, ft 1 nora -oeu IOO Do pf. (3) 1.10O Endicott-John. (5) 600 Do pf. (7) 2.2O0 Erie 1.200 Do 1st pf 6.2u0 Fun. Flayer L.

(S) 1O0 IKtaher tsoay (10 900 Flsk Rubber 10O Gaston Wma. A Wig. lOeneral Aspnalt 2.t0 JGen. Electric (112). 0,100 lien- Motor 200 Gen.

Motor pf. (6 800 Goodrich (B. Co 100 Granby Cocaol. 4.900 Gt. Northern pf.

(7) 30O ore pr. (4 2O0 JOreene-Can. Cop. (2) ino tUuir States Steel. 1.700 Houston Oil 1.100 Hupp M.

Car (1) 200 HI. ex dlv. (7) bOOllndla. Kef In. (60c 400 (inspiration Copper ilnterborougb SOO inter.

Con. pr. 100 tint Harv. pf. 100 llr.L Harr.

pf- eoo Mer. 1.1C0 llnL M. M. pf. 2.200 InL Nickel 1.400 I inL Paper 11.700 llnvlncible Oil 400 Island Oil A 4tH4Jewel Tea jewel iea pi Katuia T.

K.eUy-8. T. rf. itennecoii copper 34 C5 S2 1J4 109 4i 117V4 11 33'H 83 37 71 102 8H14 43 1221 1K 23 37 30 84 8 234 2H 13 fa)S 12 V. 77V4 39 51 U3 98-i 8J 11? 75 21 114 61 Va 33 72 4k e.

5 e-'Hi, 27 48tt 6i 794 17 27V 42 f. 7V4 33V4 78 6544 lOVa 23 83 Vi 88 53 41A 88 15H M. C8V4 to 1H 11 27 V4 101 100 POO 200 30O (Keystone Tire A Low. l. 27V S2 12- IOO 4H 117V 11 ri4 S3 ia 7 37 71 1024 vJ7H 8SV4 90 704 22 8 37V4 30 98V4 7 85 24 V4 23 13 MS 12 is 78 39 SI 17V4 48V MVi IK'S 1.81 34 lW 7V 12S 27 90 80S 94 13TA 20 17 6S4a 118 104 63 32 17 7J 29 21 34 944 83, 11H rccZ 14 ti4 5 9U SO 23 414 lVa 11 "4 1VS 85 72 4H 114H 83 WV4 27 4S oc 7 27-, 42 67V4 3V4 7tJ 654 10V4 23 83 Vk "88 63 6fl 29v1 70 8814 Wlr 65Vi 28 o5vI lfl It 2TV4 101 IV 17V 8(1 94V4 133.

20 48V4 J8 118V4 10 S2V4 17 75 23 34 S4V4 83 45H 52Vi 10 80 29 19V4 13Vi 44 22 S0V4 S4V yc4 20 82 124 101 4H 117V4 11 fll R3 33H 24 V4 30 71 102 60 10.1V4 122V -5HJ 69S 22 8 39 30 9V4 8Hj 784 84 23 234 13 12 Til 70S 88 51 17H. 48 50 8(H 984 'ft 12V 27 HVi eivi 84 V4 72 44 113 82 4 25 47 65 7 17 2ffv4 40V oa 824 78 6fS lo4 224 33 88 63 a 88 87 18 10H 27V4 101 1V4 1TV, 3S 80 94 19W 89 9 IV 31 117V4 82 17 27 21 34 MV4 I0T4 Sar Laat 44 23 J0i t4U 30 0 30 27 i-2 124 -i 100 11714 11 55 HSU 21V4 83 7 3eu 102 07V, S8V4 49 lor-V4 12JV4 yo 70V4 21 8 30 30 984 84 79 84 23 23 -4 13 004 12V. 77'4 8(V r.i 17V4 4N'j 90 Vd 3S 11 7H 12V 2IV llV. 61V SVs 72 4S llSVi 33 61 26 4SV4 rot TV 17 27 41V4 i 824 78 85 V4 10H 22 33 88 53 29V4 70 88V4 Net. Chg- 1H V4 Vi is 1V4 "I 1 Closing.

Bid. I A.k. 43 I 41 21vti 1J4 37Vi 30i7 S4vk 62 81 4V4j in 11 51 54 22 83VH 4W 3nu i 71V I IOO 481 lovnuys 23 87 31V4 3 70 31 27 83 123 110 4 122 HV4 n2. f.i 33 2.V W4 7 37 71 lor. 67V4 bSt, 4.M 80 VOVi 22 7741 3'J 25) 97VW 93 78 NI 23 211M.I -r l'a -V, 4 1 67V 27 Vi 73 VI 102 V4 10 44 13V? 9 80 254 40 80'4 11 13 tA 18 I 27V 1 V4 "fc 1 V4 1 1V4 4 Vi 90 Va 1W4 23 8 34V4 84 V4 7vn 84 23 va 23 Va 174 it fAV Vi ii LtVi 76i oVi 6OV1J 15j 4 50 Vi 12ij 15V4 H- 1 5 "1 Va 134 77 MVi IS iJ 91V4 IOO 4 11V4 8 12V4 2H 11 82 -B5 74 4Vi 114 0 50 1 1 iiT r- 1 Is 2 PS 7 1 a 2 Va 1 1 PS 1 36 60 94 13 I 9 civl 119 30 65 82 17 73 27 21 34 82 11 2 33 3 11 73 102 1W 45 13 51 2 10 SO 25 40 8C li 13 i 99 3 10l 27 10 61 84 70J 4.

1113 33Vj 63 25 48 WV4 7i 17 20 41 OO Mi 823 75 64 10 22 83 3T 01 56 28 67 8S 15, 15 1-121. I Iig in I Low. TTTVJ 291a 17 21 JOT II 12 1 84, 1,4130 1 1 I I Slock and liiTiaend late. li7 118 9 93 24 15 14 8 23 43 C6 2." 6.1 74 r4 39 23 33 C2 88 Li' 4 148 81 1 64 114 60 41 79 YJ 4i4 17 67 CI 4. 33 77 6.1 8IV4 Hi 16 94 110 51 80 6d 1W) 97 30 i 3 I 03 87 10 22 9 2 ia 33 44 14 2T.

13T 9 4 64 39 74 174 27 41 oo 32 76 no 14 23 83V4 0 66 4H 29 71 90 27 pa 16 10 1 100 1 S3 5liV4 93j 13 1 1 48 88; IF 1 81 llo 10t 64 32 16 73 18 IS 271, 102 la 40 69 19 48 9 1 10 67 32 20 28 211 23 32 C2 19 92 11 8 11 73 100 9, 43 13 2 29 f0 18' 13 83 64 11 94 3 84 US 74 V4 101 10 46 13 61 8 2 10 32 25 40 81 19 LT 20 7 2S 68 101 103 24 60 75 197 110 37 46 93 10 latl 80 91 13 23 123 63 84 106 207 62 7 27 74 79 3.1 8'5 112 41 102 5 24 70 49 11 19V 44 17 47 10 20 20 88 54 81 V4 87 79 9 39 27 49 27 81 35 70 S2 33 60 84 23 Si 67 16 13 28 V4 62 24 12 60 24 54 67 19 11 60 38 18 4JV4 40 10 19 27 28 5 62 1 82 67 35 42 67 124 105 21 26 43 29 16 10 4,1 78 17 111 62 19 52 95 48 iS 48 41 47 26 70 45 2. 67 70 7 14 22 61 41 7Vj 13V? 29 31 ri 88 1'X) lack. Steel TOO (Lee Rubber A T. (2) iho jUAhign Valley (3h, 1.2'H (Loews, Inc. .1.

1,100 I Loft. Inc. (1!) 300 300 I Do pf. (7 j.I. 400 iLouls.

A Nsh. (7) 3iK) Market SL Ry.pr.pf. Cuo Maxwell Motors 1st I pf. c. of d.l JtKi ay uc-pt.

h. 20.5jO (Mexican Pet (12). 200 iMlarai Copper (U) Ptmt.i Mltlule S. Oil (tl-00 MlilvaH Stel Minn. St.

new Kan. Ai Pacific Mo. Pacific bf -Montana Power (3). Montgomery I Suit. 6.400 1.21K 2O0 40 1.200 100 100 nx (Nat, Cloak 200 Nat.

Knam. A S. tl) 1.4tiU lNev.1 Con. Copper 10O Tex. A M.

ttt) n. 1 central (5) N. C. 81. U(3 DO 1st pr.

15) N. V. Dock (2) N. N. II.

A Hart N. 1 Bhlpbldg. (4). Norfolk A West. (7) North American (5).

fc Nunnally Co. Ok la. Prod. A Otis Klevator OUs Klevator pf. (6) Otis Steel .1 Otis Steel pf.

Owens Bottle i'ac. 1 Development. Pac. Gas A Klec. (0) 3,900 1(K) 1(H) 100 1.800 10O 100 100 13.000 400 700 4(X) 100 2(H) 100 600 100 200 9.400 S.0OO 7tN) IOO B.WH) 2.300 600 100 2 20O f.w) ICO 2.2tO 2.21X) 800 6X lfXI 800 600 800 10 Pacific Oil (1V4 Pan Am.

P. A 3'Hs 27 62 6V! 119 11 0 I 150 (150'i 110 83 Low. r- 1 100 40t 4.910 200 100 1.300 600 400 100 1,600 200 600 400 200 600 400 100 6,400 100 8.700 IOO 2.O0O 200 IOO eoo 600 100 200 21.000 300 100 17.100 8.200 2.000 1.900 100 8.700 1,800 2,600 100 200 8.700 SCO 1.4CO 200 700 8. eoo 7oO 8,000 800 21.1 00 SCO COO 800 ICO 200 1.600 90 2 2.800 O0 lt'4) 600 l.Wfl 500 1,100 10O ZOO Do Class (6). Panhdle P.A R.pf(S) enn; it k.

1 2 Penn Seab. Steel People's Gat. I'ere PereiMaro. pr.pf.(5) "ere Marquette, pf Philadelphia Co. (3) r-nnin-Pona PhiUlps-J.

pf. (7) Phillips Petroleum i lerce-Arrow Plerce-Arrow pf Pierce Oil ttsbureh Coal (3) il-ltta. Pond Cr. Coal (1) Pressed 6L Car 8) Pullman Co. Punta Alegre Sugar.

Pur Oil (2) Railroad Sec IllCcn. stock ctfa. (4). Ry. Steel Spring (8) liana Mine (3.41) Kay Consol.

Copper. Heading t4) Do 2d pf. (2 Reploglo Steel Republic I. A Steel Republic Motor T. R.

D. K. Y.Sh.(5.20 St. Joseph Lead (1) St. Louis-San Fran Do cf St.

Loul Southwest. Do cf Seaboard Air (Sears. It buck A Co. Seneca Copper Shattuck-Arlsona Sinclair Consol. Oil.

Sloss-Shef. S.A I. Co. Southern Pacific (6) S. Porto Rico Sugar! Southern Railway.

Do pf. Stand. Oil of CaL(4 Stand. Oil hf. J.

(5 Do pf. (7 War. Speed. (2) btromDera Studebaker Co. (7) Submarine Boat Superior Oil Texas Co.

13) Texa A T. ft P. Coal A (Tobacco prod. (). io nr.

i7i Transcontinental Oil Union Oil Union Paeifio (10). jlo pr. 4) United Alloy I 2' United Drug (8) I UniUd Fruit 103 in. net. stores (0) V.

B. Expre.s V. B. Food Product, U. 8.

Ind. Alco. 8) U. ri. Realty A Imo U.

H. Rubber U. B. R. A M.

U. Steel U. R. Steel pf. Utah Copper vanadium corp.

Va. Iron. A 7 v. vivauaou Wabash Wabash pf. Western Pacific West.

Pac. pf. Westing. E. A M.

(4) Wheeling A L. E. Whel. A 1 E. rf White Motor White Oil Wilson A Co.

Willys-Overland worth. Pumn WriEht Aero. (2oc). 94 30 99 101 2 4- 1 29; 20V, 35 8 1 1 3 15 Dividend rates a given In the abov table are th annual baaed on quartrly or half yearly deeUraUon. Unless otherwise noted, extra or apcclal dividend are sot tnd ded.

1 12 36 IF 20 46 9 29 ev. TOPICS IN WALL STREET. A Mark, of PvafeaalaaaJa." Trading en th Kew Tork Stock Ki change continued yesterday to be pro- fesiilonal in character, with very little bueioes transacted for public account. The trader, according to the general opinion on th. Ftotk Exihang thought It useiea to mark up prioeJ stralnst themaelvea.

and aa a reeult the raa ailing which ha bevom noticed during th. last few days waa contlnuad. 1111 war shares again led the reaction, natural development in view of the fact that the, etock advanced moat On tb. recent recovery. Ceppe 8taks Sell Off.

For some time- past there ha been little chang In price of th leading copper shares in view of th. stagnation in metal Industry. Moat trader expected little from the share, a had generally been believed that tne tocks had discounted all that could expected in th way of bad nwa. and no recovery waa looKea tor priom demand Xor th metal showed consider able Improvement however, th. antir group vi weak aa a result of th.

derUne In the pric cf copper metal to! 11 cent a pound on th ew York Metal Exchange on Thuraoay Amartcan Smelters lost IVa point. Ana conda 14. Utah Copper Kenneoott Ti. Chile and Chino a Maw Vift Battla Cold I Xftf Our recent large Imports of gold from Sweden. Switzerland and Holland.

which have been aupectd to Include Ruralan 'gold shipped to those countries and melted up for export purpose, have ratoed trie question how much more Is left in the re.orves seised by the Soviet from th old Ruaslan UovrrnmenL Banker find It difficult to malt an Ornate. (When th. war broke out, Ibo gold In th Bank of Russia, according to it official report, amounted In American value to 8800.000. MH. Jn Oc- tcber.

1917. Juat before the Bolshevist revolution, the Bank of Rusla reported 647.000.000. Not all of this remained In th. hands of th. Soviet, however, for very large part of that reserve.

shipped by the Bolshevist Government to Siberia. I was captured by Kolchak amnjr. The amount thus elsd waa estimated in the cables at 20,000. 000. but that was probably an exaggeration.

No one know Just wnat Decaine cr tnis KolAak holding, etcept that llO.OOO.COO of it was deposited at Hongkong as security for an English and American loan which wa used to procure war material for 'the KolchsJc army. It Is impossible to say how much of the Soviet gold baa been shipped out of Russia sine, that tlm. During th pret-ent year our receipt of gold from Holland. Sweden and Switzerland have amounted to about $70,000,000. and It la nown that other amount have-been shipped to England and other European market.

1 a.a Liberty Advaaee. Then DeWlae, A peculiar action In Liberty 8 per cent, bonds, in which they ran up almost a full point, only to drop back and to exhibit a net losa on th day, attracted attention in pie bond market yesterday. The laaue op'ened the day at 88.28. up .02 and then sold up to 88.98. Thla gain wa all lot, however.

In subaeouent sales. It was reported that on. good-lsed order came to market and that after It wa mtecuted. both th buying and selling order were email. 1 1 naOlwsy Oatteek far Joly.

There I littl. doubt that rail earn-in for July will prove to b. a fairly accurat. Index of the extent of crop movement and other local condition, which prevailed during1 the month. The Buffalo.

Rochester A Pittsburgh Railway Company, for Instance, on of the first companies to report for July, showed earnlnga of $1,127,579. a decrease of (957.884. a compared with the same month in 1920. Several trafflo executive, believe that aom. of th transcontinental line will have a good chanc.

to ahow steady earning statement In spite of reports of curtailed freight movements in various part, or the country. United Pnr at New Law Reewrd. United Drug stock broke to a new low record for the year yesterday, the bot tom pric being 62. Selling in this stock haa been going on despite the statement Issued recently by Loul K. Liggett In which he pointed out Ltat th financial poaltloo of th company sound and that th.

curront soiling price of the stock was unwarranted. Wall Street trader, however, evidently failed to tak. th. statement seriously aa the stock oontinued it decline. What the speculators appear to be Interested In is what la to bacom of th atock which la owned by Mr.

Lgctt. With uch a load overhanging the market; they point, little could be expected In th. wajr of a recovery. DYE DISPUTE BELAYS FIHAL TARIFF ACTI01I Controversy Over Emb8.rp Puts jCommitteo's Decision Farther Away Than Evtr. DISCUSS CH0ATE LOBBY FtE P.nree.'Say Nightmare About WhatOerman WIIJ Do to i Doft't Affect Him In Lit.

flusrt t-1v Mi vmort In tr.V o.i a extrin 1 eilra i' LasTeTuaxtnc Nerthem Favnlfle. The growing popularity railroad aecurltlea 1 reflected In the Investiga tion, Juat completed, of the Ibit pf the Northern Paciflo Company. Thl report show that there are 37,000 bondholders, and 88.000 stockholder, making a total of 73,000 Investors In all classes of Northern Paciflo Counting the 30,000 employe of th road th statement show total of 103.000 per- son and institution Interested In on. way or another in thl Jllll road. A)tet Tnsat Report Wednesday.

On Wednesday cf next week, th. United State. Steel Corporation will issue ita statement ef unfilled order, aa of July SL No estimate war obtain able yesterday aa to what th company may ahow. but according to in the financial district th. decrease la not expected to be a large as that re ported for June.

In that month a decline of 864,619 ton. waa reported, bringing unfilled tonnage down to 8,117.8 ton. aa of Jun 80. Tha jytraUa Cat. No new development were met with locally yeaterday on th Pennsylvania Company caa.

aa to what policy la to b. adopted following the ruling of th. Labor Board that a naw election mast be held to chooe representative, with which the management might confer on rule and working condition. Report restarday that th official wer hold-1 lng conference with various classes of employe couia not confirmed, and as far aa couia learned no tn eatings nav. Been netu.

a lariaalbla OlL- A and mysterlou drop In In vincible Oil. which droY. It from 9 down to 6, waa axplaiced about th. Street yeaterday as a probable affect of the liquidation ef th. estate of on of the stockholder who recently died.

Th. stock cam. back aharply near tr cloae. and front th. low point of recovered to 8.

cloalng th day 1 point off. Officials of the corporation said that they wer certain tiiat ther. wa nothing about th affair of th corporation which should cau. such a burst of liquidation. WASHINGTON.

Aug. by th. Sepal Finance Commltte on the Fordney Tariff bill appeared night to be farther away tlisn at ny time elnc th measure wa turned over to it tw-i week. (r. There were n.

sign thaf; Ue committee would be 4 for aoToeiis) to enter Into extM-uflv. consideration of the two phases cf the bill American valuatiyi and the dye embargo so no leriri( have been held of study given '(, rate nd othor pnivUlona. Indication that Senators will figure oi production co.ta and profit and a multitude of other details of Un dye and chemical developed t. day. LaT'olitle, Itepubllcani of Wlconln, announced that he had prepared a ltt of question, covering such subjects, i'nd propox( to propound 10 ail t'i his efforts 1 the suppoH of half a down othrr rnern- birs.

among ttiem Senator Watson, e- publlcaA. Indian, i Chairman t'enro-o had planned enrly in the wee to ix-gin executlv aesnU-n, neat Thurkday. The dye embargo controversy. has devaicpad much dlsctiaelon that It wa said (h testimony probably will nut be rUro- pleteJ by that time, Th. uLIKt ha brought letters tron Secratartra Week ar.d IjJy, It announced, although th letter have hot been made public They are indrst.od, however.

j0 xprs th. keen Interei-t of th War and Is th matter from th standpulnt of na tional defense. I The eommlitr t(dy heard Joseph. R. ChoaU for the nl chemical lrtrer, as king an embargn.

end. In ad-lltivn to outers. Oranvlile ii. r'arland ef liustoii. atxt nay tor ta Amoakeaa Mill of f-iew llanioahlr.

1.4 pok in to SJiy form of an embargo. Antagoijn between th waa aluwo fioquanUy Uuili.g U. Air. (Tioate uryea in commute to aia- bargo dye. and cnmiKal, In th next tar 11 law as the jniy means of e.ul-llehlnr nnariently American cal Industry.

Tli I'nited latale a HI ai for dd hu other opikn tunity to tulil up an of value tu Its riu aaety, nd prosperilx. Int'-prdant of te world, Mr. Choata ai1. Without puctx al ad lad. th, could not It lirf once thu lentatl'M of th Uerinan are ar fastened ijjhjm th Anirirn Let in aay tnoae norrinie uiiiii- mirri abwt't hIi.I th O.rtnau.

ar uv lur to to us dfu't affe ui, in Uiw least," Chairman rnnrM said. Tb.y )ut roll i err of t-ie wiuioui Mr. Ch iati said a admired tl Cllr rriurt a courage. The Ahierlcsn Institute brought Irilo tli. tliwusslon aad one a its slAM iiioni 01 pendlturc covrlr.g in of legislation was ra l.

benatur Hm-M IteDubllcaSi. Cf wImi read Itte stai niait. expiainad that It at. owed exprt.t-u of $104.14) for lobbying-. and Iuk; Mr.

cnoate na ren paid mora OOO for service, laat rear. 11. A. Met, a di manufacturer aid Importer. -uf Newt Turk, wa 1 th tat4 to sub.nt a ut nwnta on members of tb institute.

I- thnuth onposed to an embargo, to vKi the Institute la ammlttd. Mr. MH praised tlve organ) sat'on for havli.g duo tnucn guod worn. I regret, liowever," added, "that 75 per ti-fit. of th assessments wti4 used to 1 ay Mr.

and Judg Civ- Ingtoii ijovington, former I'U-Irict of Colombia: Juuge). It ha Informed a' good servlei In mar.y rasai. Of rour it has U-en and 1 think thl I one of them. y' A bill to extend tlie emergency ttr1I law1 schedule two month, to 1922, wa Intromited today by Hr.h-tf Gooding, llepiibll. sn.

ef Idaho. to prevent any hiatus between the e'ner-geucy measure and bew tariff till, SUGAR DiVIDcfiD ManiM Company Unwilling to crotch Upa.i Ita Surplus. Th Director Cf th Mar.atl, S'itV Company yetr(lay passed the quaitart JIvider.d On the Common stock. Tt.fH montlu ago th. any tleclsjed a pf-metit cif 2 per Manuel IJoaJ, "treasurer if the company, folio Ing'ili meeting, Ljud a statement in v.

lieu aald it Is not pouelbl now to eatlra! "jf earning fpr the present fls al 1 view cf Ui fact tfiJit a ixt uo prt tf crop Is still unsold. It I however, tjt earnings apllcabls for ts, common stock vlll ex-eed tbe amount tll.iden.1 aireaiiy pnl i in th coinm In these clrcum.tan.'ra and In view ef lit desirability of conserving surplus of iM coiiiiMtny, th Irlrntors do not beUeV. tttat th etirplua aiiould ancroa2i'4 uoon at till, tirri by paiinent cf additional civliends for tlda fiscal on the common stock." MORE GOLD Of. THE WAY; National City Bank and Kuhn, Ul 4L Co. Announce Conlanmrtt.

Announcement was mado yesterJ) two bank- of consignments of gold. rout from Kurope. The National CM Bank ha In gold on th "r- of which 1130.000 I from th. Cunarder Brengarta. and.

from Australia. Kuhn, Ijrjeb A been advised that they have il.eM- gold coming from l.ngland. slill''' thw Laplaj.i. and. $3.3,000 on tb U.ff Tli Unite, 1 Fruiter Turrialba rived from with averiten lr of gold for lb Corrimerctnl Itank r'paruh-Amerl and fvrt-flv bai William hll A Co.

The TurrW also had oti case and piatuj ia for th. Cquitabl Truat Conpacy, BARNSDALL PROFITS, i Net From Operation, for 81 Monlv CIv-n at $1,282,270. The narnsdall Corporation rrporU i peraUng profit of 1.223.278 for the ended June to, despite th bf In mid-oontlnent crud oil from $-M 0 $1 a baml. After all charges If nlelAM MwnnmMM InOUrtW In drilling." amortisation of bond reduction cf Inventory, there waa loes Oil. '-if Robert 1jw rrlflnt or paay, says In hi remark to era.

th refinery is being operated at par cent. tf capacity and market'1'. Profit bl prloe about 89 per cetit- the refined, product. Exchang. Money Hour Chano-Announcement waa mad ester Jar Secretary Cox of the New Tork Zxchang that the money clerk wou not accept order for borrowing or lng money later bhan 20 P.

Th present closing hour Is 3 P. -tne chart, waa mad for th tt tiiat prat Ural ly all firrr. bav of their for Uta () 2 0. 4 Ir rt It t) e. I th at a.

e.r x. fr. t-L,.