The New York Times from New York, New York • Page 13

FINANCIAL. THE NEW YORK TIMES, SATURDAY. AUGUST 1921. FINANCIAL. 13 1 bcut rtlon on over able Uiv rule! ition 1nj land ofU th to-V.

of pr- iiirb hem hu. tern- Jt- wlr loos th om- cm rti not x4. rst I l4t G0Y.HARDI11GDE1IIES jllFL0EG PRICES TI!" Commrtte Reserve Board VcHcy in 1919-20 Was Solely Save 0ur Banking System. UTILITY BONDS i 300,000 of Middle Witt luui to Ylold Ui'Per Conti IIalay. Stuart at Co.

and A. 73. Leach Co. ar offering- $1,300,000 Middle! West Utilities Company 8 per ceit. secured cold note.

do July 1. 1941. at and Interest, to yield 84 per cent. Thej company ts one the largest public fetlllty opera tori In the Urdted States, It sub-aJdiarle serving- 607 Communities a fifteen State. Th note are Mcurrd b)' if rotDrD TO MEET BREAK of mortr bond of owwd or fREPAntU I IVItt I BKt-Aj ompaol In the ratio of i of uch bonds for each $100 note Issued.

Eaminga tha comnanv for th i4relv livs Hit Administration Did Not montha ended June SO. 121. showed a Drl. 1 rt balance 'f $2,642,034 available for DfUt Cotton Prices, but Urgsc wrt char. of on out- Ll.httr.Ina of Load A of.

C. Reserve standing- 8 per cent, notes and all 0 per cent, bonds and 1 i i Accoromj to dispatches from Akron. I tfrfc flood) ear Tire end Rubber Company i la offering inr T)FfrnM atAi, WASHINGTON. A-f- Reserve its flnan-in- plan recently con-ummat- poJlctes of il nl JKfO were ea at 5 share. The stock carries iZwulated solely to prevent the coun- JeIM.v dJvMenda et the rate of 8 per fermuiaiCT 5 cent, per annum cumulative from Jaru- W-t banking system from collapse mry.

1W1 paJ4b, January. .1921. and rt successful tn their object. Gov- quarterly thereafter. The amount; to be Hardin- of the Reserre Board issued has not been i Announcement waa m.H S20 COUNTERFEIT TP I TAP 01 TirjT, TmVTI New Bogus, Federal Reserve Note So Well Done It Might Deceive Experts.

BRITISH PRICE DROP $179,402 NICKEL EARNINGS. SEEMS TO BE HALTING International's. Report for Second Quarter Is Issued, London Economists Index Number fcr July Only 12 Points Below That for lane. SILK THREADS AIQJN FRAUD Missing Comma and Defective Pic i ture of Cleveland the Prln-' i clpal Differences. Cafate te TBI N'sw Toas; Timbs.

LON'DON. Au. 5. Only sllalit ch.nye la recordeI tn The Economist's Index number ofr Julr. the total belns lower than June by only 12! points.

The fig-' urea for July are: Cereals and nwat i other food products sugar. 707H TtxOies fS, Mineral .1..: fS7 Mlsceiianeous (rubber, tinker, oils. Sr.hfOO Total Percntasa chanca, 218.1'. ared touay In closln. a two jOT.

JSSSX befur Jlt terniK.rnry Joats by Worcester. Maas.J To questioners ne repeated and rain a declaration that tne oar4 bad not souffbt to Influence prices. af-Jier bp or Avra. buhsd prepared to "srt a price break that was world wide id rt to maintain and expand credit Jjoes. Tbers was a bare possIbUity.

he said, jfcat If In th Brve Board hd niaed national rediscount rates "the ruasasy lo prices mlrht have been (backed, and the result inlxht have been iUtr," but he mentioned needs or ln 9 r.d maturing-Oct. per cent. 1 i BROKERAGE FIRM Hugh J. Dimond Co. Make Assignment for Creditors, 1 Sprdrtl fo TAe Tori niui.

i BOSTOX. Aur. jj Dimond at members of the JfeV Torljr and Boston Stock Exchanges, made a ren-eral Mrlg-nment today to Daniel financing as InHuential in or wh serve as trustee to cnmg th. eoorse actually taken. "XTt.teonce-m.nr the Unn.Uon me ii rm wjii te made soon ir.

sn4 LIS ti an two Lbe m-at rnl- iU4 nal a-id. ln-the are iit- uie ley Jr- ras raJ ot, md to Allen et r- ts- ff 2:.. tor id r- ar if bs La He y. 3 Of ft. ie re id iy ir Jlpreeolatlve Sumner.

Democrat, of Texas, suggested that the word mlg-ht hare gone out" from the board to bankers to be fearful of prices, but Governor Kardlrg said that nothing had bsen done Inconsistent with hi state- sseat. "It waisn't a good time be talking too much In 132y." be remarked, but raa be bolder now." Ks made a suggestion that the cora-Blssioa might consider the utility of fb Farm Loan Boards as a means of short-term credits to farmers, for nine and tw tire-month periods, tot said he would make no detailed rec-scHBcDda Uon. "All over the country we find that and livestock interests fet-1 Dvrf ced more credit fsclllties." he nil. and want something to make IkrriMlvfi independent of banks. The farmer's credit horizon Is necessarily United and JocaL Any man.

hesftatea bout getting the Government in buai-sess. and we can't use the reserve sys tem for that, because its fund are es-saedally reserve funds, but I consider tsert is a possibility that the Farm Loan axks might be extended to meet the teed. The question needs study." Peaie fsttu Frtre Deflation. Gerernor Harding denied that hia aJ-silrist ration of Kesere Bank policies tki deflated cotton prices. As th cotton surplus began to sp-fttr." be said, I tried to go as far as I could In my official position to mks the situation dear.

I wrote a series of letters to J. S. Wanamaker. the efflcial head -of the American Cotton As-sodatloa. giving- him my views as plainly as I could.

Ha put th correspondence before the eMnmlttee, declaring' that' he had "urged producers to sell at least a part, tee crop, and lighten the load," and ltd worked to get extort credit ma- enlnry eo'ablished. "Th situation called for silence." he Everything humanly possible cone by the Federal boa id to help the situation out." emphasized hia present belief that cotton prices were stabilized, with a snort crop in prospect, and that prices eouM be relied upon completely for all credit operations. The efcb and flow of monetary credits through the Federal Reserve system was 4smbed by Governor Harding'. Wt hare twelve reservoirs of money la th Reserx he said. and can put a pipe line from one to another of them when, needs become too frtet for local money supply, si way as accountant have examined tHe booVa.

ix. is sa'd the business of the flrn was comparatlvelv small and Its Stock Ex-rhanre liabilities are adequatelr secured. A arradus! Impairment of-the worklnr espltai la aiven as the icause of the difficulties of the company! The firm wss formed in Its members are Huch J. Dimond. i formerly connected with a Boston bsnklnc-i firm.

and John C. Bills formerly sin at- lurnci. .1 Announcement was made rostrum of the New York change yesterday of the Inablli tiiuu uimond Co. to meet front the Stoctf Et- tr of their ohllratlons. The flrnVs main office wss in Boston and most of the New! York ousiness was done by local houses I.R.T.GETS NOTES EXTENSION I Permitted to Set Back Maturity Oafi Th Interborough Rapid TransitjConi piny received permission yesterday from the Transit Commission to erxtend the date of maturity to Sept.

t. 19C2. of T.0.4 7 pr cent, gold notes issued to obtain money for new rapid I transit lines, and to Increase the rate of in terest to 8 per cent. Tho company akd for an extension of two years, but this was rerutea. i in trrsfting- an extension.

Chairman McAnny of the -commission said:) Wlthoit any commitment aa toiwhat Its ultimate conclusions may be or! what the reorra fixation plan contemplated by the recent transit legislation, the i com mission believes that such an extension as asked would" irmit of the orderly (worklr.ic out of such a plan and not complicate an already complicated sit Mr. McAneny said the Increase in the interest iat was necessary ir an ex tension of time was to be obtained SEEK-FUND TO AID RUSSlAi Various Labor Organizations to Try to Raise $25,000,000. To plan a $25,000,000 relief fund j'r the famine sufferers of Russia! representatives of the Centre! Traded and Labor Council, the Amalgamated; Clothing- Workers, the United Hebrew Trades, the Cloth Hat Makers Vnlon and several other labor organizations conducted an open discussion yesterday at 41 Union Square, It was decided to try tfli rent a theatre that delegates representing l7ni? labor organizations mlsht hold meeting's and Aevise ways and means to ralM such a fund. tanemberina- that the loans come in and i Sneakers vesterday told of the necea- ars secured by local member bank. sltv of aidlns the Russian sufferers.

"Tb Federal Reserve Board can out-j nd said many other funds of the Bxn a credit policy, but It is very diffi- amount suggested had been raised, i It alt enforce it because cf this men- I wa, B.id that if the Joint Distribution Wr bank orooosltlon. Ther are r.O.OOO rr.mmltte could raise JiO.OOO.OOO. th them, and they take the responsibility 5n.o(f.utW they were asking should be me ursi insxance. easy to get. i I i ver, while others, in credit stringency.

into the Federal Reserve Bank and Jjt widely, even danireroualy extended. That was why we had to establish the fjrreaalY rate, to penalize the heavl- borrowers, but we hope we'll never to put progressive rate in effect MISCELLANEOUS aWlatlsa lKt rrle Break. ipot A awttait 'Tber a prvaiUnc imprea4on that tt braak. in general prices during- 1920 -mm su jo live restriction ot creon. ana Lvciitr tb Reserve board waa responsible tht restriction." Bepreaentative stills.

publican of New Tork. said. Ther 1 nothing In It." Governor Hpliai replied. Our effort were de yd fa 1S20 to prevenUng a collapse of ur banking system. It Isn't our duty to enhance or re-sure prices, but credit ia baaed on and In 1820 we had roost slgnlfi-cf "ma that a break was coming." at rnti think mnnlit hiv.

ha you had not adopted a restric-noB PoikyT" asked Seuator Lenroot. PUlcaa. of lsconsln. Xou can tell what happened In Governor Harding- replied. would have come collapse, ag FnIl by bankina- Insolvency." cPPOae the board had restricted "snator Lenroot said.

"Would ris in prices hav been ioat probable." Governor Hardinr T-'- 14 frank with you. Had WT rates been put up earlier the rnnvX movement price and spec-JJttor. might av been ch-cked. And nimrvt bettr." bumner sugreated that ward had been passed out from Reserve bank." during U19 and teillng banker to beware ot price C4yerJt on farm products parti cu- Nothing went out from the Reaerv r1 hat Is Inconsistent with my kfu-'" Governor Harding- replied. yjr1 1 you to understand that In Jr58 tschrology country banker de-to loan want to retain frlend-li' th customer if can.

No iJ" Rta to make a personal enemy. the buck and saya Reaerv Rank has called in all loans 5c? lend. That lets Mm out. i that widespread aenUment Harding insisted It had not rT.VV 'or th Reaerve I-toar-1. to reduc price or to pread Tai thev were going- fall.

vt know the pressure -whl'-h JZ: to Isaue general stat- wT Harding said. but on unless silence would id matter worse." isrrAL MARKET REPORT. sTT rt wrs uoM mm tb local Metal TrSay. Thursday. H.

Aska4. Ttld. Ask-. tT1 4. SO 4 TO 4.S0 EVx?" J1.0O 52.

og Jl.no 22.0O re coeaar waa nunul at 1 ra Ul Eccbart. aota.ii Taetarday. fw --rmm Tura4y. a. o- TO TO JJ 13 jn a is COTTONSEED.OIlJ mi.

eottonaeed oil market was lrrtUlar. "Preous High. Low. Close. Close.

s.w it sales 8.HO K.7 .7 80 8.84 8.TS sales 8.47 8.40 8.31 8.41 No sales sales 500. COFFEE. Tb eofft market closed 4fi7 points nat lower. Prev. Last H-irh.

Low. Clo. CloseJYear. .55 S.55 S.59 .5 ...7 U5 7.00 J.00 7.S. 7.f7 7.WV ...7.78 7.75 SUGAR.

Tb raw sugar market closed 63 points Low. Cloa. Cios. Kombar 8 27 57 S.S1 rtMunbar .3.11 3 S.Wt i IS Closing cia. January Februsry March Total sales.

I'rc. March May July S.72 8.K2 8.5ft i 8.47 8 49 8.V5 8.58 i i I T.nr, 7.4a i 7.82 T-75 i i 8.81 S.ii:; 8.31 8.1 8.B4 s.oo t.o:s 8. Of. Watch out for countertTeit $20 Federal Reserve notes. Many of them have been found In circulation In this city and the ederaj Kcnerve JUank has issued a warning-, savins Jt the counterfeit is customed to hand ling- money." Deacrlp- tlons the counterfeits have been posted In bank throughout the city Th Trc-anury Department describes th counterfeit In detail aa follows On the Federal Reserve Bank Of New York: check letter face plate No, 179; D.

K. Houston. Secretary of th Treasury: John Burke. Treasurer 'This nuntrfpft ia nia ri-nt 1 vrrin teni rrom pnete-etcned plates, retouched witn a graver, on two pieces of paper, wltli silk threads distributed between them. At first glance this counterfeit might be laKen for a too heavily printed genuine, but an examination of the portrait of Cleveland should determine it character.

The lines in the faca of the portrait are too deep. The nose In the counterfeit is pointed instead nicely rounded, aa in the genuine. The lapel and collar of the coat are clearly defined by thin white lines in the genuine; these lines are missing; In the counter-felt, and the only Indication of the collar and lapel are more or lee indistinct Mark lines. "IThe whole portrait has a flat appearance due to the absence of the Urnt and ahada effects of the genuine, which bring the portrait out into relief against thej background. The small lettering In Uie) tltlea Secretary of the Tressury and Treasurer cf the United States is poorly executed.

Th numbering and sesl are excellent, both as to color and workmanship. The back of counterfeit Is a darker shade of green than the genuine. It bears plate number 21(2, to be found immediately under the in Dollar in th lower centra of note. "IThere are many differences to be. found on the back of the counterfeit from that of th genuine, but a glass must bo used to discover them.

To Illustrate, the comma after the word tax oa tn the second line of the lettering- In the panel, lower centre of note, is inlssinc. This is also true of the period after the word duts in the same line of the same panel, i There are also a number of clearly defined diaa-onal lines running- through the smoke from the destroyer immediately over the tall building in the background of the picture in the counterfeit which do not appear in the genuine. Care Vhould bei exercised in handling $20 bills of this description, as the counterfeit is calculated to deceive even those accustomed to handling- money." The following tables show th index cumber for th Jast ten months and for Aug. 1 by years back to 3011: Aur. I.

1021 4.7IwiAiiy. t. July June May Apr. Mar. lust 4 1521.

l.J'i'-'l.. IXc. 1. Apr. 1.

IfWO. Aug. Aug. Au Aug. Aur.

Auia. 1918 e.4V) 1H18 8.129 117 1918 4.S04 1P15 8.2M 1814. 1. 1913 4tt 1. 8.3.-.'IAll.

1. 1811.. ...2.493 Highest for the perlo. Comparison of Individual Item follow: Aug. 1.

July 1. Au. 1 1W1. Cereals and Other food 707. 5 Titllti WIS 5 Minerals Miscellaneous T7 11.

1.174.6 i73.3 orn.o 1.023.5 1S20. 1.409 934 t.S4 1.308 1.041 4,810 0 7,878 COMMODITY: PRICES. Another Advance in Cask Cotton Copper Declines to New Low for Year Grains Unchanged, With th exception of ya.noth.er decline in th prlo of spot copper and an ad vanoe In cotton, there waa very little change 1n the cash commodity yesterday. pot cotton grained another SO points, and is now quoted at 13.4 cents a pound, as compared with a low of 10.85 for the year, reached on Jun20. Copper lost another of a oent and sold down to th lowest lev! for th year.

In fact yesterday's Quotations were th lowest since October. 1914. Following- axe the caah price for the principal commodities In the wholesale market aU. the clone of business 5. a week before and a year ag-o: COPPER LOWEST IN 7 YEARS.

Auk. 5, July 9, Aug. 8, 1WS1. 1021. 1920.

11.34 ll.S,"i iz.ua 1.71 .52 1 .00 10.00 18.75 .064 .06 31.00 .4311 .654 6'i 10.X X)7jV Soot Declines to 11.37 14 After Peak 'Tin i OT j.ou wuring war. FOODPTCr'FS Wheat. No. 2 red Corn, No. 2 Oata.

No. 2 Hour, patent Cori.e, o. 7 Klo Sujtr, granulated Butter, cream. 62 score Kse: fresh rathered (irats. per dozen I.ard.

Mid. 12.85 12.75 I'or. j. .24.1 T0 i Beef, family 15.50 18.00 MCTALS- Iron. 2X.

ltilladelphla.21 .00 21.00 Steal billets. Wttab. .30.00 M.OO I Ixa.l 4.SO 4.S5 jl'cpper 11.37 11.75 20.25 copper on New York Metal Exohang yesterday declined to 11.37 cents a pound, the; lowest price at which th metal has been quoted in this mar ket in about seven years, or before the outbreak of th World War. The peak price, reached at the height of the war demand, was 24.50 oenti a pound. reached on Dec 12.

1916. After the entrance of th United Btates into the World War the market was oontrolleo by the Government, and in October of 1917 the price was fixed at" 23.60 cents. but this was advanced to 26 cents in July of the following- year. .53 IS. 23.00 52 00 frj.OO 9.00 19.

0O 49.50 Cotton, mid upland. ..13.4.1 12.h0 IHnteloths X4i .044 .13 Highest and lowest prices for the year 1UJ1 to dais are as follow: I HUhe-t Wheat (new) 1.66'., July 14 lold. 2.J? 1 CITY LOAN OFFER AUG. 11. Craig to Sell $9,000,000 in Notes and $13,000,000 In Bills.

Controller Charles L. Craig' announced yesterday that next ihursday he would offer for sale to the public $9,000,000 in corporate stock notes and 513.000,000 in revenue bills. corporate stock notes mature Dec. 29, 1021, and will be offered In three lots, two for $3,500,000 and one for $2,000,000. The revenue bills will be l.i two lots, one for maturing Dec.

7, 1W1, and the other for J3.000.0tXi, maturing- Dec. 14. 1921. Bids. he said, must bp maoe on an interest basis and may be made for all or any part of the Issue.

Corn Oats "lour Coffe Sucar lrd lluttsr KKCs Pork Beef Iron Steel lead i 'op par Tin .35 Jan 3 k. Jan. ....10.50 Jan. 13 Jan. Mar.

18 ...13.8." 7 .57 .79 ..32.50 211.00 25 ..5.25 .1.1.0 i ill Cotton 18.25 Prjntclotha .00 17 Fab. 2 Jau. '28 Jan. Jan. i 8 Jan.

It Jan. 4 Jan. 10 Jan. lO Jan. 19 lowet 1.314 July 1.42 July 3 .74 "4 Juna 28 July 5 8.00 Apr.

14 Mar. 14 .052 Juna 28 9.50 May 31 -2i May M0 i May 25 24. Juiy 19 14.W July 9 21.no July 28 30.00 July 28 4.fi Feb. 23 1 1 .37 A UK. 5 Aua.

10.85 June 20 .014 June 24 "Th International Nickel Company reports, jfor the three anonths ended June 30. net profits lifter charges "and taxes, of $170,402. After allowing; for th dividend on th preferred stock, this was equivalent to 2 cent a sham earned on the $41,834,600 of common stock of $25 par value. In the corresponding quarter of 1P20 the tompany reported profit of $1,402,009. equivalent to 73 cents a hare.

The gene ra I balance sheet shows a profit and los surplus of $11,831,890. compared with on June 30. 1020. Cash on haod arrrerated compared v-ith $4,173,402 last year. Inventory waa arrfd on the book at $12.213.48.

against FOREIGN STOCK MARKETS. and Quiet Business on English French Stock Exchanges. LONDON. Aug. $.

Price were easy on th Stock Exchange today. Old It pr oent. consols, unchanged at tit; British per cent, war loan, of a point lower at 4 per oeoc war loan, unchanged at $1H Rand Mines, unchanged at 2. Beer ilUiing. lower at 10., PARIS.

Aug. i. Trad In aa quiet on th Boura today. Thra ik- eat. rente.

6 centime hlgner at It francs 11 centimes per cent, war town, unchanged at $1 franca centime. Exchange on London. 10 centime lower at 4 6 francs $6 oeiica per tor erelgn Ameriaan dollars were quoted at 12 franca tit oenti me against francs 2H centime yesterday. BON ST CK EXCHANGE BID AND ASKED QUOTATIONS Day's StJes Year to Date. FRIDAY, AUG.

5, 1921. J1921. 1920. $10,117,200 $9,044,600 293998,600 1919. $6,520,800 1365587 VinTED BTATE8 GOVXRNMENT WAR IXUU7S.

Nat Pale tsau. rtpaa Rich. 1.230 tJbertx Sis, 1932-M7 8S 2d aH.g .18 Liberty 1st 4s. 11i32-'47 87 l0 87.PO Libert)- SS 4s, 1927-M2 87 84 .87.68 45 Liberty 1st er. 4a.

1932-47. 88.18 iit-lAhrty lat cv. 4'4, rs: 87.50 87 JO 4 Ubarty Id. ev. 4a, 9)1.

10 94.10 B08 Llbarty 2d cv. 87.78 87.RO 16 Liberty 2d cv. 4W. re 87Ji8 427 Liberty 3d 4is. lPSH-VW I2 08 V2.08 W5H Liberty 4th 44a.

lPSS-'SS 87.84 87.88 8 Liberty 4th 4a. rg S7.74 87.82 483 Victory Sli, M.80 H2 I. S7H4 Victory 44S. 1922-'23 PH.78 W.84 1 Victory 4im, reg. 08.00 B8.60 Low.

Last. Ch'r. 88 29 88.20 .04 87 88 87. 08 .02 87. .18 .10 98.10 87.62 .13 87.52 .04 87 88 87.84 87.82 87.50 10 87.62 87.52 91.90" 87.78 87.74 98.70 R.M 98.60 Closing Bid.

Aa'it. TI-18 88 2 88.40 4.23 87.72 87.94 4.8.1 87.68 87.70 4 92 87 82 87.74 6.10 91.90 87.80 87.82 98.74 PS.70 8.60 .14 .04 .10 8.W SI.62 fltBrt 87. 7S 98.70 98.70 8.10 87.70 I PO 87.80 V88.72 98.72 $.21 5i 5.33 4.88 isrcs. Ooatixf DoUaa tee Ueveraiosat and alcipai bangs: PM Aa'. Clly Baraen 8a tH li City barn 8s City Chrlatiania llty of Zurich Arfaatln 5s Palatum Sa Pa.

slum 8a Ta Klndom wad.a as ltra. of-Canada fta. 1W3U. 9iV rocn. Caaada 6 a.

l2t f2V Dotn. Canada 5. 1 SI PO Ianln.MilileiDl 8a. SarU I-MIM Municipal Sa. Sarta 1'u lanmtri sa Chinas fiovanunant 5s Norway Sa Republic ef Cuba ext.

5a, 144. Hepubile of Cuba zt. 6s. Ilasubllo ot Cub, Va. -i4S llraiil sa Republic of Chile 8s roenlniean Raaublla 6a City of lon.

Ct(y ef Mareeillaa 6a City of Itnrdeaua City Pari 6.... City ef Copenhage 1 'raneli Oovammant 8.. Franch tioveraanent Bwla CenfedaraUon Pld.Ad 10tiH l4ito(n ra KS l''a 4S 5 101 12 a i 4 so 1TH 79 4 83 siVa ion 78 7H Joii ifov pev, Pft loH 78 74 67 p-ii. 79 83 8J A Japan. 4Via 5 Japan 414a, second sexles S5 MM, Japan 4s 104a tW City of Tokt 5s "-t I'n.

K. iK. Pr. 4 Ir. B'a.

1MI. PV's Vn. K. Ot. Ur.

ir. 5V. 1022. 9 poJ I'n. K.

of Ot. Br. A Ir. 5'ts. IHW.

tat, I'n. K. of Ot. Br. A Ir.

1937. 87 87V United Htat.a of Masle ta 44 41 t'nttad State Maxlc 4a 88 84 Italy VS fcM4 11 Saa Paul S6 r. "VA-ji A I.t a i a 45 Ie pf. bo rt r.y. 17 UNITED STATRS OOVrW.VMENT PltSV WAR LOANS.

Clasing quotations for 0Tramat bandar Sld.AaKaa. Jd.Askd. a. 75 Fonowlna sales ar given In lota of tl.onn Araentln 5a 1 69 Chines Ry 5a 8 4 1 4h 0 48, of Brg tamp ctza 8 99Vj 100 of Bern 8a 1 1 P1i 1 I 1 4j 18 10..... 9iv? 1 9J of Bord te 12 83 of Cop 64s 1 Ii 78a, 28 7 1 7hVi 8 7S 6 78 of Mar 6a 1 K34 8.....

S3 of I'arla IE 60 Oittl 1 100 of Toklo iC 6OH of Zurich 81 rocelpts 8 100U Ser A 6 102 i 10m 101J 8er 5 101 V. I om of 51 1WU 92, 1320 22 f3 1 1 93' i 6 93V4 5s 19.U 60 French Gov 8s 10O7, J. 2.. .1. 2 10U8, 1 KiOH 8 HH4 2t 100.

I Short-Term Government Obligations. Following- are Uie closing- prices bid In the open market yesterday for United Statea certificates of I Indebtedness and notes of the different issues: Month. Sept. Sept. Oct.

Ort. IeC. Feb. March March Juna une Aug. Tear.

P. C. ...1921 rw. 1921 ..,..1021 .....1921 ..,..192 .....192 .4.. 1922 6'i 6 5H Approx.

Bid. AsVed. yield. iO, 4.50 1V, 10Vi 4.40 Kits1 10t)i, lOOfi llHt ICO1 4.52 liHtV lon, 4.HH 100, 5.02 hi 5.02 lfx, 10ia4 5.43 10f 6.11 10l)s 5.2J Week Shows Another Drop of $60,000,000 I In Member Banks Loans and Investments S.13 4f EQUIPMENT BONDS, (Quoted on a rereeotag Baal a. VatrT Maturity.

Bats. Bid. Aafc. Atlant'o Coaat CH Bait, a- Ohio 1121-27 4', i 7.20 0.70 irtblehera I T.40 7.00 Casad'-a Psclfic. 40.: 7 0O 6 46 Chi.

A N. 1921-23 4V, R. I. tK9i fit. I.

A N. 5 A SU U192-2S 5 6 m. 1922 4V Frt IUUroad 1921 -2S 4lT5. $8X0 7.00 l. 4,5 70 S.JO a'T I w.w Hi- -1 M-riand Tank 1.1921-27 8 MichlgM 192 -82.

Minn. A St. Loui. 1321-27 5 Kan. A TzaalP21-l' 3 Nat Rteel Car New Trk Cntr1.1921-82 4Vff3 1921-83 7 Norfolk A 192 1 -24 44 ll.

ii. jf -3. r-aeirte 7 Pf Sn. Fr.leht;. 1921-23.

WJ 7 0O jo Pitt. L. .7 6.35 ReadinTcol 1921-2T 44 X.00 6.40 Siabord Air Lin. 1921-27 4S. 7 73 7.00 Urfalr B.nntn..1Wl-23 0.

7s Sm.th.rn 4i TOO 6.JO 6.75 I 6 85 6.2S 7.20 M.70 6.5 8.75 SO 7.75 7.0O 7.10 .30 S.SO .44 S-fO 6.50 7.CO 6.50 C.7S S.25 6.60 a.R.1 err. 7.75 7.00 I 8.00 7.0U 9.00 S.1C i 7.0O S.I7 oo s.so i 7.00 6.50 a to 4V3 lTniaa Jaric VUglnlaa BaUway.l921-SO 6 BOSTON CURB. EliLAsked Arts 1 Arls silver IS 21 AH T. 8 Blaek K-. Brmt en tMmt Coma SH X-i R.

Crystal, m. S4 Kagla B. Euraka C. 43 4T Tron BloS 14 I 1v Males' te 6 Ma Mut i Midway Monarch i Nat A Z. Nixon 3 Rinlr 3 rvn Meta.

Fid Asked. 19 2 40 24 lit Special to The Xmto Tork Times. WASHINGTON. Aug. 5.

Aggregate reductions of about $15,000,000 in loan and discounts and of ft3.000,0 la In vestments, largely in Treasury notes and certificates, accompanied by commensurate reductions in deposits and a de crease of $37,000,000 In borrowings from the Beservc Banks, are indicated In. the federal Reaerve Board'a consolidated weekly statement of conditions on July nf 814 member banks In leading cities. Loans socureJ by tlovernment obligat ions show en increase for the weelt of about $3,000.000 loans aupportel by cor-vrate and other securities declined by :i.COO.0OO. while other loans, largely of and -Industrial character. Increased by $2,000,000.

Corresponding changes shown member banks In New Tork City: dude an Increase $3,000,000 In loans secured by Government obligations, a reduction of 22.0CO.ono In loiins supported by other securities, and an Increase of $27,000.0110 in commsicial industrial losns. Only nominal changes are shown In member bank holdings of Unltod State bonds Victory notes. Investments In Treasury r.ofs show a further! decline of holdings certiflcatea decreased by rachlnV the low level of OOO.UU while corwrate and other aecuriUea OB band declined by f9.0O0.0O0. For the member banks la City, an Increase of about 2.COO,Oi0 in ITnlteo Btate for ln- i rates and i of $8,000,000 In oth-r securl tlfs. are noted.

1 In consequence of the above changes, total loans and investments of the reporting: Institution ahow a further decline for the week of $00,000,000. the July 27 total of $14,800,000,000 being about 12 per cent below the figure reported about a year ago. For the New iorx city Danxa the corresponding decrease since end of July of last year was about 17 per cnti. Accommodation of reporting; banks at the Federal Reserve banks enow a decrease for the week from 1,150.000,000 to $1,113,000,000, or from 7.7 to 7.5 per cent, or tne banks total loans and Investments. For th New Tork City banks a decrease from $313,000,000 to 2o.uuo.oo In the total borrowings from the local Reserve bank, and from 6.6 to o.

per cent, in the ratio of accommo dation Is shown. Uovernment deposits show a reduction ror the week; of S28.00O.OOO; other demand deposits (net) declined by' while no change ia shown la the total of time deposits. For tb banks in New Tork City, reduction of ij.iK.iwo in uovernment oeposlt. ot $14,000,000 tn other demand deposit, and of $3,000,000 in time deposit are noted, the reductions in demand deposit of theQ banks being due primarily to withdrawals of bank balances by country correspondents. Reserve balance the reporting oanks, notwithstanding the decreases noted in demand deposits and In bor-rowinga from th Reserve banka.

showed an Increase of about tl0.Ou0.O0O for all reporting- banka and of $3,000,000 for th banks Tn New Tork City. Cash In vault declined by 14. 000.000. though the New Tork City banks report an Increase ot a 1.000,000 under 8. 10.

7'a 4. 110. 17. .5. 1...

14... 16... .5. 85... 14...

2. 81... 10.. 9fl 9bS 97 9flNi 96 '4 901, 9S 9ti. iH 98Mi 90V Jap 4s 1 4 854 2d aeries i 1 85H i 1.5 85 ii 85 4a ater loan 11 7t King of Belt.

2 1 04 7i recta 2 101H 2 101 1 101 1.....101 1 102 6s tr rets AIhs ev deb Cs.Ser A 1 lO An Aarr Cham 7Vs. int ret 6 98-v An 8m A Ref 1st 5a 7fH 1 79H 4 Am Tel A Tel con 4s 9 80 1 8rt 3 80'4 roi tr ss 1 84'4 5 10 8 5 1.... 18...... conv Os 2 7 lo 1.. 1..

8.. 84N 84 S5 lOORj, 100i .110 J0i ion 100 conv 4S, 4 87' conv ts 2 70'i Ann Arb lat 4s 7 MM a.rm a Co 44 73 80 At, Top A 8 gen 4s 1 78V 14 78 cv 4a, 19rtn 1.,... 70; adl 4s, stpd 724 72 714 195." 04 8.. ev 4a 1... Hocky Mt dlv 4a 6 71 Atl 1st a 2 79J 7s 3 ln3 A col 4 1 71 10 72 At! Fruit temp 7o 894 Atl Ref deb int rtfs 6 lOHi 1 101U 1.

10t4 2. Atlaa Powder 74s. I 2 904 0 96 Bait A Ohio pr lien 3' a 8 3 1 1 gold 4s 6 1 69K Cen Pae gtd 4a 10. 2.. 20..

4.. 15.. 40-. 60.. 1.

73S 7Si .34 754 7-S 7Si 734 Cen Pao TSL 4s 3 72 Ches A Ohio conv 44s 78 7 77 2 71 12. 1.... 1 2 conv 6s 4 "10.. Chi A 78 7P4 774 774 ..83 82H Alt Ss 454 35H 354 34 4. 6.

1. 1. A Kan 4 1 80 111 dlv. 4s Oil Oas A 1st 6s 50 SO Chi ot 4s 8 58 4 52 2 024 Chi Mil A Ht sen 4s ser A 1 69H 4s. 1925 7 7li conv 44s 1 88 5 67i ref 44s 1 68 cv Cs, s-r 1 f.

70 69 6... Sd 4s 10.., Chi A i 6: gen 5 a 614 Nwrn 2.. temp 1... 1... l-'i 1.

8 Silt; 81. 45. 1. 8.. i.

and reductions of In Tressury i this head. note, of $21,000,000 in Treaaury This table furnisheaj aom detail Condition of Merxibcr Banks in Leading Reserve Cities. I All Fed. Ra. I Bank Cities.

No. repsrtlng banks. .21 Loans and utacount. includlna blue dlco-intd with F. R.

Banks Lna mve. by r. 8. Govt, obligations Lna aec J.y stocks and bonds $.083,271,000 A'' ether loans and discount 6.22572.000 Total loan and disc. 7.7t?7.28.0(1 17.

S. bonds 4.T.93l.tX0 V. B. Victory P1i.8M.0o0 TT. f.

Tree, 45.OIS.000 V. 8. dfs. of Ind.bt. 5ID.726.O00 Other bonds, stock an aecuritlca 140fl.875.000 Total loana and dls- eeunta an ine.

inca. Mils redlsc. with R. Banks w. tJJ2t.423.000 R-erve Kalanca with F.

R. Banks OftS.l.OOO Caah la vault T79.3sa.ono danuuid dapoeit. 7.0l714.r0 Tim deposits 1.3W.M2.000 Govt. depoaUa 77.087,000 Bills payable with F. R.

Banlt ase. by rj. b. Govt, obi bra- tlona ieo.8rr.ono BlUa A Wa. Ttaa.

All Other I Braacb Cities. Reptg. Banka. NewTrk. 214 ll 70 Cblcaxo.

81 $63,811,000 820.799.000 $102,433,000 $7833.000 $228,405,000 460.932.000 42009.000 1.07950.000 1.4P8.O84.0O0 lJJ87.388.0ft0 2.417.6i2.00O 778.590.000 2,028. 4dS.0n 1.815.917.000 8.725.817.000 1,163.200.000 213.802.WO J18.008.000 IS.854.00O S20S.0U0 213.448.000 2S.234.00 7.44.001 16.732 ,000 2rt. 02.0(in 1 .881 .000 -V 31.271.000 28.085.000 18.941. ono 12.078.000 1.341.0n0 6.607.000 5S3.4o2.000 043.064.000 123.933.000 S91.e4.000 136.088.000 lS9.04t.000 SI .038.000 140.S10.000 7S.lS4.ono 54S.6iS.nno 93.299.O0O 123.8C9.000 31 .206.000 J.W8.658.O0O 1.426. 109.000 4.033.505.000 874,403.000 W274.0 10.443.000 65357,000 251 .824.000 50.P"2,0( 31 2.588.000 3.S59.000 101 ..101 .101 .100 .101 .1004 1 6..

...101 Kin- of ten8s 15 102S 2 2 102'. .102: H24 .5... .10.14 2 1024 King of NorSe 1 Iinik 10 1034 2 1034, 6 104 2 lOUK King of 6a 2 8 88 1 1 874 of Chile Ss, trust rets 1 08H 3 9S! 984 jL- 4 6 9' 1 184 1 PH 1.5e6f. 984 .6.... 99 84 1.....

69', Sao Paulo a 8s 8..... 4 9H4 Bwles Con Ted 8s 14 3 1UB4 I 1 104 1.4...10 2 107 lOtr Un King ef A I 64a. -2! 6 994 21 994 04s. 1922 1 9t 98 148 99 54s. 192 894 27 25 89 04s.

1987 29 874 ,8 874 2.... 87V 1 87V 35 87. 3 874 TJ Braxll 8s i 2 lOO I 99, lOO ii wr. 1 too TJ Mex Ss I 447. 444 4 4s 1.....

83 City 4a. 1957 1 St 44s. 19CT. 1... S04 4 1 2 1 4 6 conv 4 11 '3 4 2 1 ro4 n4 '04 roH 2..

rf 1.. 2.. 1.. 1.. 1..

6 704 71 71 7fTi 71 704 72, 7: 91 P.L3AWV 4s 7 Wi 10 dlv T4i 2 4 iu Tol-C dlv 4s r. 5... 6... 8... 2...

4. 56V 5t 58 T.5U 55 Ball Tel Pa 7 7 lit 1 105U 17. iu. Beth Steal 1st A ref 5s l30t. 834 1 87 SsoOf.

85 pur mon 5a 1 774 BraCop ltd b8 10 20.... 10. 1.... N5S 85 844 84i 8-S 84 8Ti S34 M4 3 2.. 5..

6.. 15.. 10.. 38.. likn Ed gen 8s 1 PP, gen i r.

1 W4 aeries 4 2 i'Si 5 fSS 1..... 19 3 98 1 1 119 gold 5s 1 25 7s. 1921 544 9 1 58 efs of dep 10...,. 54 Bosh Term 5 3 724 gtd 5 1 75 1 74; 1 744 Can Nor 7s 2.... .102 1 102.

2.....103 I. 1024 1 103 rets 5..... 4..... 00 2 H4 42..... 90 10 S4 lo" 984 3 99 1.....

9-t 6, 9. Cen Ga 1st 8s 11 89U eon 5a MU 6s Chi P.ys 1 I A gen 4 10. ref 4s 4 6 5 12 13 1 93U 934 4 100, ion; 10l4 101 ix. loci, JCl 844 72 71V 84 Wi 88i 68, A 5s Chi PtL gold 'reg 1 874 Chi Un ft 64s int ctis 1 103 8 104 1C5 1.... 1044 2....

104 4s, ser A 81 Chi A Ind conv 4s .3 60 Chile Copper 7 2 93U 7 71 2 714 Clav CCA St ref Irtio 6s 8 0 1 9 2 90S Cairo div 4s 2 754 Col A So 1st 4S 1 84 9 R15 ref A ex 44 a 1 74 20 7H 6 76 Col A 1st 5s 2 844 Con Gas -cn 2.... 1024 1 102-4 Cub Am Sue temp col 16 9H Cub Can Bug conv 1 a k'rtelst con 4s 68 T6 634 1 Mhi 1st gen 4a 5...,. 44 434 II 44 1 43-4 44 CV 4s, Bar A i 1 anit 1 894 Ser i 1..... 394 3 Sb4 CV 4s. Her I I 1 424 1.1.....

424 i 434 1..... FlaKC lat 44s i 1 76 FlaCAP con i 1 93 Ft 1J 1st 6s if, n- Gon El deb 6s 9 7 deb 63 i 1 .102 I 1 4 10 102 G'year ot it temp I a C6 103 i 1 P'24 ...1024 ...102 102 ...124 102 1024 GS.CAN 1st 6a 5 834 Grd Trunk 7s, Interim recta I 9 1024 Gt Nor gen 7 -i 7.. l.i. 1 13.. 26..

16.. 1.. i I 2.. ..1004 1004 ..1004 .100. ..1004 1K 1...

1... 2... 1... 1 084 4 66 5 84 54 854 Ii5" Granby Consol CV deb 8a I 1 80 II Val lat 44a 1 73 i 2 7.14 L5 3" 74 IS 744 II A 1st A ref 5a be A I 684 1 67U 67T adi mc 5s 17 4T4 34 43 IlliO 4a J9V1 3 704 3 714 54s I 6 914 temj 12.5 1O0H 5. .,..1014 8 1014 III Steel 44s 1 814 1 82 Int-Met 44s OT dep 12 134 Int 1st A ref 5 -1 1 v-H 5 r4 12.....

554 16..... 654 Int Mar 6s i 4 79 2.... 794 Int Psp ev 5a 1 Iowa Can 4a 8 40 Ft A 10 11 1 1 Cumb Tel 2..... 2 1 80 Del A cv 5s 2...1.. 5T 1st A rf 4a 1 t-O A KG con 4s 7 654 1 t-'r 2.....

V4 lat" A ref 8a lalSf. 6..... 484 24 44 6 44 34 484 16 4tiV Imp Ss 5 l-V Det Edison lat A raf 6s 12 68 ref Ss 4 784 col tr Ss 1..... 874 ra Mitch 74s 3 104 DATR 1st ra 30 884 DuqLt tr a 4,.... 914 1 924 1 92'4 1 014 rl Post da 748 4.....

9S4 9 3 VTH 7a 1 pa rc4 2 28..,.. V74 1 S74 14 974 4 V74 1 9 1 2..... 67i KanClty 80 5aj 1...... 77'-; 1.,... 77, 774 Sa 67 57 10 6714 Tar 4 i 8 724 1 a 6 8a 12 974 7 974 31 9 Lac 8 5a V) ,1 741- 6 of 9 raf A ex 6a 2 774 A So 4s 1928 10 85-U 19SI 83 83 6s tern rets 1 99 Llg A Myera7a 1 lOSTi 5S 5 i 83 Lortl Co 7s A A 1st 5s 1 1 7i A un 4a j4 84 834 7a 1.....1044 i 1 1044.

A A 4a ,8 724 Man con 4a 1 57 tax exempt 1 674 St Ry 5e II 70. 70' .3 70 II 70 Mak- Oil a Ss 944 Mrs Petrol Ss i I 994 Mich St Tel 5s 894 Midval 6tai col tr Ss ,7 784 764 1.. 764 764 784 I 76 Minn A St 1st A ref 4s 29 404 M.StP A BEM 1st eoa 4s 804 12..... 804 Mian. Str A Atl 4s 5 00 Mo.KAT 1st 4a 10 614 )0 814 10.....

61 4 6 544 644 644 IT 544 3 544 1 644 1 541. 1 64H 1..... 644 jst a rcr aa 1965 1..... 794 MobAO gen 4a 4 on StL gtd 4 I. 78 Mont Pow 6s.

Ser A 13 6 1 8u Nat Ry of Mex pr lien 44a 20 19 Natl Tubs 5a 1 92 A Wn raf A Imp 44s 1 72 NO. Tex A mc cs 2 SHU NT Cent deb 4 93 I 2i 1 93 as I 102 gan S4s 5 7i; 1 etr con 4a. Ser A 5 70 TO deb 4s. 1934 10 784 raf A Imp 44s, Ser A 3 79 col 84s 5 A3 NTO.EL.HAP col tr. Ss 3 83 pur mon 4s 1 68 NT T.

A ev dab 6s 8 3 8014 0 Nor lat 6s 4 lMi 5 9', T. A XV ref 4s 1 6014 1 ivs rer 4s. cfs of 3 20 Stat Itya con 44s 1 Tel 4U 1 7 82M 1 82 deb 6 7 93tJ A 44s 3,.... 3f; 2..... 40 Nor A So la ref Ss sr A 1 4 Nor A conv 4s 8.

7J 2 74 Nor Pac raf A imp 6s 4 KOTi gon Ss 1 57' Nor Pse-Gt Int tem 4a 4 lOO 1 WO. 22.... PT' 1 24 ion; 1 1C0V Rts Pwr 1st A ref 6s I 8 7'i Nw Tel 7a 1s6f 10Ti 6.... 1C24 8 11.... 102 1....

1024 4.... K2V. 4 1024 l7f lf.2 1.... 1024 2.... 102, 1....

2.... 1024 Or A Cal lat 5a Bi 91 4j Or Fhrt 1st conv 5s 2 "1 1s30f 00 Or-Wtah A Nv 1st A ref 4s 1 71i 2 71, 714 2 72 Pae A Kl 5s 1 78 3 74 Pack Mot Car tamo 8s 2 ft4 1 wt 2 984 Pan-Am Pet Tr equip a 8 69 Penn 44a I 6..... 81U 81 1 804 sen 5s 1 874 lO 8" 4 87i temp 64s 70 GOV 7'J 904 aold 7s 1.... IMS 1 1034 1034 Per Mar 1st 6s 2..... 834 Phil Co cv 6a.

1922 1 974 1 07S 10 974 Pitts CCA StL rtd 4j ser 1 84 Read sen 4a 1 7i! 1 76 Ren Iron A St SS. 194rt 2 634 Rio Or 1st 15 82U 13 82 II 14 pr In 74i 10 744 pr In Ss.SerC 5..... 904 1 90 6 90V. adl Ca 2..... 2 64 r.

1930.1or4 1014! 2a. lBTO incC 1014 4. r. 1S7IS 1041 6.44 I 4a. 125.104.

Pan 2a r. 1936 1004 101V. ran zs, 1 1686 100V. 1014 ran zs. r.

1039 lOlUi Closing auotatlons ler stocks la which war so ti anaaetloae: 8.,.. 7.... 17.... lnc 6a 2 5..., 33 2.... 25.

684 8 674 674 r.8. 584 58 54 674 58 574 074 7 4 65 65U 8S 644 t44 St 80 Wo 1st 4s 1.... 11 con 40 10.... 7 4.... 1 6,...

1st Term 5s 684 2 64 St A Kan Sh 1st 4U 10.,... 6814 6. C4 6 66 San An A 4s 6 624 San Pres A ly 1st 5s 20 87 Seabd Air I. gold 4s, stpd 2 55 ad 5 1 29 II 284 4. 284 ref 4s 1 404 1 404 con 6a 19......

504 1 50 28...., SO 4ar; 10..... SO 2 504 2 60 Sharon Stl Ss, 8r A I 964 Sinclair Con conv 7Hs 7 93 1 924 92-, 10 62'4 So Ball TAT 1st Ss S3 So Pae cv 4s 15. 82 2 614 1 hi 4 3 814 814 lat ref 4a 77U Pas Sa, 1061 fan sa. e. IMI 75 1 4a, '8478 I 4a.

83. I 4a. '36. 7 Dint ot Col $-65 93 2 20., 74.. 10..

11.. 4.. 8.. 10.. San Ter 4 1 7Ci So Ry la: 5a 84 1 'a 77 77 774 774 Bld.Asked Ad Rumaly 13 15 Do 57 Air 304 Alb A Bas.135 A A Cble104 AH Ch pf.

854 Allis-Ch pf 73 Am 8 1st Pf. 6ft Am Ag Ch Pf tH Am Bk N. pf. 45 Am II 8.. 2r, Anr 8 A Fdy 41 Io 92 Am Chlel.

10'4 Am 74 Am Cot O. 184 Do 40 Am Ice pf 63 Am La Fire Ena. M4 Am Lin pf. 58 Am I pf.ioo Am MAO. 114 Am 67 Am Stn pf.

A 87 Do B. 73 Am Sn pf. 72 Am 8tl Fd pf. 80 Am Tot. 2'i Do pf 76 Am A C.

48 Am Tob, B121 Am Witt pf 92 Am Wl pf. 98 Am 264 Art Metal. II Do 10 AM 20 Do pf 107 Ann Arbor. 8 Do pf 15 Assets 14 Asao a 1 1st. G24 Do 2d pf.

54 Atl 44 Atlaa 15 A. BAA.) 24 A us 84 Auto Pales Bald pf. SO -Bar Laath.40 lx pf 74 B'dall. 18 50 S3 1084 8T 74 90 61 63 4t 0M 4 91 17 it 41 63 T4 62 103 IS 69 82 83 2 78 64 1124 96 4 27 1 980 108 IS 86 65 67 17 94 84 97 53 96 25 Bid Asked. Batop Bru Bros 26 kirn Kd-.

91 94 If 69 brown Bh. 24 41 lo pf. 76 S3 Bruns Tar. 3 84 ti a r. no to Buff A Eh sf Burns Bros 86 Lo pf 9a Bush A 21.

4Vi Cat A 4.W iOaa 40 Caa Plow. 44 Caa (J I) sr 70 of 170 C')aln-ted 23 I let pf 1H 2d pf. Chi A 64 Do cf CAE 111 rtfa 1 IH 1 Do lat nd 4 A iTil Pn 404 Chi. St A On. 604 1k nf.

71 C. A Kt 8714 Io 60 CI A Pitta. M4 Do 82 CI'J-Pea. R4 Do Pf. 79 Col FAT.

234 A 3d t.r 4TVi Cel Or J8 Cunp R. 224 Cna 0 Cent 444 Da 824 Ccint 0OH Corn pf 100 Cr Csrp. 25 Cruo 8 to OAm Bug Pt 74 80 Dav Chm. 54 87 22 A Co pf. 69 80 70 9 78 43 9Z 110 100 44 4T4 45' 190 so 874 70 84 12 ''lH 14 7 50 83 90 40 64 31 85 41 34 '48 19 83 7 62 IC1 50 83 D.

8 A A 'i Do 6 llus'y. to 1V TO T.rn 4 Do 22 Fn ZA pf. 14 Krt A 5 pf. 7 a a. 0 D.

pt 21 rtahar Bdy Pf tt. CI part 11 Gan A pf. A C. Gea Ocar. t4 Io pf I 4 Pf.

614 a oil 0 Gen d.b 84 ixt d. Tl drirh pf. 7X4 flrar A 11 Jt A W.Sd MAN. nian Has. 9 a a 1st pf Hark pf 69 8 93 10 fo 8 644 a 14 1 T7 0 34 1MJ Av-1.

1(4 111 A 14 87 504 IV 7 37 17 5 4 574 10 btf 86 74 8l ll i K4 100 4 MV 16 "4 pf ear pt Xai A 1'4" Nat r.n rt. Nat Lead T4 18 I ft 10i Nat lire ef id pr 4 a ix ri pf. t4 I A i. fr4 6u A St 24 pf 59 614 Dor Pf 51 'A S3 Y. LA w4 so T.

i- IT Vorf iff i A 3V -e, i4 Nw 0 A i- Ha.k Hi Hrd Ilomaatak 111 I Ind is a Bf. 1st lo pf Int Mot Tr 31 rVl )( pf 84 1 fl Sd pf. Int 80 Int Ps pf. SO Do pf at 68 Tnt 414 Iowa Cent. 4 Iron t'J Jol A 1H 4 Jonas II T.

IS C. It 8 A SI Kaa 80 494 Karar 78 Do lat pf 054 Xallr Kp pf 72 Ke)ay Vib. 56 A M. 4 Do 30 Do KrfHi Ml "5 Lerl ('. A 10 Do 21 Us A InO Do 9 1P2 Lima 64 Do 87 L-V 334 Do 1st pf 95 Do 3d pf.

92 Mail Coal. IS rv 544 M'kay Cos 64 Do SS Man 4 Man 47 4 Man 32 Do pf. Man SO Do po 9 TV 31V IS 70 6 4'4 23 30 8V 83 116 78 81 10 141 HI so 614 14 24 1M Marlln 74 14'S Ma it In- Math 10 pf. 14 f. A.

S8I 8.... 4 Max efs. 4 Do lat pf 44 Do 2d pf. Max M. Do B.

Mex 70 Mt St Ry 9i Do pf. 10 Do 2d pf. 4 M'land Oil. 144 Mich Cent. TO M.

St A 49 Do 83 Do 11.. .54 M. A If 84 Mont pf. 944 Mor A 64 Uotlln B. 19 Do pf A St 98 Xaf Aem.

14 Nat 86 90 9 118 70 14 0 65 2V 48 90 28 110 11 It 1 IS 1 0 4 ii so 44 16 a I64 92 704 4 90 i4 69 11 144 116 A 11. kihl. S.4" it FH rph M4 I'm t-( 14 I I.t pf. It 11 Pae Mall A Tr 48 1 A Par A I 94 rnny im a 10 Plaro 4 1 ittta pf. S7 P.

A pf riita 8 ef. PA pf -f I Pr Htl Csr Pf 6 1 ail ppr pf nt let pt 4 item p. Io I.t pf 40 IM bf, n-na A hkm ru laf it 48 Sa Sn. 2 rtavase Aan Mir, 84 Mb A Pf 9U 8a ra-PI pf. 90 Shell Trara 344 a-M 8 A I Pf S54 it a pr.

.1 .4 a r-r ritaud Mill. 80 1 1 bd Studab CO pf 924 Sun 27 lat pf 94 Ttmn Co 74 Tetntoe. kSk Tr "TO Third 15 Tlda Olll St A etfa. in Do pf -fa 17 Tran A 3V, 32 40 pf Und Do II A P. 0 Car, dlv.

S3 pf. dlv. an CI Do 6 Drug 1st 38 Rya Inv, pf 8 I p. 1414 in .,42 a 14 A pr tb 8 1st Pf 97 8 Srn sf ST Vsn 1st Pf .75 Va-Car Ch. 224 tvbr A II 1 1 Wab pf.

B. 13 r.p.. West IO id nf. iu Wt 17 84 Weat A SS W'wlr Stl W-Over pf. 23 Wnolworth.112 Io 1CTV4 Wor Pump a Pf.

B. 54 44 4'4 4 an SO II H4 t-a it 44 so IW S--4 T3 fa 68 2 12 4 1H 98 87i 714 90 31 94 14 3 a $f8 18'i 10 li '-4 41 96 1 It "4 64 94 96 ton 101 I 9 1., SO 9T4 89 80 24 4 13 Itltf i'4 884 9V4 0014 118 Do 1 Aug. WA BUI Customs .1 1. Internal ravanuea Income and profits tax. Miscellaneous Miscellaneous rsvanu Psaaraa Canal tolls.

4. THE TREASURY STATEBIENT. Special to Tht Tork Timet. 5. Rev en receipts sad aipaadltures as at clos buslne This Month $2.10.112.27 2,704.223.74 20.398.4 16.26 12.470.114.0tt Corresponding Month IttSO.

4.120.63 76 B. 837,800.61 lS.7k3.5fW.91 1.912.671.87 S44.504.S0 aFlae Tear 4S21. Fl $21 5d. 402.64 49.881, 111.76 131. 893.

184 TO 42.799,324.21 79176.41 Cor re. pond wl r) isyi. :t0.73B.83 61 10 770.940.50 Total ordinary $37,732,866.93 Excess ef ordinary rcrs. over ord. $.481,006.13 Race.

a of ordinary dlso. evtr ord. receipt a Expenditure 34.251. T70.81 $26,054,102.97 $244.601.221. T3 56 696.43 11.144.502 05 3 6 JC.

699 02 109.208.018 88 8td.070.34O.O6 Racalpts snd disbursements for Juna rsaehlng Treasury lo July Included 86. 379 .908 tM 84 SI SHORT TERM NOTES. 344 34 344 34 33 2 664 col Tr 4a 1 62 Ark A IA 44 1 TH 1 47 St Ur Mt A So unity ref 4a 6 734 4 734 2 734 Rlv A Gulf 4s 1 10 6S4 St A San pr In 4s.SerA 0 Sen 4s 57 26 67--ii 20 574 MAO col 4s 3. t0 13 614 Mem dlv 3s 1 6S4 Std Cril of Cal dab 7s 4 IM'J 3 l(iS4 6 1034 Asa MtL ref 4s 1 72 TxANO con 3a 6 78 Thd Av raf 4s 5 02 adj 5s 10... 1....

19... 3..., T'water 64s 1 9-, 1 93Ki 1 95 Trl-City 5s 1 92'i Un Pso 1st 11..... 82 1 81 1st A ref 4 3 784 conv 4s 2 854 2 hi 1 804 1 4 851 Cn Tank Car equip 7s 16 101'A 17 Rubber Jst A rf 6 10 794 8 8tl a 5 2,.... 95., 23 944 3 944 1 944 Va-CarCh tem deb 74s 1 .914 91 2 914 9114 Van Ry 1st 5s 4 Wabash 1st 5s 2 874 1 $7 Westn Elec 5s 97U Wast Md 4a 0 554 6 544 5 54 Wastn Pae 5 CO Wast Shoe 4s 134 West Un fund A tat 44s 6 80 Wst A 7s 102 1 101T 1 101 1 101N 0 1014 1 1.....101 6tel a 7a 4 SOU WUACo 1st 6a 1..... 84 3 as 1 8.4 conv a 8 1 804 1 ri 1 vi 1 Security.

Rst Alum. C.Ant7 Am. Cot. Oil. 6 Am.

T. A Am. T. A T.ld Am. Th'd C0.6 Am.

...7 Am. Tobaccos 7 Anaconda Co, 6 Anaconda C01.T Alig.A.O. Ltd.7! 1925 1004 Armour A July 974 Sid. Aak. Tleld.

98 934 T.i3 94 9IU 9. 40 98S 98 6.90 974 -974 T.13 9K 97H 4.4.1 Due. 1925 Sep. 1622 Feb 1924 1928 1922 1U0S 100 06 192.3 10OV "lOfrT, 6 iui 192 4 89 9.02 191I9 PJV a. 10 97S 7.43 96' 00 K1O4 6.73 P9H 7.16 94 6.73 834 9.90 94 SS 7.80 FOREIGN SECURITIES.

i nets. Du. 'Rid Asked. Arseat. 946 1923 July July 1523 19-'4 1927 1922 1S24 954 94 90" 4 9 93U 1925 July, 193 190 19.4 1923 1930 Jan.J WO 1921 19.W 904 97V 97.

94 934 97 79'. 79' 93 9014 Be I T. Can.7 Hth. St. Cor, 7 Beth.

Bt. Cor; .7 Can. Pae. Ky.S Cent. I.

A Fed. Eug. 111 B.K Good rich cV.7 Gulf Oil Cor. .6 Gulf H.J. Heinz Co.

7 Htx-klna; Hum. O. R-. Int. Rap Tr.7 I9il Ken.

Ter. .6 Nov.l5.23 Kennecott iU, 1 Lcll 7 Llg. A Myara.S Nat. CloakAS.7 Pbila. Iroe.

A Proc. A 7 pub. S. Corp.4, ot N. cv.T R.

J. Ry Sears, R.ACo.7 Saars. R.ACo.7 Hears. R.Co.7 81aa-Shf S.AI. Bovtharn B.

utana. uu io, (Cal.) .....7 Stand. Oil- Co. N. 100U 105 Sift A Aua.l5.-21 9VV ion Rwift A' Oct.

1523 974 974 Texaa Co 7 Mar. 99 9974 Utah See. Co. 8 Sep. 15.

22 0O, 92 Weet. e.7 1D23 1004 1004 8.73 Bonds called for payment ea Ocr. 1, 1P2I, at 1004. i 914 9.90 98'4 6.90 984 7.25 99 7.05 944 660 98 8.4 S'i 80 8.00 914 s.eo 9a 1W4 6.95 934 93L4 8.95 I9J2 100U 1004 6.00 192Z ion loo4 a. 70 1923 1C04 101 6.30 Bcutlaa Bala la a British Victory.

...4 BritUh ,.4 Brit. Nat. W. Brit Nat- XV. Brit Nat.

W. Canada 64 19.11 1 Mi 4 Canada 14 1937 7 rrmrn uovt Krervh Loan, 1948 Franch Prm 9 IIJf French 1 190 Italy Treasury lWJ Italy War Ruaeta. rnwr Wd. ,4 rb 192 Itua.ia. Govt 6' 1V Sweden 19.1ft wltcarUnd .......64 1929 4 SflU J9V0.

7 1 1919 270 li0 tV IfyT 8:5 1J0 i 47 81 4 TO 89 914 SS4 73 a-. JKUI 878 SS4 Kl so 4'l 70 4 T2 41 a i 97.4 68 DIVIDENDS DECLARED. 1922 1922 Oct. 15. 'I I 1922 Oct.

1523 T929 Mir, lt23 1923 0fl4 94 994 IO04 6 OO 9fT4 IO04 6 93 94 99'A 7.7T 97S 9.10 84 84 8.46 974 974 14.84 98 98i 7.60 1931 103'A 104 6.40 S.oa 7 7.0 p- rr- Cemasnr Rale.iiod. ahi. of liae Arm Ta lat pf 14 (4 STt. 1 Au. 24 Am.

Smelt. R. VI srt, 1 Au. in yadaral L'ttlltles 4 Sent. 1 Au.

18 Gt. Lake D. A 4 Au. 16 Au. 8 Ladlow Asaoe tl.SOQ us.

Do Slap. Sept. Ab. Mauhattao Shirt Spt. I Au.

13 A Aah 4 ktpt. I Au. 9 Stand. Oil, N. ti Kapl.

1 Ang. 24 EARNINGS. SOUTHER? CALIFORNIA EDISOM COl-; PANT for June 1921. 1020. 'lseraa.

Or oas fl, 23.I Not arrln T24.I4, Ml.li04 1 3.11 Total tneom 24 1 VI JJT Sur. f. 1st. eh. NH.Sv 424 078 40.8,11 Sis mo.

sroa. 6.914. ll B.3..J 1.8r.7 Net 8.924,750 2.142.M6 Total twom 4.664.850 1.1H162 Sur. sf. in, ch.

A 1.1 44 914.71 Executer Trustee Chartered 1822 The Palmers' Loan and Trust Company Nos. 16, 18, 20 22 WilHaq Street i Branch Office, 475 Fifth Avcrrae At Forty-first Street liev YorV London Adrjibiistrator Foreign Kxchangtj Parit Gnariian "raber Fedtiral Bjitea ITfTr Tork Clex; Uozm i- i 114 i ES Wl font 14 87V i1Tr Rf TJ Extea WA Fortusa a Oadadsa 40 BO Adam Kxp 4s 7 a 84 riitui i re Ot afl sa 82.PT8.0Ort 130.4.000 47413.0 136,606.000 8VJt8 ono S02.647.000 J04.000 1... 24 i 62 Cent Lsath 5 i 904 Mo Pac gea 4a eooi Hoana Take 1 19 I rn.tr vm Zi Ixva.