Evening Star Newspaper, August 5, 1921, Page 11

NEW YORK STOCK EXCHANGE |Grain, Produce and Live Stock Received by Private Wire Direct to The Star Office. 18% 13% | the Atchison, have actually demonstrated 8 = z:“ m % % Allled Chemtcal... 316 % 31 304 Allis Chalmers. K- NK% W% o % MK M% bl % % 1% 5 o ‘: 124% AmCar&Fay.... 14 115 B0 g Am Car & Fdy pf.. 109 ln* bt P Am Druggists. .. % “:“ s 1% n 1 51 :: 2% 3% 2% % a% 8% W% % % 6% ;6% 6% 7 w0z 10°% 2 [ 8% 88% Am Sugar pf. it Am Sumatra. © e e 106% Am Tel & Teleg. .. 106% ::“ rli et = M. 9% 0% 8 6 i 85 % 1 “ % 2 Atlantic Guif..... B% 2% Atlantic Gulf pt... B% B :‘i s Atlantic Petroleum 18 13 0% Austin Nichols pf.. 5% m e 1w Auto Sales pf e 1wa B8 Baldwin Loco B e wh Balto & Ohio. o Balto & Ohl 8 - Beth Steel sa 50 Beth Steel (B). A B o Beth Steel 8% P! Te T Booth Fisheries Lo Bklyn Rapid Tr Toleri Bklyn Rap Tr ¢ B Butterick. e Caddo Oil 1 Californ California Potrol.. 35 3 e » California Petpf.. 7 T2 [0, g, Canadian Pacific. . 1% W 150 Tl Central Leather... %% % S0 (0 27 6 B a% 4% 8% 6% 557 B T ™R Ta Chi Great Westa.. 7% T4 7% g Chi Grel&l ::' ;‘»’" e om0 Chi Mil & ChiMil &StPpf.. 42 & zv. :fi Chi & Northwn.... 67% (T4 88 D ChiRI&Pacific.. 3% 3% &2 SO0 chuu&;szp:.. 5% _S:Vn o= ChiRI& P 1% pf- 7 % 0% 104 Chile Copper. 0% oW 104 u% 58 Colo & Southern. . 8 Colo & Southn 1st. 53 B3 uh ColGaB..ccnvenee 66 16 us” Col Graphophone.. 4% 4% 4 Cons Cigar. . . By 3% 2B Cons Cigar pf R ConsGasofNY... 88 884 & &9 Cons Textile. 1B% 5% 18 ConsIntiCal Min. 4% 4 % Corn Products.... 68% 8% 67 Cosden & Co. % kT Crucible Steel..... 55 56% B4 Cuban-Am Sugar. 16% 16% 16 Cuba CaneSugar.. 11 11 10% Cuba CaneSu pt... 2% 2% 2% Del & Hudson. ... 101 101 101 Denv&RIoGDf... 1% 1% 1% Elk Horn Coal e 2» 25. ;;lv- Zlkhorn Coal pf. .. ‘Endlcntt-.lonnw‘n- s:!fi g& z‘t 59% Endicott-Johnpf.. 8 %04 ; 20 20 19% 19 s 8 % 8% WU W% WK 9K o S M 9 B3% 3% 0% 5l s 18% lm‘a 1::‘\: Gen Motors. - 10% 10% Gen Motors pt e 6 6 6 Goodrich. ... 2 o2 R 2 Granby Consol % 1% 1% 1% Great Northern pf. 75 76 7% Tk Great NorOre.... 28 8 % 7% Greene-Cananes.. 31 2% 21 Gulf StatesSteel.. 3¢ 3¢ 3 34 Houston Oil.. % :a ?;:2 52 Motors. ;iu':DuZu Central... 4% % %W W% Indiahoma... % %% 2% Inspiration. 3% 3% B Interboro Metro... 3% 3% 3% Interboro Met pf.. 1% 1% 1% Intl Harvester.... T3% 74 Tk 74 1ntl Harvester pf.. 1025 102% 1023 102% 1Int] Mer Marine... 10% 10% 10 Intialer Marine DL 5% &% % 54 1Intl Nickel. 6 Mk 13% 1Intl Paper. 5% B2 bl% Bl% Invincible Oil... % % B4 Island Oil 3 3 2% 2 Jewel Tes. % 10 % M Kansas CltySons B iw iox wn -Sprini & Kelly-Spring a% ::%* l’:: ::;: o Tire 13% KL::’::?M Steel 39% :u ::: :2 Rubber 27 Lee Tire & SRR % 1% 0% % S 8% 150 9% 149% 100 100 100 0 10 110 3 % A% 8 T8 B W% 104% U5 21 20% 20% 12 1% n% B 4% % u% 1% i Sy e 0% 20 20% w0 39% 39% P 18 18 18 % 26 26 8% % 8% a Coppe! 0% 10 10 :.v';gr Ter & M.. b % S% B NY Central.. % T% 0% 11 NYChi&StL. 51 61 Bl Bl NYChi&StL2d.. 63 6 & 6 NYDocK......... 32 3 32 2 NYNH&Hart... 17 17 16% 16% N Y Shipbuilding.. 20 20 2 20 Norfolk & Westrn. 9% $6% 9% 6% North America.... 80 60 6 60 Northern Pacific.. 7% 7% 176 .76 Nunnally Co. .. % 9w 9 9 Oklahoma Prod... 2 % 1% 1% ©Otis Elevator. 8 8 88 88 Otis Steel. . 10% 104 10% Owens Bottle. % % Pac Development. ‘2“% u‘"/’.‘ ‘:\6 9% Pac Gas & Elec. SLE o 8% 8% 4% 48 I ‘722“ 7 n 2 Propf... 12 2 Panhandle pi ST e % Th Th 7: le's Gas. 5% 8 53% 63 ;::: Marquet: 20 20 19% 19% Pere Marg pf. 0 40 » Pere Mrq prio: 55 58 8 & Phillips Jones. .... 76 T% % T4 Phillips-Jones pf 8 8 8 -8 Phillips Petroleum 19 20 13 19% Plerce-Arrow. ... :2 ::% g: ;;ss Plerce-Arrow p! % B e 2 5% B4 B4 AT Pond Creek Coal.. 14% % % 1 Pressed Steel Car. 60% C PullmanCo......« 96 9% 8% 9% Punta Alegre Sug. 0% Mk 2% 2% PureOil.......... 2% 2% 2% 20 Railway St1Spr... 7% Ti% ™% 7% Rand Mines....... 19% 19% 19% 19% Ray Con Copper... 12% 13% 12i 12% Reading.-.... 0 0 6 Replogle Steel.... 20% 20% 20% 20% Rep Iron & Steel.. 47% 4T% 46% 46% Rep MotogTruck.. 9% 10 9% Royal Dutdh...... 6% B1% B1% §l% St Joseph Lead. n u un St L & Sar Fran i U% K UK BtL&SanFrpf... 3% 3% 3% 3% St Louis Southwn. 26% 26% 26 16 StLouisSownpf.. 86 36 38 23 5% 8% . % 66% 6% 65% 6% 16% 1% Shattuck-Arizons. 7 7 7 7 Sinclair Ofl. 0% 2 2 Blosa-Sheffeld. ... UK UK K% Southern Pacific. . B 6% 6% Southern Rallway. 20 204 20 %0 Southern Ry pf.... 464 6% 46% 6% &oPortoRicoSug. ¥ = : = #BtandOllof NJ... 136 1N 1% 16 nd Ol NJ pf... 107% 107% 107% 107% wart-Warner.. 3% 3% MK 3% berg Carb... 3% % 20 (20 - 1 REACTIONTIN RAL: ™% fhie 4% Texas Company... 36 u% Texas & Pacific... 25% Texas & PC&OIl. 19% ‘Tobaceo Prod. . Tobacco Prod pf. . Trans Contl Ofl. .. Union Ofl. Union Pacific. Union Pacific p United Alloy 8t United Drug United Frul 108 United Retall Strs. U8 Food Prod.... U 8 Indus Alcohol. U 8 Realty. U 8 Rubber. U S Smelt & Ref. .. 8 Steel. Wheeling & LH. . Wheeling & LE p. White Motor. ‘Wilson Company 9% % 9 Low. Last. Call Money..... L] 6 HOURLY SALES OF STOCKS. L1600 12M. - 278 5% 2pm. High. 6 TRADERS BEARISH Market Slow — Orders Are Few and Gossip Favors the Selling Side. BY STUART P. WEST. NEW YORK, August 5.—Lower quo- tations for the rails, especially those that enjoyed the largest improvement early in the week, marked resump- tion of trading today. To specify, taking the lows of the first hour, Northern Pacific at 76% was 4 points down from the high of the week; Great Northern preferred at 74%. off 3% points: New York Central at 73%, off 213 points; Union Pacifice at 120%, off 23%; Atchison 84%. off 2% Southern Pacific at 77, off 3 points; Pennsylvania at 37%. off 2 points, and Reading at 693%. off 214. These quotations are part of the record, but significance they have none, except possibly to_show what profit repurchases would realize to the hypothetical trader ;ht; sold at Monday's and Tuesday's gh. The railroad situation is unchanged and the market continued to make no distinction between roads which, like their ability to get operating expenses under sufficient control to secure a good margin for the stockholders and roads which, like the Nérthern Pacfiic, have still to demonstrate the same ability. Industrials Were Weak. Oil, steels. equipment and coppers were all weak. Traders professed to consider the sale of a large block of the metal under 12 cents as an ex- cuse for selling copper shares. Little response was made by the sugars to continued firmness in the market for refined sugar. The Java crop has all been sold, according to today’s advices, and so another obstacle to the hoped- for Cuban revival has been removed. Probably the big event, as far as the speculative interest goes, will be the dividend meeting of American Sugar Refining Company on next Wednesday. Commedities Strons. Turning from the stocks to the commercial markets, cotton futures again were strong. New high levels were reached for the eurrent move- ment. Again there Was the curious conflict of opinion between Liverpool and the southwest. on the selling side, and Wall street and the traders on the buying. One was influenced by supply, the other by demand. It was not difficult to mobilize arguments for either position. Meanwhile reports from the wholesale dry goods trade continue encouraging. Grain quotations showed further decline without any particular change in the statistical situation. The reduc- tion of freight rates from Central Freight Association territory to north Atlantic ports had little effect. Did Not Count Heavily. Little attention was paid to the weekly statement of the federal re- serve banks. The reserve percentage for the system was up and that for the New York bank was down. But in both cases the figure is so 113 | high that minor fluctuaticns are with- out great significance. The ultimate effect of the steady piling up of gold reserve few are so hardy as to pre- dict. Meanwhle call money was quot- ed at 6 per cent and there was a dis- tinct hardening in rates for time loans. The bond market, while not so strong. showed an increasig breadth, the number of issues traded in steadily increasing. Dealers reported difficulty in accumulating in large blocks of desirable securities at cur- rent prices. If this demand for prime investment is any criterion, the money situation has not materially changed. Foreign exchange was irregular, following vesterday's sharp advance. RIGHT OFF THE WIRE. Secretary Mellon’s estimate of gov- ernment requirements for current year of $4,500,000,000 lessens hopes of re- duction in taxes this year and has been responsible for checking bullish market. Chandler rallied fractionally on story that regular dividend will be declared. But the fact remains that a dip, even though slight, into the sur- plus will be necessary. If Washington hopes for business revival it should watch New York money market. One cannot under- stand why it should loan at 3% per cent and ‘a few days later at 6 per cent. Do not blame it on the brokers. Their loans are $500,000,000, the low- est for vears. High call rates give interior bankers the chance to put up rates on merchants. Germany has resumed the payment of reparations in dollars. one institu- tion alone paying into the New York Federal Reserve Bank two lots of $1,000,000 each. Announcement was made of the as- signment of Hugh J. Dimond & Co., of Boston. It was followed by further and immediate weakness in Invinc- ible Oil and United Drug. An aggressive movement against a large short interest that overstayed its market in cotton was the direct cause of today's sharp rise. Steel tonnage due next Wednesday is forcast to show a decrease of less than 350,000 tons. This would make unfilled tonnage at close of July around 4,567,000 tons. Money clerk gives notice that 2:30 daylight saving time is the time limit for accepting requests to borrow or loan money. SUGAR MARKET QUIET. NEW YORK, August 5—The raw sugar market was quiet early today at 3% cents for Cubas, cost and freight, equal to 4.86 for centrifugal. Refined futures were lower under light liquidation for over the week d. ces at midday were 2 to 3 points net lower, In refined one refiner advanced list prices 15 points to the basis of 6 cents for fine granulated, while others ‘were unchanged at 5.95 to 6.15, with a moderate inquiry reported. Refined futures nominal, -8 GRAIN AND PROVISIONS. ! BALTIMORE, August 5 (Special).—! Potatoes, new, white, barrel, 2.50a5.0! bushel, 75a1.90; 100 pounds, 1.25a3.0 sweets. barrel, 2.505.00 6.00; bushel, A bunch, cabbage, head, carots, bunch, 2a3; celery, 40a Corn, dozen, onions, 100 pounds, peppers, basket, 20230 basket, 20a3 Tomatoes, b rel, 3.00a5.0 ha blackberries, quart, 20a. basket, ; crat basket, crate, pineapple: 5.0028.00; each, 15a50; per car, 100.00a Selling Prices at Noon. Wheat—No. 1 red winter, spot, 1.30 per bu.; No. 2 red winter, spot, 1.29 No. 2 red winter, garlicky, spot, 1.21%. August wheat, 1.21% per bu.; Sep- tember, 1.22% ; cargoes on grade No. 2 red winter, garlicky, 1.20%: No. 3, 1.13%; No. 1.07%; No. 5, 1.01% Sales—Bag lots of new wheat, as to quality and condition, 1.05, 1.10, 1.12 and 1.16 per bu. Corn—Cob, new, yellow, 3.85a3.90 per bbl; for white, 16 to 20 per b lower in carload lots; contract corn, spot, 67%: track corn, yellow, No. 3 or better, domestic, 78. *Oats—No. 2 white, old, 49 asked; . 3 old, 48% aske Rye—Bag 10ts of nearby rye, as t ] quality, 1.00a: d western export, spot, 1.19% bushel; No. 3, no quotatio; The new hay arriving 1s selling strictly on its merits, so that it is impossible to quote same by grade as_yet. Since the official grading and in- specting of new hay has not yet be- gun in the macket, prices today range from 18.00 to 20.00 per ton for timo- thy hay, according to quality and condition. Straw—No. 1 straight rye, nomina! No. 2 straight rye, nominal; No. 1 tangled rye, 15.50; No. 2 tangled rye, 14.50; No. 1 wheat, 13.00; No. 2 wheat, 12.00; No. 1 oat, nominal, 14.50 to 15.00; No. 2 oat, no quotation. CHICAGO, August 5.—New setbacks in the price of wheat were witnessed today, with bcars predicting that the visible supply total on Monday would show an increase of 3,000,000 to 4,000,000 bushels. Besldes, gossip was current that spring wheat growers would sell freely direct from the thrashers. On the breaks in price, however, signs of considerable export buying developed. Opening quota- tions, which varied from unchanged figures to %c lower, with September at 1.20% to 1.21% and December 1.24 to 1.2415, were followed by a material drop all around, and then something of a rally. Corn went lower with wheat. After opening a shade off to %c up. includ- ing September at 58, the market un- derwent a general sag. Oats were easier in response to the action of Qther cereals, starting un- changed to % lower, September 37% to 37%, and later showing further losses. Down turns in the value of hogs weakened provisions. WHEAT— September . December CORN— September 5 per bushel 581 a7 37 8 mber Gn D% Bw NEW YORK, August 5.—Flour- settled; spring patent winter straights, 7.00a7.5 La Easy: middle west, 12.40212.50. Other articles unchanged. —_— OIL STOCKS. Quotations furnished by W. B. Hibbs & Co. Bid. Asked. 151 18 2007 930 Anglo-Ameriean Oll Co. ( Atlantic Refning Co Borne-Scrymser Co.. Buckeye Pipe Line Cheseborou; Eureka Pipe Line ena-Bij 0Oll Co." com Galena-Bignal Oil Co. p! Titinols Fibe Line Co Indiana Plpe Line National Transit Co. New York Transportation Co. Northern Pipe Line Co. Peonsylva Bolar Refining Co 8Bouthern Pipe Line D ijerate, 1 Vege LOOAL WHOLESALE MARKET. Eggs—Strictly fresh, per doz., 36; average receipts, 35. Live poultry—Roosters, per 1b., 18; turkeys, per Ib., 33a35; chickens, spring, 1b., 32a38; hens, per Ib., 26a28; keats, ssed, small, per 1 . Live stook—Calves. chbice, per Ib., 10; lamb, cholce, per Ib., $%: live hogs, per Green fruits—Apples, per bbl, 3. 10.00; per bushel b:.lpkel. 1.0024.00; west- .50a4.50; California_lem- 10.00a11.00; California 5.50a6.50; peaches, 00; cantaloupes, per new, No. 1, per 502.75; lettuce, ; New Y er doz., 50a9 .00a2.50; cymblinge, 50a75; sp! per barrel, .00a4. onfons, 2.00a2.35; cabbage, 3.5024.00" per bbl.: cucumbers, 1.00a1.5 eggplants, per crate, 3.003.50; tomatoe. per box, 1.25a3.50; corn, 2550 per dozen; beans, 1.00a2.50 per barrel. DAIRY MARKETS. BALTIMORE, August 5 (Special).— Chickens—Alive, springers, per Ib. 28a34; white leghorns, 27a30; o crate, 00a2.50. per crate, 3.0024.5 . |cantlle paper, 6a6%. Exchange. irreg- LIBERTY BOND CLOSING PRICES. NEW YORK, August 6.—Liberty bonds closed: 3%s, 88.20; first 45, 87.90; second 45, 87.64; first 4%s, 87.82; second 4%s, 87.62: third 43s, 91.90; fourth 4%s, 87.80; victory 3%s, 98.74; victory 4%s, 98.70. ——— MONEY AND EXCHANGE. NEW YORK, August 5—Prime mer- ; cables, Sweden, lemand, 5.4 demand, 12.78. Norway, Argentine, demand, 28.75. Brazilian. demand, 12.25. Montreal, 10% per cent discount. Government and railroad bonds ir- regular. Time loans firmer; sixty| days, ninety days, 6% per cent; six months, 6 per cent. —————— BAR SILVER QUOTATIONS. EW YORK, August 5.—Bar silver, domestic, 99%: foreign, 61%; Mexi- can dollars, 47%. LONDON, August 6.—Bar silver, 38% pence per ounce; money, 3% per cent. Discount rates, short bills, 49-16 per cent; three months bills, 4% per cent NATIONAL MORTGAGE & INVESTMENT CORPORATION Temporary Offices, Sansbury Building 1418 Eye Street N.W. ular; sterling sixty-day bills and com- mercial sixty-day bills on banks, 3.55%; commercial sixty-day _bill 3.55%; demand, 3.69%; cables, 3. Francs, demand, 7.73; cables, 7.73%. Belglan francs, demand, 7.42% les, 7.43. Guilders, demand, 30.54; cable: 30.60. Lire, demand, 4.29; cable Authorized Capitalization, $10,000,000 hens, 26a28; old roosters, 16; ducks, 18a22; spring ducks, 22a25; pigeons, pair, 35a40. Eggs—Loes off, native and nearby firsts, per dozen, 35a36: south, 34. Butter—Creamery, fancy, 45a46; prints, 46a48; CHICAGO LIVE STOCK MARKET. CHICAGO, August 5 (United Btates bureau of markets).—Cattle—Receipts, 4.000 head: steady: quality plain; bulk beef steers, 7.00a9.00; bulk fat she stock, 4.0086.50; canners and cut- ters largely 2.25a3.35; bulk bulls, 4.50 5 light veal calves mostly 9.00a 34,000 head: better 5 to 50 lower: others, 50 to 76 lower than yesterday's average; better grades well sold; others hard 5; bulk light and 10.90; bulk pack- ing sows, .15; pigs, 50 to 75 lower; bulk desirable, 9.75210.15. Sheep—Receipts, 11,000 head; bulk native lambs, steady to 15 higher; top. 10.25 to packers; bulk, 9.50a10.00. Western lambs, 25 higher; 10 cars at 10.85; no handyweight fat ewes here; heavies, 25 lower; bulk, POTTERS ACCEPT CUT. ATLANTIC CITY, A wage reduction of 19 per cent, per cent of which is effective imm. diately and 9 per cent in was accepted today by the Brotherhood of Pottery Op at a conference with the States Potters' Association. BOARD FIXES VALUATIONS. The Interstate Commerce Commis- sion has announced that it had fixed tentatively the valuation of the Port- land Terminal Company (Maine) at $8.096,704, and of the Jonesboro, Lake City and Eastern rallroad (Arkansas) at $1.159.985. United Any Time Is a Good Time to Invest in First Mortgages But more especially is this type of investment desirable when business conditions are uncertain and experts can’'t agree on prophe- cles for even 30 days ahead. The FIRST TRUBT NOTL remains at par, even through panics, when placed to conform with our re- ents, and yields 7% Consult Our Loan Dept. SHANNON & LUCHS Main 2345 - 713 14th St. OFFICERS AND DIRECTORS H. Rozier Dulany Appleton P. Clark, Jr. -« L RESIDENT President, Washington Hotel Real Estate Agent and Operator Co.; Director, Equitable Life Insurance Co.; Director, Wash- ington Market Co.; Director, Citizens Savings Bank. Fred T. Duobis Former United States Senator; President, Capital Service and Information Bureau. H. Prescott Gatley Attorney, Minor, Gatley & Row- land; Director, National Savings and Trust Company. Frank J. Hughes President, Hughes Finance Corp; Hughes Brothers, Build- ers, Royal Oak, Mich. James A. Bailey Director of the Citizens Sav- ings Bank. Harry A Kite Real Estate Agent and Operator. L. E. Breuninger VICE PRESIDENT Contractor and Builder President, Citizens' Savings ank Vice President, Park Savings Bank William D. West TREASURER President, Rudolph & West Co. Hardware and Builders’ Sup- plies Vive President, Citizens' Sav- ings Bank, and Director, Park Savings Bank L. Kemp Duval SECRETARY Retired Harry C. Birge Real Estate and Insurance C. S. Taylor Burke Burke & Herbert, Bankers, Alexandria, Va. Thomas Bones Tnvestment Builder. A portion of the stock of the National Mortgage and Invest- ment Corporation is being offered at the same price paid by the Officers and Directors. Subscriptions are received by the Hughes Finance Corporation, 1418 Eye street N.\W. Phone Main 853 and Main 854. New Issue First Mortgage Twenty-Year Dated August 1, 1921 Autherized $15,000,000 cluding August 1, 1924, at 110 and interest; Standard Standard Oil Co. Standard 0il Co. Ohi 8wan & Finch C STOCKS—BONDS—COTTON |8 GRAIN — SUGAR — COFFEE Bought and Sold on Commission tASecurities and Commodities || Review Free, Upon Request. 20 Broad Strect, New York MEMBERS: N.Y. Coffee and Sugar Exchange [f) Chicago Board of Trade Associate Members of Liverpool Cotton Association. MAIN FLOOR CORRIDOR WOODWARD BUILDING ‘Telephone Main 2040 CHARLES R. ALLEY, Mgr. Century Without a Loss. Is the Rate Liberal? It is prudent and wise not to attempt to get too much. A just and liberal return is better than an uncertain promise of a greater return. Short cuts to wealth are just as uncertain as short cuts to other ends. The tortoise over- took the hare in the old fable, and is still ‘“going strong.” Our First Mortgages, yield- ing 7%, offer as high an income as any investment fur- nishing so high a degree of safety. B. F. SAUL CO. Mortgage Loans 934 N. Y. Ave. NW. Tomorrow will not take care of itself —you y future. ourself must The man who looks. ahead by safeguard the saving part of his income will profit doubly by putting those savings to work. Our First Mortgage Loans are the Iogical choice, for they yield the great- est amount possible with safety to the principal. Our investors are never wor= ried by fluctuations or delayed interest :llny. 7% For an investment of such interest is sufficient induce- ment to command your immediate at- tention. Let us show you how to add to your income an income from your savings. The loans are in comvenient de- nominations. % ++H.L.RUST--- 912-15WST.N.W. Coupon Bonds ia denominations of $1000, LOANS ON LIBERTY BONDS Bonds bought and Sold Registered or Cenpon. EQUITABLE Co-Operative Building 41st YEAR COMPLETED Asnets ... -$4,308.R36.65 Surplus . .$1,085,322.89 Greatest Accomplishments From Systematic Saving Unless ¥ou adopt u s¥stematic saving plan. little can be accomplis) finuncial way. Join the Equit Subscriptions for the 81st Issue of Stock Belng Received Shares, $2.50 Per Month 4 Per Cent Interest EQUITABLE BUILDING 915 F St. NW. JOHN JOY EDSON. President FRANK P. REESIDE, Sec'y. WANTED Common Stock of the International Finance Corporation Write today to Box 77-R Star Office ependable _ At the present time when dividends on indus- trial issues are in doubt it is refreshing to note the regularity of dividends on financia! issues such as Jank rust Companies, Insurance Companies and Financial Corporations. Liberty Bond Exchange G 604 14th St. N.W. TIZENS | ITIZEN 1336 N. Y. Ave. The International Finance Corporation —of Washington, D. C., Is a— FINANCIAL INSTITUTION Now a 10% Investment Phone or Write for Descriptive Circular E. L. Stock & Co., Fiscal Agents 734 15th St. N.W. Phone Main 736 Tue Otis SteerL. ComMPANY 8% Sinking Fund Gold Bonds SERIES “A” Interest Payable February 1 and August 1 Due August 1, 1941 Series “A”, to be presently issued $5,000,000 Redeemable in whole ér in part at the option of the Company on 6 weeks notice on any interest date up to and in- on any interest date thereafter at 107 and interest up to and including August 1, 1926; thereafter at 107 and interest less }s ¢, for each 12 months or part thereof elapsed after August 1, 1926. $500 and $100, registerable as to principal. Interest peyable in New York at the office of Blair & Co., and in Cleveland, without deduction for any Federal Income taxes to the extent of 2%, per annum which the Company or Trustee may be required to withhold. THE UNION TRUST COMPANY, CLEVELAND, TRUSTEE For information regarding this issue we refer to a letter dated August 3rd, 1921 from Mr. G. Bartol, President of the Company, copies of which may be had from the undersigned on request, some of the items of which he has briefly summarized as follows: BUSINESS established in 1873, consists principally in the manufacture and sale of steel plates, sheets, castings, pig iron and coke by-products. “Otis” products bear a high reputation, having been sold for the past 48 years. Customers include railroad companies, boiler manu- facturers, ship builders, automobile manufacturers, oil companies, machinery concerns, etc. PURPOSE: To pay off approximately $3,500,000 current indebtedness and to provide ad- ditional working capital. FIRST MORTGAGE: Bonds are to be secured, in opinion of Company’s counsel, by direct first mortgage on the entire fixed properties now owned. The mortgage will also cover similar property hereafter acquired. terest, before Federal taxes (apart from After provision for Federal taxes, said or nearly 5% times the annual interest has occurred in volume of orders received. 008, and after provision for Federal taxes annual interest on the new Bonds. * .tons finished steel products. “The legal proceedings in connection with New York Chicago VALUATION: The general property account (less depreciation) is valued at $16,099,583; the securities owned in other companies are carried at $1,404,124; and net quick assets as of June 30, 1921 (after giving effect to proposed bond issue) at $7,384,344; an aggregate of of $24,888,051, equal to nearly 5 times the proposed $5,000,000 issue. NET PROFITS, after depreciation, for the 414 years ended June 30, 1921, available for in- inventory adjustment since December 31 last) averaged $4,149,715 per annum or over 10 times the annual interest on these Bonds. net profits averaged for 4% years $2,167,988, charges on the new Bonds; this average includes the unprofitable 6 months ended June 30, 1921. Since July 1st encouraging improvement Net profits available for interest for the year 1920, before Federal taxes, were $1,615, were $1,543,482 or approximately 4 times the FINANCIAL CONDITION: After giving effect to proposed bond issue current assets as of June 30, 1921 were $8,366,189 and current liabilities $981,845 or a ratio of over 8 to 1. These net quick assets alone equal nearly 150% of the proposed $5,000,000 issue. SINKING FUND payable semi-annually commencing May 1, 1923, will provide for retirement through redemption or purchase annually of $250,000 of Series “A” Bonds. PLANTS havt combined annual approximate capacity of 360,000 tons of pig iron and 450,000 the issue are being passed upon by Messrs. Cravath, Henderson, Leffingwell & de Geradoet!, New York, dod Measrs. Squire, Sanders & Dempeey, Cleveland, Obio. Interim receipts or temporary bonds will be deliverable in the first instance. All offerings are subject to authorization of theissue 2 by the stockhoiders, to approval of proceedings by counsel and “when, as and}if issued and received.” Price 99 and Interest, Yielding 8.10% BrLAIR & Co. INCORPORATED SOUTHERN BUILDING, WASHINGTON, D. C. San Francisco ‘“MM*-&M-H&-—“—M.&“