The evening world. Newspaper, June 6, 1921, Page 14

pend payments to- price in a probably would be forced to sus Sugar Refining during the first hour dropped four points, to the low generation, leading sugar shares were off from one to more than two points H suggested, that it was being Haul- gwegen kr, Alin abner Allle-Qoalme | Ao Agr 10 TO 11. are disinclined to renew mat loans at 7 per cent. These Ve swan The new week br caused most of the murket leaders |Ag H&L speculat sent to sell into new low ground for the |4m H&L Street. 1f unything, pessimism was and at to-day’s bottom |’, even more marked. All markets) figures quite a number of stocks | sm wi to Were weak. Stocks dropped from| were at the lows of the last tem] Ua lowed cal of te fone to more than three points. The} years or more. Atta coum bed break in sterling exchange was| Am eafety favor | more or less sensational. During) 2 TO 3. Am bi & Com the first hour it sold at $3.791-2, a! i Fv < ine. . drop of 4 5-8 cents compared with |The market was called upon to with- | Vt in) a Nat stand further unfavorable reports Lire, cables, .0498, off .0015 1-2; Bel gian fr, demand, .0800, cables, .0801, off .0020; Canadian dollars demand} 8912; Austrian kr., dem., and cable hic ce & Now cule 6 chine © \von-Coka American and other 9993 1.2 off .0000 1-2; Swiss fr, dem. |vol Puel & 1716, cables, .1718, off .0017; guilders, |Col & Seu _ | dem., .8978, cables, .2390, off .0032; pes [07 Unt Action of United States Steel plainly | crag, gem,, 1288 cables, .1290, off 0018; | Com), av & dem, .2257, cables, .2262, 4 Galt Petroleum 44 West pt. Cousol Cigar i the close of Saturday, Cotton was Am Sagar down from 32 to 20 points, During! during the last hour. For instance, | sm gute the first hour of business wheat de-| Chicago dospatelies stated that or. | ia Sumatm in clined from 1 to 11-2 cents ders for a referendum vote had been | 3m 0AM v1: TUN Weakness of the stock m: wos) gent out to 260,000 maintenance of | am La France *y given added signifeance by way employees, asking if they | 0 1 of the fuct that pressure would ‘accept a wage cut or strike. | 1" | dation and short sales was eDemand sterling extended its decline ie nounced at any time. In facl| toa full 7 cents to the pound, and wf trading was comparatively dull.) there were insistent reports that a a M4 Transacti during the first hour! further cut is impendiug yr the price io totalled unly 170,000 shares, But it} of Mid-Continent crude oi! because Lealinuion. acemed at times that stocks were) of the fact that production has ou fy being pressed for sale ay fast as the, reached record proportions ed ee om " Market could absurd then without | Leading railroad stocks extended their) At Gut & WoL. 37% pre ng @ serious break | lveses from 1 to more than 2 poins, | At Gull & W Lut Reflection of current pessimism was} Mexican Petroleum and General | ite a’ unis eH found in talk of further steel price | Asphalt fell rather sharply, U. 8. ian @ Ohio re reductions, in predictions of numer- | Rubber sold at 611-2 for a lows of | lets steel ous additional industrial dividend) 21-2 points compared with the close Hee dled oM. cuts, in disquieting reports of the| of Saturday, and the leading steel | tskisn ttagid Transit Joan position of nelal institu. | shares extended their declines to] Ban Gaius Gan. 0 tions vituated in Western und] from t to more than 2 points 4 bed dt Southern “uliural communitica, | Sugar shares worked into new low |4CUhi cmt oil and the bear position was further| ground, and chemical, motor, cop-)| Catt trcking fortified by the continuance of a per, tobacco, food and equipments | Cali Hettourn 11-2 per cent. renewal rate for call| issues all made new lows for the [lit Onan, money day. It seemed to be the consen= | Cony tats Greatest weal:ness was shown by the| sus of opinion among best posted | Central Leatinr pf ugar ip of shares. An unfay-| brokers that selling was pretty |) tm whe Baa erable influence working in this) evenly divided between short sell- eoace. ae group wis & further drop in the ing and liquidating sales. The tone |o, Moa ot tt tet ose price of both refined and raw sugar. } at the close wag weak Mae St duet pt ‘Also, cables stated that another) joneign EXCHANGE OP <a) Oe cena toot important Cuban bank, with sixty] “stenting, cables, 3.80, off 5 ae ee Gt branches throughout the Islands! wench francs, cables, .0802, off .0020; | h & vt vs re ta Iron. hom biedtric & Kee, dated, It sold down ais eas off .0023; Norway kr, dem, .1496,| Come Gas smpare’ hh the close ‘onwl ‘Teatilo moint compared: With: ts Con 1600, off .002%, Argentine pes-| (on intca: Min Baturday. Other steel shares reg- 85, cablen, 7148. rN istered proportionate declines. On a Z sh Gasty the other hand equ pments were | Cont Temucanice notably firm, and although it w BELMONT PARK ENTRIES. | comin on generally expected t at the Chandler ea Cor Prabucta Motors Company would reduce (t8 RACE TRACK, BELMONT Clee Pet age dividend from 10 to 6 per cent, nt Fe realy grelien (hi Cuba Cane Sugar WACE—Chuiming, for tareeyear-oldn: pet t ivsue wen: to-day’s meetin ysue Went oor ibe down only # point, and in the Te- jogex Howe Wt. Index Horse wt mainder of the motor srotip ehangt ist sunt ie oo 34 airly y divi patween no — 4 fabee 105 | in oon gains and losses. Coppers we 2 Doin 14i ‘Tevustration 111] Dko & Blo Grande, Te lar and rala were fractionally! 41) Byeore ¥ DERG pt It fegular and ra! ‘ aed SD RACK—The Little Neck Highwelght | Dome Mines 18 Jower, apparently in sympathy with Hamiliap; (fof tumwywarvkle and usrasl: 8% | pais ddtumm.... BN the weakness of stvels and mlscel- ; Inder” Home tlorw Wr [bie “ lancous industrials, | aeNitaiwel tay | ette tt ee Beart AN | ramon atasens 5. 70% es 4G Rint 124 Tink Mikio a4 ous 2 11 TO 12, Hab, oe Ear rwe Wn tien Amat 3 _— i f a we me We HAEL ACHE Conditions; for fillen on Hl sno special change in the | sero General Mote mere was no speci® | atatex Hare Ww eral Motor character of the trading during the | “iso? ss Ha Yet pedis ann 118) ral Motor di ; i Sw ee i ote second hour. ears derived further 1s Fat sete 181 5 a Nh 1s ivegeel oo} Girma nem eat. encouragement from the fuct that] MOUNT tae a priacyartyteaelh 1% stocks failed to develop rallying |1iter Home Welty rene CANAL NS power, ‘hd increased short sales A oe ng, AER {IE Guan Sagar an " ie e: h scele | 122 Wrecklem. 0110) 78? Mawroor Gulf Staten Seed tae forced several issues in the misc 447% Gallanuma S118) 111 Kirde Mandell & Barker, Janeous industrial list to new lows | 37 RittysPifty toe Neale ul ote cheer Saal -F Raed e 1ETH RACE—The Amityville Handicap; Soto 1 for the day, Corn Products sold down | EIUTH, He ear tie eid wear: we enfe | uae Snore 0% @ point. Chemical shares turned | snd a sxtemth My Central ms Horse Wt. [Indet Home Wt, | Irdiahoma Refin * distinctly weak, and steel, sugar and jeune Yani) (110) sorrttor 108 | inspiration Conpor . 4 vation. 1302 Plame food shares continued to hover} jai. Turron Wot 221th} tai) whine ue Cons am who heir ef low. marks.| 138. Camofeur 0106! (41) Tent Teg. “119 | ing Agr Cor vt S around their carher low 140 Bie Bang |.0111) 16S! B. Dancer 21.100 | try Herventer Bite Rails continued to move within a) sim mack. ‘kor maxten ovo vearalde: tour | inter Motor F fractional range, but with a lower) sms [aMt furlones ret ime ae {ner eer ya ency. Government and corpora- C, MoMeekin 122) 144? Black Rancal 117 | lot Mor Marine tendency. Governmen Led 1d Aimee Gime stot! Wat Nesamtlan sc 142 live (Mer Marine of. 48 tion bonds were generaiy lower. The | 16 ‘ryiatie Bloom 10! 1 Cala 1901 gat Satebot Ws gh 10 7) 1S Aliew \ nt Nie! about 10 points *Atementire allowanco chuined, Weather clear | samt Ot! ‘Tents Pant Jwrel Tos ro Kantas Cue Se 12 TO 1. Kally Saringfioht ees LATONIA ENTRIES. Kennecott Copbr ovements during the third SEA Dart a Kestono ‘Tre Mle Price movemen' during thi A) rhe tatonin’ erties Yor tomorrow's move em | Leside Ces hour were meaningless. It was an- Jem wannaeey nounced that the Chandler Motor] MIRST TAQE Pume $1,400; allowance for | Loe Ru & ‘hire ven seared fille; five furlongs —tilad ‘ Company had reduced the dividend [1652 "Ling Clark.’ 108, qual Iebigh Valley Bain 9 10 to. 6 percent. annual | leomgser 10m Blame Balen, , but inasmuch asx such a SPCOND RAOH Pune $1,000 elaiin Basis, bu Aewevearalda and upward) "ax f thon was in line with general €x-| Nise. WA; Marione Makar. 101; Imilaniew pectations the reduction was with+| frge? Vath alain Sie MON: Ager out market effect. An official esti- |] ede Tan 116 Hand biride € gr of the erna- sSiretane mate of carningr of the Intern: bi el tional Mercantile Marine Company] ‘THTku, nace © aa) eee which showed a large de-| snq’s" ia tuntonee s-ayeMnuteam Mie Saige (OH in net income compared with Bulis Bust tem aikirele eet 2 be : Winatit Mins & at Le revio ar, likewise was with- Be Rugelen lo Kan & 7 the previous ye ikew was with rath 15. Regie Mo Kin & out effect Mo Pait SHeaily. ail. groups of bic were BACT Pore $1.00; alien Mo Vactlio Practically all vf Block wer fur fouirsmarokbe and un’ one mile] Mout Want dull and fluctuated within narrow teenth Cotton lawn i” Mark fractions of the low prices of the T 100: War Bian, LOK Kinetirn day. Equipments failed to main-| + 10S, Began Queen, 108, Tyn tain their steady tone and receded | ,,}V"TH ume 81,700 So Hotel ¥ Thee yrarolde National Comm @bout a point from the high prices Varo Peary Hay Nat Eman & deed Ms. Marat Day, 107 in a8 of the morning WomiRricine NEOe alee baat ab OF Six Nevada Conn mt eR 4 stateenth—UMlanet, 107 n, Re an ane . Cinid Dreger, 107. Utele. Valo, ‘Moods | Now 'Yors ¢ The market developed an easier ven- | been. 10T: Tanmon, 102 NYNU dency during the fourth hours| gS@XPNTU JACK, ume 81,240; staiming: | Sorte * which was directly attributable to! ae the market weakness of foreign ex- Rat i . change. Demund sterling dropped hinds mh $2.78 8-4, a decline of nearly ats i geven cents compared with the ed on Swift & Company nalew @lose of Saturday, Also, time TPE a toe mek 18% money rates displayed a slightly: ments gold ou from 13.00 centa my . C der tendency, Certaip bankers 16.56 cents pe Be Sharon We Tied, Low, Last 1000 tron Boas ry 10% 985 OH COMPLETE GURB QUOTATIONS 12) dumb Fata mh mle 000 Divide 8 98% 091) z ————— | 1200 mb 1 Beth Stet Ts oon Sot . . Suaree Migh, Low, Laat, Stren High. Low. Laat. | 1500 9 9 9 9 Can Pac 6s 0 WG Oy oe ere lined ies. ce wk aw Sh INDUSTRIALS 1800 tnt Petrot U% 1% 16% | 1000 Marah Min 5 5 at Ry Ea 7 10 100 a Yi ona ieee ya oe aH | 19.0 deme Cost 1% 1% Keystone ianger | 100 Mother Lode n ot Gas bs 1 100 4 | Penn rae rT il u Maracaite, OU 24% | 1500 National Tin Ae een | Cons Tex!)t 00 ete on Henn Grabonnl Sid 0% «04 | (OM ted Rade db Sa) ae ou ® 100 Niptssing 1 aw “s 100% 100% 109 % ‘a Gen w : ate nN poe Ol 1 | 1200 North star . 4 4 0% % ye fe 89 Ge & fase ue a8 4 0 Noo ll oe il tae ae Oe ; nn 9% | 1000 Copper Ean 8s ; Sy Philada Coman 1s r : ‘ e eee a . | 1000 Noctester Mines 6 6 | Coenen Tire 1" iN Hen . 3, Whig Petroboinn 21% A . : ae 4% | jo00 sen Toy wax 3 8 Grand Trunk Gi. , te brie “ mot htehioe, 4 4 4 eee giver Rise Divi {| 18900 Guilt Out , , Ws “ow a) i rary mh % &| ee Rie DAS 1 | 200 tumble 0” i m 4 4 tw r f 6 6 So amr &G v 9000 Inter RoE s ‘ n " 8% i% | # er lead | 1000 Labi Mf & ; 1 on AM 8 ANy 200 Success Stun 1000 t 4 0 Nie com it Py ti tron Ok be 100 Touorah Belimont 1000 § Yours co 4 Untied, Tes SAL ver tunopan Casn Bey 118000 : a | tu WO Standard ¢ wow 4 Too trasied! Mtesaity 9 Tono Divide 3000 1% | Isunta Neg sage A st : Be IN ioe ee selina * MINIM ‘Tonopah tat ete } Stall Stool sree ti U® Dis i 4 } law Be Ce ‘ . 4% Tono-sim 6000 inn yet fax Geer me Ra 4% “ Atiante a Tonopan Midway ion 1% 163th 10ee Towling delhi Deg hf Nix Ledge “wt ‘Toyopan Stn SONY 4 = Tye 200 Unived Profit Sbaring. 1% ‘Ss "0 sag ‘ , Tonovah Mixpah ond oO & Moe fo % er phzle Stoo! STANDARD O11. ot Ment pod Tonopah Montane reas ws 18%. " fe | am toon da. tee Ango-Am oit 5 Caled Min 10 Tonopah Reseus Kula BS eal sa Ma | Royal Dutay NY 8.0 of Indi a eu Candeurie M 0 raitad iasatird Mate as 1 8 & ius INDEPENDENT O118 Kester bagvid ue Victor —— |e 1 & Bours of fe + te Dunilie Arte ‘ hbase e LIBERTY BONDS. ee, rene Poston Wyoming nt Age aa HE bison ee . 3 | Liberty 3 1-2s opened 88.94, off 043 0 Can ASH orn % Ga Coane 4 sed ssoaterese agit second 4 1-48, 86.50, off 04; Uhird, 20.59, | Devel . 1 1 | 1000 Swiss Gov Stes. Bite Sly fourt off 04; Victory vt J Goldfield lorena 4 : wea: 4, off 98.04, uff 08 ; ; ae 1 ea ee ni DIVIDEN Ds fren nee 200 Lik Hiasln Pet rts soos ‘Am Age Chem 74 | The Hupp Motor Car Corporati | suatusck Ariza S90 Taatneery Fetroteuca 4 % woo Am Tel Os 2 psy [declared tie regular quarterly 8] \ shor at 1800 Vederal Ou 1% 1% | 1000 Creat Mend 1 Am Tel 6s 93 |preferred dividend able July 1 (ensign OH son 0: Hevia M a ‘Anaconda *k of record June 20. Blaweiief? Stevt Doma tees BANKING AND FINANCIAL. BANKING AND FINANCIAL. | BANKING AND FINANCIAL. | BANKING AND FINANCIAL. Jsautiern iy if a P| jStam on ef Nd 4 4 [Sand Ooo NJ at ha (| Btowart.Warner rte 1's a 16) erence ea > Heat |Suerior on wy} Ten Coo & Chen Teme Comers, ie eee $15,000,000 tay | flex & Pac Coa ' ’ | Tetmecos Peoxtuctes, wy » Trimeoy Oil 4 | Untag & a aes 2 | Cue oa | Union Macitic | Union Pacigie United Anu us » 1 4 ‘| | Pat “| + % —% 4 4 White OW 4 | Willie Overland” 2% |Wiweverant i ie | Wiym & 00 oS Se] Sea ale 4 | Tal “ralen, a4] 2 ———————————— | % NCIAL. BANKING AND FINA' “Investors and Traders Guide” This 64-page book—eent on request—explains: The General Rales of renin —The Ls ca of Stock a Bond Hol —The Deposit Ri mts for Carrying Stocks —How to Give a Broker Instructions» Broker's Com- mission —How to In dorse a Stock Certificate-+ How to Group Investments. Call—phone—write for No, E.W-$41 Will you tell us the active stock in which you are interested and let us post you on late market news? 80 BROAD Tel. Br 225 FIFTH AVE. BROAD STREET || MADISON SQ. Tel wad sy. 1377 | of || 42nd STREET fer wort 1126 |) mean | Offices in 8 principal cities | 4 i. Direct Private Wires JONES & BAKER Members New York Curb Market DANCING ACADEMIES. DANCING CARNIVAL , | ST. NICHOLAS RINK 66th Street, near Broadway Every Afternoon and Including Sundays, 2.30 P. M. to 12.30, ) 30c 3 Lessons ({220iuue! Tastrustion Not necessary to take lessons, Lady Floor Manager wi troduce ps to suitable partner for danc- Learn to dance at this popu- lar institution. Roller Skating on Ground Floor. Dancing on Second Floor, FUNERAL DIRECTORS. Anywhere “Campbell Service” Call “Columbus 6200” FR } CAM ar «Tu FUNERAL CHURCH” Ine, (Now-Sectarian) 1970 Broadway at 66th St. Dewstows Office, Zid St. & Sth Av. LOST, FOUND AND REWARDS. TOAST On Natundar, June 41, a Qekin Hadaon Bay 34) ‘nelerick Lomer'a devareme stor, Hrovklyn: finder gem bv houne “detec ¥ Pound Devarimen We reward. otherwise wufler ar United Drug Company 8% Twenty -Year Convertible Gold Bonds Due June 15, 1941 Tntereet payenle June and December 15. Principal and interest payable in United Stat gold coin at The Chase National Bank, New York, Coupon Bonds in denominations of $100, $500 and $1,000, which may be registered as to principal. Registered bonds in denominations of $5,000 and multiples thereof. Registered and coupon bonds to be interchangeable. Redeemable at 115 and accrued interest at the option of the Company as a whole but not in part, upon sixty days’ notice. Dated June 15, 1921 Interest payable without deduction for normal Federal Income Tax not in excess of 2% THE CHASE NATIONAL BANK OF THE CITY OF NEW YORK, TRUSTEE prior to June 15, 1931, into common stock of the Company Convertible at the holder's option on any interest date Il be exempt from taxation in the State of Massachusetts. at $110 « share, which stock, under the present laws, wil L. K. Liggett, President Further information in regard to this issue is given in a letter of Mr. d which we shall be glad of the United Drug Company, from which we summarize as follows, an to send on request: . Business: The business was originated in 1902 by forty (40) retail druggists, to manufacture and dis- tribute, under controlled trade-marks, medicinal preparations and other articles usually sold in drug stores. They named their stores ‘‘The Rexall Stores."’ The present Corporation, incorporated in 1916, now has approximately eight thousand (8,000) stockholder agents (Rexall Stores) in the United States, and it owns, through subsidiaries, 227 Liggett Drug Stores. The combined sales of the Company and its subsidiaries for the year 1920 were $68,428,179.42. Purpose of Issue: The Company has now outstanding and maturing on June 15, $7,091,000 of Notes which are convertible into 514 Year 8% Notes maturing June 15, 1926. The proceeds of the resent issue, together with available cash and the liquidation of the inventory, which has already taken place, will enable the Company to provide for the payment of such of the Notes due June 15th as are not converted, and for the payment of the present outstanding bank loans and other notes as they mature, The total authorized issue is $15,000,000, but will be proportionately reduced by any 5!4 Year Notes taken by the present holders of the notes maturing June 15th. Earnings: Since the Company's incorporation in 1916, the net earnings of itself and its subsidiaries after payment of all taxes, interest due by subsidiaries, dividends on outstanding preferred stocks of subsi- diaries, and after deducting all charge-offs, have exceeded the amount of this bond issue. For the past three years the net earnings have averaged before taxes $4,800,125, or more than four times the amount of interest requirement of this issue; and after taxes $3,894,630; or more than three and one-quarter times. Sinking Fund: The Company shall annually pay to The Chase N. as Trustee under the Indenture securing the convertible bonds, an amount equal to 5% of the largest amount of the convertible bonds of this issue at any time issued. The Trustee shall apply the money so paid to it for the purchase in the open market of the convertible bonds at or below 115 and interest. ! Any money not so used shall be invested in securities legal for Savings Banks in Massachusetts or New York until such time as the bonds can be purchased at or below 115. Security: The convertible bonds will be a direct obligation of the United Drug Company, and together with the 514 Year Notes will constitute the sole funded debt of the Company and its subsidiaries, with the exception of certain real estate mortgages aggregating $1,022,840. The Indenture under which the bonds will be issued will provide that: 1. So long as any bonds of this issue are outstanding none of the assets of the United Drug Company or of its subsidiaries (other than the real estate now mortgaged as above stated) shall be mortgaged or pledged, unless the present issue of bonds are equally secured, with the other obligations covered by such mortgage or pledge; provided that the Company and its subsidiaries shall have the right to purchase additional property subject to existing mortgages or may mortgage or pledge any property hereafter acquired other than its quick assets. t the ratio of quick assets to quick liabilities as described in this Inden- ue of bonds and the 514 Year Notes) of the Company and its at least 125%. In case such ratio is not maintained, no divi- Company until it is restored. ational Bank of the City of New York, The Company agrees tha ture (and including the present iss! subsidiaries shall be maintained at dends shall be paid on the common stock of the of the preferred and common stocks of the United Drug Company Equity: The present market value f approximately $45,000,000 for these convertible bonds. outstanding indicates an equity o Application will be made to list these bonds on the New York and Boston Stock Exchanges We Recommend These Bonds for Investment Price 100 and accrued interest, yielding 8% Snow, Saltonstall & Hurt, of Boston, and when, as and if issued by counsel, Messrs. Gaston, ble for Definitive Bonds when prepared, will be ready for de- Subject to the approval of all details exchangeal ‘end received by us. It is expected that Interim Receipts, livery on or about June 15, 1921. F.S. Mosecey & Co. Boston New York Kipper, Peasopy & Co. Boston New York Bankers TRUST ComPaNy New York ‘The information and statietice contained in thie advertisement have been obteined frem sources that we deem reliable, aad while not quaramtecd, are accepted by us as correct,