Newspaper Page Text
Net Income Is
Equal to $3.08
?Government Guaranty Help?
Overcome Operating Defi?
cit. Annual Report Shows-;
Gain in Gross Receipts
Rail Expenses Increase
>'o Statistics Available to
Show Economy : Change
of Annual Meeting Asked
The Pennsylvania Railroad, operat?
ing 7,425 miles, earnvd a total of
?i33.l03.SoT net in 1920 from the rental
of its road to thr government for the
'first two months of the year, a sruar
rnty o** net income from the govern
?ieri'. for the next s:\ months, and the
operation of the property itself with?
out guaranty in the last four months.
After taking into its accounts miscel?
laneous income, snch as dividends and
interest on the securities owned and
after ra-.-.r.g^ interest, rental charges
and sinking and reserve funds, the
company had a surplus available for
dividends of $30,561,883, the er-'.ivalent
of S 506, ' 6.12 per cent, per $50 share
Had the property, however, been
operated without rental from the gov?
ernment or guaranty of net income,
an? actua ' nd rates had been
?he sam . liled by
$48,229.428 of earning its expenses and
rax?"*- rhe gross op? ratii .: rev?
?he property a? reported to the inter?
state Cornu n the re?
port to trie I. C. C. cov< r> 7,359 miles'?
was $; 0,758 as against
J489,270,94? Operating ex?
penses in 1920 amounted to $590,049,
?>?". against J455,357,461 ia 1919, Taxes
increas-'. more than $3,000,000, The
deficit after paying taxt-s and rentals
in 1920, $48,229,428, compares with a
net incom : 19 of $1 l,9i 3,663.
It was asserted that during the years
1915 and 1919 the Pennsylvania was
r,ot maintained by the government a*
as high a stau iard as has beer, set by
the. company. The government's excuse
was tl I not ge men and
materials under war conditions. Dur?
ing peace conditions of 1920 main?
tenance costs ."".creased, but in not
much tt: re pn ? ,-lion than vas ac
counted f r by the increased wage
scale paid Transportation expenses,
which re* * a cost of
moving trains, am ml I $293,230,
1'2 ? I.717 in
The awa t Rail) . Labor
Boetc - wages was mada re?
troactive tc May, 1, 1921 , and on the
Pennsylvania^ according to President
Samuel Rea, ted an increase
: 2 . ? ? " a nioi-th
for the entire system, which employs
Rat? increases became effective
Angus: 2' .-Z~. and on the Pennsyl?
vania figured ? it at about ?
on freight traffic, except such through
traffic as was interchanged with rail?
roads in other -*:-? territories. On LHir
traffic it ?"'a? about 33 1-3 per *-.: t.
Pissengrer rates were increased 2 per
cent ar.d an additional
mile for passengers carried in Pullman
The rate Increases were effective for
only about four months of the year,
?whereas the wage increases were ef?
fective :'-- ?-'?'_--.' n . the year.
T ii nnual report r 1920
inclue'?:? - statist of peration i f
*he propert* ? - ? t is
for observer! - idge - the econ?
omy with w road has 1 ? en
operating, and in recognition
fact si rs are asked by -~*
manage! ie road to eh ai _-? I ?
time - the annual -. -
from the se? n ; "
the second Tuesday in - ginning
in -?-- ' Pennsylvania
system I ras become a pi
impossibi ity to compile statistics of
operation n time to make a re] rt to
stockholders, nc .. ng such statistics,
Q t? ruf to a ,t of general interest to in- \
verlor* will be answered in this col?
umn, in which <?.??? only initials will
be u.tcd. Others will bo answered by
mail. Address all inquiries, inclos?
ing a stampfd. addressed envelope, to
Financial Editor, The Tribune, li*
S'assau Street, New York City.
Better to Hair?. His House Clear
Question?I "HI. have some bullding und
1??'' Kharefl m_!?W shortly which will
enable me to pay ..IT a mofti?.. on my
Rouse which b-jiiB 6 per rent, or Invest
In securities wh.eh pay ah?-uit 8 per em'
un ih?it- |rr.-ni selling prlL-o, I? than?
any advantage. In leavlntr mortgage aland
outside v>r tha. largar return from invest?
ment ?ecurille-? What do you think ?,t
the certifica tea of the New Jersey Publia
Servir- i',m ?.?..ration ?hat pay 6 per cent
and are now selling around 65 7 Also North
i.. ,,., street Railway 4 per cent bonds
selling a( <.< maturing in 19.18??G. W. .1
Answer?Our advice would be to pay
oiT the mortgage on your house rather
than attempt, to use this money to specu?
late, because you cannot call it invest?
ing, in securities which will yield you
9 per cent. It is possible to get around
8 and 7 per cent with safety?hardly 9
per cent. The yield of your Public
Service securities measures in inverse
ratio the certainty of payment. The
fact that, through your buiiding loan in?
vestment, you are now reaping the bene?
fit of conservatism, ought to convince
you that it is sound policy. Why not
take out some .new shares?
Interboro Consolidated and I. R. T.
Question?Please Inform me as to the
th? Interboro Consol :>!at<-?i
i' impany to th? Interboro Rapid Trannlt.
:.i one an owning company and the other
a lessee, and is the lease of valuo??
J XV. K.
Answer--The Interboro Consolidated
Company is a holding company for the
interboro Rapid*" Transit Company.
operates the subways and owns
them, subject to the city's lien and
right of recapture, and for the New
York Railways, which owns and opcr
a*..'s a part of the surface cars in Man?
hattan. Tho Consolidated Company is
lessee of the Manhattan Elevated. The
value of the Interboro Consolidated
Companies' securities, therefore, de?
pends on the profitableness of operat?
ing subways, surface lines and the ele?
Will Split Up His $30.000
Ouesrlcn?Please give me your opinion
of the i-Mowlrig is nn Investment ni about
S 0.000 diversifying for safety: ?i.OOO Bel
rlan vf (5,000 French Ss, J.,000 Vmerlcan
ural Chemical Company "-?a, 50
"..-?"- " ? n Tnn'K preferred ".. <:? 000 Ar?
as, ?5,?000 Rlordan Company Ss,
a & .wan FranrUco prior
-E. P C.
Answer-?We consider that Belgian
- >_nd investment with a good
yield ?'- prese": prices. 'Belgium is
making a rapid recovery in industry
far as is known has no riangor
ous - " -:;r.? social problems. We con
sider : rench 8s a sound investment,
in Agricultural Chemical 71.
- - * bon Is are well secured, the
? power of the company appears
good ar.d we consider them a
?tment. Argentine 5s are a
-. The country is pros
and has enormous natural rc
two months after the close of the ?
. r year.
in the last two years the Penn
sylvania has raised from private in?
vestors $110.000 000 of additional capi
? this $60,000,000 was from the
January. 1921, of 6% per cent
bonds maturing in 1936. The result of'
this sale, however, does not appear on
the ; alance sheet as of December 31,
At that time the company had
517 .2,919 r?sh and $36,933,467 special
- Che special deposits repre?
se-, ng the unexpended portion of the
r: ceeds of $50.000.000 ten-year 7 per
cen' bonds in 1920). Loan3 and bills;
payable amounted to $49,371,593 at the
er. 1 of 1920.
No mention is made in the annual
report of any beneficial effect that the
illing off in traffic might have
--. the Pennsylvania. The falling
off ~f traffic which has taken place;
pretty generally throughout the country
w I cause a decrease in the gross
earnings of the Pennsylvania, as it.
we ild on any other road. Operating
men who are in close touch with the :
ylvania situation, however, point
.sources. It does not have, however,
: the long established stable credit '?'
[ such a country as Belgium or Switzer?
land. The Riordan 8a are <* " iw is
' R.ie of a paper manufacturing concern
They appear to be well secured nt-.d
i among other things the mortgage *e
j curing them is a direct Hen on 937
i square miles of timber lnnd? and a
j direct obligation of the company and
j a mortgage on r.ll of the mills and
other timber land 7>f the company, sub
' Ject only to $(5,000.000 prior Hens.
? There are ?rt.fiOO.OCO of the la now o -"
| standing. They were orf?red to the
j public at 99. The St Louis S
i Francisco prior lien 6 per cent bonds
| are secured by an underlying mort?
gage on one of the large but w<ak
Southwestern railroads, und invest?
ment in them Is speculative to the. ex?
tent of risking the possibility of a fail
I ure of the transportation uct to pro
; teet the weak? roads. They appear
i attractive at present prices. The Un?
ion Tank Line 7 per cent preferred is
| a (?rood preferred stock and gives your
list desirable diversity, The Union
| Tank Line rents its cars to oil pro
\ ducers and its earnings are steady
even in times of depression.
Prospects for Defaulted Rail Bonds
Question?1 have JS00 par value
Toledo, Pi-orla ft Western bonds,
defaulted, principal an?! Interest, !n
1917. Would you advise selling these
i and putting the money Into lnter
: ffi bfn-inR- securities or holding tl em
'. for Improvement? Wlint arc the prospects
'? of their being ultimately paid??H. M. I>.
Answer?The Tol?do, Peoria & West
: ern will undoubtedly eventually be re?
organized and first mortgage bondhold?
ers will be offered seme sort of secur?
ity to represent their bonds and the
interest, which is in default. The com
'. pany, however, has not shown earning
, power sufficient to pay interest on any
bonds at all. In 1918, 1919 and
: first nine months of 1920 it cost more
: to operate the property than the gross
? revenue from freight and passengi r
, business. Whether to sell now is in
' part a question whether you feel that
' you must get an income on all of your
: investments or not, and on your opin- i
; ion of what will b-e the outcome of the ?
; present railroad situation. Our opinion
! is that either the transportation act
: will be so interpreted by the Interstate
' Commerce Commission, on the one
hand, and the Labor Board on the
other, one regulating revenue, as yi u
know, and the other regulating < ?*
penses in the form of wages, that a
road like the Toledo, Peoria & West?
ern will be permitted to earn some re
: turn on the investment, or else govern?
ment ownership will take place. In
latter case, although this appears un- j
likely, your bonds would constitute a
claim which the United States courts
would pretty surely allow, at least in
Four full columns of in?
vestment questions and an?
swers are published in The
Tribune every Sunday.
out that the Pennsylvania, having had
to b?*ar the brunt of the tremei
war traffic between Pittsburgh and the
Atlantic seaboard resulting fr m, in
the first place, the Allies' purchases in
this country, and then this govi rn
ment's own war traffic, and having
been particularly bard hit by th !
law strike, might quite conceivably be
much benefited in the long run by a
breath:**? <-p<*i 1 in which the accumu?
lated congestion of more than three
years could be taken care of.
The Pennsylvania is meeting the
situation which confronts it by every
effort to restore the morale of its op?
erating organization, which, ra r
men assert, was very much impaired by
the period of government operation,
The company also is consolidating
its finan?a' p Subsidia r*
panies are being merged and the whole
financial structure, which wa
mensely complicated and honeyc mb
with rockets of financial strenf.
weakness, which were not playing the r
proper parts in the support ?? t I
structure of the parent company, is
being simplified ana remodeled.
Pablic Utility Serar?ti?
?M P _ L 15
Am L '
4. 0 _
do ; '
ta P. L
Am P "
An- v. ? ?
do p pf
Cent St E
do r* i
dtlei s, 243
do B ah 23>_
do's Is -,
_ do pf B ?3?.
Col Porp- -,
?Ex ??-.-.? Idenrt
o 3 '-.
<iS pf 84
E D E ' ? 0
EG*F Ic8 9*
dc ?sen v *
? - pf 8 4
.-. . s- - ?
F .. i T 6
. . 78
So i ? Ed 89
& E 12
? I .'? P
dc pi 5
. _ Rys 22
2 <i o
j W'csi I w
?Am Lthr ?
Am m; pr- -.i
Am U & Kl>?
Am Td pf. 3 ?4
A* Typ F" 40
? B * Si- to
do 2d p< (5
Bor C M ?4
Bush T ?: tt
Cailulr ir; i3o
Chi Co pi
Crk w pf. ._
u L 4 v 5?j
SS Int Sil pf 5 8
vi Lima _ of II
?** ? UK- UK
?-? - .i Z w 140
" Co st pf 19
?0 Phelps D 175
?P * W pf M
Ry Bkc P.110
do pf 8?
!? C L H... ??
?Sg Mfr.ew Ji>
Btoll F pf ?4
Valvol ?.f. 85
W _i B . . 97 H
Y_;e A. T.245
25 -? Hook E.c
-2 55 de pf
?0 46 Ky Solvaj
? 20O ?lerrirnuc.
3 V? 10". "MercC pf.
? ISt u& ! Mulf. Co
?*? Pf '_l__?^^^^^^___?
Steel and Ordnance St?ocks
B?b ft \v log
do I? pf ,a
do2_ pi. ?
&tt a .. : g7
D? Pont 150
do pf . T7
** Brsss. ISO ;.j
Em S & _, 35
! do pf... 70
j do pf. 93
Wood?? ; .. ii
C*B( 3u_.. 4
do pf ?s
C Afulrre. 70
,V?"do now 85
0? West 2%
?IP E c.s 75
&"^S-_- 9? ?^
r-4t t-T,Co <*<>
-?__? '...27? _
?do pf. . 25
Mch? .... 1
Matl . . ?23
do pf . 4S
do 7s'2? 9S
?0 [MRPlst6a. 77
?S N OL.P 6i ?.
? iNSPi? 23 79
Lincoln Tt. IS?
Mu T W
?V Y L & T.5?6
Title Guar. .310
N Y Title...
N' T Trust. .
Re-, t:' A ?so
U B M * T.300
g S T ?J-uar.T?
Wstohstr . ..14?
W A B * UH?
P?<i- ?-' Bid. Ask.
-- HmeliS 156 ;^ P.-T T . SO ?4
7 J. >2 96 Unlv Loaf.140 ?
J S T-ung 95 115 Wemy B..153 157
oo pf ? 0 96 do pf... 91 85
M St A F. 7H5 109
Standard Oil Companies
Anglo-Am IS 18 4|P O & G .4'?O 500
,? Rfng "22 975 ;P-M Fuel. 13 25
o Pf !0? 109 Prairie P.198 203
' 3 lar Ref.390 410
? * - i Pipe.. :i4 107
?* Mfg..lS0 210 South Pnn220 230
" P* 102 105 isWPPL ?7 72
' ' 'H. '- US - O ?ral. .303 306
"-'.?c r . 70 22 -SO In?'.. ?39 694
r?mb P..135 146 s <;> Kan...SUS 605
?"', V l\ -"! S O K.v .410 425
G-S pf n?* 93 96 )s O Neb 390 415
Id 92 96 ,?s o Nf J..160 154
til PiPe U16o 170 s o N Y ?330 840
tnd Ploe.. 53 35 's O Ohlo..380 400
? Petr. M% 15*4 do Pf...i08 no
>.a;J Iran- J' rg Swan * F 40 50
N "i Tran.150 158 Un Tank.. 100 lio
?" "> o?" i do ,,. _ -,- 100
?80 2*5 Vue Oil ..310 315
? *25 rar 'Wash Ol?. 27 32
Miscellaneous Oil Companies
Ail Lobos. 18 21 (Merr Oll.. 12% 13
do pref, To ?a Midw . ... 1404 141 "4,
Br-A Ltd. 274 ?H HI Prod... 8% 3 '
Cosden . a ?4 6 North Oil. 27 32
-.. It !'.a.?!a 8 8 VPr & Rf. . . 4'V 5
Imperia, 95 97 tSalt C P. 9\ io
Mag Pet..145 :5a Sap Ref.., 4*4 4 Hi
"Par, $1?. 'West Sts.. 4 4
New York Bank Stocks
Bid. Ash , Bid. A-?k
\merlca :?5 T'i>;?7"o'ham . ..J^O 200
Atlantic . 2-0 220 Greenwich .247, 260
Am E-;<"h ..235 24?'Hanov?p . 7?e ?
Battery .'.70 ? Harrlman ...360 300
Bowery . ...425 450,1?.? & Trda.510 625
P.way Cent.126 150 Industrial ...180 lOO
Bryant Pk..l50 lBOIIrving Nat. .200 205
Bronx Nat. 195 205 Liberty .325 355
Butch & D.140 160|Mnhttn Co..195 205
Cen MrcntI..196 206'Meh & Met..300 306
Chase.310 320 Mlrpltn . .."40 360
Chat & Ph. 250 ? ?Mutual . ...490 ?
Chelsea Ex."."O 140 Nal Am ....160 ?
Chemical ..616 630 New Nthrld.160 170
..725 336 ?" Y County.135 ?
Coal A- Iron. 220 220; n Y N B A. 460 470
Columbia ..*?n 170 Pacific.270 ?
Col nial ...250 ?Park.360 270
Com? reo...215 220 "Ubllc.300 310
Cmwlth .215 ? "eaboard ...600 625
Corn Exch. .300 ?Second.450 ?
In . . . ? 105 .-"tata.200 210
Cuba. r? 150 23d Ward ..200 ?
Bast Rvr ...170 ?? t'ntd Stales." 60 170
First Nat....8X5 906;"nion Ex -.160 170
Fifth Ave...910 ??"A'shs Ht?..325 ?
Gar?elii ... 220 230'YorkvUle. . 425 ?
Bid. As*.., Bid. A?*
Am Alinee. 27? 2??Grt Ara ....262 270
City of N Y.t?0 190 Hanover ... 85 ?
CornwUn ...300 225'Home.337 843
Contntl ... 61 66,Nat Llberty.170 1*0
Fid * Pnoe 48? le?|NUr?.ra ..125 IS?
Frankl'n ... 75 ?* :Btuyv??ant... it 75
Globe Jk R..J?0? ?I
New York City Bonds
Form. Rate. Maturity. Bid. Ask. TIeld.
Int?-r 4V.JS. 1967. 91*4 92''? 4.93
do 44?. 19S5 . ?1*4 92H 4 93
do 44b. 1983 . fl?4 92H 4.9?
do 414.8, 1957. SI** 924 4.9*
do 4*4?. 1966.... 8*4 87*4 4.9*
do 44?. 1964. 8?4 874 4.98
do 44s. 1962. 86*4 87'4 4M
do -i'??. 1960. 864 87*4 4.99
do 4*4?, 1960 op, 1930.. S?4 874 4.99
do 4?. 1959 . 82V? 84 4.93
do 4?, 1958 . 824 *< 4.94
do 4?, 1957 . 824 M 4.95
Re?; 4?. 1955-195?. 83 84 4.97
do 4?. 1931. 87 89V? 4.95
Tntpr 34s. 1954. 74 7? 4.9*
enup 8 4?, 1954. 74 78 4.9?
Reg 34h 1950-1??4 ino. .. 74 76 4.9*
do 3 4?, 1940-1960 Inc.. 6.25 S.0? -
do 34?. 1921-1930 inc.. 6.7? 5.00 -
Reg and coupon (serial)
4 4e. 1931-193? 1?M. I.TI I.?? ??
do 414s, 1921-1331 l?c... ..TI i M -
I New York State Ronds
Issued !n coupon and registered form
not Interchangeable. < ipon bi nds regls
? Tana! Imp <Hs, 1964. ..ICI 103 4.36
Highway Tr?-.7> 4%s, 19113 .101 I'?i 4 "">
, Tana! Imp ?'?s 1965. ... 96 P* 4 57
: Highway Imp * ?_ s, 1965. 96 98 4 37
1 Barge Canal Ter 4 H s, 1945 96 98 ?? 7
Highway Imp 4s. :f?6". . r'' ?- 93% - ' ?"?
"an:?: Imp *S, 1917 ... 91% 9.3% ?> S
Highway Imp 4s, I960-'62 91% 93% I
do 4s. 1958.91% 931
Car a. Imp 4a I960- J Ino 9 : -, 93%
PalisadeB I S Fk 4s, 1961 11% 93% d ' ?
Barge Car? Ter 4s, I942-"46 91%
Federal and Joint Stock Land Bank
Bid. Ask. Yield.
Federal Farm Loan Es,
1938-1923 . 96% 98 5.17
i Federal Farm Loan 4%s,
1939-1924. 90% 32 5.18
Federal Farm Loan 4%s,
1938-1923. 90% 92 5.19
Federal Farm Loan 4%s.
1937-1922.90% 92 6.21
? Stock Land Bank lis.
1 939-1924 . XT 90 6.88
Jolnl StocK Land Bank 5s,
1938-1923. 87 90 5 90
Short Term Securities
Security. Rate, Due. Bid. Ask . Id
Alum of America 7a, '25. 96 % 97 - 7 75
Am Cotton Oil 6s, 1924. . 89 90 9 10
Am Chicle 6m, 1921-'22.. 91 3 -
do 6s. 192.1-'25. ?1 93% -
do 6s. 1926-'27..80
Am Tel & Tel 6s, 1922. .. 96% 7 7.65
do 6s. 1924. 94% 9. 4
Am Thread 6s. 1928_ 9 I
Am Tobacco 7s, 1921. 99% 100 ,, 6
do 7s. 1922.100 \ 100% ?, 60
_ ' 7s, 1923.... . 99% 99% 7 ?
Ann00:1 la ? pper 6s, 1929 86 .?>.;.
do 7s, 1929. 93% . 5.00
Ang-Am Oil Ltd, 7%s, '25 99% 100% 7.4 5
Armour & Co con 7s, 1930 96% :??? 7 45
Atlantic Refining ?S> '31 99% 99% 6 65
Bell Tel ci Can 7a 1925.. 94 95 8.35
Bethlehem Steel Ts. 11)22 98 98% 7.76
do 7s, 1323. . 96% 9~ B.30
Canadian Pacific 61?. 1924. 96 96% 7.75
Cen Argentin- Ry Os, 1927 79 B2 11
Cerro de Pasco Cop 8s, '31.104 104% 7.30
C R I & Pac 63. 1922 ...... 95 -- 97 9.20
Con Gas of N T 8s, 1921. 99% 99% 8 10
Cudahy Packing 7s. 1923. 87 ?_ 98% 7.50
Federal Sugar Ref 6s. '24 92% 95 8.20
Goodnch conv 7s, 1925... 89% 90%
Gulf Oil 6s, 1921. ?,?,:. 1. , ,; 00
do 6.1, 1922. 99% : ?o ,, 00
do 6s. 1923. 95% 16% 7.65
Hocking Valley 6s. 1924., 90% i<2 % 5.90
Interboro R T con 7s. '21. 6S% 69% -
Kansas City Ter 6s. 1923. 97% 98 % 6.60
Kennecott Copper 7s, ?930 91 93 8 15
Lac G Lt 1st & ref 7s. '29. . 89% 91 8.50
l.ig & Myers Tob 6s, 21.. 98% 98% 7.10
Philadelphia .Co 6a. 1S22. S5% 96% 9.70
Pennsylvania 4%S, 1921.. 99 99% 6 00
Perm R R 6%s, 11)36. 98% 99% 6.66
Proc & Gamble 7s. 1922. . . 99% 100 7 00
do 7s. 1923.100 100% ..SO
Pub Ser of X J con 7s, '23.. 87 88
R J Reynolds 6s, 1923_ 97 U7% 7.65
Sears-Roebuck 7s. 1921... 98% 9S% 9.86
do 7s. 1322. 94% 95% 9.35
do 7?. 1923. >?- 94% g 10
Sinclair Cons Oil 7 %?, '25 90 ? 81
Solvay Ss, 1927 . 99% 100% - <
Southern By 6s. !922. 95 95% 9 40
Southwest !?e? Tel 7s, '25. 96% 96% " 90
Stand Oil (Calif) 7s. 1931.101% 101% 6 75
do at N Y Ta. 1926- St. .101 103
St Paul L' ID guar 5%s, '23 9 6.60
Swift 6s. 1921. 98%
do 7b, 1925... 96% 96% 7.95
Tha Texas Co 7s, 1923.... 99% 99% 7 05
1'ta.h Securities 6s, 1922.. 86 88 ?
West Elec 7s, 1925. 98% 98 7.25
Who use J_l &. Mfg "s, '31. . 68% 98% 7.1'0
United States Treasury Certificate? of
Bid. Ask. yield
?March 4%s. . ?9vS 100 4 70
?March b\? .,.100 100V? 4.66
April 5%s.?on I00A 5.00
May 6%s.100 100% 6,10
?June 5%s.IOOtV lOO-ft 6.10
?June 6s .100% 100% . 10
July 6%s .loo 100A, 6.30
Augustes .100% 100% 6.40
?September 6?.I 00 1% 100^ 5.40
October 6%s .10CJ? 100? 6.40
?December 6a .100% 100% 8.45
?Acceptable In payment of tax???
Trade Gains in Middle West
Although Retail Sales Drop
; improvement Last Month
Despite Slight Falling Off
in January, .According to
Federal Reserve Surveys
Although th" valu?? o? retail mK?"
during January in both the Chicago
and ?j5t, Louis Federal Reserve d
was under that of last '.-?';ir, accord?
ing to the monthly bu letins just Is?
sued by '.?te 7th and 8th Reserve j
banks, continued improvement in both I
the wholesale nn<i retail movement of
goods ?3 reported,
"Generally speaking," savs the St.
Louis hank, "'the improvement which has'
featured wholesale and manufacturing
operations during the last thirty days
has extended a* well to the retail end
of distribution. The recent wave? of
economy on the part, of the public is |
pt?l being felt, but where prices look
cheap, or even reasonable, there is a
good response on the [fort of Bhoppers
"Leading department stores showed,
slight declines in sale.- during January,
compared with that month in 1920,1
but the first two weeks in February
have develo] id fait gai n *. Repli ? I i
the retail questionnaires indicate : i(
thus far unemployment has not affi ?*?
bu ne sa in ' e degree v hich - gh '
have been expected. Public purcha?
ing power seems strong, though directi d
in more conservative channels than at
any time since the period of extrava?
gant spending came to an end. Mail
rr'i-r trade is well behind that of a
year ago, but somewhat better during!
, | . . ..,, .... . ? .. ruary ; nan
?n i .. ..... t for1 night of 1
? more of a
: tion," says the hank, "to fall in
- - th thi v. '- ' saler, alt hough there
are still considerable variations in this
respect. The retailers say there is
in evidence a purchasing power for
cash a* bargain prices being offered tor I
the purpose of clearing st?
"The decrease in net sale? refers to i
retail prices and not to quantity of ;
commodities. It appears from these re
furris that stocks .are heavy in the;
hands of the merchants despite 'bar-'
'rait: Bales' and other efforts to bring
about liquidation. To offset this con?
dition merchants arc buying new stock
and placing orders for future delivery]
with much caution."
Coulis - money rates wert? un?
changed .7 the ' g of the
r : anks ci ;:' nae as 7he bes;.
buyers of commercial paper and bank?
ers' acceptances. New York banks are.
fi ? e most part, out of the market,
mmcrcial paper rates yesterday
- - it 7% to 8 per cei I .'
a few . - -??'it7
? -? shorl mat irity going
Lo?c Prices Expected
On Fall Underwear
In announcing that a decision to
open fall 1021 underwear on Mon?
day, Mnreh 14, was reached at a con?
ference between the Knit Goods
Manufacturers of America and the
Jobber?' Association of Knit Good'
Buyers, (he latter organization in a
spociai bulletin quotes L. U. Lynt,
president of the manufacturers'
body, as saying that the new prices
will be made- on such a low basis
that further declines will bo ex?
"Prices made at the opening will
be the lowest possible," lie paid,
"based on the lowest costs prevailing
at that date, and unless there is a
further drastic cut in labor or the
price of raw material will repre?
sent figures that cannot further be
Mr. Lynt also expressed the
epiniiin that raw cotton will not de?
cline much further, the price already
being far below the co3t of produc?
cember 31 net operating profits
amounted to $70,927, equal to 8 cents
a share, compared to $108.783, or 12
cents a share, earned in the preceding
quarter and 66 cents a share earned in
the corresponding quarter of 1919.
Wins Tra<ie Mark Suit
OTTAWA, Feb. 2?. -? Judgment in
favor of the Billings ?St Spencer Com?
pany, of Hartford, Conn., in their trade
mark suit against tho Canadian Bill
in^-; it Spencer Company, Ltd., was
? led down in Exchequer Court here
to-day by Justice Audette.
Tho action was brought by the Con?
necticut, company on the ground that a
mark used by it since 1871 had
reg '??red in the name of the
Canadian company. The judgment
orders the Canadian registration ex?
Liggett & Myers Report
Surplus, after taxes and charges, of
. ggi tt ?v Myers Tobacco Company ?
for the year ended December 31, was
?7,597,803, equal, after preferred divi
"'- 68 a -::are earned on the ?
,229 lass D and com- '
tock, compared to $5,929,036, or
> ? share, earned on the $21,496,
100 ci inn ? st ck outstanding ?n the
; rece : ng y ar, it was announced yes
- ' ? Set profits were $10,572,966,
tgainst $8.917,232 and "sie profit and i
sur] . .? ,335.
United Profit-sharing Corp.
? ? : r ifi "" ng Corpora
? ? ??????. subject to
Federal taxes, for the year ended De
- ' ' ? ?' $240 022, equal to 14
a ?' ire, at $25 par value,
$409,537 capital stock,
?07,1 10, or .4 8 cents a
.-?"?: the preceding year.
Pr fit ai irplus, subject to Fed?
eral taxes, amounted to $468.963.
Wliito Motor Earns ?St.82
Write Off of $1,193,927 to Re
'? ?- - ? ff of $1,
193 927 to reduce ii I rom co it
:'. wing fi r
and charg ;
?ng taxes, the V>
- ' ,. irplus of $2,4!
f stoc anding of S
i" . la
earned in 1 ?
. . ? ?: -?
1)98,122, a .-a nst '; : ' 156*7.1 96 f .
sm til operating loss
for the last quarter n total
ilanc? t as
cemb - ...... .
5 517,128, ?? ed a?
531,509.404 . -. ?
rhino ?Copper Report
? 3 985
ng yea r, t ras annou n e I
? . - irter .nded De
?-????.??-?-.-. - ?
Hudson & .Manhattan Co.
N'et income applicable to ri*:eri
the H - Is on & Manhattan
id Company for January was
com) ared to ""'_7T5..",t',.-^. or an
; . aver the correspond
? ? ? preceding year, ac
: x statement ade public yes
; of i ne me amounted to
Loft Net S718.922
? : --. after reserve for federal
. . : , rofits taxes, of Loft, inc.,
? ? j ?ar ended December 31 was
-.._.:. according to a statement is
.-- : ; tei lay Nn". sa'.ea amounted
12 '?' in increase of approxi
? over the preceding
Re?aii Candy Report
I Retail Candy Stores,
:'.-'.. . epc :" '.'?i a deficit, after deducting
reciation and ' tax reserve, for the
period from organization in July, 1919,
to December 31, of $333,729. ' Profit
ind is surplus amounted to $16.871.
I ainh?d Servir?
Heiser Muhlfi 1er S Ci !" K !:.:_:-.
tions, - Lther g la fancy ? >ods'
? .; Palmer, floor
n ?:- Co '_. Kalir
:.. - ?
M.TOONA, P \.
: '? v -., !-ni"
lea, d ' i, was
ihn -? - -Du Boae Co. ; Mrs.
:. en a wear 41 W,
h \i in; ok F
1 ? :':- u ! r, : hal,
M ? '? -t.
.1 ? ladles'
??-?-.?? ' Bw8?
M ra VI
Miss F. Hood, r?
M? ???? - Straus, d? n
prim - utlng B mnela and
? ???? ' rt \ ? i. ; Mi Stanton to;
carriages, I rut ..- h iai turn ahings
. -i. ruga, car] ? ts, drai er ea
Btone, ? -.?-ry, umbrellas, rl
2 W. 37 th _-:
J- Millet & ; II C. Miller, ? ottons;
Gr? at Nortl n
bergr's Miss Levlne, coats and
suit.? J" fl 26th a
\ S ?hrnldt,
si a ? - i/elvets; Alca
Miss O. i
man, vi . . ? I
wear; Misa F . . ren'a wear; 220
American Who esale ( rp . H. .-' 'u-.h
h, remna nta ? it) ave.
BesBe S ?-?? Miss E hel McFadden
dresses, coats, BUlts; George Dorr, mens
ci tl ng . Broztell
?Vuebec Fur Co . A.. L. Pooler, furs, fur
BERLIN", N". B.
A. J Ror.fl;. jvalsta Bway.
1 oveman-.Toseph & Li eb R. Vawr-.-.
silks and cot? ns; Mr. n ra
Ufred Fanl 116'W. a
A Levin? who -
? - : 123 B'waj ro? m 602.
BOSTON'. M %-"?>.
Shuman & Co ; William F. M?her, boys'
Prince Geot ge
Sylvia _? Coppinger; F. I.. Sylvia, dry
if--- da. 54 Let :r_ d ;;i
Houehton 4 Dutton Co.; W. A. Gallagher,
bovs woolen was,h aulls, Alfred Kami. US
W. 32d ft.
American ?Upper Mfgr. Co., velvet.
carpet and felt s?ppera: S. Sack?, repre?
Boston Wrapper MfR. Fo ; R. Berber,
sw.-al.'-s and F.n.t Roods, Breslln.
Gllchrlst Co.; basement buyers: .r Aron
rnn. boys' clothing-, fur; \\ -??
waists Miss Kell ets, mus?
lin underwear, aprons, Infants' w
Cohen, suits. coats, skirts, _ress?-?. 200
Gllchrlal Co.; upstairs: Miss E. Mia?a?
ban, juniors1 wash, graduation ani allk
dresses, C. W. Downes. silk, co.ored. wash
goods and ltnings; 200 6th ft v.
William F'.lene'* Sons Co.; upstalra. Mis? i
, ? !'. -, and muslin underw ,.r Misa
atrick, c! jses M Isa Good
-.. -? a ..- ?? 8 and juniors'
'?: si M ?'':- isan, women's costumes
? ? Horgan, '??? m - esses Mr iian
men's furnishings; Mrs Mllliken, In
.?-' wear; Miss '-.., - ikie, women's n.'ck
Miss !.<-.;:.-j, women's and misses'
nery; Mr Bleyle men's clothing. Misa
-..'. Inexpensive rtroses; Mr. Bullock,
?? nen's suits; Mr. O'Xeil, misses' suits;
Mr 7 vford furs; '?! ;?<? Stein, women's
?loves ment, Day, waists M r
G i Iberg n's tu lishings: ."> 1 r Quii
hi .. "... 'allahan, silk and
? . L) nch, pet tl
?i grien, women's ar.-i n sses1
'??'. r. Hahn, leal her goo Is
'?'... 'v : ? ? ' gloves 7ilrs.
women's ne- kwear Miss Berk,
? - :. - milltni ry Misa Du
, . -? ', men -: -?..:'-;?'? sweaters; M-.
:? women's and misses' dr?--sses; 225
. in. Marsh Co ; Miss M. <;. C-on!n.
wear !:. T inwiy, youth's cloth
:.., ts; O O Leary rugs,
ith, matt :n;r?? \.. y. ?? !art hj .
?? n -v, ??-, children's waists;
M '-? wi men's cos
ifants' wear, baae
? \ -.. v
?3 M nahan
" s, silks
velvet ? ? th av.
Miss A. Roberge, girls'
t--*alK, boys' clothing
- furnishings ? men's nothing
. hy millinery; 4 J J 4th av.
.--.i ?;??-, Foison St. Co.; J, G Cook.
200 5th ave.
& Hornst'eln; Joseph Horn
i rea wear; Uroz'eV.
Houghton .?:- Dutton; Edward Lev), no
>da, Bilverware, fancy
? Is 116 W "7 ?! St
H. I. Bperber -."? Co If I. Sperber, ooats
s-;.- s - frs Brei
!" :t Toulouklan; Oriental carpets, rut?;
- Jise?i In H. W, W?lder, wom
furnli hing goods. m(llt
ewe ? ..r. ' children's wear; 1170
Th* T Fred S. Hansen.
general ::-.;.->? Prince George.
A I. Gordon. iirr.?;ral merchandise;:
Clawson <? Wilson Co.; Mr. Gahwe, silks
and drcss goods 4:; Leonard st.
.'. N -Vdam & Co.; R. E. Evans, house'
la china, s'-'?swar? and
trunks Miss Nellson, furs; H. W. Atkins,
? - tunings, veilings, ?'rnbrciJ-;r:e?,
T eat, art goods 2 W ':7;.h at.
njren r Co Misa G Stlcklln,
i -..-. suits. ,.ir?-??se3 ;
i" C. Me .-??' wear Miss G, Forbee,
Mra M. G Lightner, 7;tees, em
es; Mr Mutter, bedspreads, com
ankets; 2 W ?~:h 8t,
vens ?'? Mrs. I. S. Given?, rep
resentative; t.. Diamond, coats, suits; care
of 37 W. L'-Hh St.
R Vanderwater, women's wear; Penn
II. Wile St Co.; H. Wile, woolens; 200
J S Adam Co ; Miss Treat, art goods, ''
pi? ture?; 2 W, 37th at.
Wm. Kenserer Co.; W??am Mutter corn .
torta, blankets, coverings; 2 W ?l<h it.
HI RLIN?.TON. VT.
'?arr!?r Co John Har-.la.-r?, ladles'
wi s r 253 5th a v.
E kahen. women's ready to wear, i'enn
CHARI.ESTOX, W. VA.
I. M. A L. Arnhelm, millinery and ready !
to wear. Herald Square. |
I,. Klein; C. B Priest, underwear and
I hosiery. Mr. Clausan. toyH; 1164 B'way.
| Phlllpsborn's; I). Baker, house dress*?.
I kimono?, petticoats, aprons, girls' *nd
j children'? dresses for spring; 9LJ B'way.
! Phlllpsborn's; A. H. Llpsls. millinery; 19
W. ,th st.
C. Iteinhoid FaUlnet Co.; Oscar Keinhold,
I! S.konovsky * Co ; H. Sakonovsky.
and cotton goods; Pennsylvania.
'?\ nshi^gton shir! Co., men's furnishing
? good?, faul ii. M ?tiger, mgr.; Mi.'Alpin.
E Blslnger & Co.; C. F Lamen, cotton
; gonds, blanket?, fancy dry goods; .5?
i Weiss ge Benjamin; A. Berkowlt-, men'?
and boys' clothing, Astor.
B. Kink, women's wear; Pennsylvania.
Montgomery, Ward & Co.; R. Klinker,
dry goods, 30 3 6th av.
II. Bio? n ir Sons; II. Block, woolen.,
Carson, Plrla & S<-ott; Mr. Lamond.
; whl:? goods; 404 4th av.
Mar.?;., Bros.; Miss Klelack. basement
waists and underwear; Mrs. Booth. . hll
! ?iron's and Junior dresses, coats and suits.
.Mr Oebows, linens and blankots. 13 E.
Phlllpsborn's; Miss G. C. Ward, cotton
| an?! ?ilk georgette wain's, 912 Bway.
Carson, Ptrle & Scott; T. A. Lamond,
; cotton piece goods; 404 4th ave.
I.lbcrtv Cloak * Suit Shop; A. Rosen
brrg, dresses; 1170 Bway.
Style Center Tailoring Co.; Man Schwab
woolens, trlmmin?3. Pennsylvania.
Kline Bros. Co.; Miss Kl"ln, dresses;
404 41 h av.
H ,1- S Pogue Co.; W. C Clmer, ir,<?n's.
boys' furnishings. 386 "!h v
McAIpin Co ; Miss E. White, muslin un
derwear kimonos, neg Igees, bathrobes.
nouse dresses, wrappers, apron?, 23 E
2(il h st.
Clawson & Wilson Co.; E. O. Harris,
notions, 43 Leonard st.
Kline Apparel Co.; Mrs. Custer, dresses;
404 4th av.
Stearn Co.; Miss Carney, jobs children1!
gingham dresses, 2 to 6; 38 W. 32d st.
Lindner Co . Miss Sllverbach, neckwear
handkerchief F ; A. V. Bllley, representing
Miss M. C. Roskoph, gloves; 10 E. 32d st
B. Ma ?Adams Co . A. J. MacAdams
men's furnishings, hats; Prince George
The May Co.; Miss P. Berger, coats
suits; 37 W. 2?Jth ?t.
Stearn Co.; Miss M. Carney. dr??ss_3
children's wear; 38 W. 32d st.
Clawson & Wilson; E. G. Harris. laces
embroidery, notions; 43 Leonard at.
Th? Ames Co.; C. Mashek, nuise, mgr.
Miss M Lewis, dresses; ?'.-. Meyman, repre
se: ?;.: :??? 1327 B'way
W ? Taylor, Sons <v Co.; Miss K. Ti^r
man, jobs, aprons, house dresses and un
is Ins; D. S. Michel, basemen! m :=>??
mgr . B Altmeyer, jobs dresses, ci il - .. :
H. Shakley, ; >bs silks and dress
goods; O. Buchert, jobs men's and boya
furnishings, women's and children's hosier;
art underwear; 225 5th av.
May & Co.; G. Bryce, millinery; 37 W
Bailey Co.; Miss Kornguth. waists; 8'
W. 2Sth st.
High.?? Co.; Miss M. Eckstein, gloves
Miss B. Nuttln, misses' silk '?nderwear
Miss A Scheidecker, hosiery i Miss C. B
Murray, white ifn'-ls; 240 Madison av.
Fashion Co. ; L. M. Kahn, ladles' wear
253 5th av.
The Fashion Co.; L. M. Kahn, coati
su'.'.?. 253 6th ave.
Bornhelm ?St Cohen; L?e Borr.helm, worr
en'a ready t? wear, men's furnishing!
Clarence Cohen, men's furnishings; I J
Rosentbal, assistant; 246 6th ave.
r-rklns Dry Goods Co, . ,;'.. E. Gir.n. chl]
dren's wear, ladles' ready to ivi?r: t
Brin Bros.; M. Brin, dry go->ds; Pont
DANVILLE. I Li?
d?ela Bros., >;. 3, pendleton, mdse mgrr
.1. M Mels, hosi ry, underwear; Alfre
Fail',. 116 W. 32d st
Weis Bros., G. Weis, hosiery, knit ur
derwear. 116 W, 22?i St.
!.. Herman, women's -eady to wear, ml
'?--: china, glassware and u?j?..^;i:;.'i
a:. : drapery. In per il.
R ??? Kumler ? - , Mr Gibson, boy
clothing; Mrs. Russell, ribbons. .Miss i'a
klnson, millinery; 225 6th av
Rike-Kumler Co. a. ?cander Gibso
boys' clothing; 226 5tB av?.
DES MOINES. IOWA
y uni - '? Mra B Whiteman, hou
dresses, negligees, mualln underwear ;
i- n av
Adler & Chllds; M, L. Adler, neckwea
h liery, fancy g"o'is. la.-ios and whl
. . 17 W. 26th ?_
Davison Bros., J. Braun, Infants' wea
P n -.-?'. van 'a.
Newton Annls; Louis D. Holland, fur
DES MOINES. IOW .
!.. Oransky .v- S. n H. Oransky, dre
goods, silks, ?? ' vets : i 50 Bway.
J. L. Hudi on Ur.Ma.yl
rr...nair?'r. .Miss Summer, infants' v ?a
Miss Graham, muslin underwear; C, .7 Gi
Un, coats, suns, skirts; Mr. Jamiesc
b?iys' clothing and furnishings; Miss M
Hugh, infants' wear; 225 5th av
Crowley, Mllner Co , C. A.
boys' clothing, furnishings; Miss A. Gol .
?>. aista .\'.fred Fantl, 116 W ?2d st.
Worl h & Co.; lerger, wan. ?.
ready r ; wea -. 1160 B'wa v.
Orr Co : M. Larmantle, carmen?
Hyman'a, 33 W : ;' 8t.
_?i \ii r? \ -. v
S F. Iszard '.-.. ?. Chamberlain
furniture, carpets, draperies, toys; 404
:.. Rosenbaum & Sons H. Rosenbaum,
mdse. manager; 38 W. 32d st.
s. F 7 .. ixd Co.; H. '.. i :. berlain,
?tery drapery, ...-7 go ?s, pi ires
and Hour coverings ?? ? ? :.'?. ave.
ar!"> D. G. Co.; f. \S Dennison, toya;
432 4th av.
FAIRMONT, W. TA.
M. Hart . Miss J. A.
Montgomery, ..t.'..-? wear 12S1 Bway.
FALL RIVER, MA-'*.
V.. A. M W hlrr Co. ; E. Ba -... >? --.
- -. fa ,.r. ! dr iperles . - s *?-.-...
\ M Whirr . ? ' '?: : i mister, up
: u: apery and fl -.- ngs; 404
Magi . Co.; F. J. Mat-:'!
hina; Park Avenue.
h Bros Louis Lorch, carpets; Penn
sv Ivan In
(?RANT) RAPID-;. MICH.
Grand Rapids D, ? ; 'o Mr SlmpV ns,
dress goods i I Leona - : -?
! 1er] olshi mer Co R :'.:.-? Bpeclal
? ! ? is?s ... : >a - - 7 ; : :?
Charlea Trankla & Co.; P.. Van Bochove.
ready to w?ar, 4 12 4'h av.
Mrs van Bocure,
women's readj I i w< , - 4 j 4th ave.
Emporium World Millinery Co.; A Men
delson mil : nery, 621 Bway.
Sage, Allen ? <"o. . G. ;-'. Allan, dresses,
R-ji'.?i, Miss K. Zerwitz, misses' department;
M Di ? - .-??; ri - tura I 'J 4th a?
"? Be - Ith & Co. ; H Ashelm j. i
BUits; 4 04 4i b ave
HAKIU>1U K(r, PA.
H. Salkin * Son Max Salkin, general
merchandisi '-. '??-? n n I ?? ?. n la
7.'-a.ii'r Sto ? L. Roma .r?, women's,
misses', Iren's rea : to wear gen
-, K ods, :.?nery, men's furnish?
ing goods; 7. Bwa ,.
HERKIMER. N. Y.
H. G. Munger & Co.; E. K. L? Due,
china and glassware: IOS ?.rurid st.
HOMESTEAD. P \.
Steele Furniture 7. Us Lorch, floor
covering.1?, I ennsylvania.
Katz Underwear i ? Le? n Katz, musll
I idln's - i- Ladin, ? omen s r? : -
i ? -?:.:.-?- ? ania.
!.. H. Hahlo, vice
presi lent 125 *.", Ol h st.
HI NTINOTON. W. VA.
Watta Ritter &. Co.; W, Gibson, toya; 43
L S. Ayres Co ; Miss Sullivan, millinery!
225 5th av
H. P. WasBon & Co ; M. Pau!, men's
furmahir.gs Miss A. Simon, dreds?is, Alfred
Fant.1. : 16 W 32d st.
Havens & Geddes; Mr. Mitchell, iacea
and edgings 77.' Leonard ;?t.
i tein Broa.; A i. Goldstein, mgr.;
S. .7 Goldstein, women's ready to w-ar
and children s wear 404 1th ave.
...-- Shop; H. .7 Ja'-obs.
dresses, coats, suits; 16 E. 23d m
J. R. Jones Sons .<- '.,. ; Mrs. C. Cade,
r-?.iv to wear; Waldorf-Astoria.?
Oe'ino Br-s., Mr lellno, general mdae. ;
J. Cooton, jobs boys' ctotntng 1164 Bway.
KANSAS CITY, MO.
Kline Cloak & Suit ?Co . Mrs. Edgar,
dresses; M;3S Raphael, watsts; Mr. Den
nedy, furs; 4?">4 4?h av
Hagar St. Bros.; W. H. Hager, mena
furnishings and hats (04 1th av?.
P. Goldberg : ?women's ready
to w?ar; Pennsylvania.
A. B Sutherland Co.; P J Grar.fl?:d
ready to wear, silks and dresa goods. 422
H Simon, dry good* and women'? wear;
LOS ANGELES, CAL.
L. A. Myers, dry goodj. clothing, shoes,
Quinn-Mar.-)ha;? ; C. !.. Snldow, domestics,
72 Leonard st
MASSENA. N. Y.
Stone & Co., .!. Stone, (try ?roods: Grand.
F. E. Abeiea & Co.; F E. Abel???*, wool
?rn, cottons L. H. Pmt les. woolena, cot?
McKEESFOBT, P %..
Lorch Broa. Co Louis Lorch, carpeta;
Cnion ("".-edit Clothing Co ; Louis Levin?,
mer. s a^?l women's outer apparel. Penn?
Helmstadter Broa, J. Helmatadter. dry
ronda women's furnishing?; Breailn,
L. Levin?, coata ?suit?; Pennsylvania.
Manufacturers Surplus Stocks
Among the lines featured in this sale may be mentioned
Women's Wear, Men's Furnishing Goods, Toilet Articles,
Gift Shop Merchandise, Fancy Goods, Notions, Toys,
Knit Goods, Jewelry, Gloves and Shoes.
ONZ ITEM OUT OF THOUSANDS
91,195 PRS. SUSPENDERS
$2.75 TO $9.00 PER DOZ.
Orders for Reasonable Quantities Accepted, .
Merchandise Clearing Division
10! h Floor.
Bush Terminal Sales Building
130 West 42nd St., East of Times Sq>_are.
We Will Finance You On
MERCHANDISE IN WAREHOUSE
LETTERS OF CREDIT
The Finance Trust
26 Exchange Place 'Phone Hanover 659C
Cash Resources 54.000,000
J Gerber Co . Miss L Combat, millinery;
220 . ' h av.
Bry B!iT~k Mera Co.: P. Bernstein, jobs
basement men's ar.?l boys' clothing ar-.l
furnishings; T?. T Kordenbrock, joba silk
and mus: n underwear; .1 B. ?."aradine, silk
waists and skirts; 1261 Bway.
Style Shop; J. Summerneld. ladles' wear:
4? W. 35th st.
.T. H. Bunce Co.; C. W. Cramer, ladles'
wear: 404 4th av
Milwaukee Apparel Co.; L. E'sas, chil?
dren's R-ir.?ham ar??i colored dresses; Miss
Turner. s;:k ar.d wool swa-ers: _T?i 6th av.
Pears Cloak Co.: M, Qernes, women's
reaily to wear; B Rosenberg, women s
rtady to wear; 11" '! I way.
Dayton Co . Mr. _] :C rm [ n it ma
Mips Swergstrom, ?eather goods and um?
Miss Vogel, jewelry and leather
? ? - eather goods ta
? and umbn Mr Y ?jrrir ba??
ment gioves, ?ae-'s and embroideries; -'-?
Powers Mercantile Co ; Robert Knox,
'.-i li? i hosi. .' erwea ir u las; - W.
Minneapolis D, G. Zo , E. C Ramsay
draperies P. O'S - - i; G. La
Nystrom? nderwear ind
coats; M:'3 E Mit hell, art goods; L. .'..
"? ? tigs; Miss M. B >s
???? mi i : hos tv, Miss ]?'. Z.rr,
merman, i.c-.-a, gloves ?r.-i trimmings; i?2
n Co. : .Mrs. F EL Kenn?, hosiery,
underwear; D. Young, underwear, chil?
dren's wear; __.", 5th ? ??
Ogil\-y's, Lt'L, and Gen. M?ige.
. A. mgr . 125 W 30th st.
NKV, BEDFORD. MASS.
New Bedford D G. Co W Keefe, car
re- ; and draj -?es 414 41 h av.
Almy's, Ll ., H Atkinson, miii.nvry;
2 4 fi .Madison a v.
Shartenberg & E a Thos. H.
Ga ligai laces, ribbons, u:r?
bri Das; 404 4th
: Millinery Co.: A. H.
Smith, millinery; 621 B'way.
NEWBEKN, N. C.
on. dry goods.
rea i y to w? ?r , 276 ?'?: h av.
v - - \. ''op.on. women's
ready to wear Miss M. B ?her.k, r-.-pre
??-. : 276 5th ave.
Maison B an? he; .: . ashinsky, mil! -
16 W ?_? : _-?
Ml er, Rl . vartz; J. M. Mauck,
lot on.-?; 4 - it h
D II li ilm is .Ci . J He 1er, toys and
? '. A. Ban.um. :.- lae
mgr ; 13 1-:. 2Cth st.
D, H. Holmes Co.; G, Barnum, mdse.
mer.; I" !.. 26th St.
NORTH ADAMS, MASS.
Boston Store; P.. S. Reid, mdae. mgr. :
W I -:,-"
Brown * Buck Co. Mr and Mrs. A. L
Suca. %??:-. mdse; Prince G? s
Mlller-Rhoads & Swartz M. Mouck,
piece ?? ..- * ith av
la, ling etc . Penn
NORWICH, N. Y.
Sara S< ? iry goods Pennsylvania
OGDEN I 1.UI
S J. Bu W. L. Burt, ready to
wear; Murray Hill
OTT! MUA. IOWA
Barne* Co Mr. !;ar- ? .". ladles' wear.
Arthur Mine ?: - ? st.
P KO RIA. ILL
Block Sl K?hl; .'Urs. F. Hawkins, !ad!^sJ
wea 1261 B'way.
M Fuhrrnan .voutens erde?.
- , imbe Br I un
inga -. '? ? -;
1 [erbert Kohn silk8,
N Snellenburg & Co. M ss i .
stein, women s and iren's wear. 1261
Marvin Waist Co S Cohen, wa;s:s: -il
W 27th st, r om 415
-?? -ir ta ::. C. Berger, suits, 17?"
W '-.: st.
Bros M ss !7; key muslin under
-.- ir Mrs.
- - -, Misa Kaufman
- : - - - - irs. 1261
B iv a .
M - ?rosfi i- ' '?-.. M G ? w
77 ? .
:7 ,V. . ? ?-.
Mr. Soble. waists, Alfred
Fant! : : , W I2d st.
Reliance Skirt Co., Mai Kramer, wool
? -i..- A b. ? leen.
. & Magee Co.; 11. I. Mage?, floor
Bros. Misa B F. Morrell, Cuuk
ts, etc. 126] B way
.- Harr.-- Vorwlck.
, suits; '. ? - ?
? . - : ? -.n- .,..
'anquay ?S?: Co C s
?v lolens; Grand
? - Furni ure Lou s I. rch flooi
coverings Pennaylvai ?a
:. Bros. Co.; Loula Lorch, carpets
M. Lando & ?or? ; M. Lando, woolens
Ratner; So! P...tner. 7ad;?3' and ch!7
dren's Wear; Latham.
; A E. R- K- rs, silks .:. '
iress g "' Walrath, boys
; furn shlngs M r. ? . idfinger -?? . -..
furs; ?'.. '. Fay, curtains and drapei
: .- . -
Miss C . neckwear 7 i a
? ' . .
.????? t- lad
WI ters ? rta, ? a Bts, '.- ^?.-s a.
~ W 32d st.
burg C. H. i ?ilman
. ept. St re M. Lippman
Miss Ryan, ribbons; Misa Wanto
?- ; ' ?-? - Miss S Sol ?mon, wa;^i?
" ?..?'. middles; 7 26t Bway.
Rosenbaum Co.- Mies M Roche, musli:
underwear; car- . f a. Fantl, 7 7 3 W ,J2d m
Can pbel! s F Campbell, clothing, fui
nlshlngs; 6 W 32d ?t.
Enterpria? ik St Suit Co.; M. Esrr.ar
r.ob?s. suits; Pennsylvania
M. Lando St Sons M. Lando, wociens
-. if man ,??- p., - - Kohnfelde:
i ie >?.-, ; . ,
?'?'? -? '?'?'. A. Simon?, ah -
Max Azer :oata su."a. 1161 Broadwa*
N". M. N'ebrom, w-iratn'* ready to wea
Infants' wear Pennsylvania.
S. Lando Se Co.; D. Goldman, manar?
Rosenbaum Co.- M. O'NesI, r-oat?, sulti
W. Koter, women'? ready to wear; care (
A. Fantl. 116 W. 32d st.
Boggs i- Buhl; A. J. Kunkel, clothlni
Campbell's s'.:?. E. Logue, notions, Jen
elry, toilet goods; 6 W. 2d at.
t ? Fashion an! K?;-!:" Shop, .
!!. Cailahan. millinery; Herald s-'?iare.
PONTIAC. MI< H.
H. G Robertson, women a mlsaea, ch?
dren'a r>-a,?y to wear Pennsylvania,
The Thomas .""n>!l?;y Co. ; .ames Trave:
ladles' o-oa's. suits, dresa?-s. -Prince Geor?
Porteous, Mitchell * Brau??; Rofet. Brau
representing; 422 4th av.
j Tha- . M. Wj3s?rra.a,
hat*, cap? - a n ?
PORTSMOUTH. N. H.
Tr? ??: ? .x Salden, .a?le?' ready
to wear; i -r-.s-.-:
POKTSMOl TH. VA.
Land Co . !.. Lan?. Jewelry famishing?;
PROVIDENCE R. I.
I. Eamu Is &? Bros.; Misa R Levy-, waists:
J. Sullivan representing Aifr-d F.r.:;, Ill
W 2d 81
Tilden Thurber Co.; J W?|)C,t. leather
? idding 3 , Mr*. Georg. Ta?Vjr,
s ?!?: 1er, ?-.'oak*,
??f IM 1 . FL%.
A. J. ;-:??? .genera ;::? bi I.
M ???? -'s Horn Mr ?' ?- er ladle*
wear; Hoffman _ Hartblay, !1T
F'rinci ,?? lstein,
-, - art D. C. LTeese.
Rl( HMOXD, V V.
Freed Ce S J a s' w??r; ."I
Va ighn. waists, un
?' ? ar, n- _. _? ? . ; st.
George Macl . ? ??? -st-' Ma?-Baln.
repr? senting; 432 4 th .?-'
.? '?v. Kohen, women's
1161 B'w ay
ROCHESTER. N. V.
Sibley, Lindsay & Curr; F S. Austin.
. 132 4
Slbiey Lindsay & Curr; K S. Austin
' liga ig;-; ??32 4th ave.
g . ? Penns?
The M N. -, Aug. Blumka,
dresses : it-1 i ? -??
.it ?'?:-? l?resi'.n.
S U.T LAKE t ITV
R ch s Clothes h, men's
g, furnishing goods hats; Pennsyl
?3 KN FRAXCTSCO
Eps ? i-.s, wraps:
a_ ar: 1 Suit Co B F M-yer.
Ire:;.-? brushed wool
1261 Bwa y.
s > ; wart. S A. Rchwart?, whole.
sa - - . .-. ik .-..- ... i.
- . \ JOS1 . I M
"?''? ? lenberj,
. . - men's
; hats, fun ish . srs Harry C
S? HENECTADY, N Y.
H. S M .7. St kea, waafc
H. Mirnac.h 1-:. Mirr.ach, g?nerai
- - ?
' '?? - i Im?n Mercantile Co. M Net?
ter wi :. ' ?'?? ?: ::, W. joth st
F rb?-s .v Walla . M ?s Foley, coats,
Madia i a
ST. LOUIS, MO.
... ....r.-ry Co , J. Brandenberger,
>ort Co. M G, Brlnk
rd, toys; 225 6th av.
. Walker D <7- Co . H Myer?, men's
r?; :,e, Worth ?t.
. Millinery Co.. li. P.
Mrs. Haynes. drsaaes.
E. P. Cave.
-. - ? -i .--.
??? p al i an ! * !'.
i 7 4 W
- : si
I ? n'a fui
. . M.s-?
. bons: Miss
- :, v.r. '. ?? wear; 77 W.
-1 PAt L, MINN.
Ball lore S'raw
Hat W irks ? . E. 7 nanager
- ? ? : ,'.;na?vs.
. " ? . ?reri>?
: ' Itb st
*-\V VINSBOBO, ?i V
a . 304.
--i RA? l SE, N. \.
- . . ? - ?.""'JIT" -
,. -. . T a., :
nkh? .ner. lacaa.
TKKKK H \I TK. IND.
Root D. G : Roas, domestica
and white g . a -.
TOI IDO. OHIO
W I. .-' ? M. Roehte,
I ri -1 j *(?:
?. s .<:.-' ?
suits, E. Mu
iaby carria ? brlca-brac .. "1 S
- ' Epiay r-.b
\". it L. Cad irl leed!?
-, J7.?a ?;
I under? sai w ? ?r.-n
. - -
tier t- Co M sa M Roehte
h luse ?-?--? - ? . .. rwear jn
? '?' -1 rit.
ri RON I*. P V.
Crab tree ? - Crabtree ewe ry Tier
H\! OCVEB, I". <
\ I? TORI V li. f .
Ltd 1 .': .i*<rj. sho?!
. . ?-;?-,
VI \KRI7N, OHIO
-7- <t K li," Shot .' ?7. Kunkel, trimme
ha'i an I .., li? -. - ? r? AH' ?!
V* %>H!N(,TON. I). C.
lworth j? Lothrop H. Bar<?rhk!e
. J velvets; J W Gr*y. '.?dies' an
. s aboea; H. Humberry, men
C Nourae, j?*w-lry. a
Mrs. E M McGlll, ?ac?
> Miss M. '
. .? *? SI ????? ! .-te.aga
- g ?ult
..i* ?th av.
? en s kr
roods, blank ?-' teat; 4
M. c Co.; L. - Reev. rot*or
_.-t go' -!s ijictures, etc , 2?J1 6th a
Emporium v. ..r.'a MUU&itr? Co.; M.
Aroos. milliner3 621 B w*.
WATEBTOW.%, N'. Y.
Frank A. Enipsai! Co : Mrs. M. E. B*r
!<iy suit?, coa'.u. dr-'sst-s. Alfred Fantl. 1
W.' 32d at
Cohen-Hink ID G Co C. i. Od<
v ? . i.?y to wear, childraa'a we*
R Topkia Suns; ? 1 'pkl.s. ladies' wei
Denholm & McKay *.?. A. J. Gra
lacea embroiders ?a; 24 1 Madison avo.
YOl NuSTOWX, ?yHTO
3. K. Siegel ft CO. v > fry, wonn
???ady to wear; 30? 5th av?