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In Practically Every Business Nowadays fiduciary duties enter into the life of practi? cally every business and of marly individuals. Our Trust Department is constantly performing: these duties un? der the direction of trust officers of experience. Therefore, we can render you. as a business man, a service of particular value. Why not let ue explain just bow ? GARFIELD NATIONAL BANK 23 ?o Struct, m??? FIFTH AVENUE CftOSStS BROADWAY Tax Experts and Advisers of Corporations in cas* of possible disa^ree _er.'. with tho Bureau of In? ternal Revenue as to tax re? turns will find Federal Corporate Income Taxes* By E. E. Rossmoore c. P. A. (N. Y.) yons*r!>- Chief of the Special Audit Section, Bureau of In? ternai Revenue; Chlet of Con io?iare.l Returns Section ; Lecturer on Income and Profita Tax's. Washington, D. C., ? rentable min? of practical I information. It is stated in ? Washington that tho Treas ! ory Department may collect a } billion dollars in additional | taxes in 1921 as a result of the ! understatement of income and ? profits tax liability on returns j already filed. Order the book from any bookseller or from the publishers. Price $7.50 Circular cm request Dodd, Mead & Company ! 449 Fourth Avenue, New York I \r IV IV a JV I U I .t __ , ;T_ ^J ?/ Europe Awaits New Political Crisis When Germany Fails to Pay on May 1 Berlin Expected to Offer Fresh Proposal. Which Is Already Being Rejected by Press: Withers Calls British Position Unfortunate By Hartley Withers Editor of The Economist Special Cable to The Tribune Copyright. 1821, New York Tribune Inc. LONDON. April 17.?It is an unfor | t?nate mischance that just at the mo ! ment when a critical position in Euro- i i pean politics is likely to arise Eng : land is distracted by the most severe industrial crisis in her history. As May 1 approaches the British nnd | Continental jingoes are beginning to fulminate about what is going to i be done if Germany defaults payment ; due at that time. Occupation of more j German territory 13 threatened, but this can only have the effect of fur? ther embittering the populace and making -worn? conditions which are now almost impossible. Attempts to extort payments from Germany by measures already adopted huve been shown to be futile, but those whose one idea of statesmanship is to perpetuate the war feeling only clamor for more of the same stuff. New Offer Expected It is generally beli?Ced Germany will make fresh offers of settlement before May 1 and the French papers are already deciding?before hearing tho new offer?that it cannot be en? tertained. The English papers are pre? paring to back the French in this con? tention. There ?eems to be no hope of re? turn to real international peace as long as these lines are followed. The Eritish government is really desirous of peace and a settlement of the repa? rations question, but feels obliged to back the Allies. The government, moreover, cannot give proper atten? tion to foreign questions while har? assed with an industrial crisis at home. There is a great opportunity for .your government to bring peace to Eu? rope, and since the question is largely financial its claims on Europe's finances give it both the reason and the weapon. All reasonable people here welcome Its stated determinations, save per? haps in the matter of mandates, but since American interests urge this policy logic seems to suggest that the same interests make it impossible for America to view with indifference her European debtors frittering away one another's resources by continual bick? erings about indemnity payments in? volving costly military operations and retaliatory measures which only dam? age both parties. The London conference brought the parties concerned to within a meas urable degree of agreement and might have produced a settlement if it had been more reasonably conducted. Ger? many's power to pay a corsidcrable sum is undoubted, as all nccounis'agree concerning the expansive power of her industry if encouraged by a ?air set? tlement. Since the Allies' power to meet their obligations to America depends largely upon receipt of the German payments, the settlement of the wholo question evidently closely concerns America. In the mean time England's financial and industrial recovery lifts been scri oi;- y retarded by the labor crisis. The coal strike is already costing the coun? try more in actual revenue?apart from the indirect effects of the action?than the subsidy required to meet the re? cent loss on the mines. Nevertheless it is felt the government was right in refusing to grant the subsidy, because if it had been granted to one industry it obviously would encourage claims from others affected by the trade de? pression. Wonld End Government Control Opinion here is strongly in favor of ending government control in all de? partments of industry and fiannce anc it is recognized that a system of sub? sidizing one industry from taxes gath? ered from others is utterly indefensi? ble. The sudden haste shown ?l with? drawing from control of the i-oal in? dustry as soon as it became unprofit? able, however, was naturally cons'?erec unfair by the workers, who as a con sequence found themselves threatenec with incomes seriously reduced. Th?? point was practically conceded by th( government, which expressed a readi ness to give temporary assistance bj means of a loan to the industry. The decision to insist upon the na tional wage agreements brought i crisis, especially as th\> decision of th< railway men to support the miners b; I a sympathetic strike threatened to tie up the country's whole industry. It is doubtful, however, whether the rail? way men would have supported their leaders' decision with real heartiness, and so it became evident to all work? ers that the policy of a general strike i was suicidal and mir.ht have results ' fatal to the power of trade unions. Publie Attitude Influential It was probably for this reason that | the strike set for Friday night was de? cayed, although it was said it was for ' renewed discussion of the situation. Every delay increases the difficulty of i maintaining strike enthusiasm, i The union leaders were also infiu | enced by the prompt iv.ensures taken by the government and the readiness I of the public to enter service to pre ? serve order. Public opinion favors the claim of the workers to a standard of living bet? ter than pre-war days, but sees that this is possible only through better work and better management. Present diminished production and ; high co?ts make it impossible to main : tain such a standard, but the workers i apparently think some mysterious i fund can be tapped quite apart from j production. Suffers Fro? Fanlty Education Thus England is suffering from faulty education of the working classes, especially in economic mat? ters. Living as she does on world? wide trade, she clearly cannot main? tain even a pre-war standard unless she can sell goods abroad in compe? tition with foreign producers. This truism is ignored by labor's claim for easier work and a higher standard. The financial center took the crisis with wonderful calm. The government has taken a step toward decontrol of the money market by offering Treas? ury bills partly by tender, which in 'effect means that the pi ice on the bills will be fixed by bankers and bill brokers instead of by th* Treasury. The movement is welcomed as an indi? cation of a return to a normal money market. It is also thought that this means easier money rates in the future, though this hope has been tem? porarily checked by the miners' strike. The Week's Bond Market close. High. Low. .90.40 93.50 89.30 .80.60 ?-2._4 S?.90 .87.40 8H.30 85.24 . 87.52 HS.10 85.34 , . 87.6 4 8 8.7 0 t 40 , . 47.40 88.30 86.20 . .87.50 88 40 85.30 .87.34 88.00 - .90'.60 02.10 88 ?' ' . .90.50 01.00 88.40 . .87.58 88.60 85.34 . .87.70 88.36 85.46 .97.."fi 97.76 95.86 . .97?40 97.56 ?5.80 , .97.58 97.73 95.80 CiTtrnment and Municipal Bond? W_ Bt. g Liberty ??4s. 21 do registered . do lie 4s. 4o M 4'. ?0 1st 4 V40..... do registered . do M *?H?. do regl.'t'-red . do J4 4 % a. do wr'.stered do 4th 4 % s do registered ::iC s victory 4%s. 41 do registered . IM do 3 \ s . t do registered . .. ?U 8 Panama 3s reg.. 79% lArientlne Oovt 5s ... 71V? ?Ch?nese Qovt Ry Ss. , . 48% ?City of Berg'n cs t rets 95 % il do is tern ret?. 97 Il do Bordeaux 6s .... 77% 'U do Christiania 8? ... 96% IT do Copenhagen 5%a 74% '7 do Lyons &s . 77% U do Marseilles 6s.... 77% ff do Paris 6s. 97?* 'I do.Tokio 6e. 60 M do Zurich 8s . 98?; JlDaoish M 8s eA Int rets 98 V. *3 do M8sB lntm rets. 98% IDomlnican Republic 5a 80 ?Domof Can 5%J ma 21 89% g do 6H? notas 1920.. 92% '1 do 5a, 1936 . 91 do 1931^_______^H Week's Sale?. close. 1 do 4%?. C _ A dlv. 79 1 do 4s. Rocky M dlv. 7'. 4 At A ("h Air L is s B. B4% 6 At Const Lino 7s.101 -192 High. 84% do unified 4%a ______^_ 36% 76% 9 i % 97.42 98.10 97.10 77 67 40 93% rS% 72 47 95% 84% 98 75% 87 84 98 60% 97 % 9 3 ' 93 81% 99% 94 94 __i ??Prene_"Repu"blio'?s"!! 98% 101% ??,. ?_v_ofSw;tz8e toa rcts.104 104% 101% 93 74 94% 72 73% 74 94 43 94% 85% 96% 70% 97% ?7% 85% 83% 96% ?Jimp of Japan lat'4%0 ? do 2d 4%a. J?do oterllnjr loan 4s.. I_lni of Belgium 8s... I do7%s J P M reu. 5 do 6a, 1921 . ?. ? ????of Denrr.ark 8s lnt c 99% loo ;] do Italy 6%i? -3? a A 86 ?J do Norway 8?.100 ? do 8w?d*n 6.1. S3% 83 82% 83% 82% 66% 97% 100% ?7% 89 91 93 75 ? ?5% 96% 96% 87 85 81 100% 96% 83 % 81V* 99% 99 80% 77 70% 59 ?do Bwden 6s. S3 ?JRep of Chile 8a. 99 ?J 00 Cuba 5a 1304_ 80% ??a??_4\s. 70 YUKj ft. 'ify1?.',' ??-,. ?Vi 97?, 97% i '?*}?? }932. 95 ?7 ;? ? 5Via 1939. gs% 83% ?C8of Jiexlco Es. 4SV? 49 " ?0 4a.. y g 1? Fat __??? ?M'i?i? 92% ?1 8 ?? m7 Nov-- 91% _ ? 4V?a 1963. 62 ' ?o 4V49 1.85. d.i_ 1 ?? 4V?a 1967...."* * _? i%. ???i; ? ?o 4%o 1984. ? do 4a 1357... ? do 4a 1358....'" i do 4a 1959. L^'Vis 1954 May ?^T Canal 4%8 1S64 '* ? Blata tu, i9?5 .. ?6% .. 86% 36% 93% 93% 94 92% 93% 88% 88 84% 84% 94% 86 83% 40 28 89% 91 91 91% 83% 82% 82% 73% ______ 101 101% 101 ^_^^^^^^ 84 ^___j 8? 86% 86% 82% 82% 81% 3% Railway and Other Bonds ?i ?i?ama Exp col tr 4?. 87 ;_i?oaraa ?t .South 5a ?5 i ta r' Ch l8t cvt 5s- " 14 _- *ot ?!! Cs. 76 _*? Smeit Es.. -- 1T%1,* T??'ovt'?_: , 5? col tr 5,. ; do cvt 4%,....;.. : a* coi 4_ '..do evt ???..."*"" '_? Wru p ? ' 7a:;;; ;?_*_ Arbor 4a.... .. r??f*Co r e 4% a. a _? adt 4?. i J? ?"] 4s ?p. " " ; 5??vi 4s, i96?....: ?3% 85 98% 75 77% 76% 78% 99% 101% 81% 83% OW1 div" 87% 79% 70% 70 V* 53 79% 78% ?9 68% 73 79 73% ?4% 87% 80% 71% 78% 52 83 79% 73 73 73 84 76% 8S 63% 82% 88 70 76 94% 77% SO 73% 63 ?7 50 79 76% ?7% 68 ?7% 79 73% S3 ^gm_ 5 do L & N ' 23 At Fruit cvt 7 s ser A ' 101 At Ref deb 6%s 1 Baldwin Loco^L___________ ! 83 Bait & Ohio 6a. i 43 do re? 5a. 66% ! 118 do cvt 4%a. 66% i 63 do gold 4s. 67% 8 do prior li'-n 3%B. . 82 I 37 do 4a, PLE&WE dlv. 64% ; 12 do 4.S, Toi & Cln dlv 5 1 35 do 3%a, South dlv.. 76% 1 Beech Creek 1st 4s- 81% I 89 Bvll Tel Pa lst?krfu 7b.103% I a B-th Steel 1st ext 5a.. ; :? ! 11 do rfg- 5a. 82% 10 do p ;n Cs. 78 3 Bklyn Kdl fc'en 7s a C. 86% 2 do gen 6s ser B. 83% j 11 do gen 5s ser A. 79 7 Bklyn Rap Tr 7s. 44% 88 do 7s p'.fa of dap.... 44 13 do 7a ctfs of dep st.. 40 18 do con 5s. _8 V4 3 Bklyn Union Gna 6s... 76 21 Buah Term Bids 5s... 74% 43 do con ?a. 68% 6 do 4 s. 71 % 5 Oollf Gas & Kloo 5s... 85% 176 Can Nor s f 7s lnt rets.l02Vs ! Car-, Cllnchfd * O 5s.. 71 6 Cent of Gft Ry 6s. SS 3 do con 5s. 83% 21! Cent Leather gen 5a... 89 48 Central Pacific gtd 4a. 72% 13 do std 3%s. 77% 6 C R R Of N J 5s. 97% 24S Cerro de Pasco t c 8s..l<>7% 4 Chea & Ohio con Es... 92% do cvt Ds. R2 % do rtg 6a. 80 % do 4 Vi a. j___^________l do cvt 4 ^a, do 4s, Greenbr dlv.. 69 do 1st 4a, R & A div. 72 7 Cht & Alton rfg 3a. 39 do 3 %s. 10 Chi Bur & Q gan 4a. 13 4a, 111 dlv. 4 do 2%a. 111 dlv... 595 do joint 4*. 98% 16 Ch & East Illin gen 5s 88% 135 do gen 5a ctfa of dep 83% 41 do rig 4a ctfa of dep 29 V, 1 Chicago & Erie 1st is 78 '* 66 Chicago ?t Weatn 4a 50 41 Ch M&StPcvt 5a aer B 63 13 do gen ?Via. 74 I 75 do cvt 4 Vi a.... j 4 2 do rfg 4 % ?. 16 do gen 4a ser A. 22 do 4s 19 25. 30 do flob 4a 1934. 56% SCMStP 4s,CM_P_Sddv 60% 40 Chic & Northwestn 78.101 43 do 6V28. 98% S3 do gen 5a....,. 94 1 do deb 6a 1933.89% 21 do gen 4n. 73% 12 do gen 3 %s. 66 100 Chicago Rys Co 6s_ 66% 14 Chi R I ? P Ry gen 4a 69% S8 do rfg 4a._ 68% 1 do rfg 4s reg. 65 Vi 1 Ch St L & N'w Or 5b reg BH Va 5 C StL & r\"0 4a. Mem d 70% 7 Ch BtP M & O con 6a. 99% 6 Ch U St 6%s s C in ot.102% ?8 drt i^s ser A. 81 7 Ch _ Western Ind 4a. 69% 40 Chile Copper cvt 7a... 84% 84 d.o col tr fis. 72 3 Chao Ok <S- Qf cor. 5a. 82 10 C C C _ St_ rfg 6s... 87% 3 do deb IVia. 77% 18 do gen 4a. 67% 4 do 4a, Cairo dlv_ 74 1 Clev? & Marietta 4%e. 60% 71 92% 102% 7S% 81 V(, 73 73 99% ::% 71% 84 . 8% 55% 8C, 81% 106% :? 86% 82 ? 1 48 44 4 3 76% 71% 71% 85% 102% 7 6 31 89 loo 107% 9 3 % 80% 84 7? 77% 75V? 78 45 35 78% 80% ? 63% 5 9 66% 69 72% 46 39% 82 82% 76% 99 60% 90% 84 81% 65 72% 7.1 :?* 1 87% : <A 1: -? 76% 1:7 9 B % 8! \-? 79% 02% 5 2 '?' % 81 % 100% 8 ; V4 78% 7:. 96% 8S% 76 40% 40% S3 2 5 71 67% 7:! 85 83% 88 71% 7 5 % 9 5 104% 91 80 79 14% 73% 69 70% 4T?% Week's ,-19? Sales. clos.-. High. 1 coi Fuel * T pen 6a.. 78% ?2 2 Col Industrial ">s. 70% 71 30 Col & South 1st 4s_ VM.j m 9 do rfg 4%s. 73 76% IfiColum Gas & Bloc 6s. 84% 89% do fi at. 85 86 1 Comp-Tab-Reo Co fis. SO 82 69 Consol Cus cvt 7a.loi 102 152 Cuba C Fus o? deb 7s 83 %, 86 26 cuba R R 5s . 72% 7 ~ 161 Caban-Ara Sug col 8a.102% 102% ?. 7s.W\ \ 106 7 do cvt 6s. Bl% / 1 ?1% J3S es 104 99% 96 91% 7*^ 69 66% 73% 63'.a 67 88% 73 102% 106% 82% 62% 96 75 83 32 81 7 4% 80% 79% 71 35% 82 78 28 76% 49% 63 73 V. 6?. ES ?6% 72 r,<; 60% 100% 91 i4 81% 87% 1 % 66% 68 Ci 6 6 65 '?? 60 ;i '??:'?a 102% 78% 67 62 66 82 87 78%. 66 1 ref 4s. 79% '81 94 Ben & Rio Gr rfg 5s.. 44% 46% 1 do rfg 5s Ett'a of dep 40% 48 30 do con 4s. 63% 67 12 Des M & Ft Dodge 4s. 42% 42% 40 Det Ed 1st ?S- rf 6a a B 88% 90% do col 5s 1933. 88% 89% 6 do rfg 6a 1910. 79% S2% 5 Detr Riv Tunnel 4V4s. 75 77?, 20 Detr fntr? Rys 4%s. .. 59 C2% ti Distillers Sec Corp 5s. 70% 77 . : ?no Light 68. ... 90 91 6 E Tenn Va & G on 5s. 89 89% 1 Erie run ext 7s. 98% 99% prior lien 4s. 62% 5 Vi 79? 72 81M 8 3 7 3 9 8 V? 8 2 ', 59 Ti 100 101 T? 79"? ?10 88 87 % 77* 74V? 59 ?DM 89 do gen Hen 4s. 40 % 20 do cvt 4s serles A... 861 , 88 cvl 4t; serles B. 36% 39% 61 cvt 4s sarlea D. 40'', 45% 3 E & T It 6s Mt V div. 69% 7! 1 Fl Cen & Pen?nsula 6s. 89% 95% 1 Fl East Coast 4% h.... 7 5'-j 7 7 5 Freemt E S? Mo V 6s. 10 2% 102 Vi 50 Qe'n Elec deb 6s.100% 101% 24 do deb 6s.?_ h'')3,* 90 1 do 3'-as . 69% 70V? 6 Geor Pac 1st fis. 98 99 1 Granby C M S & P Sa. 80 84 ?, Grd Rpda & Ind 4 % . . 82 S2 6 4 Grd T R Cn 7a itm et... 101 102% 2 Grt Northern 4%s .... 79% 83% s Green B & W deb B... 8% 8 2 Harlem R Se Port 4s.. 68 69 :, Hock Vllv 1st con 4%s 72 76 39 liui * M ref 5? BorA ?6 66% S I do adj inc. 5s. 36% 37% 3S Illinois Central 6%S.. 88% 92% 4 1C&C _5L&NO JtSserA 82% 87 84Vi 9 8 Si 61 39 V ? 38 V? 1 :- VS B9V; 101 99V, ?5 ,8' 8" 80 100 % 79 '?< 6?1 66 69 50 2 3 M 8S"h do ? 1951 3 do 1952'' fi do 1953 ^^^^^^^^ 2 do rfg 4s. 7 2 111 Steel eSeb 4 Vis 5 Indiana Steel 83 ti 0\ 68 83% 74 XI % '<">% 48 Interb-Metro 4'ss. 19 164 do ctf of depos.... 1350 Interb R Tran rfg Es - 1 nter Agri?ul 5s. 28 Int Mor Mar s f 6s. . 2 Inter Paper 6s 1947. . 7 Iowa Central 1st 63.. 7 do rfg 4s. i Jnstn Fklln &. Cl 4s. . 5 K c. pt B & M Ba_ 4 do 4a . 3 5 Kan City So lat "s. . 20 do 6s . . -. 47 Kar. City Ter lit 4s. 6 Kentucky CentrRl 4s. 3 ' Keo Xc Des Moines 5 5 Kings Co K T. A P 5s. 81% 13 Lack Steel 5s 1923_ 93% 77 % 91% 21% 73% 71 75% 8"% ?2% 17% 40 7. 75 94% 65 6 7% 5 6 V, 78% 74 72% 73 81% 96% 78 13 Vi 4 l- % _^?M_ 5 La cl G of St L 1st 6s 1 Lake Erie & W 1st 5s 79% 8 2 3 L Sh & M S deb 4s '28.. 84 88 10 do deb 4s. 1931. 81% 86% 8 do gen 3%8 . 68% 71% 2 Leliigh Valley 6s. 97% 99% 1 do Of N Y 4%s. 84 84% 3 do of Penn con 4%. 77% 83 1 'V xing * Bast Ry 5s. 85% 87% 25 Liggett i Myer3 7a. ..106% 108% 16 do 5a .<. 83% 85 2 Long Island unified 4s. 85 66% 3 Lorlllard Co 7a.106% 108% 1 do 5s . 65 85 : Louisiana & Ark 5s... 66% 88 16 Louis & Naahvtlo 7s..101 105 2 do col tr 5s, 1931. -.90 92 ? unified is. 83 84 1 do 4a.At Knx&Ctndlv 71% 73% S do 3- St T. HI?________Bl 72% 70% 7"% 05 81% 9 2% 7!',% 68% 79 83 80 V. 67% 96% 82 76% 85 n >2 77% 65 103 78 t; :; % 102% 90 80% 70% Course of the Bond Market .ill i r-y :?+?* ? ? 4-i-?4-bl-' +Hirr.+c?3:-"? " ~~ ^^^l^i^r^^^^^^^^|^^++++^^t++++^^+i^^+^S r ' i i ?????t 1 + *?'!?: t?? i > ??-.<? I .?-i?? ?'?U-iiLti r ilHli. ?'i Li Ul! ' ' !l l?'?? 'i ijjjjiLliJ;-f 1921 " Jan~T ?ebT AfarrT~Apr~ iXulCTiiui'1, ,r''1 ??-r+H-f. 105 444-4-lftOi ?"?po ?Hows the weekly' fluctuations in the average prices oi ten railroad, ten industrial and five public utility bonds since September 1, 1919 V.V.ks r?1921-> S?!e*. close Eng*. Low. 2 LftN-So R.1- Monon lt 4s 6u% . I % ?j'i ? Manhattan Hv con 4s. 56% '?* ?4 fi do con 4s. tax cu ... ?'?'*> % '0 J:! 11 Mich Ont deb 4s, 1933 75 .3% 75 1 do 3%s . "2 ??., *i G Mich State Tel 1st 6s. 87 8*'? "5 76 Midval? Steel cvt Bs. . 76% 78 7.! 1 MilwEleeRy &Lt 6s.. ?3 93 82 1 Minn ft S L rfg ft ext 5s 40% 4.) 40% fe do 1st rfg 4b. 11 44 39% 5 M.St P&SS Marie con 4s 78% 79 % 78% ? Mo Kan ? Teot s f 4%s. 38 39 30% 10 do s f 4 %s ctfs of dep 37% 37% UP? 55 do 1st 4s -. 68% 61% 5? 3 do 2d 49 . 37 42 86 do 2d 4s ctfs of dep. . 36% 40 36% 1 rio rfg 4s . 52 65 49% 5 do rfg1 4s ctfs of dep.. 52 54 52 2 Missouri Pac rf(f 5s'23. 30 32% 81 ! 149 do gen 4s . r.4 51% 51% 1 " Montana Pow 5s ser A. 83% 83 82 1 Nash C ft St L con 5s 93% 94% 92% 5 Nat Enam & Stamp Rs 90 90 90 3 Nat R n of Mexico 4s 19 19 17 6 Nat Rys Of Mex 4%s. 22% 25 21 6 do 4s. 2 7 2 3 22 1 New Jersey June 4s.. 70% TT'-i 70% 1 N O & N rfg ft 1 4%s 67% 70 % ?6% 4 New Orleans. Term 4s 65 67% 61% 31 N O Tex ft Mex Inc. 5s 57 ?5 5" !? 1 .1 l r* \J 1,;k Oi. .<.1 K tul; ua ? ? ou i> I 95 NYC & HR 7a JPM int.100% 103% 100 141 do deb 6s. 88% 92% 87% l'7 do rfg ft !rnp 4^a.. 75 87 7i 7 do de.b 4s 1934. 76% 80% 74% do con 4a. 69 40 do rfg 3%s. 67% 19 N Y C-L Sh col tr 3 Vis 61% 13 N Y C ft St 1; 1st 4s. 79% con 4a. 69 72% 6 rfg 3%s. 67% 69% 66% 62% 59 % . *2 77% .? deb 4s. 72 74% 70% 11 New York Dock Co 4s 67% 6m 62 15 N Y G 15 X. & P col 5s 82% 84% 81% 14 do pur m 4s. 67% 68 64% J N Y L E3 ft W D & I fis 78 % 78 % 76 40 N Y N ii&H CVt ?s '48 60 73% 69% it do n c deb 4s 1955.. 40% 50 40% #'i do deb 43 1056. 40% 49% 39% 10 do deb 2%8 1964- 38 4.". 87 47 N Y Ont W 1st rfg 4s 58% 66 57% 1 do gen 4s. 49% 61 49% 12 N Y Rys rfg 43 c. of d 22 22 17% 2 do artj 5s. 5 6% 8% 8 N Y State Rys con 4%s 61 53% 48 27 N Y Telephone deb 6s 91 92 8?% 6B do gen 4 %s. 81 % 81 % 78 14 N Y WestCh ft B 4Vs? 27 43 .15 2 Niagara Falla Pow 5s. 88 88% 80% 10 Norf & South 6b sor A 42 .".4% 42 8* Norf ft Western cvt ie.101% 105% 100% 8 do cvt 4%s. 90 90 90 9 do con 4s. 7*1 SO 75% ? do dlv 4s. 76 77% 74 16 do 4s Poc C ft O dlv 7S 80 78 1 Northern Pac 44?.--. 77 Kl % 77 111 do prior Hen 4s.... 71.% 79% 74% 4: do gen 3s. 54% 56% 53% 2 Nor States Pwr 1st us 77 79% 76 298 N'wn Bell Tel 7s .... 99 100 96 4 Ont Pow Niagara F 5s 79% 80% 75% 5 Ore ft Calif 1st 5s.... 90% 91% 88 i. Or- H y ft Nav con 4s. 78% 80 75% 4 Oro Short L 1st ti.s... 98% 99% 95% 1 do con 5s. i<9^ 92 87% 11 do rfg 4s. 79% 81% 77% 82 Ore-"W R R ft Nav 4s 70% 74% 70 1 Pac Coast 1st 5a. 68 69 67% 29 Pac Gas ft Elec 5s... 77 79 76% .".Pac Tel ft Tel 5s_ 84, 84% 8? 149 Perm R R 7s 1930_101 % 105 % 100 472 do gold 6%b. 95% 100% 96% 28- do con 6s 1968. 85% 92 83% 19 do gtd 4%s 1921... 99% 99% 98% 10 do gen 4%h. 77% 82% 77'4 62 do con 4%s. 87% 93% S5% 1 do gold 4s 1906.... 80% 811% 79% 7 do con 4s 1948. 79% 85% 78% 1 Peo G & C of Ch 5s. 70% 71 63% 6 P-;orla ft K 1st 4s.... 59% 61% 64' 11 do inc 4s. 20 26 20 7 Pen; Marq rfg 6b.... 73% 85 79% 26 Fhila Co deb 5s 1922. 93% 93% 88 5 P C C & St L 5s per A 81% b7 80 21 Pub S of N J 6s. 64% 65 67% 126 Reading gen u. 7g^ g5? 7?? 1 Rend-OR R NJ co, 4s 7SU g7 73 g 6 Rep I ft S col 5s 1940. 84% 86% X 4 ' 1 Richmd ft Mecklen 4a 58 60 68 ,?5i .9rde -Tunption 6s 73 75 73 13 Rio Or ft W 1st 4i... 63% 66 61% 5 do col tr 4s. 61 54 ?1i' 27 R I Ark ft La 4%s... 68% 69% 65 3 9t Jos ft Gd Isl 4s... 62% 63 6"% 9 St L I M ft S gen Ds. 86 90% 83% 23 do rfg 4s. 89% 73% 68 19 do 4s R&? dlv. 67% 71 g 66 1 St L Rocky M ft P 5s 75 ni ?! 13, SLtS F pr ?n 4a srA 61 63% 69 12 do os ser B.. 73 ?? 7? jpi S8 do gen 6s ser C... 85% 90 84% 186 do adj 6s. 63 67 61g 281 do inc. 6s...... 47 t? 51? 446? 16 St L Swn Term 5s . . 68 66% 62 6 do 1st 4S. fi7 ?r,7* Sii, 6 S P ft HO Sh !. 4%s.. 64 t;s% 63% 1 S P Min & Man con 6s.l02% 102% loi ' 1 do con 4%s. tjS d-> *7u 1 do 6s Mon O div...l01% 103 101 ? 9 St P M&M 4s. E M dlv 75 75 75* 6 San An ft Ar P 1st 4s.. 63% 63% 58 S? Seaboard A I. con 6s.. 46% 65 45 *l 2? rtf. V. ?> ?3 36 52 do adj os. 32 S9i? 3I 112 Sinclair C Oil cvt 7%s S^Vi 9"? ?"?tt 8 Southern Hell T ft T 5s 81% 83 81 5 Southern Pac cvt ?s... 88 ' 100% 88 51 do cvt 4s. 7gti 791. 75U 60 do rfg 4s. 75% 79 7s 15 do col tr 4s. ?gv 73 g:i? 3 80 Pac-San Fr Ter 4s. 72% 7? 69 49 Southern Ry con as... 83% 90 ni 47 do g? 4S. E7% 61% 57 4 rto 4s. M ft O div... Bgi; 6() Sgt< HT St ? of Cal db 7s t r..l02 102% 101 12 Statt) ft Tuba 7s t rets. 94% 95% 93 .". TerRR A St L 1st 4%s. 86 86 ' 85 1 Third Avenue 1st la.. 77 81% 76 7 2? TtI. \*. *5'? 48' 40% 113 do adj ?s. ... 32% 23% 25 103 Tidewater O ?%? t c. 95% ??% 94 ?TStL & W 50-yr 4s '50 4?'* 63 45% jTri-Clty Ry ft Lt st., ?2% ?3 18% New Issue '" : * $10,000,000 Mexican Petroleum Company, Ltd. OF DELAWARE Fifteen Year 8% Sinking Fund Convertible Gold Bonds Guaranteed Principal and Interest by endorsement by the Pan American Petroleum & Transport Company Dated May 1, 1921. Due May 1, 1936. Interest payable May 1 and November 1. Total authorized issue, $10,000,000. Coupon Bonds in denominations $1,000, $500 and $100. Redeemable aa a whole, but not In part, on nix week? notice at 107%% and interest, if redeemed on or before May 1,1929, and thereafter until maturity at 107'A% and interest less 1% for each y?asr or part thereof elapsed after May 1,1929. Interest to be payable without deduction for any Normal Federal Income Tax up to 4% per annum, which the Company or the Trustee may be obliged to withhold. - CENTRAL UNION TRUST COMPANY OF NEW YORK. TRUSTEE For information regarding this issue we refer to a letter dated April 14, 1921 from Mr.E. L. Doheny, President, copies of which may be had from the undersigned on request, some of the items of which he has briefly summarized, as follows: BONDS: These Bonds constitute sole funded debt of Company, excepting $1,009,000 obliga? tions of subsidiaries; Company will not during the life of the Bonds create and will not permit any subsidiary to create any mortgage on their real properties or any lien upon the stocks of subsidiary companies. GUARANTEED principal and interest by endorsement by Pan American Petroleum 8b Trans? port Company, which controls Mexican Petroleum Co., Ltd. of Delaware, through ownership of over 71% of outstanding capital stock of latter Company. EARNINGS of Mexican Petroleum and subsidiary companies are as follows: Net after Net after depreciation, interest Year depreciation and Federal taxes 1918 ; ? J .$11,920,801.27 $6,699,444.54 1919 J Q ., , 8,210,379.18 6,980,439.70 1920 . , .' '. 11,863,48730 9,773,898.78 Net earnings after depredation for 1920 were about 14 times maximum annual interest on new issue and other funded debt. Net earnings after depreciation for 1920 together with net earnings of guarantor company (including controlled companies) available for new Bonds (eliminating inter-company items) were over 20 times such annual interest requirements. SINKING FUND: The indenture will provide that {he Company will cause Bonds of this issue to be retired in semi-annual installments to the following alternative amounts in each year depending upon the price at which such bonds shall be acquired: $1,000,000 principal amount of Bonds (that is, $500,000 principal amount of Bonds (that is. $250,000 $500,000 in each semi-annual period) provided they in each semi-annual period) provided they shall be ac shall be acquired for the sinking fund at an average quired at an average price of not less than 105 and not price of not exceeding 102 H and interest; or exceeding 107) ? and interest; or $750,000 principal amount of Bonds (that is, $375,000 $250,000 principal amount of Bonds (that is $125,000 in each semi-annual period) provided they shali be in each semi-annual period) provided they shall be ac acquired at an average price of not less than 102! ^ and quired at an average pnce of not less than 107! _? and not esceeding 105 and interest; or not exceeding 110 and interest. If Bonds are not acquired in accordance mux the above schedule within sixty days after any sinking fund payment date, the unexpended monies in the sinking fund will then revert to the Company. The Company is to be credited on the sinking fund obligation with the principal amount of Bonds acquired in advance and tendered to the trustee for retirement as well as Bonds retired by conversions. CONVERTIBLE until May 1, 1931 into Class "B" Common Stock of Pan American Petroleum & Transport Company at $100 per share (,par $50) with provision for a reduction in the con? version price (subject to certain exceptions) if additional Common Stock or Class "B" Com? mon Stock shall be issued or sold at prices lower than $100 per share. EQUITY: The Company's Capital Stock at current quotations, represents an equitv of approxi? mately $72,000,000. The legal proceedings in connection with the issue are being passed upon by Messrs. Cravath, Henderson, Leffingwell and de Gersdorff and Messrs. Kellogg, Emery & Cuthell, New York. In the first instance Interim Receipts or the Company's Temporary Bonds will be deliverable. These Bonds are offered subject to approval of counsel, "when, as and if issued" and received by us. Price 98Va and accrued interest BlJUAXR &>-? C O INCORPORATED 24 BROAD STREET, NEW YORK CHICAGO BOSTON PHILADELPHIA CLEVELAND BUFFALO SAN FRANCISCO ST. LOUIS The ?tatetneats presented above while not guaranteed are obtained from source? which we believe to be re.'iable. All the above Bonds having been sold, this advertisement appears as a matter of record or.Jy. ?E_MH?_____a__H____M----NM-_____-____-^^ ? Fourth Comparison We have selected the preferred stock of a com? pany generally regarded as the leader in its field, namely the American Car & Foundry Company, and compared it with the Bohn Refrigerator Company 8% Cumulative Preferred Stock in order to show the investment merit of the latter security. We shall be glad to send a full descrip? tion of the Bohn Refrigerator Company upon request. Bohn Refrigerator American Car Companv & Foundry Co. August 31, 1920 April 30, 1920 Yeara in Operation. 21 22 Dividend Rate. ..- 8% 7% Net Tangible Assets Per Share.$345 $308 10-Year Average Earnings Per Share. $24 $21.02 Present Earnings Per Share. $47 $34.67 Sinking Fund. Yes None Price?April 14.?.?. 97 llO^ Income ..?. 8.25% 6.35% We shall be pleased to send the preceding comparisons upon request A. D. Converse & Co. 5 Nassau St., New York COMM-KCIAX TRCST BUDG.. TCARRETT BLDG., phu-VDEI-phia. r.\. Baltimore, 16 d. The above statistics arc taken front soxtrces toe consider reliable, ar.d ivhile not guaranteed, we believe them to be correct. Week's .--19?1-, _a|o8. close. High. Low. I 70 Union Pacific 6a. 98% 101% 88 101 do lat 48. 79% 84% 70S 10 do CVt 4S. 84 84% 81% ? 14 do rig 4a. 74% 80% 74% 35 Un Tnk Car 7% notea.100% 101% 100% 2 L'n RR of fc'an Fran 4a 31% 56% 31% 72 do 4a ctfs of dep... 20 35% 26 H Un Ry I 1st 5a Pitts la (?9 70 , 65 23 U S Realty &. Imp 5a. S7% 87% 79% 65 U S Rub-ber 7%s 1930. lui % 101% 95% 33 do 7s . 98% 100% 94% 65 do 6s . 78% 79% 75% 10 t' S Smelt Ref & M 6a 89% 94% 89V? 134 U S Steel a ? 5a. 95% 86 92 64 Utah Pwr & Light Sa. 80% 81 7? 67 Va-Car C tern db 7%s 91% 93% 91% 2 do cvt deb 6a. 90% 95'* ?90 7 do 1st 6e. 92% 94 90 1 Va Midland gen 5s.... *?% 86% 85% 14 Virginian Ry Sa. Sl% 85% 81 2 Wabash lat 6s. 85% 90 84% 6 do 3d 5a. 73% 80 73 31 Western Electric 5s... 96 96 92% 2 0 Western Maryland 4?. 63 56% 51% 2 West -N " ^ P s-.n 4s 62% 6 2% 60% 25 Western }?_ "e 5s.... 81 85 81 3 Western Ponu Pwr 5s. 70 1t? 70 2 Westn Union cm ir 5s 83 86% S2% 1 do real est 4%s. 79 "l 77% 66 Westlnghouse Elec 7s. 99% 100% 94% 8 W?-<t Shore 4a. 71 74% ?T% 19 do 4s reg. 67% "?, 66 2 Wheel 4 L Erie 4%s.. 47% 56 47% 3 Wickwire-Sp Htl 7*... 9! 95 93% 31 Wilson * Co lat 6s... 83% 80% 86 8* ?rs cvt 6fl. 84 87% 90% 11 Wisconsin Cent gen 4s *?9 71 66% Reduction in Deposits And Borrowings Shown Reserve Bank Reports Decrease in AH Classes of Loans Be? tween April *1 and April 8 From The Tribune's Washington Bu.rf.au WASHINGTON, April 17.--Liquida- ; tion of loans and Investments and re- i auctions in deposits and borrowings from the Federal Reserve banks is in? dicated by the Reserve Board's weekly \ statement of condition, April 8, of 820 j member banks. Owing largely to with- ? drawals of bank balances demand de- j posits of New York City ban lu show a Urger decline than their loans and in-1 vestments, while their borrowings show an increase. All classes of loans decreased between \ April 1 and April 8; loans secured by government obligations, by $3,000,000; ; secured by stocks and bonds, by $46,000, 000, and all other loans and discounts, ? by $45,000,000. For the New York City M. J. Meehan & Co. Members Aett York. Stock Exchange Announce the removal of their offices to? Two Rector Street New York Telephone: Bowling Creen 3400 April 18. 1921 Stone & Webster INCORPORATED Eatelklkhed 166? 147 Milk St. 120 Broadway M So. Dearborn St, BOSTON NEW YORK CHICAGO WMb ?birty yaars ?tperienco in th? management and constmc?on of Pvbttc Utility and Industrial Prop*rti?a, oor orgaruaauoe m praparaa to mak? INVESTIGATIONS AND REPORTS en VALUATION AND OPERATING EFFICIENCY members a nominal increase was noted in loans secured by government obliga? tions, and decreases of $7,000,000 and $16,000,000, respectively, in loans se? cured by stocks and bonds and in all other loans and discounts. The reduc? tion in total loans and discounts was $i>4,000,000 for all reporting banks, and $2_,000,000 for the New York City banks. Slight increases in the holdings of United States bonds and Victory notes, as against decreases of $13,000,000 in holdings of Treasury certificates and of $20,000,000 in those of corporate securi? ties are noted. In New York City hold ngs of United States bonds and Victory notes increased by $3,000,000, while cer liticate holdings declined by. $10.000,000 and corporate securities o* hand by 58,000,000. As a consequence of these ?hangas, total loan? and investments of iU reporting banks are shown $i_6,000, OOO smaller, and those of the New York ! City members $37,000,080 ?malier I ; the week before. ' Accommodation of reporting bairki the Federal R*?serve bank? decree I from $1,685,000,-JUU April 1 to $1,?31,0? 9, 000 April 8, and constituted 1Q.3 per e* nt of the banks' total loans and irr. Btents on that date, compared with . 6 per cent on the previous Friday. On the other hand, accommoda1:.ons of '.he New York City member banks at local Federal Reserve Bank show an in? crease for the week from $683,0 $660,000,000 and the ratio ol aeeommo dation an ulerease f?om 10.3 to IO.?j cent. i.-vernrnent detofths declined R_ .' 123,000,600 for all repon $8,000,000 at New York C Financial Item AU America Cables, In- a It* : fifth branch office ia NVw | i CortUmlt Street this mo.-nn^