Newspaper Page Text
NEW ISSUE * ^h
9 Exempt from Federal, State, Municipal and Local Taxation
$40,000,000
10-20 Year
Federal Land Bank 3% Bonds
Dated May 1, 1921 Duo May 1,1341
Not redeemable bet?r? May 1, IBS 1
Interest payable May 1 and November 1 at any Federal Land Bank or Federal Reserve Bank.
Principal payable at the Bank of Issue. Coupon and registered bonds (interchangeable)
in denomination? of $10,000, $5,000. $1,0 00, $500. $100 and $40. Redeemable at
par and interest at any time after ten ycxs? from date of issue.
Since the last bone of Federal Lend Bank Bond?,
two events of interest have occurred, vis:
1st: The Supreme Court of the United States has held, (a) that these Banks
were legally created as part of the banking system of the United States and (b) that
the bonds issued by the Banks are instrumentalities of the United States Govern?
ment and are exempt from Federal, State, municipal and local taxation.
2nd: Issues of bonds now outstanding are redeemable five years from the date
of issue. In order to meet the demand for longer term securities, Congress recently
enacted a statute authorizing the redemption period on new issues to begin in the
eleventh year from date of issue instead of in the sixth as heretofore. The bonds now
offered are the first to be issued under this authority. 0
Special attention is directed to the following
Statement of Secretary of the Treasury Mellon:
"The Supreme Court of the United States by its recent decision has ?rmly
established the Federal Land Banks as a part of the banking system of the country.
In view of the very satisfactory financial condition of the Banks themselves, of the
exemption of the bonds issued by these Banks from Federal, State, municipal and
local taxation everywhere in the United States, and of the very adequate security
back of these bonds, they should prove an attractive security to investors large and
small throughout the country. A distinctive feature of the new issue will be that
the right of redemption by the banks cannot be exercised until th* eleventh year
after their issue. This will meet a very general demand for longer term investments
the present outstanding bonds being redeemable in a comparatively short- time.'*
Acceptable by Treasury: These bonds are acceptable by the United States Treas?
ury as security for ?Government deposits, including Postal Savings Funds.
Legal for Trust Funds: They are lawful investments for all fiduciary and trust
funds under the jurisdiction of the United States Government. They are
eligible under the laws of many of the States for investment of all public and
private funds, and have been officially held eligible for investment by savings
banks in the following States:
Alabama Idaho Mississippi Oklahoma Utah
Arkansas Indiana Missouri Oregon Vermont
California Kentucky Nebraska Pennsylvania Virginia
Colorado Louisiana New Hampshire Rhode Island Washington
Delaware Maine New Jersey South Carolina West Virginia
Florida Maryland North Carolina South Dakota Wisconsin
Georgia Minnesota Ohio Tennessee Wyoming
Massachusetts Texas
The United States Government owns over $6,700,000 of the capital stock of the
Banks and the United States Treasury has purchased over $183,000,000 Federal
Land Bank Bonds. The Banks themselves are under the direction and control of the
Federal Farm Loan Board, a Bureau of the Treasury Department of the United States
Government.
At the requeat ol the Federal Farm Loan Board in co-operation with
and on be h ai S ol the Federal Land Banks, wo offer these bonds at:
100 and accrued Interest, yielding 5%
Alex. Brown & Sons Harris, Forbes & Co.
Brown Brothers & Co. Lee. Higginson & Co.
The National City Company Guaranty Company of New York
The statements contained hereto, while sot guaranteed, are based upon
information and advice which we believe to be accurate and reliable
Cities Service Co.
Earnings Increase;
Rapid Growth Seen
Holding Company and Sub?
sidiaries Increase Surplus
$17,000,000 in Year; Big
Gain in Gross in 6 Years
The Cities Service Company nnd all
of Ub subsidiary companies have a
face value liability to tho public, in?
cluding current and funded debt and
stock, of $396,127,251. In 1920 tho com?
bined net earnings of these companies
was $36,143,689. This is equivalent to
9.12 per cent. During 1920 about $17,
000,000 was added to surplus and about
$23,000,000 face value of new securi?
ties wore Issued and new liabilities in?
curred. Thus in 1919 the total face
value of liabilities was $40,000,000
less. In 1919 tho company earned 8.20
per cent on tho $356,171,869 total face
value of liabilities.
Tho Cities Service Company is a
holding and financing company. In
1915 it was a holding company, prin?
cipally, for public utility companies.
Gross earnings in 191f> wore $4,479,800,
and $4,266,013 of this was earnings
from public utilities. In 1920 gross
earnings were $24,698,039, and $4,
609,912 of this was earnings from pub?
lic utilities and $20,088,128 was from
oil operations.
The Cities Service Company had de?
veloped an efficient organization for
selling securities to investors original?
ly in order to finance public service
companies and when the opportunity
to finance oil operations presented it?
self the company, using its security
sales organization to provide the
money, went into the oil business.
The oil business has proved profitable
and has helped to carry the public
utilities through tho last two or three
hard years.
Tho Cities Service Company, the par?
ent holding company, has 434,40(5 shares
of common stock, $10 par value, and
767,194 shares of preferred stock, $10
par value, outstanding, besides $3,278,
410 preference B stock and, roughly,
$26,500,000 convertible debentures, out?
standing. In 1920 there was $22,055,939
available for stock dividends. This was
4.71 times the preferred dividend re
oulrements. After paying preferred
dividends there was $11,370,464 left for
the common, the equivalent of $4.31 per
$10 share. In 1919 the preferred divi?
dend was earned 4.12 times and there
was $3.91 a share on the common.
The combined current liabilities of
the parent and subsidiary companies at
the end of 1920 were $31,609,414, nnd
therein was $21,350,733 bills payable.
Total current assets were $50,196,395,
and this included $14,341,403 crude find
refined oil at market prices and $11,
428,153 stores and supplies. Cash on
hand amounted to $475,261.
Seek to Aid Coal Trade
Even Distribution Year Around
1 One of Aims
WASHINGTON, April 17.?To obtain
even distribution of output the year
lound is the chief problem of the bitu?
minous coal industry, says the Na?
tional Coal Association in an analysis
of the national soft coal supply just
issued in pamphlet form.
To safely see the country through
its soft coal supply there must be an
average weeklv production of approxi?
mately 10,500,000 to 10,730.000 tons. If
production falls below this line of
safety for any material period of time,
it goes on to say, there is the danger of
a pinch later on.
100,000 Coal Minera Idle ;
Output Below Danger Point
WASHINGTON, April 17.?Outout of
bituminous coal in the week ended April
2 had slumped to 5,750,000 tons, or "ap?
proximately 5,000,000 tons below the
average regarded as ordinarily safe,"
the National Coal Association announced
to-day. "Not since pre-war days," it
said, "had there been such a low aver?
age output."
The condition was attributed by the
association largely to lack of a market
and had resulted, it added, in the mines
running at "only half capacity, with
100,000 miners idle."
Investment Information
Questions of general inter??t t? I??
vtstors will be answered in this eel
umn, in which case only initiate will
be used. Other* will be answered by
mail. Address mil inquiries, inoles
ing a stamped, addressed envelope, t*
Financial Editor, The Tribune, 1H
Nassau Street, New York City.
t-. i ..
Woman Seeks Connecticut Bonds
Question?Do you consider American
Telephon? and Telegraph at 100, 8 p?r
cent, and the Vlrglnla-Carollnn Chemical
its, s por cent, a? wund Investment?, ?""
ar,e (hero some that are heiter? Ainu do
you know of any ?rood Connecticut bonds- -
not. too short term?paying K per cont or
even 7 per cent? I would prefer Con
nectlcut bonds, as they are not taxable
In tho state, i understand, and to me It
!? ?orno trouble to look after such taxe?.
I have a sufficient / amount of T_.ibn.rty
bonds, United Stuten Steel preferred.
Standard Oil of New Jersey preferred.
I have. Invested mostly In preferred stock?
because of tho taxes on bond?, not so
much the expense as the trouble.?
MI ?s S. S.
Answer?American Telephone and
Telegraph has now raised its dividend,
to 9 per cent and is selling abovo 100.
We think it a good investment, but
would prefer bonds to stock for a
woman. We think that both the Con?
necticut Power first 5s due 1963 at
about 75, and the Connecticut Valley
Lumber Company first 6s maturing in
series from 1922 to 1934, selling at
prices to yield over 7 per cent for the |
longer term series, nre good invest?
ments. Roth are "well secured by first
mortgages. Virginia-Carolina Chemi?
cal common has just passed its divi?
dend.-.
Bethlehem Steel Marine 7s
Question--Will you kindly prive me your
opinion on Bethlehem Steel Marino Equip?
ment 7 per cent bonds, due 1085? I have
about $1,000 which I wish to place In ?i
marketable bund so as to yield about 7
per cent.?R. <'. D.
Answer?We think the Bethlehem
Steel Marine Equipment 7s is an ex?
cellent security for the purpose you
describe.
Man of Sixty Wants To Be Sure
Question?Please let me know If it would
be a safe investment to buy Famous-Play?
ers I.asky Corporation stock. You saved
me a loss once. I am over sixty years
old, so you neo I wish to b? sure.?J. M. t?.
Answer?The movie stock you men?
tion is too speculative for investment,
in our opinion. We think a man of
your age would be safer, and have
more peace of mind, if he gave up try?
ing to make money by speculating, and
put his capital into securities which
are so safe that he need not worry
about his income. We frequently men?
tion such issues in The Tribune.
Facing Two Ways at Once
Question?Do you consider Pela?are *;
Hudson, Pennsylvania, Delaware, Lacka
wanna ?. Western and End icott- Johnson
good business men's Investments? I have
a lew thousands which it Is essential that
I invest In safe stocks, but at the same
time I am willing to take an element of
chance on the future.?A. "W. B.
Answer.?Your statement that safety
is essential is inconsistent with your
expressed willingness to take an ele?
ment of chance and your selection of
securities. Lackawanna Railroad and
Delaware & Hudson seem to be safe as
to dividends, even in the face of the
desperate condition of most of the rail?
roads, but Pennsylvania is not, and
Endicott-Johnson common is specula?
tive, in our opinion. The latter com?
pany, however, seems to have handled
itself well in the recent collapse of
prices. Successful trading in stocks of
this kind requires skill in speculation
and the ability to watch them. If you
are not provided fully with these quali?
fications we suggest that you confine
yourself to investment issues? such as j
we frequently mention.
School Teacher to Invest $500
Question?I am a school teacher -with I
about $500 in a savings bank which I wish \
to invest. Would you advise buying one
$500 bond of United States Rubber 5s,
1047? I have a number of Liberty bonds
nnd do not care to buy any more of these.
Would you please explain to me the mean?
ing of tho term cumulative and non
cumulative? Are those terms ever used
in connection with bonds??Miss M. M.
A. L\
Answer?The United States Rubber
bonds you mention are a good invest- ;
ment, in our opini?n. The term cumu- :
lative is applied to preferred stock
dividends and the interest on income !
bonds. It means that if payment is j
not made at one or more stated periods,
the company is obliged to pay later,
when it is able. If a dividend Is not
paid on a non-cumulative security
there remains no prospect that it ever
will be paid. Interest on bonds is
always cumulative except in the case
of non-cumulative income bonds.
"Friend" Tells Him to Buy Carlisle I
Question?I am a working man and I
have saved n. few hundred dollars through ;
hard work which I havo In a bank now. !
T havo been told by a friend of mino that
Carlisle Tiro I i a very good and safo stock
to buy. I cannot afford to lose all my
money and I ask you for advice. Do you
think I ought to buy stock In this com?
pany??H? A. S.
Answer?Carlisle Tire stock is not
what we call a "good and safe" in?
vestment. We advise you to let it
alone. Do not take advice from your
"friends" about what to do with your
savings. Put your surplus into sea?
soned stocks and bonds, such as we
frequently mention, and it will be safe
after your friends have forgotten'you. |
Grand Trunk Pacific 3s
Question?Will you kindly give me your ;
opinion of the Grand Trunk Pacific Rail- !
way Company 3 per cent sterling bonds, ?
duo 11)08, anil guaranteed both as to
principal' and Interest by the government I
of the Dominion of Canada??(Jr. W. S.
Answer?We think the guaranty of
the Canadian government makes any ?
security safe as to principal and in- I
come. The Grand Trunk Pacific 3s |
offer a good opportunity, in our opin
ion, because they are not very well ]
known here. They can be bought in '
?100 pieces, and interest is payable at
the branch of the Bank of Montreal
in New York.
Weak Tire Stocks Ar. Risky
Question?Will you kindly give me any i
information you may havo about the Mar-|
tin Tire and Rubber Company. New Haven, i
Conn., and whether or not you consider it
a safe investment proposition??T. J. D.
Answer?The tire stock you men- j
tion ?3 too speculative for investment,
in our opinion. This is a bad time to |
buy the stocks of weak rubber com- i
panies, we think. The stock was of?
fered by the company last February
at $20 a share. It was offered recently ,
at ?2 and $2.75, no bid.
Steel Tie Stock Is Speculative
Question?T purchased twenty-flve shares
of Silvers Railroad Tie and would appre?
ciate very much any Information you
would kindly give me on the subject after
reading the enclosed pamphlet. Do you
think It a wise and safe Investment? I
am anxiously awaiting your answer, as If
it meet? your approval I am wishful of
taking a few moro shares.?J. A.
Answer?Your steel tie stock must
be considered highly speculative, for
these devices have invariably proved to
be failures. If the roads begin to use ?
your tie you may come out all right.
There are two main troubles with steel
ties?the bolts shear off under heavy
strain, and they crystallize. We do i
not advise you to buy any more of the j
stock.
Mechanic Thinks Pen Is Good
Question?As a reader of your column \
could you kindly give me any Information
or advice about the following? A friend | ;
of mine advised me to buy stocks in a
new company, the Dunn l'en Company. ,
Inc., manufacturing a now self-filling
fountain pen. This pen is on the market ;
since last November, is well advertised ;
and Is selling as fast as they can be pro?
duced (by testimony of storekeepers). The i '.
preferred stocks are 8 per cent cumulative i
at $10 par value, and they are giving as 1
bonus half the number common stock of ?
no par value of the amount of preferred j
you buy. Do you think this can be con- ?
sldered an Investment or a pure specula- I
tion for ? salaried man? With a knowl- I
edge of mechanics, l believe this Is the
best self-tilling pen on the market, and i '
has a big future.?L. U.
Answer?We do not pretend to know
anything about the mechanics of foun?
tain pens except that they provoke
profanity. If you do, and are con?
vinced that the Dunn Pen is a good ?
one, you might take a small flyer in ;
the stock. From the financial and in?
vestment viewpoint, the shares are a
pure speculation.
-? i
Four full columns of in?
vestment questions and an?
swers are published in The
Tribune every Sunday,
? The Week's Curb Market
Industrials
;h.
Coal.
Expl.
Pack
Mfg..
Pf.
6 %
Sales.
23900 ?Acme
600 ?Aetna
200 ?Acme
2200 *Alum
20 ?do
6900 ?Am Loathe
400 Autom F S . ? . 40 %
160 ?Beaver Bd.. . 1 !
2700 ?Bath Motors. 2%
3200 ?Br-Am Chem 2%
6600 *Br-A Tob cou 1 2 %
500 *do reg. 12%
400 ?Bucyrua Co... 19V?
3?0O ?Car I, & P. .. 2%
900 ?Chic Nipple.. 6%
2400 ?C A E I w I.. 13%
3226 ?do pf w !.. 31
140 ?Celluloid ....104
255 ?do pf.102
COO ?do rts . %
650 ?Comwealth F 16%
501 ?do pf. 4H
5600 ?Colonial Tire. 1%
10" ?Conley Tin P. 14
300 ?Com Motors.. .'
2000 ?Durant Mot.. 22
17800 ?Bmp Pood P. 2%
100 ?Farrell Coal.. 14%
76 ?Gillette S lt..147
lOOO ?Garland S 8.. ?S
1400 ?Gardner Mot. 23 .
?O? ?Goldwyn Pic. 5
310?Goodyear T... 14
I0f> ?do pf. 3?
600 ?Here Paper.. 6-V
1600 ?1 T of GB&J. !?'(,
1800 ?Int Cul Co pi 8 &
2400 ??nter Rubber 0 V*
200 ?Locom (n).. 2%
450 ?Mn M Cl A. 19
200 ?MStUy 67? pf 38
300 ?1,1b McX- ft I. 10
100 ?Max-Chai A. 18*4
100 "Mercer Mot.. 4%
r;00 ?Nat Coal * t 12
?"00 Nor A 1" * P 6 %
100 ?Packard Mot 1 I
800 ?do pref.. ., 74 %
600 ?PeerlesM Mot 38
?800 Porfec T ft R 1\
HOCO ?Radio Co.*. . . 2
;>700 ?do pier.... z%
1125 ?R do F T B. 12%
1600 ?Stanwood R. %
1'uOO ?Stand Tob pf 45
100 ?St O * K pf. 34%
6400 ?Swts Co of A 2%
(?00 Swift Int. 24 \
* 1 00 So Coal & T. . 10
5 600 ?T Ry Lt A 1' 1 \
1000 ?do pref.... 6%
100 ?Tob Prod Kx 6%
116 ?Todd Shlpyda 64 %
1J00 ?Cn Carbide.. 64
600 ?Tj S Dintrib.. 27
7500 L'n Profit ? S?1. 1%
5400 *U S R St Call 7% , ? ?
4f"00 I. S .Ship Cor \ JV % ?
6000 17 S Steumahlp H % }; -
500 ?U S Met Cap 1 % 1% 1% -
4 00 ?Wm Davies.. 3M 20 22 ?;
Standard Oil Snbsidaries
3 009 Anglo-Am Oil. 17% 18% 17% 4
209 Cheaebro pf...101% 101 101
Sales.
5900 ?Denny on_
3750 ?Elk H Pet. . .
5400 ?Bmerich ( '?I.
3490 Engineers Pet.
37800 ?Kay Petrol...
6000 Federal Oil.. .
5800 ?Gienrock Oil.
200 ?Granada Oil..
20600 ?Guffey-Glll . .
29000 ?Harvey C Oil
? 00 ?HendersonFO.
20900 'Hudson Oil..
4200 ?Int Pet . 16 %
I i 0 Magna Oil_
20? ?.Manhat Oil. .
13900 ?Maracalbo O.
6300 ?Mar Oil of D
8700 Mexico Oil...
200 *Mex Eagle O 2?
: iO ?Midwest Kef. 143
300 ?Merritt OH.. 11%
32400 ?Midwest TO 1 %
I ? Mountain Pr 11%
5i 000 rNoble O ft G 50
ROO North Am Oil
1600 O O ft G (n) .
700 Pi nnock Oil,.
11800 ?Prod ft Kef.
500*Panh Pet_
100 ?do pref_
2800 ?Red R O & G
?00 ?Ryan Con w 1
55 Sin Oil 8% pf 87%
1876 Savoy Oil. o
24 00 ?Salt Ck C (n)
750 ?Sottled Pr Co
16000 ?Simnis Pet...
?500 Skelly Oil_
1000 ?Stant O (n).
47X00 ?Texon O ft I,
8000 ?i:n Tex Pet.
6200 ?Cn Royalty..
6000 ?Victoria Oil.
1700 WIlcox O ft G
1400?y oil.
Net
High. Low. Last, chge
'4
Uk
1%
4 a*
13%
9%
1%
%
3%
29%
1%
- .*
2 %
6%
4%
%
7%
13%
3%
?%
6%
%
%
8%
2%
1%
1%
4%
11%
7%
1
A
14%
2%
28%
22%
1%
24
142
11%
1
11
41
1%
76
%
6%
86
8
13%
2%
7%
5%
%
%
8%
3% ? 1%
?%+ -r?
A -
1% -?
1%? %
4% -
12% 4- %
.8 ? 1
1% -
A? A
15%? %
2% -
3 % 4- %
29% 4- %
23% 4- 2%
1 % 4- %
24 -
142 4- 1%
11%
1 % 4- %
11
42 -
1 %? %
2%? 4
6%? %
4 __ 4
8 ?
75 4- 4
% -
6%? %
87%
9 4-2
13% -
2%
?
%
8%4
6%-f
3%
A
Mining Stocks
M..
?? A
4200 ?Alas-It C
12750 ?tAtlanta ....
6000 ?TArlz Silver..
'.' ?? to ?, Belcher Dlv.
17800 ?fBelcher Ext
20400 Big I. Copper,
28
4%
4
: l00?fBooth . 4I4
: 97000 ?tHost-Mon .. 67
: 17600 ?1 Caledonia M 11 %
1%
I '?%
1%
%
1!?
1%
73
i%
38
2%
Galena-Si*
10 Tndlana P I.
25 Ohio Oil
11570 S O of Ind r
?99 S O of N Y.
4 0 So Penn Oil
120 Vacuum Oil
73%
348
230
302
13%
Other Oil Stocks
48000 ?Allied Oil_ 13
200 ?do a A pf. 10
2800 Ajax Oil .
1900 ?Ark Nati Gaa
300?Atl Gulf Oil..
8 00 ?Boone Oil.. .
16500 "Bost-Wyo OH
30500?Carlo Synd..
800 fCtt 8 B T e.
100 ?Cent Am Pet.
10600 ?Col Emerald.
?sno ?Cuahlng Pet..
i, 00 ?Creole Syn..,
!"- 00 ?tCandelarla S
18200 ?Carson River.
000 ?tCashboy ....
?" 'TCrackerJack.
' Con V'lrg Kilv.
1 19 10 ?frottez- silv.
J1 00 < ?resson Con G.
46600 tDtvide Ext...
11700 Emma Silver..
86000 ?Eureka C? M.. 97
? 44?0 ?Eureka llollv. 1 JL
26900 ?tGold '/. lMv l?iV4
-1.?tGoldf Con. . 7
19900 ?tGoldf Dec. :i
36500 ?tGoldt Plop.. 34
146H0 ?tGreal Bond. 3
25IMIO ?THArmill Mln 13
3560 H< cia Mining. 3%
l: 00 Howe Sound.. 2%
;|" ?Iron Blossom 17
22500 ?Ulm Butler.. 10
20600 ?Jumbo Ext... 7
21 00 Kerr Lake.... 3%
12900 ?tKewanaa ... 3'
84600 ?tlsnox Divida 17
63.1 ?Lorio Star. .. 6%
'? 00 Magma Cop.. ?o'A
19800 ?tMaoN Crea. 12
90 0 ?tMaoN Min.. 14
16800 ?t.Marsh Mng. 6
1 loo ?MothHrlodo n 4%
4S0O TMur -M M Ld 59
600 ?X Y Hond M 4%
23500 ?Nat Tin Cor. %
3460 N1 pissing M. . 7 '
67 *N J Zinc_1
7?
Ir?
4%4- 1
S -j- ?,
A -
4 ? 1
?4 ? 2
11 -
3 9 4-2
1%
1% ?
3? ?
160O Ophlr SU M..
Hon ?Plat P J'rod.
2500 Prince C/n . .
14700 fRcx Coft _
11400 ?tUed Hills Fl
1100 St t.Tx Con M
1%
5%
7%
3
A
85
15%
1%"
2%
17
2%
1 %
15%
3%
19
10
13
6
4%
65
4
A
6%,_
126% 126%
1 % I %
6 % 5 %
% ' t
7 7 S
7 2 % -
86 ?
1A -
19 4.
2%-T
27 ?
3 4
11 ?
3%4
2% ?
17 4
9 ?
6 ?
3%4
2% ?
17 4
4 -?
20 4
11 ?
14 ?
6 ?
4% ?
67 ??
4% ?
% --
G Cl?
Net
Sales. High. Low. Last, eh'ge.
98400 ?tSUver Hills. 56 41 46
11800 ?tSilv Kg Div 2% 1 2 -
14400 ?fSilver Pick. 6 4 ?4-1
11700 *fSliv M of A 80 75 80-4-5
8800 *S Am G & PI U 4% 5?1
800 Stand Silv Ld r. & ??. -
15100 ?fSuccess Jig. 3% 2 2%
2000 *Tal)apoosa S. -ft \ A? r>
4540 ?Tono Belmt. 1$ 1% lrV + -h
14120 ?Tono Divide. 1% ij. lli -
2872 Tonopah Ext. 1% 1& 1 v* -
2792 ?Tono Mng... 1 % 1% 194 + M
18440 Untd Eastern. 2% 2% 2%+ -A
2800 ?U S Con M n 9k H %
18550 ?tVlct Divide. 4 2% 8%
7400 tW Utah Cop 24 2? 23?1
14960 W End Con.. 1 % 1 ?t?
14900 tWh Cap Ex. 7 ? 7 -
11400 fWilbert Cop. 4 3 * + M
600 ?Yuk Gold Al 1 % 1 -1- V,
Bonds
Net
Sales (000 omit'd). High. Low. Last, chg?
14C ?Allied Pack 6s.. 50 46% 46%? 2
15 'Um Tob 7s '23.100?? 100'.? 100% -
11 ?Aluminum 7s.. 97 96% 96%? 9
R ?Am I, & T.89% 89 89%4- a
125 ?Am A Ch 7%?. 97V_ 97 % 97%? 1
80 ?Am T & T 1922 97?. 97% 97%? \
65 ?do 1924. 96% 96% 96??? ',
59 ?Anaconda ?s... 86?, 86% 8894 4- \
162 ?do 7s . 93% ?3% 93%? >
71 ?Armour 7? w 1. 96 9? 98% 96 9*4- '
72 ?Ang-Am 7s w 1.100% 100 100%-i- \
70 Beaver Bd 8s... 77 74% 75 94? !
122 ?Brandall 8s_ 98 96 97?1
10 ?Beth Stl 7a '23. 98% 98 98 ? '
76 ?do 7s 1935... 95% 95% 95%? ;
297 ?C <fc E I 5s '61. 6194 61 ?1% -
1 ?Col Graph 8s.. 78 78 78 -
8 ?Con Text 7s w 1 94% 94 94%4- '
30 ?Can N R 7s'33.100% 100% 100% ?
?0 ?Con Gas 8s. ...100% 99% 106 4
15 ?Cop E A 8s'22.100% 9994 100 -
130 ?do 8s 1923... 99% 99% 99944
77 ?do 8s 1924... 99% 99% 99% +
72 ?do 8s 1926... 99% 99 99%-f
27 ?Diamond M 7s,10294 102% 102% +
13*Deere & Co- 98 98 98 -
34 ?Emp?iP 6a '24 82% 81% 82 ?
11 ?Gen Asph_lt Ss.101 100% 101 ?
95 ?Gr Trunk 6%s. 959, 95 95% +
5 ?Galena-S O 7s. 93% 93% 93% ?
29 ?Goodrich 7s w 1. 90% 90 90% +
295 ?Gulf Oil 7s_ 97% 96% 97 -
15 ?Helii? 7s 1930. 98% 97% 98% +
210 ?Tnt R Tran 7s.. 73 ?9%/72%-f- 2
264 ?Humble Oil '7a. 97% 96% 97 ?
31 ?Kennecott C 7s. 91 90 91 +
33 ?Laclede Gas 7s 9094 90% 90%4- 1
18 *Morrl3_Co 7%s98% 97% 98 ?
95 ?Mes Pet 8s_ 99 98% 98% -
23 ?Nat Cl _ S 88. 94% 93% 94%+ 3
13 ?Nat Leather 8s 95% 95% 95% +
2 ?NY Nil & H 4a 47 47 47 -
16 ?Oh Cit G 1921. 99% 99% 99% +
22 ?do 1922 . 97% 97 97 ?
6 ?do 1923 . 94% ?4 94% +
16 ?do 1924 . 94 93% 94 ?
60 ?Packd Mot Ss.,100 100 100 ?
28 ?Ohio Pr 7a "61. 95 95 96 ?
37 ?Pan-Am Pet 7s 95% 92 94% ?.
7 ?Rugs Gov 5%s. 17 17 17 ? :
22 ?Sears-R 1-y 7a. 99% 99% 99% ?
55 ?do 2-y 7a_ 9694 96% 96 94 +
28 ?do 3-y 7s_ 96% 96% 96% +
27 ?Seneca 8s. 97% 97% 97%?
350 ?Sinclair 7%s... 92% 92% 92% +
.4 ?Solvay &. C 7s. 100% 99% 109% ?
231 ?S W Tel 7%a.. 9694 96 96% ?
7 ?So Rwy 6s_ 95?4 95% 95%?
34 ?S O N Y 1926..103 101% 101% +
14 ?do 1926 .101% 101% 101%
13 ?do 1927 .101% 101% 101%?
19 ?do 1928 .102 10194 101%?
6 ?do 1929 .102% 102 102 ?
16 ?do 1930 .103 102% 102%??
30 ?do 1931 .104 103% 104 +
5 ?Suu Oil 7a. 96% 96% 96% -
23 ?Swift 7%b 1921 99% 99 99% ??
61 ?do 7%a 1925. 9694 96% 96% ?
26 ?Swiss Gov 6%s 85% 84% 85% +
51 ?Tex C 7% notos 98% 9894 98% ?
407 ?Vacuum Oil is.100% 100 101% -
I06*Westn EUeo 7s. 99% 99% 99*44
102 ?Un Ry of Hav, 98% 9S 98 ?
?Unlisted. ?Sells cent? per ?hare.
Miscellaneous Markets
Pnblic Utility Securities
;:i
3%
Bid
A4 P ft L, 9
do pf. . . 70
?Am L T. 89
?do pf.. . 82
A G & K.101
?do pf.. 37%
Am PAL 54
do pf...
Am P Utl
do pf. . .
Am W W.
do 1st pf 4 4
doparpf 6%
Car PR?-.L 26
Cnt 3t El. 6
do pf... 45
?CItiesSvc.237
?do pf. . . 66%
do B sh. 28
do7ad?B125
do7s dsC 92
do7s dsD 84%
do pf B 6%
Col Pwr... 7
do pf. . . 72
?Ex dividend.
Ask
12
75
93
86
103
38%
68
76
12
30
I
?>0
242
67
Bid
C P R A L 10
do pf. . . 30
El B&S Pf 8 2
E D E pf. 60
EG_Flst6a 9 4
do 6s s n 82
dog^-pfs 8 3
doI% en ?
F L A Tr ?
d' pf... 4 0
G A. El S.200
oo pf... 75
Nrth St Tr 4 5
?do pf.. 79
Rep Ry L. 6%
do pf... 18
So Cal Ed. 92
I do pf. . .100
28% IS G * El. 11
130
95
86%
6%
9
79
do pf.. . 34%
T R L&P %
do pf. . . 5
Un L & R 23
do lit pf 69
West Pw. 23
?do n vt 67
Miscellaneous Stocks
?Am Lfhr, 7%
?do pf.. 29
Am Mf pf 79%
A M & F.180
Am Td pf 3%
Am Typ P 40
A D T X .T 36
Atlas P C 40
B B * Sip 80
do 2d pf 66
Borden's.. 83
Bush T pf 65
7%
31
82%
200
3%
43
42
45
85
86
75
Celluloid..102% 110
Chi Co pf 95 98
?City Invt 65 65
Crk W pf. ? 90
D _ - W. 87 90
?Ex dividend.
Chemical Stocks
Draper C..13J
lnt sU Pf. 90
Lima L pf 85
Nat Cskt.100
?N J '/. W.130
N Oo st pf 99
P & W pf 90
Phclps D.135
Ry Bkfr P 90
do pf. . . 80
SCI. H.. .69
?Sg- Mf nw 87
StLRM&F. 87
Stoll F pf 94
Valvol pf. 94
W & B... 97%
Yale & T.340
A?U
14
34
85%
70
96
86
86
95
*
4 5
3 0ft
85
4!)
81
7
2?
95
103
13
36
2
7
25
62
95
11?
133
95
160
100
85
62
90
90
98
100
100
350
Am Cyan. 24
do pref. 60
Gaseln Co 30
Dow Ch.
Du Pont.
Grazelll .
9%
130
27
65
45
200
9%
136
Hook El.. 5
do pref. 5
Ky Solvay -
do pref. 9
Merrimac. 7
?Mer C pf 8
Mulfd Co
46
28
3%
5
Car Sub.
Cent' Suar.
do pf..
C Agulrro. 65
Fjrdo new 83
Godchx .. 20
Grt Weat.240
do pf...lM
Bagar Stocks
31
5
39
68
87
26
260
lit
Mat-Am.. II
?do prat 18
Mchs .... 7
Nati .117
Ni Niquo.280
Savannah. 18
do pf... 57
'68
65
90
99
79
90
5 0
1*
18
8
123
25
63
Bonds
Bid Asked, i
Bid.
DalB7a '11 9?
MdUlst 5s It
MRPlat 6a Cl
N O LP 6a 65
NSP 6a'22 71
Ap lit I?. 81 7?
CC_ Ba'15 11 16
do pf '21 71 10
? F Fo6a 7? II
DaUEta'22 99% ?
Tobacco Stocks
O W Hme.168 165 11- R-T. T. SO
do pf... 92 96 lUnlv Loaf.140
JS Touns ?6 105 IWeym B.156
do pf... 90 96 I do pf... 91
M & A F.. ?? 100 I
New Tork Bunk Stocks
i*>
90
6?
68
81
162
?6
Arnerica . ..180
Atlantic ...211
Am Exch.. .230
Battery . ..165
Bowery ...428
Bway Cent.125
Bryant Pk..l68
Bronx Nat.. 150
Butch _ D.140
Cent Verch.196
Chase.310
Chat _ Phe 24 5
Chelsea Ex.100
Chemical ...500
City .818
Coal _ Iron.220
Columbia . .16?
Colonial ...361
Commerce .210
?Commrcl ..lit
Cmwlth ...116
Corn Exch..295
Camptln.... ?
Cuba .? 16?
East Hirer.17? ?
First Nat... 115 90S
Fifth ?VI..9K ?
Uarfltld ...22? 23?
19? Gotham
22?
240
178
460
150
16?
160
16?
205
320
266
110
62*
325
230
215
.19?
Greenwich .245
Hanover - . .785
Harriman .346
Imp & Trd.605
Industrial ..176
Irving Nati..185
Manhttn Co. 19?
Mch & Met.295
Mtrpltan . .300
Mutual ....(??
Nat Am_16?
Nat B Cuba 80
New Nthr ..160
N Y County.139
N Y N B A..435
liOfPaclftc.80?
Park.350
Public .230
Seaboard ....220
Second ....451
State .210
23d Ward..20?
Untd State?. 169
Union Ex.. l#?
Wa?h Ht?. .326
Yorkville ..42?
?0?
261
796
.161
516
186
190
?0?
300
340
160
140
450
360
246
17?
178
Steel and Ordnance Stocks
Bid Ask
Am Brass.] 70 175
Atlas Pw.1.8
?Bab ft WlOt?
Carb Steel 20
do 1st pf 70
do 2d pf ?
C<Mt A _36
Du Pont. .137
?do pf. . 74
East Steel ?
132
to 8
1-12
40
Bid
Em S & L.25
do pf... 70
?Here P.. 137
do pf. . . 88
Nlles B P. 62
Scov M ffr.:; in
Thorn Iron 30
Wn Cor,..250
Wondwd. . 4 5
?E dividend.
Aak ?
30
75
112
Trust and Surety Companies
?lMfrs.200
70 Mercantile .290
siOlMetrpltn .. .275
Alliance ... 7?
/m Surety. 66
Bankers ...300
Bond ft Mr,214
Bklyn T Co.440
Cent Union..325
Columbia ..290
Commercial. 14?
Equitable ..270
Empire T..300
FrmrsLAT. 345
Fldelt?? ..
Fulton ...
Ouaranty .
Hudson ...
Kin.? .660
Law Mtg ...117
Lawyers . . .116
Lincoln Tr. .166
.208
.260
.208
.160
218
460
3 3 5
300
278
285
17?
122
125
165
Mtge Bond. 75
Mut T W...U?
Nat Surety. 110
N Y L A T.66?
N Y Trust. .315
V Y Title...118
People? _275
Realty Asso. 9*
Title Guar..300
U B M ft T.400
U S T O. . . 76
Untd States.840
We?tche?ter.l4?
W A B A M.16?
31?
108
8i
125
19?
325
18?
29?
100
31?
41?
?I
Insurance Companies
Alinee.270 2l5|Grt Amer...245
198 Hanover ... 85
325 Home.342
65 Nat LIbertyl7?
61? Niagara ...128
15 Stuyvesant. .6?
Am
City of N Y.160
Comwlth . .300
Continental 61
Fid A Phos.49?
Franklin ... 76
Globe A R.lOfl?
34 8
19?
136
76
Standard Oil Companies
Anglo-Am 17% 1794 IP O ft G.480
960 /Prairie P. 193
309 Solar Rfg.410
390 )Sou P L. .100
Atl Rfng.925
do pf...107
Borne-Scr.360
Buck P L 82
Ches Mfg.190
do pf... 99
Contl OH.123
Crac P L. 29
Climb P...135
Eureka P. 92
G-SOnw pf 9::
do pi old 93
do com.. 42
111 P Llne.173
Ind PL.. 84
Intl Petrl. 16
Nati Tran 28
N Y Tran.143
Nrth P L. 93
Ohio Oil..285
Penn-M F. 30
Sou P OU.226
Scuthw P. 68
1*8 O Cal. 74
I 'S O Ind.. 73
S O Kan.. 625
IS O Ken. .408
S O Neb. .170
?S O N .1.145
; do pf.
S O N Y.. 347
IS O Ohio.385
85 1 do pf...l07
15%;Swan A F. 35
29 Un Tk O. .103
147 do Pf... 97
97 Vac Oll... 295
288 IWahg Oil.. 28
35 I ?Par ?25.
200
10t
126
31
145
98
17?
4S5
197
420
103
230
71
630
415
. 107% 10S%
352
110
45
10?
100
300
Miscellaneous Oll Companies
Atl Lobos. 24
do vi... 60
Br-Am O. 27
Co? A Co. 6%
Elk Bsn P 8%
Imprl OU. 96
Magn Ptrll40
26
10
29
6
8%
98
150
Mldw Rfgl41% 142%
Mt Prod.. 10% 11
Northw O. 24 28
Prd A Rfs 4
S Ck Prd 13
%
%
I o UK I'M 13
(Sap Rfng. 4 9?
WS04L 94
I tPar $18.
4%
13%
4%
Va
Merr O Cp 11% 1
New York City Bonds
Form. Rate, Maturity. Bid. Ask. Yield.
Inter 4%?. 1967. 91%
do 4%?, 1966. 91%
do 4%s. 1963. 91%
do 4%s, 1987. 91%
do 4%?, 1966. 86%
do 4%s, 1964. 86%
do 4%s, 1962. 86%
do 4%s, 1960. 86%
do 4%a, I960, op 1938. 86%
do 4?, 1959. 821*
do" 4?, 1968. 82%
do is, 1967.82%
Fig 4s, 1955-1958. 81%
do 4s, 1936. 16%
Inter 3%s, 1964 . 73%
Coup 3%a, 1964 . 73%
Reg 8%a, 1968-1954 Inc.. 73%
do 3%B, 1940-1950. inc. 5.30
do 3%s, 1921-1930, inc. 6.00
Res; and coupon (serial)
4%s, 1921-1932. inc_6.90
do 4%a. 1921-1931, inc.. 8.00
New York State Bonds
Issued in coupon and registered form,
not Interchangeable. Coupon bonds regla
terable. Bid. Ask. Yield.
Canal Imp 4%s. 196*.101 108 4.36
Highway Imp i%a. 1961..101 181 4.36
Canal Imp 4%a. 1965- 9? 98 4.37
Highway Imp 4 !4s, 1985.. 96 ?8 4,37
\
Barge Can Ter 4V*s. 1945. 96 98 4.37
Highway Imp 4?, 1967_ 92% 94 4.SO
Canal Imp 4?, 1967. 92% 94 4.30
High Imp 4s. 1960-62 inc. 92% 94 4.31
do 4s. 1958. 92% ?4 4.33
Canal Imp 4s, 1960-62 Inc 92% 94 4.31
Palisades I S Pk 4s, 1961. 92% 94 4.31
Bars? Can Ter 4s.l942-'46. 92%
Federal and Joint Stock Land Baak
Bonds
Appro x.
Bid. Ask. Yield.
Federal Farm Loan Sa,
1938-1923. 99% 99% 6.04
Federal Farm Loan 4%a,
1939-1924 .,. 92% 93 6.1?
Federal Farm Loan 4%a,
1938-1923. 92% ?3 f.lj
Federal Farm Loan 4%e,
1937-1922 . ?2% ?3 ?.It
Jelnt Stock Land Bank 6a.
1939-1924 . 94% ?6% 6.44
Joint Stock Land Bank 6a
1938-1923 . ?4% $5% 6.4E
United States Treasury Certificates of
Indebtedness
Appro?,
Bid. Aak. Yield
May 1?, 1921, 5%s.100 100^ 4.85
"June 15, 1921. 5%s.100 100% 4.85
?June 15. 1921, 6s.100,\. 100? 4.Si
July 16, 1921. 5%a.100 100,*, 6.1?
August 16, 1921, 6s.100% 100% 6.2C
?September 15, '21, 5%s.l00 100^, 5.2f
?September 16. 1921, 6s..l0O-?V 100-ft f..2f
October 15, 1921, 5%s...l00 100,*, 5.3?
October 15, 1921, 6%s-100-rW lOOflc 6.3<
"December 15, 1921, 6s..100% 100% 5.3f
?March 15, 1922, 5%s...lOO 100^, 6.61
?Acceptable In payment of taxes due oi
jato of maturity.
Short Term Securities
Security, Rate, Due. Bid. Ask. Yield
Alum Co of Am 7s, 1926. 96% 97% 7.71
Amer Cotton Oil 6s, 1924. 89 90 10.61
Amer Chicle 6s, 1931-22. 91 97% -
do ?s. 1923-25. 80 98% ?
do 6s, 1926-27. HO 87% -
Amer Tal ft Tel 6s, 1922.. 97% 97% 7.7
do 6s. 1924. 96% 96% 7.4
Amer Thread 6a, 1928... 94% 95% 6.8
Amer Tobacco 7s, 1931..100 100% 6.7
do 7s, 1922.100 100% 6.7
do 7a, 1923.100 100% 6.8
Anaconda Copper 6?, 1929 86 86% i.4
do 7s, 1929 . 93% 93% 8.1
Ang-Am Oil. Ltd, 7%s, "25.100 100% 7.4
Armour & Co con 7s, '30. 96% 96% 7.8
Atlantic Refining 6%s, '31 99% 99% 6.7
Bell Tel of Canada 7s, '25 96 97 7.9
Bethlehem Steel 7s, 1922. 99 99% 7.4
do 7s, 19 23. 98 98% 7.9
Canadian Pacific 6s, 1924. 95% 95% 7.7
Cent Argentine Ry 6s, '27 83 85 9.3
C, R I ft Pac Ry 6a. 1923 96 97 8.7
Conaol Oaa N Y 8a, 1921. 99% 100% 7.9
Cop Exp Assn, Inc, 8s, "22 99% 100% 7.9
do 8s. 1923 . 99% 99% 8.4
do 8s. 1924. ?9% 99% 8.4
do 8s, 1925 . 99% 99% 8.1
Cudahy Packing 7s, 1923. 98 % 99 % 7.3
De L.aval Sep Sa, 1931- 98% 99 8.0
Fed Sug Refining 6s, '24. 93% 94% 7.8
B F Goodrlch conv 7a, '25 89% 90 % 10.e
Gulf Oil 6s, 1923. 94% 95% 8.4
do 7s, 1933. 96% 97 7.4
Hocking Vai 6a, 1924. 91 92% 8.?
Humble O ft Ref 7s, 1923.. 96% 97% 8.(
Interboro R T con 7a, '21 71% 72% ?
Kan City Term 6s, 1923. 96% 97%- 7.?
Kennecott Cop 7a. 1930.. 90 90% 8.1
Lac G L 1st ft ref 7s, 1929 89% 91 8.(
Lig ft Myers Tob 6a, 1921 99% 99% 7.!
Philadelphia 6s, 1922_ 96% 97% 8.!
Pennsylvania 4%s, 1921.. 99% 99% ?
Procter ft Gam 7a. 1922.. 100 100% 8.1
do 7a, 1923.100% 100% 6.1
Pub Serv N J con 7a, '22. 91 93 ?
R J Reynolds Tob 6s, 1922 98% 98% 7.:
Sear? Roebuck 7a, 1921.. 99% 99% 7.1
do 7s, 1922. 96% 96% 9.1
do 7a, 1923. 96 96% s.i
Sinclair Cona 7%a, 1925.. 92% 92% 9.1
Solvay 8a, 1937. 99% 100% 7.1
Southern R'wav 6a, 1922. 95% 96 10..
Southwest Bell T 7s. 1925. 96% 98% 7.
Stand Oil (Calif) 7a, 1931.102% 102% 8.'
do N Y 7?, 1925-31.101 104 ?
St P Un Dep guar 6%a,'23. 95 97 6.
Swift 6a. 1921. 99% 99% 7.
do 7e, 1925. 96% 96% 8.
Toxaa Co 7a, 1923. 98% 98% 7.
Utah Securities 6s, 1922.. 87 ?9 ?
Waltham Watch 6a. 1924 90 93 8.
Weat Elec roa 7s, '26_99% 99% 7.
Weat Bl ft Mfp 7s, 1931.. 99% 99% 7.
Rafmc^Union
FOREIGN BANKING ?RPOR/mof*
56 Wall Street, New York
^ ? Seattle?
I^HE total resources of this Bank are
-*? over twenty-two million dollars. Our
Foreign Exchange Department is taking
care of the foreign exchange business in
sterling, francs, lire and marks, as well as
Scandinavian, Central European and Far
Eastern exchange for over two hundred
banks within the United States, for many
foreign banks and commercial firms. This
enables us to offer unsurpassed facilities
for buying and selling foreign exchange.
Capital (fully paid).$i,000,000
Surplus and Undivided Profits. . .$621,000
DIRECTORS
Richard Delafield
Stuyvesant Fish
Gilbert G. Thome
E. C. Hoyt
A. P. Villa
Maurice H. Ewer
George C. Taylor
E. H. Outerbridge
Sir William Price
Charles A.
H. B. Shaw
George Wilson
Robert McCulloch
Stanley E. Elkin
Stephen Haas
F. E. Kenaston
W. J. Dawson
F. L. Appleby
T. Fred Aspden
Holder, Chairman
Equipment Bonds
(Quoted on Income
Name. Rate.
Ltl Coaat Lin? 6%
Salt A Ohio... 4%
ieth Steel ...
ioston A A. . .
?uffalo R ft P.
do .
'anadian Nat.
anadian Nor..
;anadian Pac.
do .
: c c & st L.
do .
Ih'-s ft Ohio. .
R I ft P...
:hi ft N W. ..
: St L ft N O.
& Hudson
?_
4%
4%-5
6
7
4%-B
6
4%
6
?%
4%-5
4%
5
__________ 4%
;rie. 4%-B
do . 6
[an City So.. 5
.cuis ft Nash. 6
do . 6 %
1SP4.SSM. 4%-5
do . 6%
do . 7
lieh Central
r Y C Lines
do .
t Y Cont R R 4%
? Y C ft St L. 4%
do . 5
I Y N H ft H. 4%
:orfolk _? W..
'or Pacific ..
'ac Fr Ex p...
?nnsylvania . .
'itts ft L Erie.
Leading Co. ..
(?aboard.
outbern Pac..
do .
outhern Ry...
nior? Pacific.
'Irginian Ry. .
4%
7
4%
7
7
4-4%
,-5-8
7
4%-5
7
percentage
Maturity.
1922-'36
1921-'27
1921-'30
1921-'30
1921-'33
1921-'33
1935
6 1924-'29
1921-*32
1921-'28
1921-'29
1921-'27
IP 2 4-'3 6
1921-'27
1921-'23
1921-'24
1922
1921-'27
1922-'28
1921-'24
1921-'22
1922-'38
1921-'26
1926-'35
1921-'30
1921-'30
1922-'28
1921-'35
I922--32
lil21-'36
1931
6 1921-'28
i9in-'jt
1921-'30
i925-':;5
1921-'23
1921-'36
1921-'27
1921-*27
l9M-'26
1924-'35
1921-'26
1924-'35
1921--30
basis)
Bid. Ask.
6.SO
7.25
7.50
7.25
7.25
7'?f)
8.50
7.15
7.15
6.8 0
7.80
7.25
7.25
7.25
7.50
7.50
7.60
7.25
6.80
7.25
7.10
7.25
7.25
7.15
7.10
7.15
7.30
7.00
8.50
7.00
7.00
6.90
7.15
7.10
6.80
7.26
6.3 0 ?
6.60
7.00
6.50
6.50
6.50
6.90
7.00
6 40
6.40
6 50
6.55
6.30
6.50
6.50
6.50
6.75
6.80
7.25
6.50
6.40
6.35
6.50
6.40
6.50
6.40
6.40
6.3 5
6.1^
6.60
6.35
6.35
6.3 0
6.40
6.30
6.50
FIVE
LEADING
STEEL STOCKS
U. S. Steel
Bethlehem
Crucible
Republic
Midvale
A comparative analysis con?
taining fundamentals of interest.
Atk for Copt; A'o. 5/
5en( without ohllgailon,
ESTABLISHED 1906
Members Obascl: _-rl . :- :V. :?: rhirnji cf.1?
41 BROAD ST, NEW YORK
Phone-Broad. 25
4_1s
Week's Stock Transactions
(Continued Trem page twelve)
Low Dir. N?t
Date. 1921. Date, in $. Sales. Hlfth. Low. Clo?. Ait.
Jan 20 25'/8 Mar 11? Rem Typeewriter .. . 1900 34 30% 33 4 3
Jan 12 23 Mar 17 ? Reploglc Steel . 300 26 26 26 + >i
Jan 11 8 Jan 4? Reis & Co.! 100 9 9 9 ?
Jan 13 58% Apr 14 6 Rep Iron ft Steel. . .108500 65'/a 58'8 61J4""*n
Mar 2 89% Jan 6 7 do pf. 2C0 91' 2 90 90-3
Jan 25 14% Mar 11 ? Rep Motor Truck... 200 17' 2 17% Y/Vf ':
Jan 11 56% Feb 7 5.20 Royal Dutch . 20000 61% 59% 61%4 1ri
Jan 12 11% Mar 10 1 St Joseph Lead. 1000 11% 10% lift- H
Jan 10 19% Mar 11 ? St L & San Fran... 12000 21% 19% 2114+ 's
Mar 4 23% Fob 2? St L Southwestern. . 6200 28'2 27 28 +??
Jan 13 35 Mar 11? do pf. 2100 38% 36% 38%+*:
Feb 16 2% Apr 8 ? Santa Cecilia Sugar. 1050 3 2% * + ?
Mar 21 2% Jan 3? Saxon Motora . 1600 4% 4?? 4%- '?
Jan 3 5%. Mar 29 ?' Seaboard Air Line.. 1000 6 5% 6%?
Jan 8 8i/2 Mar 22 ? do pf. 1300 9% 8%" ?%- ?
Jan 3 65% Mar 28 ? Sears Roebnck .4200C 78 73 7714+ Vft
Jan 17 123/4 Mar 11? Seneca Copper . 7500 15% 14% 15%+1
Jan 7 4% Jan 3 ? Shattock Ariz Cop.. 1100 6% 5% 6 ?
Jan 20 38% Feb 3 .74 Shell Trans & Tr. .. 2800 4V 4 40 4114+ "?
Jan 11 19% Mar 11 ? Sinclair Congo! _ 31400 24 23'/g 23%+ ^
Jan 11 38 Apr 14? Sloss-Shef Stl ft Ir.. 5900 43% 38 38 ? V.:
Jan' 3 70 Mar 11 6 Southern Pacific .... 37?O0 7o% 72% 74%+15?
Jan 13 19 Mar 12? Southern Railway... 7900 21 % 19'/g 21'4+1
Jan 13 53? 2 Mar 11 5 do pf. 700 5678 55% 56%r Is?
Jan 31 70 Apr 12 6 So Porto Rico Sue 200 70 70 70 - J
Jan 13 135 Mar 16 5 Stand Oil of N J. . . 640 149 148% 148%+ n
Jan 20 105% Jan 3 7 da pf. 4500 108% 107% 10814+ '-?
Feb 11 77 Mar 7 7 Steel & Tube Fy pf.. 600 78% 78%' 78%- !!
Jan 24 26% Apr 4 4 Stew-Warner Speed. 600 2778 27% 27%+ H
Jan 7 27% Mar 11 ? Stremberg Carb. 2100 36'.4 3414 36 ?
Mar 28 43% Jan 3 7 Stndebaker .179200 78% 75% 78 + W
Mar 26 83 Jan 5 6 do pf. 300 96 95 98-1
Jan 7 7% Apr 15 1 Snb Boat Car?. 4300 8% 7% 8'/?+ ?
Apr 14 85 Jan 12 7 Stern Broa pf. 900 109% 108 108 ?
Jan 8 7% Feb 24? Superior Oil . 1900 8"?? 7?, ? *" '!
Jan 13 36% Mar 11 6 Superior Steel . 1200 44 40 40 -1
Jan 10 1134 Apr 13 ? Teinter C ft Fr A.. 200 12 11% 11%- li
Jan 20 7 Mar 12 ? Tenn Cop ft Chem.. 1100 8% 7% 8%+ 7*
Jan 10 38 Mar 12 3 Texas Co . 15100 41% 40% 41%+ '*
Apr 15 13-4 Apr 1 ? do righto . 36100 2% 1% 2 + \*
Feb 25 16% Jan 5? Texas & Pacific... 4100 21 19 20%+ r?
Jan 21 21 Mar 11 1 Tex ft Pac C & Oil. 9700 2S% 26% 28 + *?
Mar 23 210 Jan 20 ? Tex & Pac Land Tr 77 230 219% 230 -1'
Mar 21 13 Jan 13? Third Ave Rway... 1900 19 18 19 + ^
Jan 20 45 Mar 24 5 Tobacco Producto .. 9400 49' 4 47 48H+ 1''
Jan 13 79 Mar 29 7 do pf . 200 81 81 81 - *?
Jan 11 8 Apr 6 ? Toi St L ft W ctfa. 300 9% 9 a'/rr''-*
Jan 6 16 Apr 6? do pf ctfs. 200 18% 18 18%- ?
Jan 14 6% Mar 12 ? Transcontinent OU..105600 12' 4 9% 11%+ 1 ;
Apr 7 36'/2 Jan 4 3 Twin City Rap Tran 1300 50% 46 4? + ]|;
Jan 13 68 Jan 3 8 Union Bag ft Paper 300 71 70'/? 70?/??1/
Jan 6 17% Mar 14? Union Oil . 400 20 19% 20 ? |?
Jan 10 11234 Apr 14 10 Union Pacific .26500 116% 112% 116 + '?
Mar 11 64% Jan 3 4 do pf . 300 66l2 65 ?S'/?-1''
Jan 4 27% Mar 4? United Alloy Steel. 200 31% 30% 30%+ -
Jan 19 85 Mar 31 8 United Dru? . 1600 96 94 95%+ ?/
Jan 7 97'/8 Mar 15 8 United Fruit . 32900 108 103 106%+*'?
Mar 3 9% Jan 18? I'n Rway In*eat... 200 11'4 10% 10%? ?'
Mar 3 19% Jan 14 ? do pf . 800 22' 2 21% 22%- *
Feb 17 48 Apr 1 3 Un Retail S torea.. . 10700 50Ta 48% 49%+|!
Mar 21 11'/2 Jan 3 ? U S C I Pipe ft Fdy 300 1734 16% 16%-'?
Jan 13 5% Mar 14? U S Expresa. 100 6 6 6 ?'
Jan 19 19 Mar 11 ? US Food Producto 8400 21% 20'? 21!4?'
Feb 17 64% Mar 28 8 U S Ind Alcohol.... 10800 67% 65% 66'/?+ ?
Jan 19 41% Mar 11? U S Realty ft imp.. 6300 B1% *W/i 50 + ?
Mar* 23 62!/2 Jan 3 8 US Rubber. 41300 73% *7?% *W*r ,
Jan 4 993,4 Apr 15 8 do 1st. pf. 1700 102 ?99% *39%+ '
Jan 17 26 Apr 1? U S Smelt ft Ref... 3000 31% 29 30%+^
Feb 17 7734 Mar 14 5 US Steel.343200 82 79% 81%+ ?
Jan 27 107 ' Jan 3 7 dopf . 1700 110% 109; 2 110%+ ?
Jan 19 453/4 Mar 31 4 Utah Copper . 14400 52 49 5?%A ?"?
Mar 17 8% Feb 25? Utah Secur Corp... 700 10% 10% 10%+ g
Jan 11 26 Mar 17? Vanadium . ?300 30 28% 29(4+ .*
Jan 11 29% Mar 31 ? Va-Carolina die?.. 1700 30% 29% 30%+ *
Jan 18 93% Apr 12 8 do pf . 100 93% 93' 3 9V/*~ ,,
Jan 7 5% Mar 11 ? Viraudou Ine. 600 6 5% ??+ ?
Jan 12 7 Mar 11 ? Wabash . 1900 7% 7 7%+ ?
Jan 12 18 Mar 11 ? do pf A. 1600 20% 19 2?'/*+ ,.,
Jan 11 8% Jan ? 2 Weber Heilbroner .. 100 12 12 12 + ?
Jan 20 49% Jan 4? Well* Fare? Exp... 300 58 56% 58 -~
Jan 7 9'/? Mar 12 ? West Maryland _ 6300 10 9% W f 5
Jan 14 15 Mar 11 ? do 2d pf. 800 17% 16% 17*? -
Mar 4 23% Mar 12? Weat Pacific . 700 26',4 24% 29 +'
Jan 10 65 Apr 15 6 da pf . 4C0 67 65 t? "" ?
Apr 12 84 Jan 3 7 Weat Union Tel_ 4900 94 87% a? ~
Mar 29 42% Jan 3 4 Weating-hena? Mf*.. 3400 47'/2 46% 4 -r,
Jan 5 60 Apr 15 4 do 1st pf. 200 60 60 Mt/*,
Jan 13 8 Apr 15 ? Wheel ft Lake Eria. 800 8% 8 8**"?\i
Jan 13 14!% Mar 12 ? do pf . 900 15% 14'4 'W*.
Jan 14 30 Apr 16 ? Wiaeonsm Centrai.. 200 33 30 33 + ,
Mar 21 35!% Apr 3 4 White Motor? . 3200 40% 38% 39 - ..
Jan ? 9 12% Mar 3? White Oil . 6000 16 15',? 1514+ .
Jan 11 14% Apr 11 ? Wickwlre Spencer... 200 15 14'4 15 """"
Jan 7 5% Jan 3 ? Willy? Overland . . . 5400 8% 7% ?, a
Jan 7 30 Jan 3 ? do<pf . 300 33% 33% 33!r"
Jan 7 38 Max 12 5 Wilson Co . 700 41 39 ^ "%2
Apr 11 108% Feb 24 8 Woolworth . 1700 117% 113' ? 113%
Feb 17 106% Apr 12 7 do pf . 100 106% 106'4 106'*"T ?
Jan 19 43 Jan 3 6 Worth Pump ft M . 500 49% *9 **** ,
Mar 4 ?1 Jan 7 8 4? pf B. 100 63 63 ?3 -
?Ex dialdend.
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