Newspaper Page Text
WE OFFER at attrac?
tive income yields
various SHORT TERM
SECURITIES maturing
from three months to fif?
teen years, which are par?
ticularly adapted to the
needs of investors who de
iire Ready Marketability
combined with security of
Principal
Inquiries invited
| DISCOUNT HOUSE of
SALOMON BROS.
& HUTZLER
gi*A?r* .V**-? York Stoeh Exchange
27 Pino St., Now York
Tel. Bowling; Grern S05
philadelphia Boston
4rgentiiia Again Seeks
?50,000,000 Loan Here
BUENOS AYRES, Sept. 8.-~Negotia
'ions with New York bankers for tho
nropo-ed l0?*151 ot $50,000,000 to Argen?
tina are roptirted to have been re?
turned it is ?aid the negotiations aro
i,e|r,g conducted by local American
bank representatives and President
y-ifroyen, with whom tho representa?
tive. jtayc hafi a conference. Another
will be held for further discussion.
The exchange rate has dropped five
points from its recent high level.
The Argentine government has been
?a this market for a loan for nearly
two vears. On two occasions the trans
r.ctio'n was almost completed, but fell
y through when the- government repre?
sentatives were unable to agree with
?he bankers here relative to certain
cf. the details. Last month a local
tanking syndicate thought it had the
loan closed and was all ready to make
? public offering of a $50,000,000 two
vear 8 per cent loan, when a hitch de
sloped at the last moment and the
??al vas ol?.
Last week Wall Street heard of a $">,
000.000 Argentine State Railway loan
on-?, negotiation here, the proceeds
to be used in the purchase of Ameri- j
can built railway locomotives.
? ?
To Consolidate Railroad
SANTIAGO, Chile, Sept. 8.?The I
Chilean Senate has passed a ls.w au- j
'.homing the consolidation of the ,
i hilean-Argentine railroad across the!
Andes Mountains, with the Chilean j
.povernment taking control on the |
Chilean side as a shareholder. The ,
'awciust be concurred in by the Cham- !
ber of Deputies, but th'i3 action prob- j
ably will be merely a formality, as
there is said to be no opposition in tho !
Chamber,
-.
Stocks Ex Dividend
Per ;
fate. Company. cent.
Sept. 15?Advance Rumely Co. ?? \
i-cpt. 16?Allied Co. & Dye Corp. pf.. 1% I
Sept. IS?Am. Bank Note Co. pf. % !
Se.pt. 10?American But't Sugar pf_ 1 *_ i
Sept, IS?Am. Can Co. pf. i %
Sept IS?Am. Car & Foundry Co. S
Sept 15?Am. Car & Foundry Co. 3 %
:-ept H?AID. Loco. Co.l V_
Sept 13? do pf. i %
.-ept. If?Am. Radiator Co. 1
Sept 15?Am. Steel Foundries. %
.???pi. il?Am. Tobacco Co. 1 ?.
Sept 10?Am. Tobacco Co. 1 ?
>ept. It??Beech Ck. R. R. Co. gtd. ?!?%. *,_
-tpt. IS?Bethlehem Steel Corp. 114
Sept. 15? do com. E. 1 %
Sept. li? do pf . 1 ?i
Sept. 15? do 8% pf. 2
Septli?Corp. Vot Tr. ctf_. 1 \
Sept ??Cal. A Ariz. Mining Co_ Vi
SeptM?Case (J. I.) Th. M-h. Co. pf. las
-?Jt li?Con. O. _.._* & P. Co., Bait. 2'
Sept 12?Chi., St. P., M. & Omaha.. 2M,
S-pfc l*i? do pf . SV.
Sept. 16?Crue. Steel of Am. pi. 3%
Sept 10?Cuban-Americtin Sugar pf.. 1%
Sept. ij?El. stor. Battory ?*"*!?. 3
Sept 15?Famous Play-?r_-l,a-ky Corp 2
Sept. 9?General Electric Co. 2
Sept 15?Gulf States Steel Co. lat pf. 1%
Sept 16? Haske 1! & Barker Car Co.. 1
Sept. 15?Int. Salt Co. m
Sept 15?Llgir. & Myers Tobacco.... 1>4
~?pt IS?May Dcpt. Store Co. pf_ 1%
Sept. 19?Middl'j States Oil Corp. 30c
Sept 14?Montana Power Co. %
Sept H? do pf . Hi
Sipt. 10?Nat. Enamel'g & Stamp, pf \%
Sept 9?Nat Lead Co. 1 ",_
Sept 15?N*. Am. Co. com. (?Bo par). . \
Sept 16? do pf . %
Sept. 10?Pitts., Ft. Wayne & Chic. 1%
MPI. 10? do pf . 1 *?
Sept. 15? Pur* Oil Co. tem. pf. 1'i
Sept 9? St. Joseph Lead Co. ?4
"-?pt 15?Southern Porto Sugar Co..
S'Pt 15? d? pf .
Sept. li?Sr. Rail Co.,M. * O. St. Tr.
etfs.?I____________________--___H
Day's Dealings in Bonds
The Market
Trading in Hated bonds broadened
out npnin yesterday and prices of the'
general run of standard investment is- !
sues exhibited a firm to strong tone, j
Industrial obligations wore extremely
active, with the new Western Union
6H? one of the leaders. Among the
local tractions the Third Avenue ad?
justment 58 were strong1, The Intor
horough refunding Da held around B8,
Foreign governments acted well. The
French 8a touched 101 M?, closing at that
price. Tho Grand Trunk 7s were a
shade easier at. the opening, but ral?
lied later. Liberty issues were gener?
ally firm. The quick sale of the $10,
000,000 issue of Fisk 8s was an inter?
esting reflex of market conditions.
Transact iona
Psles. Yield.
l.lbertv 3 ??s, 1947. $11?,000 4SI
do Id 4s, 1043. 1,000 4.9.1
do 1st 4 Vis. 1947. 91,,000 6.0?
tie S<1 ''is 1942. 1,486,000 6.19
do 3d 4 Vis, 1928. 919,000 6.60
do 4th 4%s. 193S. 1.499,000 5.32
Victory 4%s. 1923. 4.977,000 6.32
do 3%s, 192". 1,504,000 4 :,0
Quotations
Liberty 3%s .
do 2d 4?...
do 1st 4 Hr.
do ?d 4*?s.
do Sd 4%s.
do 4th 4 ??.->.
Victory 4 Va.
do 3%s . . .
Hitch.
87.58
87.74
87.96
8 7.92
9 2.10
88.04
99.08
99.08
Low.
87.30
87.74
87.78
87.86
91.92
ST.96
99.00
99.03
Bast.
87.40
87.74
87.94
87.90
92.04
88.00
99.06
99.06
Net
eh ?o.
?.06
-I-.04
+ .02
+ .08
+ .02
104 H? 108
100%? ?
100 Vi? ?
?nomi? ?
75%? 7S
7 5 % i? 71
81 @ ?
78 t? ?
78 4? ?
93 9 ?
101 Va
101 'a
101 Vis
Bid and Asked Quotations
Liberty Bonds. Yesterday, Wednesday.
StyS, 1947 .87.36<??87.44 87.40(8'87.48
1st 4s, 1947.87.80(J? 87.92 87.74 Cr 87.8S
2d 4s. 1942.87.74??S7.90 87.70S?> 87.84
1st 4%B, 1947.,87.90<fr 87.96 87.84*87.90
2d 4'?s 1943. . . .R7.90W87.92 87.86 ??87.88
3d 4Vis, 1928. . . .92.00(8?92.04 ?l.B4?f?1.9?i
4th 4%s, 1938. . .87.96ffi 88.00 87.96?87.98
VlO. 4-%s. 1923. .. .99.06^99.08 99.047c99.06
do S%8, 1923. . ,99.06#99.08 99.04?99.06
Prp-war Issues:
if reif, 19S0.100%*?101% 1 00Vi fflOl V?
?? coup, ?9'?0.100% ?101 V4 100% ?101%
4a regr. 1925.104%?$ ?- " 104Mi? ?
's coup, 192,'?_104'.?, o? 103
2s, Tan c, 1936..100%? ?
2s Pans r. 1936 .. 100 % if? ?
2s Pan r. 1938. .100% & ?
Ss, Fan res. 75% 4J 78
3s. l'an coup.... 75 Vi? 78
Phil 4s. 1934_ 8t ? --
1 hil 4?. 19:'.r.. , . , 78 O? ?
Phil 4s, 1936- 78 ? ?
D Col 3s. 1965_ 93 ? ?
Foreign Govt. and ?Municipal Bonds
(Interest to be added)
Bid. Asked
City nt Bergen 8s reets.100% 100%
do Berne .101
do Christiania .lui
do Zurich .101
Argentine Intern 5s, 1945. 71 72
Belgian 8s .101% 102?,
Kingdom of Belgium 6s. 95% 96%
do 7V4S. 1945.103'a
do Swoden Os, 1939. 89?%
Canada, Dom of, lii26. 94'.*
?Jo 1929 . 94'?
do 1931 . 90
Danish Ss A.101% 102V*
do B .J01% 102%
Denmark Ss .103 103V?
Chin's?. Uvt Hu Kug Ry 5s, '51. 48 48%
Norway 8s .104
Cuba K'Nt'-rn 5s, !944. 76
do 5s, series A, 1949. 76 %
do 4Vis, 1949. 64%
U a of Brazil 8%, 1941. 99 %
Republic of Chll?- 8s rets. ?8%
Dominican Rep 5s, 1958. 79%
French Govt 7V4s, 1941, w i.... 96%
City of l.vons 15-yr 6s, 1934.... 84
do Marseilles 15-yr 6a, 19S4... 84
do Bordeaux 15-yr 6s, 1934.. 84
do Copenhagen 25-yr 5 Vis, '44 79%
French C.vt 8s, 1st issue.101% 101 V?
do Paris City Ks 1921 . 99'[ 100
Govt of Switzerland 8s, 1940...10"
Japanese Gvt 4%? strlg In, 1925 86
do 4 Vis, 2d ser, 1925.
do 4s, ??trig In, 1931.
do Tokio City 5s, 1952...
Un K Ct Br .?> Ir 6-yr 5'is, 1921
do 8-yr 5'is. 1922.
do 10-yr 6'As. 1929. 90
do 20-yr 5%s. 1937. 89 % 89%
Uruguay 25-yr 8s. 99 Mi 99%
Mexico ext strl 6s ol '99, 1946.. 49'a 49%
do gold 4s of '04, 1954. 37% 38%
Kin? of Italy 5-yr C%s s bonds 87 89
Sau Paulo as ct. 97% 97 %
9 0
94%
94%
90%
104%
78
80
67
99%
99
79%
96%
84 ?a
84%
81 ? -J
9%
86%
9 9 %
98%
10S
87
87
72%
66
99%
98%
Chinese Ry
6s 1951
7 - 48%
8 - 48 %
City of Berne
Ss 1945
1 -101%
6 .... 101 %
2 -101
Cy of Bergen
temp rects
8s 1945
99%
99'/,
99%
99%
99%
17
.100%
City of Bord
6s 1934
1 .... 94%
1.81
1 _ 83%
City of Chris
8s 1945
1 _100%
6 _101
2 s6f.l00%
1 -101
City of Copen?
hagen 5 Van
1944
13 - 79%
2 .... 79%
2 .' . .' .' 80
(Sales)
; .... 79%
City of Lyons
0s 1934
4 _ 84
City of Mars
6m 1934
10 -84
City of Paris
6s 1921
19 - 99Tij
City of Tokio
6s 1352
1 _ 65
City of Zurich
8s 1945
3 _100%
12 _101
5 _101%
Danish Con M
s f gold 8s
ser A 1946
2 _101%
6 _102 Vi
ser B 1946
2 -101%
1 _102
2 _102 %
t ... .102',-.,
2 -102
Dominican R
5s 1958
6 _ 79%
Dom Can 5 hie
notes 1929
9*1%
9 4
94%
?3%
6s 1926
6 - 91 Vi
1931
6 - 90 %
French Rop
8r> 1945
6 ... .101 %
2 ... .101 %
1 -101%
14 -101%
1 ....101%
1 -101%
1 ....101%
8 ... .101 H
3 ....101%
2 ....101%
3 -101%
7%s 1941
22 - ?6%
2 ....!? 6 %
185 .... 96%
1 600. 96%
9 - 96%
1 - 96%
2 - 96%
8 _ 96%
Guv of Switz?
erland s f 8s
1940
1 -107
6 -106%
3 -107
Jap 'at ser
4%s 1925
?c .... 86%
1 500. 86%
S - 80%
a .... 86%
2d aer 4 Vis
New Bond Offerings
This Company conducts a general busi?
ness for the underwriting and distribu
ing of new Issues of investment securities.
We shall be pleased to place your name
on our mailing ??st to receive promptly Our
circulars describing new bond issues which
we offer,
W. A. Harriman & Co.
.NCOt-POIt*T_D
NEWYORK Ar.T?_w BUFFALO
35 Broad St. SYRACUSE People's Bank Bldg.
Onondaga Bank Bldg.
I?LPFFER
Exempt from all Federal Income Tax?e
Legal for N. Y. & Conn. Savings Banka
$1,000,000
State of Tennessee 6%
One Year Revenue Loan
Dated Sept. 12, 1921. Due Sept. 12, 1922
Principal and semi-annual
interest payable in N. Y. City
Denomination?$10,000
Price?100.625
Yielding about 5%%
?U> COLONY TRUST CO. S. N. BOND & CO.
Bo?ton New York and Bo.ton
1926 ,
1 500. 86%
1 ....?? I
st lg loan 4s
19-1
1 .'.' .' ', 7 8
Kirm ?if Bolg
8s 1941
6 _101%
...104 '
,..104%
6 _102
2 _101%
13 _101%
3 _101%
1! ... .102
6 s7f.l01%
2 _101%
3 _101%
9 .... 102
3 -102%
1 _103
s f 7%s 1946
7 _103
1 _103",
8 _103
2 ..,.108%
?y%
K of Sweden
6?, 1030
1 .... 89%
2 _ R9
1 .... 89'i
8 _ 89%
2 - 89%
1 .... 90
Rep of Chile
8s 1941
98%
98%
9ft
9S%
99
OR?:
i _ n?
Hep of Cub?
Os 1904
1 _ 77
Rep of 1'rug
8s 1916
??!?%
21
600
Bf)tt
90'.,
9 0 1?
4 . .1
6s 1925
2 .... 96%
11 _ 96%
3 _96%
2 .... 05%
36 - 95%
K of Denmark
8s 1945
i 10 _10,1
1 -103%
4 -103
6 ....102%
2 -1 03 %
3 _103
1 -103%
1 -103
6 ....103%
K of Norway
8s 1940
6 _104%
3 eOf.104
11
99 V
!?9%
99'i
99%
99%
99%
S of Sao Paulo
s f 8a 1936
6 _ 97%
5 s6f. 97%
10 _97%
F K of Gt Bi
& I 6%s
1921
3 _ 99%
*2 _ 99%
(922
* .... 98%
5 _ 98%
2 . ... 08)1
.- 98 U
nil
4 -90 Vi
1937
3 _ ???%
4 _ 89%
69 .... 80%
5 _89%
79 _ 89%
1 _ 89%
2 _ 89
7 _ 89%
8 .... 89 Vi,
8 _ 89%
12 _ 89%
O ?4 of Uruxil
88 1941
99%
99%
99%
99*>'<
9 9 %
99 %
99%
99%
P9
99
99 ti
99%
U S of Mex
till 1945
600.
6 .
1929
14
27
4 . .C.
40%
49%
60
4 9 %
4s 1954
1 _ 37%
4 .... 37%
8 _ 37%
NYC 4%s
1967 Nov
1 _ 90
Railtva}*, Other Corporations
Am ?ff Ch
7%s 1941
4 _ 94%
2 _95
95%
9 5
96%
95%
Smelting
1
12
Am
6h 1947
Am T & T ev?
es 1925
10
.100%
.100%
. iooV?
.100%
.100 Vi
.100%
eol 6s 1946
30 - 87
4%a 1933
2 .... 86%
col 4s 1929
1 .... 82%
82
cv 4s 193?
1 - 72
Am W P sf 7s
1939
1..C. 82%
A T & s F pnl
4s 1995
8 .... 70%
Armour Co
4 Vis 1939
3 .... 81 %
4 .... 78V?
3 .... 73% gen 4
11 S30f. 79% "
1 _91%
evt 4 Vis 1930
1 _79
1 .... 78%
2 _ 79%
gen 4 lis 199 2
3 _ 76%
:* B ,fc Q gen
4s 1958
1 _ 80
2 .... 80'-?
111 3%s 194?
4 .... 74%
2 .... 74
Neb 4s 1927
2 .... 90%
C Ot West 4s
1958
6 .... 62
2 _ 53
Ch Ind & D
6s 1947
4 s6f. 93%
C M <?> St P
evt 6s ser B
2014
1 .... 65%
11 .... 66%
65%
2 _ 37%
1 .... 37
cv 4h ser D
1953
1 - 43
4 - 42 %
Kri? * Jersey
?s 1905
4 _ 79%
Ft W ft Bio (1
4s 1921
4 _ 6?
Gen Klee deb
6h 1940
3 _102
1 _102%
2 _102
1 -102%
3 V?s 1942
1 - 70
deb 5s 1952
1 - 87%
1 -87
1 - 87 Vi
2 .... 87
2 .... 87%
Georgia Pac
6s 1922
99%
gen 4%s 1989,Goodvear Tiro
6 _76% & Rub if Ss
76%
1 ..C. 78%
cvt 4%b1932
1 _ 64%
2 _ 64%
4 _ 65
rfg 4 Vas 2014
1 _ 59
3 .... 59%
ser A
1941
1
1
4s 1951
adj 4s
stamped 1985
1 .... 71%
East Okln
div 4s 1928
2 .... 87%
Atl Coast Ij 7s
193 0
1 -103 Vb
L & N 4s
1952
1 - 73
Atl Ref db
6 Vis 1931
7 _101% 6%
Atlas Po'v
7%s 1929
2 . ... 97 Va
2 - 07%
4 . . . . 97V4
19S9
68%
69
4s 1125
i .... 74%
1 _ 74%
1 .... 74%
6 _ 74%
deb 4s 1934
1 _ 66%
4 s C M &. F
Sd 1049
60 H
?1>.
?1%
60%
101%
101?%
101%
101%
101 %
101 %
101%
101 %
101%
101 %
1 0 1 %
1 0 D',
101%
101 %
G Trunk Ry of
Can s f 7s
1940
9 7 ?i
0.
3 .... 97%
Bait & Ohio
Cs 1929
92%
10
5111
&
rfg 6s 1996
conv 4V4s '33
7 -70%
2 .... 7 0 %
1 .... 70%
2 .... 70%
1 . ... 70 %
2 - 70%
1 - 70 M,
3 _ 7 0 %
4 .... 70 ?/il
pi 3 V?s 1925 I
1 .... K 6 % !
Chicago Nwn
7s 1930
2 _104
1936
. .101%
11 ... .102
gen 6a 1087
1 _94 la
1 .... '.,? '4
g.?n 4s 1087
... 77
Sparta
N 4s 1047
77%
Chicago Rwy
5s 1927
8 .... 6 3 %
2 .... 03%
5 .... C3%
C R 1 &? P
gen 4s 19 8R
4 _ 73
1 - 7::%
rig 4h 1984
41 ... 69%
2 .... 69%
r, .... 69 Vi
Chic Un Stn
6%s ser C
interim ctfs
1963
3 ... .102%
1 -103%
3 -103%
1 ....10::':.
1 -103%
Gt Nor 7s ser
A 193 6
1 _10'ji;
5 -102%
3 ....102%
3 ....102%
.102',
1?.
1
.102
102%
3 ....102%
2 ... .102 V,
8 4 ... .102%
1 ... .102%
1 -102%
1 _10?1'?
15 .... 10'.'%
1 -102'i
Bud & M rfg
6s 1057
2 .... 67';
. ..67%
. 67%
.. 67%
1057
. . 42 %
6
lue
3 3
111 Cent ?%s
temp 1016
14 ...102%
1 ... .103
5%S 1034
1 .... 82%
1 _ 92'i
9 .... 92%?
h",
V,
1 - 87 Vi
1 - 87 I
1 _ 8 6 % I
Pitts L 10 &
Va 4s '41
.... 67 i
_ 67%
1953
rfg 4s 1965
S%
Sw 3%s '26
1 .... S
105% ia
3 , ...106% ig
1 .. . .105% .
1 ....106 I \
1 _tor??,
f. ...106%
2 -106% jItl gteel 4,/
4 % s ser A ,,,.?
32'':! ?J 10 "" ??
J - l ? Ind Steel 5s
2 .... 81 %! j 052
2 .... 81% | 2 ... 02
8,1Vj|lntbo-Met
4 Vis 1956
W Ind
07
B .... 83% ?.? 1952
8 .... 83% I fl .... 61'i
r & C 4s '59! Chile Copper
o - 65 Vi! 7n 1923
1 - 66
Bell T 01 Pa
7s 1945
1 -105
8 -104%
7 -104%
B?-th SU rfi
1 _ 93
c c c &? st r
rfg C6 1932 |
?:. .... 02%
(i .... 91%
10 .... 14%
2 . . . . 1 4 %
rtfa of depos
10 .... 11 %
10 _ 11 %
5 .... 12
Ir.tbo R T rfg
5s I960
2 4 ....r, 3 -.
2 .... 53%
58%
r. 3 %
53%
6a j*i42
1 - 86
pm Da 19:ti;
1 .... 7J
3 .... 77%
5 - 77V?
Braden Cop
Cs 1931
2 - 85
P.klyn Ed gn
7a Series C
1930
1 -100
en 7s Series
D 1930
7 -101
sn 6s Sortes
B 1930
4 - 92-%
6 .... 9211
Bklyn Ed Co
5. ?er A
1949
9 .... 82
Blilvn R T
7s 1921
2 - 02
stamped
2 - 49',.
Bush Ter Hg
Eh 1960
1 - 74
1 - 76
Bush 'Per con
Cs 1955
1 .... 71%
fun Nor Ry
8 f gold lb
7s 1940
7 _104
6%s 11)46
when Issued
2 ....100 H
7 ... .100*4
r> _too%
2 _100'4
2 ,...100%
3 ... .1004
8 ....100-%
1 _icon
I ....100s
1 _100 Vi
2 ... .100 H
6 -,f.l0O*,?
2 _100%
Canada. So 5.
1962
2 - 87'A
Cm- Clin * O
6b 193S
1 _ 75
Cent of Oa
let 6s 1945
1 _95
Cs 1929
2 _ 02'.
con 6s 1945
1 _ 85 H
1 .... 86V,
2 - 87%
Cent Leather
6s 1925
12 _ 8?
Cent Pac gtd
4s 1949
18 _ 75
11 8.1 Of 75
1 - 75
10 .... 75 H
r. .... 75%
5 _ 76%
2 _7?
C H R of N J
6s J987
.1 _ 96',
Cerro do
Pasco cvt s f
8s 1931
_109 M
I _100%
1 ... .10!?'4
? ... .109
1 _108%
dies * O evi
6? J946
S .... 88 U
10 .... 8:1 !..
. .... 83
? eon 5? 1939
Col Indust 6s?
1934
1 .... 71
Col ?- So 1st
4s 1929
n 5
4 4s 103?.
2 .... 76%
Consol Oas
7- 1925
1 _101?.
1 ....101%
15 _1011.
1 ....101%
.1 ,...10m
2 .. . .101 ' 1
a ... .101 >.
Col & 9th Av
6b 1933
? _ 11
Cuba Cane S
cvt deb 7s
1980
2 _ 67%
5 .... 67
1 _ 6?%
4 _ 6?
2 _ 56%
Cuba R R 6s
1962
4 _ 66%
Cuban-Am S
col 8s I'm
1 .... '?S6',
1 . ... 98%
1 .... 9 8 M
1 - 97%
3 _ 98
Del & H cvt
5s 1935
15 .... 86
Den Si R O
im 6s 19.'!$
2 - 70
ll'g 5s 1956
1 - 44%
4%s 1936
1 .... 69%
enn 4s ]9.6
2 .... r. R %
1 _ ?5%
Det Kd col 6s
1933
1 _ 89
Det Riv Tun
??'is 1961
6 .... 79
1 .... 79%
Det U Rys
4V.B 1932
2 _ 69
Diamond M
s f deb 7Vi?
ms
*-' .... 101 U
6 _104
Duront de
Nei:u>urs
7%s 1931
12 - 98 y
6 .... 99
3 .... 98%
1 .... ?8*14
11 .... ?S ?4
1 ... . 98 ?
1.1 .... 9814
1 .... 98%
6 .... 981,4
2 . . . . SSH
1 s 6f. 98%
1 - 98 ti
1 - 981.
2 - 98?;
Durii:esne I.
6? 1949
10 .... 9,1 %
3 - 93%
3 .... 93 Vi
Krie pri lien
4s 199U
8 . . . . 56
1 .... 6 H 4,
2 - 67
K'n) lien 4s
1 9 D ?'?
2 .... 43
I S .... 41%
! OV 4? Mr B
? 1953
3a 1950
10 .... r.T-i-,
.1 .... 57?-'.
1 - 67 Va
Kelly Spring?
field Tiro
S?Id 8s irm
1 .... 908
6 - 96%
1 .... 901-4
2 . . . . 90%
4 .... 9 0 %
7 .... 97
6 .... 96%
1 .... 96%
Lack Stl 5s
I9 60
1 _ 74%
6* 1931
10 .... 94%
Lac Has of St
J. 1?t 6s
1934
.1 _ 7 7
2 - 76%
Lake S 4s
1923
.1 .... 86%
10 .... 86%
U - 861 r,
5 - 87
1 - 86%
4s 1931
7 _ 84%
I-ft * Ark 6s
1927
2 - 69*4
Lehli?h Vnl 6s
19-8
10 - 9914
I.lijreU A M
7s 1944
2 ...107%
6 _107
_ 1 ....107V?
liOilllnnl Co
"s 1944
8 ... .106%
1 -10?%
Lou #- Nach
7s 1930
1 _104
M M 44 s
1945
a .... 82'4
So Ry joint
4s 1953
1 .... ?9
Market St
Rwy 1st con
5s 1924
1 - 70%
Vex Ret of D
**- f cvt Ss
1936
45 - 98
2 . ... 95%
4 .. .96
Mich C deb
4? 1 f>r_0
2 _ 80
Midvale Si I
6s 1936
4 .... 7 6 %
b - 7?
M SI P _ 8 S
M ?Vi. 19.11
when Issu I
10 ....100 M
1 ... .100%
17 ... 100*2
I 30 ..!":??
SS ....100
4s 1918
10 .... 81
1 .... 80%
1 - 81
Mo K A T 6 s
note? 19 .hi
6 . . . . 4H
s r 4%.?? 1930
1 _ 41
olfs of depos
6 _ 40
5
1st
6
26
10
4
20
... 40%
'?< 1990
... 63%
... 01
, ... 63 V4
.. .. 03%
... 68%
, ... 6314
- 63%
.... 61%
... 03M
?0 .... 63
2d 4h 199 0
ctfs of den'is
fi .... 38%
8 _ .-,914
8 - 39%
39%
11
4d
10 .... 391/
rfg 4s 2014
10 _ 68
ctfs of rtepo?
57
10
19
Mo
6 8
68%
Bon
1
I'no
1976
_ 63%
__^__K.. 54
10 .... 63%
2 - 63%
6 .... 51%
20 .... 53%
Mont Power
5s 1943
1 _ 87%
N R R of M
4%s 1926
2 _ .1014
N Or ,C- X E
ref &? Imp
4'f.s 1959
1.- 69%
New Or Ter
4s 1953
1 _ 65
NOTA Me?
6s 1925
2 - 94
6s 1935
3 .. .. 57%
X T Cent col
7s 1930
1 _7f.l02i'
2 _10?.%
3 ....102%
deb 6s 1935
92%
93
92%
_ 93
4 - 92%
con 4s 1998
1 .... 71%
3 _ 72
rfg 3%s 1997
10 .... 67%
1 .... 67
L S 3Vs9
1997
1 - 63%
N Y Dock Co
4s 1951
2 - 70
X T Gas E I.
H & V 5s
194S
21
1
3
xn
X Y NH & ?I
6s 1948
1'!
10
64%
_ 65
28 .... 54 7?
cvt deb 3%s
1947
1 .... 36
deb 3'?s
1964
1 - 35
deb 31/. s
1955
1 _ 35
X T O ?- \V
1st 4s 199'?
2 - 611-.
X T Rys rfg
4s ctfs of
dopos 194 2
5 .... 1 i) .-r,
N Y Tel 6s
1949
Ont ? 1 -In Pwr
Ors & Cul ist
6s 19 27
Ore Short L
4s 1921)
K _ 83%
Or-tV H it ,*;?
N 4.?1 1961
2 _ 72%
1 _ 72%
Pac Coast 6.?
1946
1 _ 6 5".
Pac G & E
6a 194 2
7 9 %
79
& 1
Tac )'0_|_
I.? 1930
.1 .... 78%
PaO T & T 5a
1937
8 -87
1 86f. i 6%
Packard Mot
C:ir 8h tem
1931
6 _ 97
1 .... 90%
Penn "s 1 930
4 _103%
gold G % s '30
2 -101
6s 1968
10
_100%
. ... 101
-100%
-101
Cf .100%
....100%
-101
-100%
-101
7f .100%
.101
8 8
mi 4 %s 1965
4 .... 80%
1 . ... 80%
1 - 80%
4s 1948
3 ....81%
Pere Mari] 5s
1956
4 - 81%
nula Co 5s
1922
6 .... 97
Pub Ser of XJ
6S 1959
2 - 68
1 .... 68%
Reading e?u
4s 1997
10 - 76 V4
5 .... 76%
1 .... 77
Rio O W im
4s 1939
1 - 67
1 - 68
RI Ark & I.
4%s 193 4
4 - 68%
68 1
?2 - 68%
St h Ir M & S
Os 1911
4s 1929
1 . . . .
891
_ 74%
1..C. 75%
4? Rlv & Ulf
div 1933
3 - 69%
St L.ST 4s
ST A 1950
1 - 6 2 %
1 .... 63
1 .... 6 2 %
Southern
6s 1994
7,1%
Ry
X;',
2 - 8 6
registered
6 .... 81
Houthern Ry
4a 1956
11 .... 68%
3 .... 5 8
4" Mob ,v. O
dlv 19.18
3 .... 61 %
Stand (ill Cal
7n 1931
1 .... 101%
1 ... .104
Steel Si- Tube
7s 1961
1 _ 92
Term R R
Assn nf* St L
4s 1963
1 .... 71%
3 -72
Ter * Pac 1st
Ks 2000
6 s6f. 70%
6 .... 80
Third Av ndj
6s I9 60
8 .... 34",
34%
6
?
rfg
. 341
. 34%
. 34%
. 34 %
. 36
. 36%
I960
F hierve ti
6 V
60%
51
r Ol?
m
6%s Inlerl
ctfs 1911
1 ....96%
20 .... 961 ;
4 - 96%
t'n Pacific 6a
192S
7 ... .100
1st 4a 1947
82%
10
82%
cvt In 1927
1 .... 80 '.,
1 .... 86%
1 . . . . 8 6 %
3 .... 8 6 H
6 .... 8 6 %
1 - S7
rfg 4h 2008
1 _ 78%
l'ntd llv Inv
6s Pitts Is?
sue 1926
2 .... 65%
1 .... 65%
V S Rubber
7%s 19.10
1
99%
99%
99'i
99%
991,;
99%
99".
1 .... 62%
5s ser ? 3 950
8-dJ 6s 1955
* .... 08 %
7 .... r, 7 a,
6 .... 68%
12 ...,68^?
1 .... t: s 14
? .... 68 %
Inc. 6s 1960
2 .... 58
10
^B_
4%s 1939
95 %
>? - 1..
15%
9 5%
96%
81",
6 . . . 84%
5 .... 84 U
X Y YV & ?I
4%s 134 6
2 .... 36
Niagara F p
6s 1932
1 .... 92%
Xnrf * W cvt
6s 1929
2 -101
5 ... .1911.-,
fPv 4s 1944
2 - 77%
Xor Pae-Gt N
joint G%s
1936
15
r? - r?s
2 _ 5S %
31 .... 58
1 _ 58%
1 .... 68%
1 - 68%
St 1/ Swn 1st
4s 1989
10 _ 6 7 %
con 4s 1932
10 .... 64%
San An & A P
4s 1943
2 - 63%
Seab A r, udj
5s 194 9
6 .... 26 H
1 _ 25%
con 6s 1945
7 .... 49
6 .... 1 s %
1 - 4 9
4 .... 48%
rfg 48 1959
6 . . .-. 3 9 T?,
40
102% I
_ .102% I
5 ....102".
3 ....102%
2 ... .102',
12 ... .103*4
II .... 102 H
17 ... .102 U
. _102%
Nor Pacific 4a
i ?i;?o
10 .... 77%
10 6_f. 7 7".
C .... 39 %
Sinclair Con
OH cvt 7%3
1925
6? 1947
2 .... 78
11 - 77%
1 .... 77%
2 .... 77%
U S Sle-1 s f
6s 1963
6 .... 94
1 _ 94%
5 _ 94
6 _ 94 "t
Utah Pwr* 1,
5s 1944
r? _ 80
Va-Car Ch
7%s 193 2
_^H
__
6s 1924
92%
86
. . . 91
Swn
5s 1921
^M_
enn 5s 1958
t _ 66
Virginian Rv
5s 1962
1 .... S3"'
83
Wabaah 1st
Ga 19.19
6 .... 87",
West Elec 5:?i
1922
1 .... 98
West Mil 4s
1962
2 _ 6 4 %
West Pac 5s
1946
12 - 79 %
West Pa Pwr
5s 1917
5 _ 77%
West Un 6%s
'.V I
. 100",
.100'.
.100:.
.100'.
.1001,
.100'.
.1001,
.100'
.10 0
.100' ??
.ion %
. 100%
. 1001..
. 100 ?.
.100%
.100^,
.100%
12
91
90%
7
16 _
So Hell T & '1
5s 1941
15 _ SI
Pac cv 4s
? 2%
82%
82%
3a 204;
E 0 ??
Nor States I .
5s ser A 194 1
1 - 81%
Xwn Pell Tel
7s 1941 ,
2 ....10.1
2 ....102% I
12 -103
192 9
_?
in
rfg
col 4s reg '49
6 .... 70
S.-in Fr Term
4s I960
3. s Gf. 7.1
Wstf^'i Elec
7s 1931
4 ... .101 v,
1 ....102
1 ... .101%
7 .... 1 0 2
tV'-.-i Shore 4s
2 31; 1
1 .... 71%
3 .... 7.1%
registi red
2 .... 71
IWick Spen
! Stl 1st 7s
I 1935
7.SU
Wilson Co 1st
6s 1941
7 .... 87
The Tribune prints each day the
maturity daten of all active bonds quoted
on the New York Stock Excliange. The
return on a bond to the investor depends
upon three factors: the rate of interest
the. security hears, the market price,
and the distance of tlie maturity date.
To figure the precise yield on a bond, it
is necessary to use yield tables, but the
approximate yield can roughly be figured
out by the following formula: Divide,
the closing quotation on a bond into
the. rate of interest it pays, and the re?
sult will be the annual return. If the
bond is selling below par you must
allow also for the appreciation of the
principal. To do this subtract, the mar?
ket quotation from par, or 100, and di?
vide the. remainder by the number of
| years the boyid has to run before ma
| turity. For example, if a 6 per cent
j bond is selling at. 90 and has ten years
? to run, the annual return will be. 6.66
per cent. The difference between par
and the market price will be JO points,
subtracting 90 from tOO. Dividing ten
points by ten years the quotient will
be 1. This figure is to be added to 6.66,
which is the annual return, and the re?
sult, 7.66 per cent, will give, you the ap?
proximate yield.
Equipment Bonds
(Quoted on Income percentage basis)
N?me. Rite. Matiiritv. Bl>!. Ask.
Atl C^ast t.ine. 6% 193i"-'27 6.7:"> 6 25
Bait ,? Ohio... 4% 1922-'27 6.75 H ?<l
Boston ft A... 4% 1921-'30 7.00 6.40
Buffalo R ft P.. 4%-5 1921-'33 7.00 6.40
do . 6 11,21-'33 7.00 8.40
Canadian Nat.. 7 1935 6.90 6.75
Canadian ?N'or. 4%-5-6 l?31-'80 7.75 7.00
Canadian Pac. 6 l?21-':'2 7.00 6.25
do . 4% 1922-'23 7.00 P.50
CCC4S1L.. 6 1922-'29 7.CO 6 40
do . 6 1922-*27 7.00 6.40
Ches & Ohio .. 6% 1924-'36 6.9" 6.30
C R I & P. 4U.-5 19?l-'27 7.26 6.75
Chle & N W... 4% 1821-*33 7.00 6.30
do . 6% 1926-*36 6.7"> 6.25
C St I, ft N O.. 5 1921-'2 4 7.00 6.50
r>el ft Hudson. 4%-5 lS21-'27 8.25 7.25
Erie . 4%-5 1921-'27 8.25 7.26
do . 6 1622-'28 8.00 7.26
111 Central _ 4% 1021-'27 7.00 6.40
do . 6% 1923-'36 7.00 6.30
do . 7 l?26-'35 7.00 6.30
Kan City So... 6 '921-*24 7.25 6.50
Louis ft Nash. 6 1921-"'3 7.00 6.25
do . 6% 1922-'3C 6.76 6.25
M SP&SSM.. 4%-5 1921-'2? 7.00 6.50
do . 6% 19?0-'r?.-, 7.0O 6.40
do. 7 1922-'30 7.00 6.40
Mich Contrai.. 6 1922-'30 6.75 6.85
NYC Lines... 4% 1922-'28 7.00 6.40
do U R. 7 1022-' 15 7.00 6 25
N Y Cent P. R. 4% 1922-'.'?3 7.00 6.25
X Y C & St L,, 4% 1921-'28 7.00 6.50
do . 6 19'U 6.75 6.4 0
N Y N II & 11. 4%-6-6 1931-'83 8;':? '.36
Norfolk ft W.. 4% 1931-*24 7.00 6.26
N'or Pacific.... 7 1922- ?0 6 80 6.?6
Pennsylvania... 4-1% l922-,38 7 oo s.&o
Pitts ?fe L fclii?'. 6% 1H21-':.>. 7.00 6.30
.trading Co.. . 4?. lO?2-*27 7.on 6.30
Seaboard . 4%-5-6 192l-*27 8.00 7 00
Southern Pac. 4% 1932-'?8 7.00 f 4"
do . 7 192*?-*36 6.75 6.25
South'in Ry . . . 4 %-5 1921-'26 7.2."> 6.60
I'nlon Pacific.. 7 l921-'36 6,86 6.2';
Virginia Ry... 6 1922-'30 7.00 6.25
$10,000,000
The Fisk Rubber Company
First (Closed) Mortgage 20-Year 8% Sinking Fun? Gold Bonds
Dated September 1, 1921 Due September 1, 1941
Total authorized $10,000,000. Coupon Bonds of $1,000 and $500 with provision forrettfstrfitionofprindpaL
Prindpal and interest paynbk in New York. Interest payable March 1 and September 1. Penns^varaa four-mills
tax refunded. Non-callable until September 1, 1931, on which ?late and subs?quent interest dotes callable only
as a whole; at II7V2 and Interest to and including September 1, 1936, and thereafter at 112*Aand interest.
Application will be made in due course to list these Bonds on the New York Stock Exchange
THE CHASE NATIONAL. BANK, NEW YORK. TRUSTEE
A semi-annual Sinking Fund is provided sufficient to purchase
the entire issue if obtainable at or beiow 110 and interest
The information given below is summarized by Mr. H. T. Dunn, President of the Company, in a
letter to us:
Business?The Fisk Rubber Company, incorporated in Massachusetts in 1912, with plant at Chicopee
Falls, Mass., is one of the five largest manufacturers of pneumatic and solid tires for automobiles and
trucks in the United States, and also does a large business in the manufacture of motor-cycle and bicycle
tires and tile sundries.
In connection with the present financing, The Fisk^Rubber Company is to consolidate, through the ac?
quisition of their properties, with The Federal Rubber Company and The Ninigret Company, both com?
panies having been heretofore controlled through stock ownership and operated under the supervision cf
officers of The Fisk Rubber Company. The consolidation of these properties will result in substantial econ?
omies in operation and management.
Security?These bonds will be secured by direct first mortgage lien on the entire fixed assets of the con?
solidated The Fisk Rubber Company, now owned and hereafter acquired, and bypledgeof certain stocks
representing interests in affiliated or other companies.
The mortgage is to provide that the company will always maintain net quick assets, as defined, equal to
at least 125% of the amount of these bonds outstanding.
Assets?The balance sheet of the company, as^t Jun?*?>0,1921, but after givin?gefle<*1x>pi,esentrfinancmg
and completion of consolidation, as prepared by Messrs. Price, Waterhouse & Company, Public Account?
ants, shows:
Net Property Account, less Depreciation........ ??.??*?*????? $17,211,8-40
Net Tangible Assets, less all Liabilities except First Mortgage Bonds. .?^?-.^?., 35,680,054
Net Current Assets.????.,.,? 27,213,043
Earnings --Following are net sales and net income of the companies now being consolidated, for the past
five fiscal years, (including The Ninigret Company for 1920 only, that being the first full year since control
was acquired) as prepared by Messrs, Price, Waterhouse & Company:
Year ended December 31: 1920 1919 1918 1917 1916
Net ?Sales. . $59,172,358 $57,419,360 $46,836,567 $37,922,688 $23,967,121
Net Income after Depreciation,
available for Interest, Taxes
and Inventories Adjustments *7,244,551 7,066,254 5,658,810 5,030,730 2,309,087
*At the close of the fiscal year ended December 31, 1920, $3,134,305 was written ?ffnet income in adjust?
ments of'inventories.
Since that date, further adjustments have been made, aggregating $10,232,042, covering not only
materials on hand but also rubber and fabric under commitment.
Net income available for interest and taxes as shown above for the five-year period, after the $3,134,305
inventories adjustments made at the end of the period, averaged $4,835,025 per annum.
The company estimates that net income available for interest and taxes for the 12 months to June 30,
1922, will be in excess of $7,?SCO,000. The balance sheet referred to above gives effect to the results from
operation from the close of the last fiscal year, December 31, 1920, to June 30, 1921, and to the inventory
and commitment adjustments above mentioned.
Sinking Fund?The mortgage will provide for a sinking fund accruing from the date of the bonds and
available semi-annually, to purchase $500,000 bonds each year if obtainable at or below 110 and interest.
Any unexpended balance of the semi-annual sinking fund, a3 defined, will be added to the sinking fund
provided for retirement of the company's'First Preferred Stock. All bonds acquired by the sinking fund
are to be canceled.
Management?During the life of these bonds, control of the management of the company, through the
right to elect two-thirds of the Board of Directors, will be vested in Messrs. James Dean, of Dillon, Read
& Co., Otis H. Cutler, Chairman of the Board of American Brake Shoe & Foundry Company, and H. T.
Dunn, President of The Fisk Rubber Company, or their succtsssors, through the issue of Management Stock.
We offer the above Bonds for delivery when, ?as and if issued and
received by us, subject to the approval of legal proceedings by counsel.
Price 99 and interest, Yielding 8.10%
The information contnined lu this advertisement has been obtained from sources which we consider reliable. While not guaranteed, it is accepted Sy us as aecurata
Orders have been recci xcesa ? :' le at::.unit of honda offerer]. This advertisement appears as a matter of record.
Day's New issues]
The Old Colony Trust Company of
Boston anil S. N. Bond & Co. are offer?
ing an issue of ?"U,000,000 State of Ten?
nessee one year 0 per cent revenue
bonds, due September 12, .1922, at a
price of 100.025. to yield approximately
5% per cent. The bonds are being sold
in denominations of $10,000. Interest
and principal are payable in New York.
Eldredge &. Co. announced yesterday
an offering: of $978,000 City of Newark
5V? per cent gold water bonds, due 1923
to 1961, at prices to yield 5.50 to 5.15
per cent, according to maturity. The
bonds are legal for savings banks and
trust funds in New York, New Jersey
and Massachusetts.
Harris, Forbes & Co. are offering a
new issue of ?$1,070,000 municipal 5, j
bVz, 5% and 6 per cent bonds of the
City of Memphis, Tenn., maturing 192:'
to 1961 inclusive and yielding 5.80 to
5.50 per cent. The bonds are exempt
from all Federal income taxes.
F. J. Lisman & Co. are offering 5,000,
000 Czecho-Slovak crowns l'_ per cent
perpetual treasury bonds of the Royal
Bank of Bohemia, guaranteed principal
and interest by the Czecho-Slovak na?
tion, at a price of $150 per 10,000
crowns. The bonds are in denomina?
tions of 1,000 and 5,000 crowns.
Dillon, Read & Co. announced yester- !
day that the books had buen closed on
the $10,000,000 offering of Fisk Rubber ?
Company first closed mortgage twenty
year 8 per cent sinking fund gold
bonds. Eighty ; er cent of the issue
was taken lirm by the dealers, and it
is understood that allotments on the
remaining 20 per cent will be greatly
scaled down owing to the heavy over?
subscription.
Negotiations for the Rio Janeiro
loan to be floated in this market are
understod to be progressing satisfac- j
tory. Two banking groups are reported '
to be after the business. It is expected
that issue will bear an 8 per cent cou?
pon rate.
Articles of incorporation of Pro?
ducers & Refiners Corporation have
been changed to provide for the chang?
ing of the par value of the common
anil preferred shares from $10 each to
?50 each. Exchange of ?10 par value
Shares for the new $50 par shares will (
be made for both classes up to Octo- |
ber 1.
Stockholders of the Western Union
Telegraph Company at a speci-il meet?
ing yesterday formally ratified* the
issue of $15,000,000 fifteen-year 6ft
\
NEW ISSUE
$1,070,000
municipal 5%, SVz%7 S3/4% and 6% Bonds
Due ?serially 1923 to 1961, inclusive. Principal and semi-annual interest payable in
New York City or Memphis. Coupon bonds in denomination of $1,000.
Exempt from all Federal Income Taxes
(both normal and surtaxes)
Memphis, with a population, according to 1920 census, of 162,351, is located
in the heart of the Mississippi Valley. It is the largest and most important
city on the Mississippi River between St. Louis and New Orleans, and is said
to be one of the largest inland cotton and hardwood markets in the world.
Memphis is also one of the largest grocery jobbing markets in the United
States.
Maturities and Yiaft?s
1923 to 1324 yielding 5.80% 1931 to 193S yielding 5.64}*
1925 to 1930 yielding 5.70% 1936 to 1961 yielding 5.50?
Complete information on request.
Harris. Forbes & Company
Pine Street, Corner W?Siaoi, New York
Harris, Forbes & Company Harris Trust and .Sa?.*ings Bank
Ineorpornted Bond Department
Boston Chicago
per cent froid bonds recently purchased .
and resold by Kuhn, Loeb ?it Co.
Bankers here are organizing a ayn- |
dicate to bring out next, week an i_sue
of Toledo Railway & Light Company
securities. Details of the flotation will
be announced shortly.
i-ondo-i Metal Market
LONDON, Sept. 8.- Standard copper,
spot, ?67 7s 6d; futures, ?68 10s; elec
trolytic, spot, ?72; futures. ?74; tin, i
spot, ?159 2s 6d; futures, ?161 12s 6d:
lead, ?pot, ?23 2s 6d; futures, ?22 12s
6d; zinc, spot, ?25 2s 6d; futures, ?25 |
15a.
Financial Items
Carman I.. Mealy, formerly with A. .'????
lin A Co.; (.'hartes M. (?oodinp. ?>f Bin >r*M
,<? Co of Huston, and Alfred K. Spenco ar.?
now connected with Sutro U Kirohl.y in j
their sales department. 1
.New York Metai Market
On the New York Metal Exchange t?a
was easy, with ?Straits, Straits ship?
ments and standard copper ctuoted at
26.50<v.;.27.50e and 99 per cent at -'?@
_7c. Copper steady, standard spot and
September 13.75c asked and e'ectro^ytie
spot and September, l!.7ry" 12 .*.'". ..ad \
easier. New Vori; snot 4.60c and Rest
St. Louis .<pot 4.S0c asked. Zinc dull
?New York ?pot 4.55c and Eest St. Lo .ij
? spot 4.*.'dC.
