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Where good banking serves good business Business Banking Trust Department Bond Department Foreign Department GARFIELD NAHONAL BANK Fifth Ave. and 23d Street Bond Dealin?.!* For tli?** Week Government and Municipal Bond? tat*? til) V *?* Llbarty t.*,. .l?? M 10 I? da :? ? I ?*??_ I i ?a 1st to tat II to Id 4" l ,lo ?d 4* r . II <v, i.? . : 4 . ? iftl.lt : HIT J| do :. M 1* 3' ?IM rio M 1*41 Il ? r?*- IM ?"? lili rio M 4 . ? . -. 4'.Il HI HO ?* ? V. v ,? ?. ? rag... ?O?-. 3I?A? | <1', ?? ' II 15 II ? ' SI ni. Ii.. 10? 111H ???, ?7 || . ?' I' . 110 ?? ?, 6?- 15 10 I0*? 1* t? :i de ?? lili ? ??*?? ?i f . **. <? i tanca It ?21*, M '?. M to I? do Z It I ?amah Munir la at-l IT d? 131 I-, . ? II ! H Ii ' f ? **H ?3? <? tl d<? ?'? 1111 ? '?'< III da ta IM! lift Du?, h Kau II 111 ? ' " . tH Fren? h).; 4'? ?'.. - '.- . . \ 14 It ??Hand-Am l.in? la.. ?114 13 II 17? In.p .i?i'?i.- ??? i-- 4 .? ?? '. Il? do 14 ma ?il da ttarllag m K . 4T II d.. I?. ill 1*0 l'enmnrk Is. . _?2 d? M... .71 2 Kin? Italv "is ?er A. I?. 141 King Netharlanda is . i> . 27 K- . I? K III Pa , 7? It Htl 14JIl?luli Chile I*.1021 I? to It 11 to -> I Krpubllr i'uba It. ?"?. IM I do 4 S ? .|] II Ri-publlc Uruguay ?a 1 "". \ 1 o?-, 1 Bt-ta Uui??n?'._ri 31 to It I: 8 ?u-> Ora'.id* do h - I*?. Il 11 ."tata San Paulo a f ?a.inO'^ I1H14 100 ill S?? ? lZ U2H 111 Un K ?. Ill >lo I. ?-? 111 do i,S? il'. Mf XJ ? 1 HVIBi ?714 ?? III U ? Mai -.. II do ta?lar?? 141 0 ?? 3I?4 13 r 1 ? opanl-i ..?? 11 '? ?, il ? 4SI r?f ? do 4 s? 14 ? 2 do 4',? T do 4 .? reg ! to ti , . t do 4? 1 .! . 4 \ ?? ? . |?H 17 . Railroad and Other ( orpor.it Inn? I? A la. M M Tl .11 liai l.jbl-r gold ?? ' M 103*4 II H I . . ? Albany * Hua 3>?,s . . Kl Il Ai, Agi Chain 7s* .114M t lo lut rvt !??. ?.<:."? Il H ?2 l'i A fa- II . 7? A t'a .M 101 Am Huaar H?fln ?"? 41 A.-i T * T . >l e?. ? . tr ?*. Il II-, Il d.. rvt (Si .IOI14 102 111 d?. COl 4. Il Ain ??".>! A\ ka A Kl U im ? . 11 Ain WrM P ? f Tt lAon Art. r 4? |?V? 1? Ar.t 1 Jar Marg W I? <".'. ?S An h? a. t 4 s r c?n ta... 13% ?r. . 12 d.. adj ta 1 d.? a-1J 4? M . 2 do a-lj 4? r*g. 11*4 . 14 II to-Tf Sh I.lno 4? 2 At A Birmingham ?? I iirrBI? 100 12 I d" 4 ,4? , H| ll| 17 1 Ati C L unlflcl ?>-,? . Il II S.V. ? d.. 1*1 ion 4* ... 12 .. . u 1 Atlaal A D44H lit 4a 11% II A' ? H4?r A. 19 tIAtlaa r.?f d#_ llaa...IM%l 44 i., di-b la.. Il AU.? l-vwdrr 7',? 2 R? 111 lu.t .-. ' ?;. ? la.100 '-. 41 do rrt t* lit do r?t ?S? 1 do ?-41 4?,? r?-? 17 do gold 4? , I do gold 4? ' 11 Il do 4a I-I.Ea Il do 4?. Toi A fin rtlv ??S "0 t do .?'!?. P .1 AMI. .'", I . 14 do s s?. K'weat dlv. 12 . 34 P. r.. ail ? la aar ?I 102 il .1 . ?? an P 22 Pi ?Il II lt , II?* I . t-?1, 1-7 V l?V? Il do p m M II ? ?r? ?:? ? Il . ?Il Ift Hway A ?th A ', ???{ tt 1 . ?1*4 lt! 1? do g??n 7? ??r I> . ta ??r H Il do ?en la Mr A- >? VI 21 Bklyn H-p T ?4 > tf? of dep ?t 7S?H II J do ron l*.?0 IIS 11 1 pu lai la *:??. 2 d? lat la all- M ?* 71 From th?- Financial Listening Pot** ??f Europe Sec Danger in Curtailment of German Money ?.iiir-inm?. Critii Predicted l)\ Kiul of tear I til?*--* SoOM Method I* Fniiii?! to Stabilize the Mark Capita] Needed f<>r Or >i> Flm -liiation Curtail* Cred? it! Within ami Gmuoi Hirinkai:?' of Import New York Trll-.ine Inr. :LIN, July 23. The demand for a curtailment of the Issuance of paper money in Germany is beinj; -. loudly by Allied official! here. Despite the average Reichsbank issue of 12. 000.000.000 marks weekly. Germany has been for *_ome time-"suffering a money shortage. Although not to the same acute decree, Germany is appro the position of Russia in this N . de?pite the fantastic figures currency s a money famine, .??rmany this situation was first : early this year, contrary to the when the dem?* money was less than the supply. At present financial and industrial enter? prises which a few months ago wert able to extend credits now fin?! them ir. the throes of a money ahort afze. T'nless a remedy Is found, many before the end of the. ye- I reach a crisis which will shake the eco? nomic, industrial and financial struc undations. :an financiers are asking them? selves how thi-y run curtail the if paper money in the suit only I the mark, which is in a radical revision of tl mands. Capital is needed for hi - rman crops, th ? fiarticularly acu' nth. kin and extensions should also ho undertaken on a large scale by in? dustrial corporations which at?.. to be financed. German capitals could ev prises ?, and real ??.fits when the e?|uali ??s throughout the world I?*? an accomplished fart. The i,i,; mark, hot has di !usion by shoot man prices sky-high. The effect, in the foreign mr.rkfrs has been seen in a curtni.r ports ? rmany. Inside Germany mer? chant-? and manufacturers are a lack of mor: M in prices swells the necessity tal. The fluctuation of the mark also causes tho banks to cur? tail credits. There is no doubt that the present crisis mipht have been pi considerably mo? ,v.o govern? ment through greater control of in i many ? ? ? that th. and that -?4>-? "? London Still I Concerned by tr Warlndeninilv a? \m?rir:m I '? on Reporta of li rilitfa Oll'n* 10 !V.m?< Dim*** IttOntioa <>f i man. irr ? : n for a re? ?? ex . ^chr? ? moratorium if al able. On ncare f the auk for a ?... Thm. f on the re-> ' ,n the ccom ' nmii ' ' many ? ? Law and mtiiit be taV? The it'.ck market? have ?hoim ii ful trne throughout th ' ? irj? also to b* al grain i and ga? ronl t-. York, I'M'.': iih mirera are objecting to mining coal French Se? Success of German IMai inii motional ( ontrol of ?" neneei IIm V* ori-e-d i Oilier ( ouniriu'.. In Im pi. Tiirkr"?. ( Blam?Governiiieml Polie Belief ( tining Thi * 1?<t? rationi Should i*? Be. I on Co-atmercle. Bed ?y.f Tr|h_44? .??ntimf-r nation e the pr? uncertainty b the ?u* ; ?.anee? t ' n achieve ?ucee??' ? .ilar. -h payment? I wll ? due to th? 4 un rrby iotinj the i llr own capitaliiti at well at the pos < reigr loam. t-n'ninr rround that t ?olut teparatloni problem ii I in Kuropc, and mutt b? u comnurcial Initead of a ' >l basis a? soon ai poinblo -baden :? expect- : h de ?sing acale. I ? ?e matter? can b? stpone ..'.?? a?tato.l region? i ' ? .ih.r and material! for carrying ?r.t of th ? ??f the ? 4 in . and collective order? ill and machinery for rough ?on. Da. Finally, wh< ? the clulms of Frenehm??:. war damage. ?,e trade cri?i?, ?rail a? in an participation IfBt of in? I are evident in ?he gure?, which ?how the prr ' last J We-k's- : il fis. I.OW. r ion Oss I? . ??: 4 1?. It f.? i ? : Hur Cd Hap / B ?9?4i ??? II % It 4 ?1 I 1? . .113 31*. ill", 7 3 *' 111 - nils 8 n 6? . . . St M fa 5 f?? ? . 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A Iron ?in , 12 Industrial (? . , 71 A .south rtg 4><|S. R? I??. ? liCclum Oat A Elec Is. M4 ??% ?2 '- ?? . ? b-R*u Co ts. ?? 43* Con Oss <-->t 7? . 12] -. IOC 21 Cu ? deb Is lili 4 di deb ts st . ?? ?I I col Is. 10? 107'. I1C 1 ? ?er A.M4 10 do is, 2Cu AT?? ?34 S4H ??S ?war? A I. - (4 do IS- ? ?14 II **o r.f 4s. >04 >>?? Huntington Jackson & Co. Railroad Bonds 43 Exchange Place New York WaaTi :. ? ' 40 4? 34 . I ? ? : ? f; ? II do -? 2 to ? i II i 11 ' I do rf_ 4a. . . . 1 . ... t . S44 do rfg || t>< . '? . . 11 11 - . 30 K. 101 II ... I La 11 !.. It do of Pi 4 I?*xin_t..n A B Ry I? ?%\ 100 II 12 Ugg*t A Vlyar? ;? II to I ldsr.it Irian 1 . ? .12 |) It I? ? 1 14? . . * 1 I-? A -V .. ? I . 1*1 II S 74 . ??"?i IC*. I? H 1 ?:.. : to 21 fcl? ?I 4. Week sr--H2?-, .1 l/>w. ' '-.*'?: 4 do 74? with w?r IS ? 21 -..?'> - i j ?? II 211 '1 ? ??"? 4? 14 2< 3? ?? II 124 - 10 704 . *1 IT . M?. -. II -. H?X * 21 - I , ??4 ? 114 . T1 ?, II 12 . ? , , 40 41 ?74 ?I M ? 4 114 ?WS ? ti * Il * ? 11 ? 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IP? 11 do cod 4i ?IM tt 11 .iak. U < V-l'i 11 A Ar Pa lat 4a . 7? lHa. a.HIV? 10IS ? Sen V A N Kn lit 4a. II It ttl Sea Air I.I coa ta. 214 do adj la . II I? 401 do rfg ?. II 42 Sh- . 101 42? tit 101 H 114 ?1 I'M s i I ! I I ? ? t IS 1*2 II do /?\ 100 10?o ! It It . . 12*4 *1H i rfc to ... ion t! ? :ot 101*4 i i ,14 ?.. . 14 S til ?'. _?n 4% . ? ? T d 41 M A ? ' nal 1? . IIS It--. I It . ltt MM I II II Il W HI 12*4 a 11*4 II?, . . la 14 - il? T? | t:? ?i II 17*4 . IM I7?4 tl II 12*4 14 ?Torr,nlo H A Puff 4s It ?1 11 Trl ? Ity Ry A I. la . Kt \*-\ It *A In Bag A P la ?*ar A.. 17 ?I W-W?,-1I2J-, Sale?, 1! ?.'i I~w. lelflo it.104 lot 102 0 l?t 4t. ?t% 144 14 . 114 I* I* 1024 11 - 104 it it... 174 ?14 il% ? . 12 io?4 10)4 . . 104 *> l? Kef A M lt..101 10)4 ?I ?i t f It... 114 -, 1024 II ?34 174 i 104 14 14 114 II S ? ? . tu?, loo It I it% 1014 it ?? 114 ? l. It 114 74% 1? \ *. ?7 V7 II ??4 100 134 It do :d it. ?0 II 11s rat *Uv 14% I4S 23 W ? 114 I Weit 4s lb S It 4 ?44 ; 1 \V??h Termin?! 4t- 74'S IS II . io>) 4 114 ' VAT 1st (? M0 100 It 17 It .1 . I 1 M IIU -'<? 7?. ??i I ( 10)4 ?14 U'. ?St 110s 1104 io?4 II .1 ?? . 13 I4S I 10? 101% lot 4 w..t .shore 4?.1)4 it I do 4? r?f ,74 4 1 Wheel A I. Erie 44t. II 11% 12 1- 71 74 4: fl 7t . .100 4 1014 II4 f WCkee-l) * E I24 144 u :;. .11 _ ?o 1 t 74t.l04 1014 144 111 ?i * itc it . 114 101 II ?14 II II 2 WU ' (tn 4t 11 II 744 ? ? ?South Africa to Guard Against Sugar Monopoly mitti'c Rcconimcmli V.%. t<?ni4?i?n of (rovcrnmrnl (ion trot \in?th<?r V??ar In the report of the commission -Ap? pointed by the fovernment of the >nuth Africa to investigate lions surrounding the sugar cane y in that country are recom? mendations for a central committee, or sales board, to control a probable pool of sugars, with provision that sugars i may be freely imported from abroad in order to check any danger of a mo? nopoly; for u rebate on the duty al? ienad on the tugar content of jam, Alien the government control i? that Mozambique tugar ro l??nger be allowed to be Importa?! into the Transvaal free of duty; that the nient control price? for another year, and for the establishment of one m axparimantal and research Bi for the ?eientitic study of cate cultivation and disease?, the cost of which should be shared by the indu?try and the governn. The commission doe? not recommend the continuance of a permanent system of government control of exports and Imports of sugar and the fixing of price? of sugar by the government, an amendment to the dumping clause in ?He custom? act to permit the prohibi? tion of th? importation of ?ugar? at a price lower than the ascertained cost of production, nor special railway ra*c? on exported tugara, according to Vlce Contul Pisar, Cape Town. a iMellon to Announce New Loan Prop-Tarn This Werk Treasury Certificate* Experte?! To He Offereil to Fund $2.,>9,000,000 Due Aug. 1 WA.SHINGTO.N, July _3.-S*cretary Mellon will announce early Una week the government'i program to take car? of financial obligation? due Auguat 1, It wa? indicated to-night at the Treasury. On Augutt 1 about $259.000.000 of Treaaury certirtcatea matura. It waa in? dicated that new Treaaury obligation? would be offered to retira th? maturing certificate?, a? well a? to inak? n?c?a ?ary provision for current government expenses. At the same time th? Treasury waa expected to take the first step in it? program for refunding about $4,600, 000,000 of the nation'? ?hort-dated debt maturing during the present fiscal year. It was und?rttood th? Treaaury planned to begin as quickly at possible to ?pread these issue? la longer ma tunti?a? N. Y. Business Men To War ou Fab Stock Pn>niote* Bitter Busine? Borr?> Will Conduct ?****? _nd Gmstructiire UJ pai/^n to Aid In?v^ The businets men of S?'?*?*! have enlisted in the if?'***?**} scrupulous and ^'"^ * vender, and stock F?&V yearly mulct small ta**??" millions of dollars ^ I Prominent represen ta?** ? city's finance and >***?"* *l???**? , New Yoik City. I??- j;^*? (will be to "?^????"J.-f* ??* ! financial operation!. M *??? 1 practices or expo.e ^'nd,^t rf ? David F. Houston. P'"'**W Bell Telephone ^??"/'f^Jffi former Secretary ot ?h? I^i ? consented to serve ? "'^ bureau is under tha ?????y,* 1? J. Kenner. ?ortn.r dir? ?",jj?? tlonal Vigilance tommM?. ^ a auff o? aid! "d *''.'? i'?**-! ton. Jerome Simmon. '??J ^ In discussing thf b?re.? r of work Mr. ?'jU?t0?? ?,. B?r**,-S ??The Better Bu?????? J ^ conduct In?, ig. '?? <rt a*? not .poradic.ily. to ?????? ^ s* legal agencie. ?? . ?'H? -??i.- ??/ law ?idolaters iir *h,eh legitimate > 8nty< -ender. to develop a ful'??- ?T|?' jnff a. to ?eta ?""?1.S ??____ erfa.e th. pre.ent ""??* ?***? of bank, to aid inve.tort ? information." AT'-u' J?***" u* \ 500,000 Virginia-Carolina Chemical Company Fifteen-Year 7Vz% Sinking Fund Convertible Gold Bonds SERIES "A" - ? July I, I es? p.iyable January 1 and July 1 Due July 1, 1937 ,_ ^ a) wMf at any ,irn; ,,, in p(trt on any ^%^^}^*^^ in,"Mt Unt? ?W? 926 nti.lt!. ""*''? "'"?"?"', "r',:l J"'y '? lti7' ,hr Pr,*m",m tnerea/ter % (?each twelve monthtor part thereof until maturity. ,nf. ,nof Federal irvome taxe? up to 7% p?rr ?_nm__s ; Pennsylvania State four millt tai refundable. ? .lenominati??. of $1.000. $S00 and $100. Bond, of $1.000 may be rn^-*^ Mte prinrip.l. tal MtftMN-Md i-??'i?* $?1.000.000. For information rrtnrdinA the*? Bond?, we refer to the Jotter dnted Ju!y2\. 1922, o/ Mr. C. 0. font ,,.' f/i- ( ompa/iy, w/i/ch he has summnnred briefly as follows: COMPANY, incorporated in 1895. is one of the largest manufacturen and dealer? in its lini-i, being n'.R.iK' -R-1 wb??iavit? in the manufacture of fertilizer?, ?ulphun?: . ts and edible oil products and the mining of phosphate rock. PURPOSE: These $12,500,000 Conver'ibl- Bonds and $25,000,000 new First Mortgage Bondi retire i.t ,,x I rf?,re ir ..'unty the existing $25,401 000 funded obligations ll *rid? additional working capital. CONSOLIDATED NET EARNINGS of the Company and subsidiaries Available for int?r?t and Federal taxes and before inventory adjustment in 1921, were as follows: F ? .1 Y?ar I May M 1907 ig ta 10D9 1910 1911 I9U 1913 $4.024,918 3,527,425 4.508.979 5.336.668 3,488.829 3.577.452 2.991.102 NumlW of i>ma? a'l "" ? rhari's ?artM-?. 4.26 374 4.65 5.44 2.96 3.25 2.40 F* . .' Y?ar Ewl-H May 31 1914 1915 1916 1917 1018 1919 19!0 $4.073.755 4.979,949 y667,81'. 5.905,2*. 9 12,04' 10.933,334 10,876,745 ftumb^r of '?ma? al! nt#f_H ri.aii'i aarnai 2.67 3 93 4 88 4 72 6 66 482 5.72 i ,1 year ended May 31, 1921 loss. Fiscal year ended May 31, 1922 -profit ''approximately) $7,735,781 1,684,000 The consolidated net earnings for the sixteen years, after absorbing inventory adjustment m ?-raged a* ; *-!y $4,401.220 per annum, or almost 3 times the average annual interest charges on all indebtedness for the period. Results for fiscal year ended May 31, 1922 just closed, while not sufficient to cover interest charges, indicate marked improvement as compared with preceding fiscal year. CONSOLIDATED NET ASSETS together with net proceeds of present financing, as planned, ?re conservatively valued at about $82,000,000; the consolidated net quick assets alone on this ?proximate $32,000,000. SINKING FUND payable semi annually, commencing April 1, 1923. is to be sufficient to re- - annual!'. *al Series "A" Bonds issued, from April 1, 1923, to October 1, 1927, inclusive and 1% per annum thereafter up to April 1, 1937. Credit is to be allowed the Sinking Fund on account of Bonds converted into CommonStock. CONVERTIBLE : The stockholders recently authorized t he exchange of the present outstanding 1,844 shares of Common Stock into 279,844 voting shares no par value Common Stock and 69,961 non-voting shares no par value Class B Common Stock. The Bonds are to bear stock purchase warrants entitling the holder to purchase at $35 per ? share up to July 1, 1924 inclusive, the said voting no par value Common Stock at the rate of shares for each $100 principal amount of Bonds; the Bor.ds arc to be convertible after July 1, 1924 (but only if accompanied by said purchase warrants; into said voting Common Stock at $35 per share. RESTRICTIONS: No mortgage to be created by the Company without including these Eonds equally .v therewith, but this shall not apply to purchase money mo-tgages, or the I new first mortgage, or renewals or refundings thereof or pledges of current asset* in usual course of business for loans running for not more than one year. lt ;*i npected that application will be made to litt these Bonds on the New York Stock Eichanj* The Hal proceeding are beinf pasaed upon bv Metsrs. Horiibl-wer, Miller _, Garrison and Measrt. Oudm Kilbreth fit ScfaactaO?, ?"Pany'i acrountt ore audited annually by Mtiiri. Price. Waterhoute 6? Co. All ?Trffcnngt are made ?hen ai and if itsued and received by us and tubject to approval of counsel. Interim receipts or temporary bonda ?ill be deliverable in it Instance. Subscriptions for the above bonds are being received subject to allotment, by the undersigned at 98 and interest, to yield about 7.73% Blair & Co., Inc. Hallgarten & Co. The Equitable Trust Company OF NEW YORK The statements presented above, while not guaranteed, are obUined from aourcct which we believe to be relubk.