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?pbtroigb Coiity (CUT ?? TaMaJMl) 0. finest 0g?WV ?% ?????*? Dm Jt?r ?, ??? ? im ?jjtntpt fro? ?I? federal Incom? Ta*oo ?^gs t? yHrld ?ft.tas% Caxokr ?poa ????i larri?, Forbe? & Co mm tU Car. WHIlaan NKVV YORK ? n ??BB S ?O lIMTAll IBI4.) ?4.SK r W4KD ? <?f? , , ,t> 8iV'?"':^^.,^, OUetl l JJjB*"?*'" Mrr*er Hank of ? ?" America lo Join t oniinrrtial Truat Dec 21. I P'ttH.' - erger wa? $10, 9 bank merger wa? tnmiuncen ._ ?,j.( -.or? of the Bank ?nd of t I?IM ????Jay ???? / North America and of th? am?; Trust (onp?ny met separately ?i spproved a plan to con? - n?m? of the Bank of North basrlrs ?nd Trust Company. The and ?orplus of the merged i will be 4io.ooo.000. ?B? Bsn* of Sort?. Arr.trir.a is the ?. having been founded jfrsltv Robert Morris a? cm? of the , n Kev > ?ajea. By act ?W th? only bank in the MUd elates operating without the i?p|-r tionatl** in ? f th c tru ? ?a*. John H. Mason, president of the ?any, will r.eeorre chairman J, and K. Fusey Faasmorr, ? t the national bank and ernor of the Philadelphia serve Bank, will b* preai rew concern. ? *.*? Bo-a CoMtFOw of Ohio Servi??? Ohio, Dec. 21. Controlling '-'? rr'tc- Compnny American Gas ?nil . by the ' ration, of Scra.i . It has B?a le?r- new owners tfl operat" tie I'm- | Com ?bt, which servi.-? many Ohio towns ?its elfrtrir light and pow?r, in eon th t/ie Ohio Power Company, ?Ctrl?* i ? Bid and Asked Feuevtaf ?r? tn? ctoalng bid aid sisad qootattor,? of stocks listed on ?a? Stock Ixchang? in which there v.rt ?o taaaactiopa yasterflayt Ma aa-a?*?! tttj? a V ?> r s Ksfl C I* B pf 91 471? ?W il A Cttw IBs '?%: l!.' IS MwQjK . ?o I p ???4 i?r?;?" i ??? t?a r ?III -if.1?? u? aa ? if i ..:?? U? ?? ?s? ... ?rip isovi i ~ tsR 4 ' u :-. I*. I* (las i. Krto ? V E pi 1.1?, * M.? rt pf .. (In 11 t Umi 1 L Wllaa lat pt.itt . H lit . M .?es . T? . 12 HS ?28 ll'H IK 211 ?M ???> Id pf .11' .m i:? :ioiii*s'ti .114 M'HiUaefc C tf ?S S T 1st pf ?J le 84 pf .. ?? ? ISO n? et% *s . MU ? *4 I? M 49 21 U t? ttar * 1. I? I a pf m ? ? H'J ct. I IM I d? IM pf ?t 1 do 2d of ci. 1 Bar n B pf.ii? t ..ws it ?? M ?/ HCBW i. a ??lit ta tvuu 1 ??? * pf Mm rw ??if ?a Kit pf U ayaj p| ?M U pf ?44? ?f W* I, pf tara *??. ???* ot li, la? ?M? . *? rt ou BB? M ??s* r. ; * t im -., I ;? a r* ! ?>. * rT> M.V?, a * ?B *? , >l * -*? ?fea m *t4? ? *??-?? " 2'. ? S3 M l!"? 111 1*4 ? 12? o- pf . M Kan * T W? Bao pf . Man Pew pf..:i0*4 ~ Mor ? B*SSM I? ? ' Nanti M ' I a? n i Kaak * : v . , ? I ? pf. ?? 11 1? ?a 43>4 4?H 14 I '% lit 10? let M ? S pf. 4SI. .*? T ll.rl^ii if 11. a w . ???* wn ?? I ? I p pf .*.o?4 :fl !r?t ?o pf . ? ,>'?? ?- ast .. 1? I pf .. 88 do J.I pf I? Ifac )!?' ill*?? T ? . r? r a k pf st ,'P.. A Baa? 14 Pa*. Mar pf . ?? >.as pf. 4. ?0 a? it ??** ?2 its M 119 .IS? I A "V t pf. M K, I> 3 iiiiiiii 42 44 14? n a R-f p* ?? t pe pf PS ;?rur .. M s? S ?f. 115 'o ht pf :? i rw. T ut pf i?f' ? M pf .. *?*? Rana * ?er il? Be, Tob .... K I? 1? - M 11! lt?S ???k?>4 prut <*?* ??? 5?? * . * la ??. As? ?a m -5 ' ><Mm Col ? a*!" ? ? ? fc , s* f ? J-w * M 4j1^ SC; - ?al; iRt *:? i r?, ? SL?irpfH S?. Arto? IWra H pf .10? t<4 Slot? St. pf ? ?'. n r h s? ? ? w .?? . 1?4 ! pf. ?? Stand MU? pf ?? Bt4tw B I pf.llT% ? Sssp BU sf ... ? ]r* T?i ? P t TUi M 111 kl IM H.) 1J-. ?2* in a? 104 U? )?? Tl ?J M 10* ?1 *??? Pr? pf iT M J. W ?I flo pf t Trsiisii. W TC B Tpf l?.4 -Typ? r 4 r 1 r. ?V 8t ?a i M lit M - mm ?f? /?, M 23 ?4*4 ? ? u.?4 i*e U!?4 !'* M ?? tt K ..188 1? ? :* ". . i"*. ?**>? . t% ?? 4 l??? 1?1 s ? a pf t?\ ni i ?f ... .o? H) *?LI CU. '.?*. ?? SS M aa 7 ?M 1!% -?s V. U C ? af ?i P pf. **-?!?. w.iis Far ... -Saaili., ?t .. WlaMSi Co ... do !?' ?oo:? ?f Wnr P pf A. de pf a .. IS>* 11 ??t as? M ?1 81 :?i ir. - sa . Investment Information Qamttono of fanerai intare ai veotaro anll 6? aotvoetr i ansa, ?st ajkiam aase ,*>?/ iaisv?/? ?rtli I? ?aeei. Ot4er, ?eill 6? .?.?-.r. H ht maiL Adder,? g/j in?rturt>?. ladee. inp a ?tame?W, adder*.*,i eivlopo, te /ftaanesal aTdilor Tho Tribuno, m Saooau Slrtot, Now York Ctt*. Has Um Ib B. ft, T. i#giM?.!?l~I om% .?ore* B * T ?>?**. ??."**- Maajl I BwM ea ??4 par ta. ?. Mannten 17?at. J. R. Ai.rwet- B. R. T. common stock la biffcly apeeulativa. Ita value will prob? ably net be definitely determined until detailed plane for the proposed reor? ganization to take 'he company out ?jf r???etrer?rup ar? announced. Whether jrcu should hold In hops of a r or take a le?? on your ?>? fore, ii a queition that we cannot at? tempt to decide fur you. Plaas Jnr?-*tm? nt Program I ? bruary 1 ?Sal ? ?>? ri*^ ? ' ; ^rual m.tely |?0? %n.j r,tl, K ywMr edvlr? ;,, pUcte? I) ? '.? a?uaile? ? relies? graduate alnfl? (but furr. ? .?pr>o:t to one ?It,. salary ta lilt ?net monthly ??>' ?I I?? I have , ?Seeking a.r. ui.l whir h r.?e 1? to be malnlalaat at about 486? ev.rag? bal? ance My prvaen! h.-.l'lln?? rond.? o( 1160 i.lb.ny 4 ?a. |l?l arar ??.vlr?-? ilim? malar? Janearv |, 6?tl im, Straus II10 "?Cafe ?? on New I.V...U?e ? ??.<. r??ri in r.- worth a* et ?t'Tlt.g out ?hi? I Iwtjlea '?:? II f;.> ii,i:.'. i., ?:.,(> 6.1 ear i ?al 11? ? tie? bou.'? hink It 4 ' ? '*?.? do you ?earl )?" Your crlllrlems ?in<! iu|r?t n* are eemeetlr ?ought ?nd y,-ur ?dvtee win be followed.?A. O. Answer?Toar inrettment program doe? not Imprest ue a? too conserva? tive. We would rather ?ee yeu diver ?ify as to class of teeuhtUt than m ta their grade. In other uordr atffika a ? l> pe.- Beat Bad the ? lowaat grade of bond you aiv conaider Baia purpose it would not be tare to confine youreelf to bond?. ?ince there are available many high 1 grad^ preferred stock? containing a i greater element of stability am! han ?orne of thr, bonds you night boy. Preferred atock?. as a rule, more I aynchronoualy with bond?. Exchange of Kail Stock? Oeeetlon?-May I no? i-.ur?i II forma? tion In your finar rnln? ? rablllfy ?! a tr.r.arer of ?.?>? of Hi laut preferred ?rallroa.l company .jurgf. A S'est Virginia pr. ferret Southern PsrificT St. Paul preteirei v*r by my ' a year ?go at ab-.w ?.'.. and ? th? nformatlon I. deMr lerlt? :sl<; m 1 Answer?Wc believe an exchange of Bl j'lvferred f^r J'ittsbu. Virginia preferred or .Southern Pacific would be c step in the light direction. In saying thia we approach the subject entirely from the stand? point of investment valu,?. Might DMde Risk Qua.'ion?A. a regular eubaerlber to Th? Tribun? m.y 1 ark y..ur r?t' ..-i and enr auggeated change. In the lie, ?orillee glv.n b.lcwt The Incm- on th, ! pr.aer.t market vaiu" of the eeeurll'.?' flrurea ,iul ?V ni ?Ii per cent. V: that m>t all of the ha, ?I..1 ot gilt-edged. I l.a aaf.'ty of prlncly?) wl?h g?l without taisirg any ur.n?. a???ry I am a pielty clo?e f? -K?. price? ?nd i In a iv make edvan'ageous i-ubstliu Ht.-cka: US share. I..ul?\ .? n.llrnad. I If* ?hare. Mo.lherTi K*l!r..?d Donds Ill.Oeo <1r?at -en-year 7?. ?lr./.no Hi. Ixml? Ban Kr.ncLn. ?djuetment I?. 81l??/?0 ?ren?r?l 4?. HOC? Chl r??.. a Bktaten II lino I. general 6?. 110.?10 ? i.er.l 4?. li.?O'l 'I run? Railway equipment fH?. Plates Ribbrr T'-j^. ?6.?00 Pacific O.? and Bleclrl: to. It ?f.O New York State (?a? ?n? R!->rtrlc Is. 15 000 I,?.|?.|? ???? T?. li.00? 'od.hy Packing I?. 81.00? : I'ower ?nd P?p?r I?, II.OOO Am.n ran Writing Paper I?. 11.601 felted fltaf? rii C;tt** Lean 7H> il ooo r.r:? I.yin.-M?dlterr.n?an Railway. |t.*?0 fuba Telephoi.r 7V?e. II.?00 Cuba Railroad 7H? Answer-We not? that the least de alrabl? bond? et your list are held In small amount? am! therefore we ice no reason for making any change in bond hi'lding:-. On the other hand, your in restment in railroad ?lock? reem? rather Inrgre when you consider that so large a jM-rcentage of the bond . ment is in railroad isauea. We suggest j that you acale down your holding? of ! l/ouiivillc A N'ashvill?; an'! Southern j Pacific. If you feel that you are Juati- ! flod in carrying that amount si stocks, and we believe that you are, we ?uggest that you spread th? riik among at least three other ???tie?, such a? General Electric, Brooklyn Edison and National Biscuit common. Consider? Switch In Bond? Question? L'nitcJ Klt.gUoi.i (V.l. I?S?. N-therland. ?a, 1171. at ?6: ? :er e good ???!? n ><irth*in 7? and Oraal Norttern M An?w*r?We Infer from your letter that you contider th? price of the United Kingdom 6?*i? too attractive to reai?t and that you are unwilling to anticipate further advar.;-< ment in tbo price of ?terling, which r?gul?t?? the ?slue of these 6?i?. If that ia to your plan i? well advised as to the exchange of I'nited Kingdom 5V?a for Canadian Northern 7?. We fail to ?ee. howerer. any good reason for ?ubttituting Great Northern 7s for Netherlsr.ds es. Has Well Balanced Ms? Q.j,,. n? entirely d*p?n'J*nt :rr.m my lnve?tn>enl? !n following bend*. I would klnUiy oak you , ?til ?.pun my hoid'Dt? ?.'. / i. >.urge.t any irn? may be somewhnt In h a?f-ty of principal being th? " Am partlctjl.rly ans n Pacific I., 1??4. which I own a? I*, and which I? now eellir.g 1 s? I huid the following bond.. ?Ws. 1631; 4M00 I'nl't.d State* ?'??. 1?H. t*,0?l Bew Tork M 0?6 New Tor? Oly ft? ? 112 t* oc ?*i?. l*<l: t?.??? New TarB CHr ?H?. till: tl.001 ?m racine refunding and 'mprov?. 1047; t: 000 Pacific ?. - ? 1141; li.000 Con?oitd?t?d lia. ??ctrle Light and Power of Balti? more 7?. 1*11. and ?I.??? each of lb. fol? io? In?: American ?Jrm.llln? .od R.fln'r? in, II?" > ???? ?n Telephone .nd Tel. rraph I?, 1*4? Claetaaatl Oa. art ?He 7a. 1??i - >?* a"4 Electric I? 1*I7- Or.r.1 Trunk ta lit?. Inter boVouah R?pld Tran.li to lMt: New York Ceniral debenture 4?. 1*34. New York Edl :,t refunding IVj?. 1*41. New Tork Tel?Bum- d.lantur. !.. 1141. N.w Tork T?l.phoi?e refunding la 1141. North.m Hiat.a PoW.r 4* 1*41. Nor? hweatern Ball Telesaon. 7?. Ifc 'I l'"*"1 *oun? I?h' "n'J Patrcr 7?4. I*? ? Penn.yUanla Railroad ,? j.jt- ' Penn?)lvanla Railroad equip ?.n, ?.' ?IJO. Bteel ?nd Tub. 7a. II61: l ??at?. Rubber 7V... 113?; Weat.m 1|4( \V*st*rn lii.ni. ' il SU. ItM U'e??fn?hou?e 1 ?a Jarfa IM s '?? ' '' ' :'J' ' ',jl' IH reanriac. .'?. 1??*; B'at. of (Jueena **?j ?1 il?; 8*1?? CoUedcraiioB Sa. ?'tl; A??10 American Uli 7 4?. Il? * An?wer?Che We?tern Pacific 5a are not any le?a de?irabl? than one or two ?ber bond? you hold and we see no real?a for dlspoain? of them. You h?ve ? wsll balanced list that doea not ret?itf''* ??y ?H??110"- ____ Vow full column* of in reotmeni qt^tione and on* iirera trill ** publUhed m The Tribune every' *??way und Monday, On other day. on? full column niUw**^ Day'a Dealings hi Bonds The Mark* l Intereit In trading In the bond mar? ket yesterday showed an appreciable dtvcllna and just aa the volant? of tr?n?ar?ons fell off, a? there were few changes of Importance In quotation? The general ton?- was Arm. at?? being remarked in ?II groups, althou?h there was occasional irregalarity in tne fluctuation of ladlvidoal The investment banking community looks for a dull market until after th? turn of the yea?. Several pie financing are under conalrUretUr., but operations of Importance ar? eipreted ?o be deferred until ne?t month. Meanwhile, the gradual ?tlffeninr of prier? without th? ?apport of any con ?Iderabl? demand is snowed favorably. ? i Ha m" l?t Id ?-4a, Itt7.. Ralaa. 112.0?? 1.??? do Id 4?. 1142 1.??? d. 1st 4-4?. 1*47. 101.?tn ?o 84 4*4?. 1141. 811.888 do Id 4*4?. 1121. C1S.009 . I. ??!??? nctorp 4??. 1IS2 *t.?(.? I??. 1181... IS4.0S? Hi?ti. I.ow. Uit Ubarir i%? . i?o?i test? l??.?s do let-Id 4*4? III? lilt III" d > Id 4a do !?' ? ?? I 4 Us do ?? . h t%? l%? ?I <>t ?1.14 II tl II 12 ? II? IS 'I II 14 tt t? ?I 14 I 4 I 10 4.8? Nst ht? ? 14 24 ? II ?4- 02 ? II + .l| ?I s 88.14 is ?? Mil 111 II 11? Il U0 II rae? I ?a. II I? It II S* 14 Bid and Asked Quotation? Taa'arria- WedD'td.-/ It?lO", 10 104 HO 100 t4 )?t 4a 1?4*. . . It ?O? II 10 ' M 4a. 11 Si 10* ? t 24 I?'. 4%t 1??7 II tt? ?S ?0 I* 1? M I ?a. 1112 V 1111 ? ?a? 4-4a :t 119 Pre-w.r la....? ??. r?B. I?*? . '.OIH^IIl*; 1?. coup. 1120. la, r?a. if4? . IP. 1141 1111.. p, mi_ Pan 1?. re?.'11.101*4 P.n 1?. oou. -." J ?n is, r?r.:i.ieiu tan la. ro.i.11.102 Pan 1?. r??.*ll. ran la. coa.'tl. I? 1 4?. 111?... r 1 4?. im... I* I 4a. 1114... DnlC) II?.. . ?! . . ? t IS? I? i, SI 14?) ?S ?? II II ?1 11a 111, ?I HO St.I? ioi%ei4i% 1I2%< '1?2? il-4). ? 14 I Ml, 101-41 iioaiz . ?I-IV. ?f?V '???% mil tew 101% llttfi lllU ' O n% 11*4 ? I ?>l ?1 u . 1 ? J *? IM Foreign Covt. and Municipal (Intercut t h? added) lilt Aekad. 4r??r.Hr.. i-yr i?. 81% II lat?r It. :I4I.JO0? 1*?H n.l?l.n !-rr ?? ??H *?*4 : 4? III!... ? -0>% '?, 134*..140% 101 III ? ? ? -us la Hit 11 11% ! Mraii; I?. 1141. "H ?* % Canada Sa. Ill?.? l>S ??% do *%.. 1S.15.Ill's. UIH % I?. 1111. 88 ??% .188 111?. do S-, 132?.141?* 101% i-yr I?. 1141.i?i l?l% . Oov H? Kuc Hf I?. 51 II IM 101 HI? 1144 ??% 111. HI H% ?I1-! do ?xt?r I?, ?*r A. 1111. .. 11% II do * .n I?, 'ill 14 H% ?. 1141.10? . ?I ,l<4 - la. A. 1144.1? 18?_ 111 h K'it :r.1l?s Cs. 1I4T. 40yr I?. '142. .. -, Ir.riuat !>*?' I Kranci 7*4?. 1141 ? Hair ?-yr (<4?.. i Japsn 4a. ?**r!ln? loan, 1*11 do 4*4?. ?t.-rlln? loar.. 1181. ? H? *d a.rlaa. lili. . T.yorn 11 yr I?. 111!. Ill?? ll-j.' <?. 1888... - - arid 4S. 1114 ?star ?t?rlln? I?, 1141.. ? iC*tlo? <%?. 1848. Nethei II 1114 hi 11*4 n?; 14 ?1 21% II ii? Tl II 10*4 ll% ?1% ? 1% ?4 18% 71 7IH 11% 11 11% S .Nor"?y Is. 1*40.H?1*, 11?%, Tart. Lynna-M?.* BRI?. .72?. Al?trr. <-,u??n?l?nd ??. 1247....,,.101'. ?7%. ?I 11% M% do Ta. 1141 ...?nd? :i-yr It. 1**1 In,, d? *an?!ro ??. 1148... a. u-rr ??. in*. ??% **% ir.?n,o 5?. llfl ?* Han Pau... ?a. 1181.II *l% Han I' I ??. ? ?1% ?I Urina 2J yr ?old Ta. 1*11. I? 11% Sw.d.n la. 1*1? . 104V 104*1 Bwltserl.nd I?. 1>? lit? 111 Tokio le. "1% 71*4; Vnlt?d KtBfd -n 5*4?. 1SJ? 111% 111% <Jo ?H? 1*17.104-a Ururtiar la. 11*1.18i li?% Zurich I?, 1?IS. lli% ? ? fSale?) i? 1 .... 11 1 ?1 1 .... 11 T ....I?! 1 .... Ill 11 ... *!< I ... Ml rr.nrh Ht y 1? im 1 .... Ml 2 111 8 . ?i? I .... ?i* I ... IM ?.! 2 1 1 1 I 8 . f ArtnUn? O ? t *? lili 7? lili ?r??t ret? I . ...1M% 1 . . . l??'i S ...1004. 1 ....100*4 t ....10414 Chin??? By r>? 1411 1 . City of Bord I? 111* 1 .... 71% 4 .... 71 City o* hu?an 'S? '?44 4 _10 11% I ... 18% 1 C of Ora.t.r Pr?s 1141 I ....TI 1 .:..!?% a ?if n% City of I.ycn? I? 1114 8 .... 71% 1 . City of Mar? I? 1114 4 .... 71% , ::;:?.? t C Montevideo Unir 7? 1?*2 1 .... 14*4 1 .... ?1% Cl?y of Bio da Janeiro ? t tt Hit 1... . ?IS 11*7 w 1 ? .... 14% <> of B Paulo I? 1114 , ?iv, Jurg An Unit' C ?f ?o-eton?: M??ar * I. Ill? I? H4T rat? 1 .... 11% ..jrlrnl 1? - ? ?% ?a 1848 I .8 - *1% .11', II ? ? ?1% 72% 71% 71% I .. I . R of Bolivia la 1S47 Jl ? ?1% I IIS I _ 11% 4 8 ? la 111? 101% ...101% ...1.1% . .111% 7*4. 1141 I ... S I .... I 1 . * S . ? . 4 I II ?. II '. .191 .1U1 MI Deralop 7'4. 1117 1141 I 114? I 3414! Tl 1**1 14% I .... 4?% 14% I'41 HIT 1 17% 'P of Cuba ?4 V, (a 1104 1 NU 14%? 18 .. > % M fi II..?-Am lio? ta 1*47 1 .... M?4 7 l?fi Jap ?il? lac 4. lili I IIS 1 11 2 .... 11% I .... ?1% Bep of lla/'l I. ..' A 1111 1 .14% 1 . . ?*\? 17 . ?1% I .... 11% Rap of t'ru? It 1141 1 ...111 1 _IOII4 I ...111 Bt of Quena land a f 7s 11*1 141*4 4 .101% I? 1117 1 ...111% WkaiBiata of Rio . Bui la 111* 4 1 cmt-anU Ax Kara JSi 1 K I ...144% Csechu HloTahla B u 1111 8 .... II 4 .11% 1 ?? *?% D?;t of ??Inn Franc? 7? 1*48 8 _ 82 K of B?l,lum t? 1*41 14 .100% 1 _101 ? ?ieo% ? f 7%. 1141 I ....111% 1 fi*t?s .. ?7% I. 1140 I -111 1 ioo.n-% 117% 117% .117% 111 . 2 1 |l I 1 I I'nm fan 4%t not?a lit! 11% **H 44% 11% II 1*1% . .101% -101 <4 llll .... 11% .... ?8*? .... 14% 11% ?'?% atiK Denmark ll%! 4. 1441 1*1% ?of ?*o raulo I . 1 1 1 . 8 . il : ? . t? u 21 - 1 . llll 1"! .101% 101% 1*1% .111% 10! hi .?:t 11% n 81% itt ??% ?>% 81 ... ?4% I . ... 81% 48% 11 ? 1 .... ?a 1 . II .-.- 81% ?8 . ??^ Dut S India? 0. 1*47 8 I 1 It I a 1112 I . 81 . ?0 .. 114% 1 . .181% C? 1141 1 ... 18% 2 .81 K of Nath.r 1?nd? la 1171 ??% I ... 11% I . st-, 1 .... M a ... *m 1 .... 18% la 114? 1 t? 111% 111% 111 llll ?4% ??% l?% 1*S l?% II % ?1% K Of 9r ? lovan?. la llll 1 (OS. 7? I .... tf?J 1 . .71 K of Bwadae t? ltll f I? llll I .... 11% 14% I K #f Ot Br * I l%? llll 0 B of Braa'l I? llll 2 . . 18% 82% I-1*?*4> ?1% 17 ....188% ?1*4 2 ...144% ?I Par-Lreni M ... ?1% ?? 1MI ,m 81*2 11 s.a. .8%; l>o ?I '"ee By Mae 1 . 1? U S et ; le 1116 ?' , 6 ... H t-er?? Il l?% ??s II < l?% 4? litt tl US m Railway? Other CorporaliotiB Ala. GM Mini U lili I? earl*. A III! I . ?J PecHIe U rd ? Am A, Ch I TV?? l??l ? l?\ ?T 11 Am 1147 at rdry ?II ?i '?? By l?ts ia Ittl .... M? ?m?lt ?. Il II? 1117 11 11 trn I. 1*11 BBJ ?t t* ?? 11? IIM ____.. Il ? thar (a lltl US II' ? i s n i%? ^^B____BaP .16?% le? a rfr la aer B il?? 148 SJ 6s '?1 1 it l'en i 1 rfg t. Uli ??S I .. Dery I? 7. 1141 I 111, ? ... >:di?on |CSr 4, raaer f? .\t% ?H? !??? Am T * T ?:* i. u:i um Cil I. 1)41 101%. ________ nenn ^>"5icAMi?V"0 I j T :?? Pea? .111% eel ?a IIS. 64 ?4 . M* lit? . ?IS ?US ? i i i ^?.ee| i i?ta _'d. N 7%e 1111 :o .. 117% Mai|l AU% a.?. Duqneer.? I.t i l??i 161 *. 114* 1? IS4 t . 1 lit ..??i Sa ^^TftwaW ... ?7% ?t?* ?5 1*11 gggT 'S ?t% ?t% us. _|a?g??aB_Bl a ate? i I ..?aB-Sat rfg 2? |fj? ?IS? IHa 1141 ,*~i; h A T A M P >l ... ?a t_ i i',. . A ?; gai ?. lit: 1? .... mQ *i% : .... 16S '' n * Q *l 1 . ?t% IIS, la 1171 I ? ? ?? i??? ?ni 4. ?M ... l|% us;'M * a ni Uli litt * 8 J I 1 t ?dj i '!%___________ Al C I. la? t I Ot W?M nu ? ? n* 16 ! ?_ 1 ... tt >a est 7a 1114 I ...112% . ?? 1114 U ^^^ ? 1 1 .... AM Baf fa l?i*. II _ Ai; Prult tem si ? 7? 111? -, Ohl t? un it n% tt is* i.ia?'a i*' MS ?m fi? m? , I w ?? ?e D ' I4t? ? IMS ni% t?S '. . . UN .... ?i% .... sis t 4? lit? ... 41% .... 4'S ? . ...10?% ...190%. .!??%' ...nos ...ni rfg t? ins t?H ?mu *. ? ? ? ?I fi" 1 ... t? ta . " I ?? ? U :? ? BB 11% IIS 11 ?SI '? 4%. un n 7?S I? _ ?1S 1 gold 4s 1*41 .0 : 10 !> ?;? 1? ___ rtg 4%? >?14 1 .11 ??s I? ... It * .... u% 1J . I . .. 11% ?ni 4e ear A .til I ?JS OS Il s tl s IIS ?: s n Ruh I? 1%, :?S 7IS 7!Si 63% - ?ISi is? m* ... us .... us. ? ... ?1?. I. 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I. 1 1 118% i? 11:4 ! ??% l* B Rubber 7*4. Ill? I .101 la 1147 ? IH ... 11% ... 11% ?? ?lila? ! <? 1*14 ' 10?% f la llll I !? I ll* 11% 11 4? lie? Phil? O ?? ....100 ?. I? ??r A 111 .... ?IH 11 ? ?*? .101 h?al 1*41 ..IM .104% a f>4. _?_ 2> t? !t?i Pro? a P..-.D Cor? fSr^ l ^M_ a f ?a ?_ f'ah T.I a Pr I M .... IT% la 1114 11% ?1 ____? . ??% 1 Oar Cb?m :*n I s 714? 111' 1 .... 11% 11% ?-ltll war . si: .1. I 1 m 3E 1864 *A?h a$ ?*irotor ood tAdontohrrdoar Central Union Trust Relative or Company of New York Personal Friend Am Co-Extcutort 1 J3Y making thb company co-czcanuor of tout will, with Bomeono in whom 700 alto hare confidence, ~ou may be aaanred that ira will welcome the individual ta an adriter In the important fotsinea. of the admmfaradon of your catate, and that your fragmentary provision? will be properly carried out? "STT "~l 1922 oABittt Traetfir ?ve*js-y ?w n\jj?oref *Mmet ojnarto?/n ClBMl^NlO^ 0FNB57Y0RK plaza orrici Fifta Are. ft ?Sotk 8c 4?md n\ ornea M ??iaooArt. ft 41 ad St 80 BROADWAY, WIW yokt ?afital, Surf ?us and VnSrAdedVrofitt ever Jl oMtllion ThlltVf oXaehtaY ?.*\JkHkJb3EJk=a=Skl ... ?1% P A 1*47 m?: I?* ? ?. *? ?<? i i ? i f ?an Ry U 1*48 l - ?4% : .... ?7 Ta a ??n r It 1811 I .... I?% "Vafcaah lat ll llll I ... ?T% Id I? llll It?! i .... ?i% ? .... ?is. W P. l'ow 7i Mr D 1*44 1 ....1M% la 1141 1 .... ?2% S* Pan Km f. Mr R ut! I? W?at S .or. 4. 1141 I ... 11% w*?tn rnion S*. IM? ....IM? aTI.I0?*4 wit* a??? a lat 7a ltll I .... 14 . 11% S .... I<% ? .... ?4% WIlMJB ?4* 1 -1*2% lit ?? 1*41 1 .. 1 . 4 .. 1 ....100% ? .!??% cv ?a llll 1 _ *i% Wlnrhawt R.p >4?'4l |?i* 1 4? litt 1 .... 88 ? ??%! 1 Warna- 8 R?f*WMt?h MA** lat 7? ltll \ 7. llll 1 -l?l% 1 ..1?7l4 ICI', 1 . *?V??t Maj-yl.1 J 1 . T? l"?ora ta. pr?.if yt.ll ?n a bend It ... : l?t(i *?M??. bot th? ? Irnata Tl?1- / b. (Uured out by lha following formula: l'I?' la lha ?loaln? quotation ou a bond lato th. tata or th. anr.u.l r.turn. If tt.? bond la ??Min? Balo?, par y mi muai alio? alM for th. ippr-ctntlon of Iba principal. To do this subtract tka mark.t |J.i?lora fre or l?l, ?nd divida tl.. r?malnd?r by tba n irr.b.r of ye?ra th* bond haa lo run ba ' ? atarlly. for anrr.pl.. It ? S par c.nt . ..iiir., at ?? and ha? tin r.Ars I? run tba annual r.turn will h? III p?f -'????n per and th? -? prl. . win t.. i pointa, eubtractln? II from 100. I'lvidi i, i? pointa by tan ?aara. (ha quotlant will ba 1. Thla fl.ura la to ha addad to ? tl. whl-li le the a ana?! ratura, end (ha r.a.il . 7.If par ?an*, will ?Iva you tba approilinat* ylald. a Day's New issues Lamport, Barker <* Jennlng?, Inc., ?re offering, to yield 4 15 to 4.12f> per cent, a new issue at f 130,004) Town of Morristown, N. J., I JO per cent bndi, due 1923-T>?3. a London Mrtal Market LONDON', D(K. 21.-Standard copper, spot, 164 7s gd; futnrei, filo 6?. elec? trolytic, ?pot, 171 12s ?d; future?, ?71 l..s. Tin. ?pot, ?179 16?; future?, ?181 2s 6d. Leed, ?pot, f26i*10s; future?. ?26 lis. Zinc, spot. iZl 6s; futures, ?34 5s. Investment Bonds We offer, ?ubject to ?ale? $100,000 New York Gaa & H?Bcfaric Lt., Hl. ?V Pr. Ces Pereha?, Mon? y ? a, tw F?t?ru*ry 1, 1**6 Price to yield S. 15% 100,000 New Olearia Terminal Co. rir?t MoMga?. 1. lilt Price to yield 5.50% 100,000 ?Brooklyn Union Elevated R. R. Co. rirsl Monga?, t ?. dis? r.irvier- 1. Ill? Price to yield 6.20% 100,000 Baltimore & Ohio R. R Co. Pint Martg?t? ?'. "'? loit L nil Price to yield 5.45% 100,000 Mortgage-Bond Co. of New York QoU Mor'gag* 6 a. du? January 1, 1111 Price to yield 6.00% 50,000 Central Pacific Ry. Co. Blnxlng Purnt IS'?. ?'.* AugxuK 1. Ittt Price to yield 4.90% 25,000 Kanaaa City, Ft. Scott and M?tmphi? Ry. (>>tu>o?Mated ?'?, 4m Kay 1. 111! Price to yield 5.25% Partici'tart on rteuon grtttre & HH|ttrlu BaTABI.TFIIF.D 1ST? tente, Sew Vor? Btoth Brehnnoo $2 Broadway NEW YORK Uptown Office: 54S Fifth Ave. Miscellaneous Markets Publie UtlIHIe? Securitlr? Adl P * V 8? de pf. 41 ?m 1. T..??I do ?f ?? ? 44 d? pf ?' AmPr A MIT ' . I* 1 '*'* 7." ' ?? Pwi ?? . % pf 77 4L II ? HtaE I II lea-lTl ?i% d? bk ah 17 do.*.daUill 12 do D .. Il . ?1 1*1*4 : B. 8% e. II , do ?tk..11* II II 11? II |M 111 II 2? I? 7? 71 11* 8?% IT* DM. Osle P? Bf... ?? A L il *pf 11 r? H? Eoar t rf i* l'dl ?. ?T l* do pf- ? t I pf II Pr ?l 12 101% II 4* Aoaat? ?t m AmPAl.l? ?1 J8 Aprl P 5? ?? ;?% ? *? "* ?: Col P* 4?. ?? 81 ? dojpT. .. ?J ?p Bv 1* I* do pi... Il 3a Cal Bd.101 do pf...U4 ?td O?l I?* do pf ?* ToEd 7?pf ?1 u i. * Br? T? ?d?! V ll do n pf ?0 ?Es u Bond? Ci P.ao *? TT A?k.d. 108 10? II* _? 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