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I -'-Ik ' ' T.HE SUN AND NEW YORK HERALD, THURSDAY, MARCH 4, 1020. 16 I BRITAIN'S HEV LOAMrlJ'fS'SDGGESTS TRADING TECHNICAL .SUCCESS Jlsohcqnor Bond Issuo Brings Total of $77;000,000 at New Hate. ASKED im A .. BILLION Conversions from Previous Loans Total $490,000,500, ' a Satisfying Bosult. Sctclal CabU tl$pot(A to T Box AKD Nw asp Xw Voaa HMAUJ. Lonpon. March 1 Tho result of the Exchequer bond subscriptions, published to day, shows thai Great Britain won a technical but not a complete, victory over the- world epldemlo or high money rates through her offering of $1,000,000. 000 worth of Exchequer bondB at 594 per cent Tho loan began. 6n January ;o and waB to refund maturtng.lflsuoa ot I en equal amount Conversions from old Into the new Issue totalled iisu.goo.uuu anu casn eubccrlptlons' were $265,000,000. Thus there was an undcrsubacrlptlon of $240, 000,000. Thto amount will havo to' bo raised before December 1 to tako care cf issues which will mature on that date. The under-sub'scrlptlon, at first blush, might be taken us an Indication of tllo failure of tho Exchequer bond loan,' but the circumstance In "which tho pefl jnent was carried out vindicate tho Gov ernment for refusing to 'continue Indef initely the policy of raising tho yield, of r lis new loana. Iy In many ways this was ono of the most reniurjuujio toiuia ever uiictgu. i" the firet place, the Government abolished, completely all blare of trumpeta and billboard advertising auch aa waa em ployed In the war loan. Tho newspa pers were used moderately, but only for lUgntlled announcements of the toims of the iMue. There was no general appeal oh patriotic Or other grounds' and no speeches or loan meeting. During the offering thero waa the Bank rate In Jreae scaro and hearings on the pro posed war profit tax reported, while ex iting Government Issues were depressed: i These factors, of course,-deterred sub scriptions to tne new Issue, and besides tfila conversions Into the new bonds , -.meant a sacrifice of vleld bv converters. Ij&ijho could have obtained cash and re rr fixested It In securities yielding; between fand 8 per cent, which aro going beg ging. Because of these extremely un favorable Influences bankers expected a tart?1 undersubscrlptlon. Therefore, the actual conversions and subscriptions, (mounting to $775,000,000, Is accepted as a distinct technical success and btara tot the Judgment of the .advocates of tie Issue who had no control over outside factors. r- MGERIA PRESENTS TRADE PROSPECTS V Development of. Britihh Pro- iecioraie axpectea. London, March 3. Tho American Chamber of Commerce In London draws the.attentlon of American ffianufaptufers to the valuablo commercial and Indus trial prospects of Nigeria, the largest of Ajjirltlsh protectorate, as outlined In a recent erricla report Since the linking up of the northern and southern prov inces in 1914 the future trade ot tho country Is believed capable of unlimited expansion. . Official statistics show that British trade In Nigeria, which In 1000 was valued at t3,000,0'00 a year, had trebled In 1313, and In 1313, In spite ot tho tevere effects of the war. It reached lt highest figure, 17,000.000. Tha chief Imports consist ot manufactured goods. utiles, hardware, Sec, salt and hero- S,The value of native produce exported, exclusive of tin ore and gold dUst, has likewise steadily pursued an upward level. In 1S12 the total, exports amounted to ,140,840. In 1913 they deached f,2H.80, and 1917 figures thon- export value amounting to 6,996, M0. The principal Nigerian eiports art raw materials, chiefly oil and oil seeds, 4most Important of the staple exports, phldes, skins, cotton, cocoa, rubber and tin ore. In 1917 the quantity of oil and oil seeds shipped was approximately C17.100 ton., valued at 15,268,000. Nigeria Is reported to have a wealth and variety of products and gooB com munications by water-and rail. Lagos, me cliler port, is only aDoui a lonnignts tvcSS magnitude of the country's trade and the number of passengers Is considered to Justify a direct shipping service. In regard to cottotl growing possibili ties of Nigeria on a large aw me JChamher understands that the problem 5 of Irrigation presents serious tHfflculties. If scientific methods can be brought to bear so that cotton can be grown In the dry season the future of this British protectorate might become promising tource for raw cotton o tho United Kingdom. PLAN CHANGE OF FISCAL YEAR DATE fritish Contemplate June 30 for Trade Statattes. London, March S. Aa Important change of the. date fixed pr, closing tle fiscal trade! year In theitish -Empire Is contemplated, says the American (Camber or Commerco In London, and a charnre to which the United States Is trtiderstood to be prepared vto conform. the commercial statistical Moptea in Wneh ntHnn Ml. THA Hrlllftn r.IIlUUD i lrt1r Vina tnsl-Avt Vumt1jitt 1tn!frtrmltV If! !?te. The calendar year la followed In touth Africa, New Zealand, the tra J uetuements and most otner unusn crown colonies, but In Canada and India, which represent between them nearly r iw ceiu. oi mo cininioD - the commercial year c loses on March 81. .Australia and Newfoundland, with 6 uer cent, of the total imperial iraa, liavo used June 30 for Industrial eUtlstlca. Tho Imperial 'Statistical Conference. Wlch hes had, this jrubject under con sideration, has. reached' a practical l,j agreement for making the calendar year we commercial statistical year tnrougn .i u we empire. ng;VUnitedlll complete uniformity In all .English speak- "ex-v aj uui uiulcu ULskacn niii w countries. ; Another point considered by the on-i" terence haB been the claealflcauon of 'fade figures by commodities and groups. he divisions and subdivisions In the returns, which have hitherto greatly --,icu. win- lucewise contorm tor ainer nt countries. A change In the method .for estl h?unj emigration figures Is. also pro- r'ea, as decennial returns are not con rreq sufficiently accurate to reflect ex- isUng condlUon AtsoclationAahf Government to Start Tariff Inquiry. Bpettat Ce$U Dupalch to TUB Bo ASb Kltr Y0 UtutD. ' Copirltht, 1. ty tut Bcm as'd Nsw Yob ItstUD. Londom, March S.--The "Swedish Iron and Bteel Trad Association hat ad- "dressed An anDllcatlon to the Bwadish .kloverhment aaking for an Inquiry with i me view oi estnoiisning a protective tariff In favor of the native Iron and steel Industry. The association aaya thai i users ot steel in awedefi have been hold-1 i? u? 2?.eJr ?'1M.n.0Pln l? 0.bta, encaper prices in America, .ngiana ona. Germany. ThUs far there has been no cheap steel to come from those coun tries, the association nays, because freight rates from America are too high, and England and German have no sur plus steel, but when freights decline and England and Germany have a iteel our plus the Industry In Sweden will bo face to face with a competition at home which will be disastrous. The association, therefore, asks pro tection against foreign competition by IhcreASe ot Import duties or some other meant. ASSERT OIL REPORT IS IMPRACTICABLE, leaders In British Industry Not Disturbed by Profiteer ing Committee Findings. Sptrtat Cable Dttpateh to Tns Sen xt Nut York Hsn.iLD. Copyright, 6y Tut Sex AMb New Yosb Hcbald. London, March $. Although' tho re. port of tho Profiteering Commltteo on Oils excited the greatest public Interest, especially In view ot their recommenda tions that the price of petrol bo fixed at a shilling' lower than tho prevailing price, leaders In the petroleum Industry liero to-day characterised tho report as Impracticable. tlr Charles Oieehway, chairman of tho Angto-Perslan Oil Com pany, declared to tho correspondent of Tim Sun and New York Hhrald here that the whole report waa "Impracti cable. . . . "I am Interested In It because we have no petrol for sale," ho said. "All the petrol we can get Is contracted for. The whole report is impracticable be cause the British Government cannot dictate what price Other governments will allow their producers to sell at '1 would be In general sympathy with the report If It could be carried out, but It can't As to the opinion expressed that a world shortage of petroleum Is likely, I agree. Regarding the f. o. b. price New York, which the report said was too high, that is because producers are charging more for their oils, but this does not go as an extra profit cither to tho Itoyat Dutch, the Standard Oil or any other company." " Tho stock market to-day was greatly perturbed by tho report and oil stocks took a decided slump, particular pres sure appearing against the Royal Dutahf Shells because 'they were montloned In the report P, E. Powell, chairman of the Anglo American Oil Company, who was a wit ness before the committee, left hero for New York city a week ago. AUSTRIAN TOBACCO SCHEME. N'ctt Financing Company Has American Representation, Sptcfat Corretpondtnce to tat Svn AND Kgw Yosk Herald. London, Feb. 17. The Ileonomlo Jt" flew, quoting t'no Vienna Neus Frele Prtue, says a very poiVcrful flntnclal association, In wnish America, Holland, England and France are reprewnted, la considering operations In connection with the Austrkn tobacco monopoly and has established cbsor relations with tho Viennese Governmint . Further etaUsmonts havo confirmed that report and A bill to give effo'.-t to the schema has Iteen drafted. The new tobacco companv naa the Austrian Go ernment 60,000.000 florin, less 30,000. 000 fiorlna rcpall to extinguish a previ ous advance, and undertakes to pay the Government 90 per cent of the profits after an 3 per cent dlvldond stall have been declared on its 00.000,000 florins capital. LONDON STOCK MARKET. - London, March 3. Closing: Consols for money, 49V1 ! British G per cent loan, 87: British 44 per cent loan, 79Vt; Atchison, 117: Baltimore and Ohio, 52; Canadian Pacific, 172; Cheoa peake and Ohio, 81; Chicago Great Wetem. 12H : St Paul; C5 : Denver and ! arad..-10M : 10, Srto first prcierreu. , ui"n Au..n, -.73 . - nols Central, 122 ; Louisville and Nash ville, 146; Missouri, Kansas and Texas, 14; New York Central, 102; Norfolk and Western. 133; Ontario and Western, 27i,4 : Pennsylvania, 61; Reading, 106; Southern Railway, 36; Southern Pacific, 127; Union Pacific, 166; United States Steel, 136; De Beers, 29 5 nand Mines, NO EXPORT BANK NOW. vrlaa Plan Held Oft Until More) Favorable Time. Sptciat Corrtipondenct to Tnz Sex AKD Ntw Yoax JIiaitD. London, Feb. 17. The Swiss corre spondent of the Financial Time writes that "the export commltteo of the Swiss National Economic Department has re-' solved not to establish in export bank, but further to develop the. Swiss Co operative Society to exchange gooda un til a more certain foundation for an ex port bank exist-). The Commlsalon of Taxes of the Swiss National Council has abandoned the ''.7" ' " " " Bank of Spain Statement. Madrid, March 3: The shareholders 6f the Bank of Spain at- their annual mwllnr to-dav received a renort show- nK tnat the bank made a net profit of ; .nearly Ol.uvu.vuu pesetas on capil.n or ' uo.000.000 peseus. Ita gross profit was 1 82000.000 pesetas. The statement show I that the. bank'a reserves in ro d a nd . mxt amounted to 3.000.100.000 nesataa. ahd that Its notes In circulation were 2.O00.S0O.OO0. French Wheat Crop Good. Fabis, March 3. Good crop prospects throughout France are reported by the ... - . ... . . . - l condition qr the" tinea nems was as good in eoroary aa it was a year go. ino ' V'"V,. ' lu "" ,"""T tt while- some Improvement in the barley and rye harvests Is expected. . . Paris Market. Paib March S.-Prlccs were firm on k. n., a r. ..1 i.. V1 V UVUI owvaue ay v va imiihi 67 franca 90 centimes. Exchange on tendon. 48 franca 82 centime. S oer .cent loan, 87 francs 90 centimes ; douitti liar, 14 franco 20 centimes. Jft, TRUST IN AUSTRIA' Vicnncfio Exporter In England With Projoct for Former Austria-Hungary. ASKS BRITISH Utn To lr.Jwnrrt flnmllnft nf " ' , Bankers, Merchants and Manufacturers. SfiiCtat CorrHWietict to Tns BCH iHB, Nff Yob BsiiLo. London, Feb. 17. "Among tho Aua - trlan commercial men In London " - Ing to reestablish the economic life of what was the Austrian Empire, one of tho most prominent," says the ifdttcaei ttr Ouardlan, "Is Julius Melnl ot Vienna, head ef tho great provlilon, manufac turing, exporting and Importing houie Which bears his name and which hat lis branches not only In Vienna but In all the countries, now Independent, .which formed the Auatro-Hungarlan Empire. Ha has a definite project on a largVr scale than any of the othor visitors. "Briefly, It Is to found a combine. Or trading trust, mainly British, of bank era, merchants and manufacturers to 'buy, sell and manufacture In Austria and the former Austrian States, or, as Mr. Melnl calls them, the Succession States.. This combine would be a co operative but essentially a private enter prise, not a Government affair, Aus trian partners would not be necessary, except some banks In Vienna and the other capitals of the Succession States. The difficulties of the Succession States In restarting commerce and Industry, or making a llvjng at all, aro twotold First they have neither money nor credit to buy raw materials on which to start work, and, secondly, they are now cut off from each other by customs barriers and restrictions of various kinds, where formerly they had free trade and free traffic within the empire. "The proposed combine could over come both these difficulty. It could purchase raw materials In the world market and supply tho manufacturers abroad with them, and In due time can purchase and export the manufactured artlcw. It can buy In one of tho Suc cession states and sell In another, thus restoring the old familiar Channels through- which trade flowed In the time of the empire. I asked Mr. Melnl why this could not be done now by Individual British firms, and this broght him to the second difficulty I have mentloned the new economic barriers between the states. He replied that individual firms would not be powerful enough to break down the restrictions, but that a big combine could do it, for it would pro vide each of those countries with the aw materials andT other commodities that It wanted only on the condition that the barriers should po. On the other hand, the combine must bo a lim ited company or prlvato concern, not a governmental nrfalr, for a govern mental Institution' might perhaps get Involved In political questions. It would bo strictly a cooperative trading con cern, with Its agents In all Succession Mates and the capital would be found by the people who wanted to do business there. "I asked Mr. Melnt why manufactur ers especially should be Interested In a concern which primarily would be sup plying raw materials, and ha explained that manufacturers would have their own special Interest. In the first p!a?e, there are many manufacturers In Eng land who are so full up with orders that they do not know what to do with them. The Succession States have now cheap and very good tabor to dispose of. it would be a good, thing If some or these manufacturers got some of their sur plus orders carried out over there. Such a company would havo no difficulty with the varying rates of exchange, n would operate outside the exchanges, or, rather, would be its own exchange. Its own buying and selling, exporting and Importing transactions would balance each other. "The project has received great eni couragement In the city from accepting houses and other large firms and from llnanolal and economic authorities. No small part of Its commercial Importance is that this group of Independent states, formerly united in the Austrian Empire, holds tho key to the commerce ot east ern Europe generally. There Is a greater chance now than ever of getting hold of business In the Balkans, Poland, Rus sia, tho Ukraine and so on because part ojf the new Poland, part of the new Ru mania, part ot the new Ukraine and so on were once in the Austrian Empire and their natural commercial relations are still with these states." ' WILL FINANCE SHIPBUILDING. Mortgraffe Company to De Formed to Aid British Industry. SpttiaX CorrtiponUnc to Tni Bra axd Naw , Yobs IIssaid. , London, Feb. 17. Announcement that the 'Merchant Marine Slnance Corpora tion will be Incorporated soon has been received with a great deal of Interest fn shipping cjrcles, because It will be prac tically the- first company organized ex clusively for financing shipbuilding. Ship mortgage companies have been popular In other countries, particularly Scandinavia and Holland, but have never gained much ground In England, because the shipbuilding; operations In this coun try have been on so large a scale that tho financing usually was done through public offerings of the company building the ships. Tho war stimulated shipbuild ing on a -still more diverse and larger scale. The small builders will welcome such a bank, because of their Inability to float Issues on the publicans larger builders can do. Such small builders will be able to obtain funds by, mort gaging the ships to the bank and the bank raise money by selling debentures against auch mortgages or by other means. The directors ot the Merchant Marine Flnanoe Corporation will be .Sir Fred erick Hall, chairman ; Sir Edward Moun tain, chairman and managing director of the Eagle, Star and British Dominions Insurance Company; Sir John Esplen, a director ot Furness, Withy & Co., Ltd.; J. E. Juthe, chairman of the West Har tlepool 8team Navigation Company: TTurrv nreer. M. r.. snmrroan ot n. oc ; V . , vt Umm anil Will. W- aef' Jh Sa Card W Chan. tl ftminv " r - - - - SIO LMP0RT TIMBER FROM U. S. Sblpmenta to United KUsdom In April Froaa Battle Forts. London, March .3. Large importa ions of American and Canadian Umber Into the United Kingdom are expected ;thl9 yeflr the American Chamber 1 1 1 lib iiid uuivvu v of Commerce In London, una heavy shipments from Baltic seaports will start about the middle ot April. British business men are reported alarmed at the- lack of port facilities for j ;.lvlnr freak sunnlles of timber. b. cause large Blocks have been allowed to accumulate at docks which show few din. of belnff cleared. TlmDer Imflor. - w - T tatlons require skilled labor, ahd special arraneements, must be made to receive ha new Khlnmantii or InereaMd eoninuu on will occur. CHANGE QUICKLY TO PEACE WORK Munition Factory Tarns Into Automobile Plant. Spetlbl Corrtipontenct to Tun 8tm ano Naw Yoax Build. London, Feb. 17 Wat la regarded as one of the quickest and most com pletd transformations from exclusively war work to exclusively peace work has been achieved by the Austin Motor tJOWTltOJUBrlutfi Empire, rumored as negotiating In, working arrangement with the dan- Iflfnl Atnlnr Pornnrnttnii In Amfrloa. 1 The plant oovert fltty-threo wree on ah ebtate of 217 acres at Northfleld, near Blrm.lhgham. in the work of trane - ivon an idea ot tne magnitude or tne i - - task con bo grasped when It le re&llted i undercurrent of dissatisfaction, espi that from onevshop atone, once used aa i dally In labor quarters, that 'auch a Sfct Kna2ed0ftw.S! B " further other machinery fof mahufaeturlng auto- mobile caru. Rven since the artnlstlce 1 large additions have been made, and tho jeompafly has ordera on Ita books for Vm "'X makes tractors; lorrlea and electric generating aets, At a result of the reorganisation, now practically complete, there are about a scoro of different shops and depart rnente. two of the former, reserved for the machining of engine and transmit- Bion parts, having together an area of 170,225 square feet Others are In pro portion according to their place In the manufacturing eoate. Repairs, replace ment and wheel shop ore allowed 101, 525 square feet the assembly shop 90, 622 and tile airplane shop 68,900 eqUaro feet One mess room In the West works lias seating capacity for 2,400. CALL FOR BRITISH . COTTON INCREASES Agitation to 'Grow More Baw Material in Empiro Is Spreading. Sptdel Cvrttpin&tnc to Tat Stm axd New Yons BiOAtD. London, Feb. 17. Whether or not any other commercial project In the United Kingdom has received tho widespread approval that has been accorded pro posals and report emphasltlng the need for tho British Empire to become more self-supporting from the cotton point ot view Is' doubtful. Ever since tho report was made by tho Empire COttOn Growing Committee In the middle of January there has been constant agitation for mora cotton growing within the empire. The extreme decline In sterling and restrictions on cotton Imports duo there to served to reinforce the demand for Increasing', the home product Eighty-five per cent of the cotton used in tha vast spinning mills of Great Britain comes from America. That eq great an Industry should be so depen dent on the product of a foreign country Is regarded as a very woak link In the British commercial chain and one which should be strengthened at the earliest possible moment. The Empire Cotton Growing Commit tee's report showed that any move to Increase tho home grown production would depend on the willingness of the Lancashire mill Interests to lend their financial support The heads of that Industry realise tho difficulties of increasing cotton growing in the empire and the sums It woutd cost to reclaim wasto lands In the cli mates where cotton would grow, to build railroads, carry out Irrigation projects, conduct necessary preliminary experi ments and mobilize experienced help that would be required In the different ureas. In tho face of Uiose difficulties, there la some division of opinion as to whether It would be better to go ahead and sink the money In making tho at tempt or use it In buying cotton planta tions In America and Increasing their output so as to overcomo the agitation for a smaller American crop. That move Is generally objected to on the ground that It Would only postpone the tlma when Increased home production would have to be attained. The needs Of America for her own cotton are In creasing rapidly, and before many more years the crop, It is believed, will be al together Inadequate to satisfy American and British demand. II is on that premise that the advo cates of larger production In the empiro are laying stress and urging spinners to give full financial and moral support. A tax on Imported cotton to raise funds for tho development work In new fields Is proposed. Such a tax would bo extremely small and would not reach proportions of protective tariff, a Eng. land could not afford to lay a tax on ootton tbat would divert It from this market There Is one reason why the heavy premium on exchange and con sequent restriction of cotton Imports has caused much alarm. COOPERATIVE BUYING GROWB. British Company to All Small Trader la Formed. London, March 3. The American Chamber of Commerce in London ' In formed that, a British company, ht Na tional Union of Traders. Ltd., hrf been established on a sound financial basis to give tho Individual storekeeper ad vantages that tho ilg combine has. It Is claimed that that, organization wilt give the proflta of the middlemen to the traders' In addition to a share f all profits made and oowor to entn in healthy competition with company stores. The new cooperative rompanv tiro. poses I to appoint expert buyers in very1 branch of the trade to buy on fcchmf of J ......v.o uianiiimiul, BUT- ing nas i started on the grocery side. Un-lrjh der existing arrangements the big stores often deal directly with the mar.ufar- turer but the proprietor of 7 "St. atoro la compelUd by-the size of his or- dera to deal through a, middleman. Mem - bers of the union firm will be" ehrrged ltt Be- MnL hmtiiran nn !, ..-.. -- ; i.vuhw nnnriH mrn-a-ran vntran maw mil in ii im uuudii ri,nn unicB uito rroject for Interna- . . . tlonal Exchnngo ta Holland. Special CofrnponSenct to Tas Sci asd Nsw Yoax Hssald. ' Lowdon, Feb. 17. A despatch from Holland quotes Xleuwe Courant at Tho Hague assaying It has learned that pre. llminary discussions between the Nether, lands. Bank and Dutch exporters. Im porters and bankers for tho establish- ntntt probably at Amsterdam, ot an In leraanonai clearing- nouso tor the ex uruurs, um win navo tne mid- Missouri pactnc iku-jj a i.a dleman'a. profits, Intarest on the opluiMoh'le owo.......iiJ- 4-s s 5.7s Uiey Invest In the company and V g 3 582 gZ$S& W & change of goods between-Holland and 'January grots B2.255.im tt, 501,957 ROMAINB rFiortda. bv. it? ... othar MrantrlM are bilnaT hM . Balance after tate 2.M3.0M 122,U6 moda. craVe. 75cO1.75. SHALLOTS KSKMkl. l1"" of""" taeeme.. 2.I16.1M lit.m .Louisiana., ICO belie.. O.C0. rlPl.N ; iT The exchange of goods would be done I IJeaclt. California, crate. 1304: Texas, hsk . without the aid of money, thus reducing LOUISVILLE AND NASHVILLE. E?3eI-. !SUAm?; SJ1'' .fiSHl tht, trafla between .countries to a hpi I ...a .... b. '? marrow, bbl,. $404.30. t,m. Th .h.m. It l i,iu i. chiefly Intended to aid traders oven.the dlmcuttlea In connection with the de-, neg ated monev of tho countrlen nn H, ' . 0 VH au I Continent. . I The clearing houso would have ll.mnchMi In other oauntrlea. Its! tiaaif office being in iioiiana, , ASKS SETTLEMENT OF LEVY QUESTION London Banker Urgcto Investi gation of Pro and Con Arguments. Sptoiat Corniponitnet to Tu Bck AND tit YOSK IUBAtD, London, Keb. 17, Although agitation for a capital levy no longer enjoys prom (nL.'. , , ;... enmM ' , ina, spasmodic discussion. W. W. Paine, Joint general manager of Llovdrt Bantt. Wrltlnif (n tha Vimt. propoM8 that U)9 Govtrnmtnt shoUd mW the question question once for alt toy ap pointing a competent committee of busi ness men and political economists to Investigate alt arguments for and against It Mr. Palno believed suob a levy alto gether Impracticable, and It carried out, he says, would work more harm to In dustry and commerce than tha continu ance ot the income tax maitm. "PeODlo are nftt to unenk At pjihII .a If vested In tha hands ot comparatively few persons and could be dealt with a thing apart and solated from the trado of the country. That may bo true to a very limited extent as' regard try and represents th h.-ini .nm.,1 ings of liundrcda of thousands of In- yil?,l?nl f Paction, for without capital In some form or nnother no pro- duct on in poaslble. You cannot even beglh to4lll a warden without a spade. 2n2Lt.al .5r.om pre,ent vestment and apply it In reduction of the national debt would produce such a dislocation end disturbance of trade as would In- burden upon Industry than any to which t la subjected by the continuance of the Income tax atJta nrMnt l.vi .V! nt the very time when bV common con! sent Increased production Is tho one 'There are other objections, less radl cal perhaps, but harriiy lees Imporlant i. every fm of proporty, from land, ships, stocks and merchandise of edition, would have to be valued. The land valuation alone has Uken ten years.-and Is, I believe, still Incomplete. How ions will this valuation take, who Will make It and what will be Its cost?- "2. Think.' too. of the magnificent op- untruo as regards nine-tenths of capital !. ',.w'MJ,.ld?,! nv which Is invested directly or IndTrectly " rumii iWmi', In tho trade ahd commerco of thn conn. !8&lir is. ' 1 saSis in limn .u..t,ta BUL.-I. O, VfllUHLlDIl Willi irsuu inai ino nonesi ana scrupulous will pay for tho dishonest and unscrupu - lous. & iucn a levy win be tho greatest blow to thrift tha country has ever sus- tnlned. It la class taxation of the worst kind, for it singles out the accumulated savings of tho thrifty and provident. Which are (o be mulcted largely for the benefit of those who have lived fully up In'thelr Inrnmen nn,1 nrhr, illl . frj 1. 111 T e3,. ?ul free. Moreover, it will especially hit tho very class which has suffered moat from the warthose who have no earnlnr ca. ..a o a . ... . no earnlne paclty anil have retired or aro living upon tne hard earned savings of a lifetime-. "4. Have tha advocates of tho levy over thought out how It can be paid? My capital may constat of a house, a picture or a stock of leather, la the Govern ment' going to take one-eighth or one tenth of my house, picture or leather? It not, hOWAm I to pay cash? Every cne will be gelling at the samo time and there will be no buyers." METAL MARKET. March 3. March 9. Did. Alked. Bid. Asked. Lead. New York.... i.U Spelter. N. Y. anpt Spelter, prime west. apot t.CA Spelter, primo West, April I.SO Klectrt cop, apot Kleetro cod. Anril 9.33 9.M 9.10 18.75 I.7S .... 9.N i.:r,i .:',, .... IB,H .... 11.71 .... $17.00 1I.CO MOO 11.71 1S.M .... I1W.00 Jl.lb Qulcklillvcr IM.00 Aruminum H.M Ji.oo Antimony 11.73 1100 Platinum, an ounce 1155.00 Pig iron. No. 1 X foundry 17.05 4S.0S Pig iron. So. 2 (1U- con I! 04 47.06 Pits Bess iron 41.00 47.W 4I.M U.6 47.04 COO OLD llETALS. Dealers' bujlej prices are as follows: Copper Cents a poind, Heavy cut and cradbte 11.(0 1T.W Itelvy and wire , li.7. oil.il Llihi and bottom 14.71 IMS llsarr and macntnerr cOmp.. HM rtH. nrui. Laavy 10.00 QltM Draaa. ileal 1.60 1.00 No. 1 clean brass tumlafSMM. 1&.M 10.16 No. 1 romp turnlnis ItTTT.. U7I ejlt.I tead. heary 7.na7.mi Tea lead 1.75 a S.S Ztna scrap s.tn ot.u LONDON lOTAL UAHKET. LONDON, March 3. Following are- the clos ing metal quotations: t s. d. Changes. Copper, spot Ill is 0 on i:s ed Copper, futures ... m IS 0 on 13s Salea-Spot 100 tons: futures, too tons. Electro cop spot.... 117 0 0 .... Klect COD. luiures. in u u Tin. soot 40 10 0 off II 10s Tin. futures j.. Straits .... Bales-6pot, SO Lead, spot Lead, futures .. Spelter, spot ... Spelter, futures .... n 10 o off a .... 409 to o on, n its tons: futartx, ton tons. .... 4i o o on u its . .... CO 6 O off 17s td .... u o o on it ids ... it 5 o on ii fs EQUIPMENT TRUSTS. (The following are quoted on a percent ire bails.) ri.m.. Mat. Bate. Bid. Aik. Baltimore onto.... iOT-n sjs Haft Roch A PlttS.. 1970-M 4U--6 8.15 1.40 Can Northern -! 4t-t- 7.15 6.60 6.10 6.11 1.60 6.1S S.90 6.10 I.M 6.70 I.U E.7S 6.70 6.00 6.17 6.5S 6.SS 6.10 6.00 ts 6. 5.61 6,75 6.25 6.13 1.71 6.00 Can Pad no lsso-u Cheiapeake A Ohlo..l920-n 44 Chi & Northwestern. 103O-71 4U (.10 LIS 7.00 CIS 7.71 t.ii S.15 7.0O 6.K t.10 1.10 7.00 7.1S rt 1 A. oM 1-o.? i's h I XOrZM-ti i Chlckaaw iuflninr..ifci t Clete C O st L....UJMJ W &mft&$3l nunoU CentEi TSitSw W 1 iouliTllle & Kasn..lgo-tt & 'Xi'",,?' lJSl? W !aaepolla ot-.lKO-JT - MtMoun nn i,,iii Norfolk r Weatrn..l9-14 ,4H .10 NY. NW H U...1910-15 4i4-8- 7.00 'Penn Oen rreiht...i92o.a 4-4H e.pj Hadlnr Co irai-rf s.15 Seaboard Air Line., IKD-V 4W-C-4 7.00 nnrii , lunninr 1520-11 f 7.S .1910-34 44 S.1S southern Padfle 1910-34 4H Southern aallwajr...l9M-M 4H-I I.M EARNINGS STATEMENT. CHICAGO, MILWAUKEE AND ST. PAUL. 1910. ilia. January grots ....41I.S33.S90 U, 193,146 Btlaoci after taxes...... 1.S90.M nJ7,Hl Nat operating income... 1,127,170, 736,030 UiTNOIS. CENTRAL. " 1920. , , Ul. Janaary gron 111,255,993 tji.601,95 .,',, J Balance after taxes 1,206,011 souir present for evasion and fraud, with the'anot .... ..... V'. "7 llfiCiMS io3i ' cperstlng tnceme.... 1.211J71 'iiTl0Tl?TVfJS,P,?kflHJ!': I IIUCUIMi VAX.LGT. - , w I . ..?r.. 1919. Janaary gross lMzi.uf H?.7! ? 246.719 Balance after taxes..'.,.. 11.260 Net operating iaccae..,. XlifVl I . 'jtftatn. T TO REDEEM STEEL BONDS. Trustees of sinking Fund Drnvr nt 10 P. C. Permluni 9,000,000. J. P. Morgan VCo.k aa sinking fund trustees, have drawn 22,006,000 of United states Steel Corporation ten to sixty year 5 per cnt sinking, fund gold bonds at 10 Per cent, premium for re demption on May 1. On April 1, 1013, $18,27,000 ot bonds were outntandlng, tho balance ot the 2200,000,000 of the original Issue, amounting to $13,173,000 bonds, having been purchased In open market for tho drilling fund. Bince then eight drawings, Including the present one, have bum held, and tho aggregato amount of bonds drawn Is I12.ES6.000. Thus tho bonds In the sink ing fund ambunt to $25,709,000, and tho J amount outstanaing sudjcci mj mmum drawings $174,241,000. German Bank Statement, Hint.tN. Mnrch s.-The weekly state ment of the Imperial Bahk of Germany i a of February 23 shows tho following changes! Increase Coin, 1(899,000 marks! gold, ncoo morns; ircnsmj notes, 245,804,000 marks: notes of other banks, 1,056,000 marks; bills discounted, 2,115,000 marks"; Investments, 56,878.000 marks; securitlc. 713,745,000 marks: circulation. 741,534,000 marks" I liabili ties, 414,456,000 marks. Decreases Advances. 3,217,000 marka; deposits, 115,622,000 marks, Total gOld holdings, 1,090,095,000 marks. ' PRODUCE MARKET. BEANS AND rftAS BBAN8 Marrowi iMU.ft KL'J'io YVr Tio Yol";6: &tf.&V.T at ts. ii Ta. ii s cimromi to fair, VO ?tdium. i9l, ,! . '15 I'Sfh. fr5'n! iV'imh- trTu. o"' f.,,n.n.r lo.no wio: fair, th phas scotch. 100 iti.. '?.' Fr!"' fair $l splits . yelU. green, tl.5t white, small, Manchurlan, M60 6I t'O'.-"- , 1 BlOTElWCreumery, higher than extras, wore. VtiOHc: ffi to IT score, 540 i7e.r wwer grade., too lie. : creamery, bald, higher than 'r'-,4.V9,1-.:.fl,llJ Sx!l"' MVMSi,aVA ri .it2dhi&er 0e.; nrsts. 69flle.s soconds, 150 "ci State, dairy, was, finest ,11 I2e.; good to prime. MO"?.! common to ra r, tfSM! r.W TlS imitation creamery, firata, 460 .....am tnftli.. flrata. 4104SC.t cT: ull. current make, nrata, 4i4Sc: seconds, lU04Oc: lower gradea, oacklnc itocV. current maRe, No. 1. JH0', iil Inwte crades. 3IOIIC. ,1 w. , .. piaia. HOSlc.f vrag run. Jc.: 'lower grades. I6pi7e.t Twins, held, apj- tiir.r.s tate. wnoia tniiK. nciu u.n. m". TwinY. ajoe.i siagio .laiaiea. held, loeimc; DouWe Daiaiea. huld, , JV Sj SmeSJl&Fv gSS, 'fec "rair "good', lo'oiic.i i lower grades, 4 etc. COWONBliEU OIL-Range 6t priced! t .,1-1. r(A.. Aw lurch ., 18.W 10.13 l.w ia.vs-iv.vi 1 April .... I J in, , June,.... S0.2O TO.W 20.10 20,30-01) MM i juir so.a a.2 w.ao zo.ta-M ai.aa Autut... ai.Ta 20.W 20.50 m.-to vo.m ',,.'im?, SlXen im Es-HJeelDta'' to-day 717 cl Th market wPs not fully cleared rested day, and to-dny with a cautloua buying ?hd rather. liberal offerings the market has aeel ned on all tradea closing unaet- tied at the reduction. Fresh gathered, extras, down. Slft57c; extra nrits. 15c; nrst. ssn?54c: aeconda. nS!o.; dirties, 50c: checks, ajiod. to choice, dry. State, Pennsylvania and nearby, lennery. whltea. extras. IOci firsts to extra tints, &60S9c.;State. Pennsylvania and nearby, gathered Whites, flrsta to ex tra nrsts. ssS9f.; State, Pennsylvania and nearby Western, white pullets, 310 15c; Pacific Coast, whites by express, extras, nrsta to extra flrats, 11010c: firsts. 66 OI7c: pullets, Petaluma, 51 U 55c. other sections. 525Ici other Western and Southern, gathered whites, SSOSJiS; State, Pennsylvania and ricArbr eathered, brown mixed colors, extras, 16057c; mats to extra flrsta, 64c. ll.Otllt AND .MEAL EYE FLOUH Quiet: fair to trood, t9l.35; choice to faney, tl.4O06.7S. WHITS CORN FtOUIt Klrmi I1.I53.95 per 100 lbs. CORN JIEAL Firm: yellow granulated, 11.75 O 3.SJ' whlta granulated, 13.90. FEED City steady; bran, 100 lb. aarka, SSI; heavy middling, do.. ?55: red dog flour, 140 lb. aacl'.e, 169. Western steady; bran, 100 lb. aacka, 151051.50; standard mtddllnsa, do.. $56; flour middlings, do., 163; red dog flour, 140 lb. aacka, 145. Oil meal, 173 a ton. FRUITS, FRESH APPLES Baldwin, tl.S0O9.50i Northern Spy. 15010; Ban Davis. IOS.S0; King. 11.6091; Wlnesao. I4.SCO9.S0; York Imperial. I1.80O4.50: Atbimarle Pippin, HOI; dreenlng. ISO 11: Wlneeap, Far Western, box. 1 1.50 U 4. SO; Dellclou. 12.E0O5; Snltienberg, , I3.c6a4.50: Rome Beauty, :.to tf 3.75 ; Newtjwn Plpplh, 1J.50. PBARS matter. bbl 1105; bu. bale.. 1102.50. CRANBERRIES LAte varletlea. bbl., II 10 ORANGES Florida, box, 14.1049 7:50- California. 1407.50. STRAWBER RIES Florida, qt.. 60075c. TANOERINES Florida, atrap, J38: King- oranges. 14 6.50. grapciruit. i-iorius, box, ,'.ui, ph-Apples, Porto Rlcan. crate. I2.50W7. ntUlTS.nitlKn APPLES Evaporated, State, choice, 2122c.:prlme, lSKQIOUe.; Yaklmaa, 10021c; California, 1820c: chogs Inbbls., lb., lOOllo.i waete, old, 'nrObTATOKS-Bermuda. No. 1, bbl.. 113 14; No. 2. I10O12; No. 0. 17ti0; Maine, inn . isflrn: lflS lbs.. iO.bOaiO: State. 100 lha., i.186; 180 lbs.. ttt.5ttrtl0.G0: 105 lbs., inOlO: Long Island, ISO lbs., 810 11: ins ids., iv.auviu.itu. Sweets. Jer RSV. Nn. 1. bac. 12.2303 Delawaro and Maryland. No. J, DSK., rmiviniunn font sieaa, mess, 43: family, 150053c: short clear. I40O46. Beer steady; mesa, I160H: family. Ilia 23; packet, 117O10; extra India mess. 140 o 43. Itoga steady: bacons, 23Kc: .140 lbs.. 21Hc: pics. 23 He. Bellies dull; pickled clear, 10-12 lbs., 37c; dry aalted, clear, II 20 lbs., 19 c. Oceases.dulll yellow. HO llUc.; choice house, llHWISc. Pickled hams steady: regular, 10-12 lbs., ISHc skinned, 11-20 lha., !5Hc. Tallow eaay; city special, looae, 14c Lard firm; middle West. l20.ISO20.9Sj city lard dull: quoted, 20 He nominal: refined lard ateady: con tinent, 113.50; South America, 111.75; Braxll kegs, 114.75; compound dull: quoted, 330!4Vic. Stoarlne quiet; city lard atearlne. 27c; oleo. He VEGETABLES, 3I1SCBLLANEOU8 AS PARAGUS California, dot bcBs., 1I0O 30. ARTICHOKES California French, drum. 114010; box. 17.50O8. BEANS Florida, Das... Jl: lima Deans, i;uDan, crate, 13.5005: Florida, bile. 10(98. BEETS Old, bbl., S3.50Ot.CO; 140 boha. 13W4; loo Dcna,. -..-; liermuoa, orate. 1 1.50 2.2.1; Florida. 13 0 2.25: Iiulslana. 100 bchs.. 1500. BRUSSELS SPROUTS wnr isiana. quart, loas.ic: California, small drum. 1809. BROCCOLI Louisiana, bbl.. I10O12. CARROTS Old. 100 bchs.. 12.50 4: 140 bchs.. 13.23 1.75; Bermuda, crate. 11.23 0 2.25; Louisi ana, 100 bchs.. 12.5004. CABBAGES State, bbl., 1445.50; .ton, 10OO83; Flor ida, bak.. $1.7502.23: bbl. -crate, 13.6006; State. rd, bbl.. $3.5005: ton. $00083; bar. $3 0 4.60: Florida, red. bsk.. $2,250 2.751 bbl.-crate. $304.60; Rotterdam. 135 lb. crate. leroo: luu ids.. la.r.ujje: Dan. Ish. white. 200 lb. erate. tsoe. CAur.T. FIJWEHS California, crate. 12 5003.60. 1 CHICORY LoulaUna. bbl.. ISOt! Flof. . Ida. bak.. 1203.50. CELERY California, erate. 1103: Florida, standard crate. 12.5008.60. ESCAROLE tulalana. bbl' 17(18: Florida, bale, $263.50. ENDIVE Belgian, lb.. 5C33o. EOO PLANTS Ftor. Ida. box, 11.6006; Cuban, box. $1(14. OARLIC Lb.. 1502.V. HORHEnAnlblr 100 lbs.. Imoorted, $10018. KOHLRABI Louisiana. tOO bchs.. $403- LEEKS, T.onlslana. 100 bchs.. I9O10. LETTUCE--Flnrlda, bak., 50c 014: Texas, bak.. $1.75 r2: California, Iceberr, crate, $1.6003. ONtONS White, tig. lJSfl.30; yaliiw. j; , Ofl.23: red. .I.IOllr Spanish, case. 1364 half case. 91. 73 f5 2.25; crate. 11.2301.00. OKRA Florida, carrier. 4O0: Cuban. 14 AO. OYSTER PLANTS 100 bens., 1109 lH. PEAB Telephone. mll drum. 110 11! Admiral. I9O10. PEPPERS Florid box, 1308: Cuban. 130550. PARSLEY I Louisiana, curly, bbl., !2.Mr3.50: nln. ! 4n: Bermuda, erate. I101.CO. PORTU IOt7KSB KA7-E Bermuda, crate. R0e.ai2 u-rm.iaa. crate, up trishi 150 lbs.. I2.B0W2.73. TOMATOEaI "'J. " .l'ia'jrr'V" "t"-. ai.ao i it niirriTTor unnnirr-Ta n r. m TADd Tin.!..! IA99 m,m,,r HERS No. 1. dot.. $2.6003. ENDIVE Nearby, lb.. 10080c ' TETTUCE Eastern, itrap7)t.3S41.70: nearby dot heads, lii itjavc. iiuiiuujio u to. bsjl, ovo,v)s COFFEE MARKET. Tho'fcaturo In yesterday's cofteo mat, kot 'which caused Ita advance was tho Activity which haa developed In tho spots. Tho local market opened un changed to a 3 point advance, but later In the session firmed up quickly on cov ering and undoing ot hedges and eomo local bean turning buyers, The market closed at net gains for tho day ot 26 to 35 points. Tho local spot market was firmer at 15o, for Bio 7a. lUnt-o'of prices i Tttes tiben. HI ah. Low. Close, day. March ll.tO 11.10 11.(0 14.4040 11.09 April,,, i 14,50-U 14.11 May ll.CO 14.13 11.50 14.71 II 14.40 JUns, ,, ,,,, ..... ..... ,... 14.9l91 11.64 July 11.77 15.10 14.77 11.03-Ot 11.71 AUf Utttaleaet n tial esltt l its 11.98-93 14.6$ September ll.io 14,11 14.10 14 18-H 14.64 Octobff , 14.17-W 14.69 Norember,, , 11.I7-I9 14.67 December 11.57 14.93 11.67 1(1649 14.63 mmmte"&ASk btatWs"'50 List. Last Yesterday, week, month. New York deliveries. ?,o;i 7,ios 10 971 New orlttna dellv... 3L977 .iu 17,177 Total dellrerlos 11,953 New York stock (77,121 Nsw Orleans stock,, 191,033 Etook at all port 770113 11.1S0 641.916 271,111 HO.tM 153,937 tU,050 140.977 AIIUSl ,.(...,, ftlV.WV WU.vw ,u,v-v Visible Upply 1,149.113 1,173,190 1,215.977 Lait year's vlslble...l,4U.tl7 1,131,118 1,141,111 SECURITIES AT AUCTION. 7 share Bitnlt of America, Cll. 8 shares Hccbuilcs Bank ot Brooklyn, Oft a share, t share Nallnmvl Sugar Banning Company It shirea' f'fifps'-Dod Corporation, 130. 33 shares United 8tate , Natural Gas Com CS3.O0O 176,000 pany, Btaupod . distribution . on account each shire 133, in bonda of .tho n33. in tonus oi wo west vir ir and Klectrlo Comnany! alsd rinia vraie ilOO eaeli; too shires dolden King Mining Company ot Louisville, Ky.; li shares Golden King Mining Company of Loula vlllo, Ky., prefermd: 10 shares southern Malleable Iron Company; is shares United States Shipbuilding Compuny preferred; 11 shares United States Shipbuilding Com pany common: 10 shares Empiro Portland Cement Company preform!. 3131 lot. S,000 Texaa and Oklahoma Railroad 1st mori mi 6 per cent, registered bonds, duo 1913, Bankers Trust Company certificates of drpo.lt, ISM. :00 shares Dunn PotroieUm .Corporation. $1.17 jo 13.03 a share. , 1,000 shares Alpera Chemical Company, 111 lot. It M0 shares Corn Rxdianre Bank, 449. 100 share Steel and Tubo Company preferred, 88. 40 ahares Eastern Pennsylvania Railways Company preferred, 17 a aharo. 110 ahares Eastern Pennsylvania Railways Company common. 11 a share. 1000 ahares Dunn Petroleum Corporation, 11.80 n share. ' i;t.eo pua irom aaie oi certain propenina. REPORT OF TUB CONDITION OF THE HANOVER NATIONAL BANK OF THE OlTY OP NEWYOBK At New York. In the Statu or New York, at the dose of business February 28, 1020: RESOnilCKR. Loans and discounts , , . . .194,220.141.17 It. S. Rnnds tn aemre eJmitatlnn, 100,000.00 U. B. Bonds to secure U. S. de posits i U. S. Bonds Sl ctfs. of Ind, owned and unplnlaed... U. S. Bonds detmlted with Supt. of Banks. N. Y. State In trust , . Bonds and securities (ether than U. S.) to secure U. fl. deposits. . Bonds, securities, etc. ......... Banking bouse Due from banks and bankers. . . Checks and other cash Items. . . . Exchangee for Clearing House. . Hpode Clold.... OiiOO.COO.OO 0. 320.300.00 350,000.00 1, A20,000.0O 10,IMV4.961. -40 4.728,000.00 4,351,603.03 CM.232.03 11,4.72,942.44 4.101.434.M WMcrrosji in vault i.uv, Due from Federal Reserve Bank, 32,015,148.33 Redemption fund and due from U. 8. Treasurer. . .-, 37,000.00 Customers' liability (acceptances executed by other banks under Letters or Credit) W04.51R.tl3 Interest accrued 20S.480.11 1.UV7.334.U7 $160,270,005.80 LIABILITIES. Capital stock paid In. 13,000.000.00 surplus fund.. 14,000,000.00 Undivided profits. 15,389,300.05 Discount received but not earned. . 028,903.23 0.0HU20.1R 168,752.03 650,925.-00 100,000.00 geserved for Interest accrued., eserved for taxes National bank notes outstanding. Due to. banks and bankers t94.403.912.t9 Individual deposits . subject to cnocK. 0d,59-i,inz.i3 Dividends unsaid 1 700.00 Demand certifi cates of deposit. Certified checks. . Cashiers' checks outstanding.. ,. Other deposits.... A.740.O4 020,649.48 3.031,2101 , 4.297.10 -154.507,663.53 Letters or credit and travelers checks...... Letters of credit (acceptances 305,916.73 executed by other banks there under) , 1.S94418.32 1180,270.095.80 State of New York, County ot New York, as.: I. WM. E. CABLE, Jr.. Cashier of tbo TT.nnvM Vntlnnaf Tl.ntr ftf fhA Pllv nf Vr York, do solemnly swear tint tht above state-' ment u true, to toe ocst oi my Knowledge and belief. WILLIAM E. CABLE. Jr.. Cashier. Subscribed and sworn to before me, this 3rd day of March. 1920. W. I. THOMAS, Notary Public, New York County. Correct Attest: I WILLIAM WOODWARD. ' ELIJAH P. SMITH. JOHN P. STEVENS. 103f OF PAR AND INTEREST Tho Denver Ga and Eectric Company OENEBAL MORTGAGE 8fl GOLD BONDS. TO THE HOLDERS OF TUB OONDS SECURED 11Y THE GENERAL MOST GAGE OF THE DENVER OAS AND ELECTRIC COMPANY, DATED MAY 1, 19031 You are hereby notified tbat the Com pany Intends to pay off and redeem tht following numbered outstanding Oaneral Mortgage 1 Bonda, laaued purauant to the terms of the General Mortgage ot The Denver Gaa and Electric Company It tha Trust Company ot America (Tha Equitable Trust Company ot New York, auccessor by merger), dated May 1. HOI; and the supplemental Osneral Mortgage between the same parties, dated September l, 1191, to wit: ONE THOUSAND DOLLAR BONDS 29S0 SI91 ,6417 2911 4017 4411 2994 4011 6119 1117 4211 1741 1176 4174 lilt 1315 4114 Hit 3171 4416 1917 HIS SOU 7017 34S7 S19I 7111 1501 6371 7111 16 1162 2101 1S1 2111 2117 2494 2IS6 3157 2617 1706 2719 2101 131$ list 1371 1415 114S TWO HUNDRED FIFTY DOLLAR BONDS II 41 ONE HUNDRED DOLLAR BONDS 41 111 117 312 157 III 114 469 499 S90 The' above-numbered bonds will be re deemed and paid at tht office of Tha Equitable Trust Company of New York, No. 37 Wall Street. New York City. New York, on May 1. 1920. at th rate ot lOItt ot par, plus accrued Interest to that data, and upas such date all future Interest upon auch bonda will ceale, and tha coupons' therefor will be void: ot all if which you will please take nottet. The Denver Gas and Electric tight Company. By FRANK Tf. FRUEAOTT. President. THE Farmers and Uereaants' National Bank, located at Uoawttt. la tht State et Oklahoma. Is closing Ita affairs. All nott holdera and other creditors ot tbt asaaela Utn art therefore hereby notified to pitatal the notia and other claims far payment. E. IRBY, Cashltr. Dated: January I. 1914 ELECTIONS AND MEETINGS. JSlas pbvwIiR cotnrw Philadelphia, Pa., February 21. 1930. The annual meeting of tha stockholders ot Atlaa Powder Company wltl tw held at the principal ofllae of tha Company In Delaware. Room 4145, fl. W. corre llth and Market Streets. Wilmington, Dela ware, on Tuesday, the llth day of March. 1910, at twelve o'clock noon, for tht elec tion of Dlrectora, and tor the trantaetlon of .ut'u other bUilnii. as nuy pro&.ily corns befort tha meeting. In accordance with tha Laws ot tht State ot Delaware, no atock can be voted on at any election which haa been transferred on tht hooka ot tha Company within twenty days next preceding such election. LbiMnu kj.v, pecromry. GENERAL ELECTBtO COMPANY, Notice Is hereby given that a special meeting ot the, stockholders ot Oeneral Electric Company will be held at twelve o'clock, noon, on Tuesday, March II, 1110. at the office ot the company in Schenec tady, N. Y., for tht purpose ot voting upon a nronosltlon to Increaae tht capital atock ot the company from the present amount of I13S.O0O.000, conalsting ot 1.230.000 1 aharea Ot tho par value ot 1100 each, to I 1175,000,000, crialstlng of 1,750,000 shares I lh. n. v. 1 nn , SinA AftpH V The stock transfer books, closed at tht 1 rl ef buslneaa hours On February 17. 1910. will remain closed until Wednesday, u...ti 1? 1910. By order of the Board of Dlrectora: I M. F. WESTOVR. Secretary. I Bank of (he Manhattan Company w sore;, aiarcn I, 1930. .To the Stockholders of President and Di rSc,6r,..t l!".. Manhattan Company, Mease Take Notlcei . I t mi. , . n .1.. ...... . .. . . holders i of President and Directors of the Wanhattan Company will be held at the office of the Company, Number 10 Wall Biry'' "l.'h. 1'orouih of Manhattan. City ljio, t ii o'clock noon, for the purpoaa of voting upont , (a) Ana agreement entered Into and I made by president and Dlrectora of the Bank of ihe City ot New York, pursuant to the provisions of tht Banking lav of the Btafa of New York, for tha merger ot The Merchants junk of the City of New York Into President and Directors ot the Manhattan Company; . b Anlnorease of the Hoard ot Direc tors of President and Dlrectora or tha Jjanhattan Company from fourteen to t.?i.Tlut.Bl,.c,al Meeting of tne Stoek holders of President and Directors ef the "snhattan Company will be held at tha . 1 . V iv wi"MFnr, numoer sw vu .Street, In tho Borough of Manhattan, City I"'-1 m lene VUUVK l' jor IflO DUr- po3 of authorlilnff the inersft of th '""iih vuiiip&nr jrom ss,vuu,- 2...'..",0.p.e!lWtv5ulllorl?'l amount, con lg ot UO.OOdihare. of the par vilue ot 110 each, to IS.OOO.ufio, consisting of 100,. 000 ahares of tlla par value of 110 each, and to provide, for the disposition of such Increase and for tho disposition ot 1900 Pt,,,t4, lh P'esent authorised capital "i0,t..n,t n, nl ret been Issued. .1 't.tn tranafar booka of president fhd Dlrectora of the Manhattan Company w,'.ir.i),..Sl0,.,.,i.t ,h clfi f business Maroh Sid, 1910, and reopened at the be ginning of bualneaa. March 11th. 1939. ,ln"n ot the stockholders Is hV.'!i.i Jhe aon,,Pnylng circular latter Sf.ri.niJ.vin.kd,l? V""h "d "nt by direction of lha Hoard of Director. Dlro'tors' mtJorlllf ot tn Uoara ... ,',STS,PJ!H bXker. Prealdent. tary? ,E80N, c&ahler and Becre- L, I. BU PONT OB NKMOl'ltS POWDER, COMPANY. Uilmlnglon. Delaware. ..Vi Annual Meeting of the stockholders ali lha Iv r tli e . . . .Compjjnj; will bo hold on Monday tha UtH r'..y m iwBivB o cioc( noon, at tho DMnclpal oglee of the Company. No. ft Newark street, Itoboken, Now Jersey, fori the purpose of electing a Board ot Dlrectora ahd receiving and acting upon tha reporta of tha officers, and for tho transaction ot auch other business as may properly come before the meeting. ALEXIS U DU PONT, Secretary. Tllg ANNUAL MEKT1NO OF TUB Stockholders of the Leadvlllo Consolidated Mining Company, for the purpose at eleot-' Ing a Board of Trustees to serve tor the ehaulnt year and the transaction at such other business aa may properly eoate be. fore it will be held at tho office of the Company. 74 Cortlandt Street, New YorK City. N. Y., on Tuesday. March 16th. 1129, at 1:90 o'clock P. M. Transfer bookn will close on March 6th and reopen March 17 lh, 1910. P. J. BURKE, Secretaiy. TiiK delavvXbkXu'u New York, February 16. 1119. A quarterly dividend of TWO AND ONE QUARTER CK) PER CENT, on the Capl. tal atock of this Company In favor of stock holdera of record at the close ot buslneaa to-day has been declared, payable at tht office ot this Company. 12 Naasau street, In thls-Clty. on March 20, 1910, provided that before aald date there ahatl have been re ceived from the United States Government a sum sufficient In the opinion ot the Prealdent, with other available funds, to pay tho same, and payable at a later date when, aa end It such sum shall be so re ceived. ' Uy order of the Board of Managers. ' W. II. DAVIE3, Treaaurer. P. LORILLARD COMPANY. New York. March 3rd. 1120. Dividends of $1.75 per thars on the Preferred Stock and $3.00 per share on tha Common Stock ot P. Lonllard Com pany have been declared payahlo April lat. 1920, to atockholders ot record at the close of bualneaa March 15th, 1919. Checka will be mailed. ... The Transfer Books of the Preferred and Common Stock ot tho Company, which are now closed for tht purpose of the annual meeting of tha atockholders, to be held March 9th, 1920, will reopen at It o'clock A. 51., March 10th. 1930. WM. B. RHETT, Treasurer. P. LORILLARD COMPANY. Ntw York.- March 3rd. 1920. Notice Is hereby given that the Tranafer Booka of tht Reglatered Seven Per Cent. Bands of this Company will bo cloaed at 3 o'clock P. M.. March. ISth. 1920. tor the payment of Intcreat thereon, due April 1st, 1130. and wilt be reopened at 10 o'clock A. U., April 2nd, 1920. WM. U. RHETT. Treaaurer. AMERICAN CAR AND FOUNDRY CO. New York, March 3, 1920. COMMON CAPITAL STOCK DIVIDEND NO. 70. A quarterly dividend of three per cent. r.t. on the Cuimon Stock ot this Com pany haa this du, been declared, payable Thursday, April 1. 1920, to atockholdera or record at the close, of business Monday, March 15, 1929.. . t Checka will be mailed by the duaranty Trust Company of New York. 1L a WICK. Secretary. 8. S. DELANO. Treasurer. AMERICAN CAR AND FOUNDRY CO, New York, March 3. 1910. PREFERRED CAPITAL STOCK DIVIDEND NO., H. A dividend ot one and three-quarters per cant UK'S) on the Pref erred Stock of this company has this payable Thursday. April 1. J0',t?,l,o,c.f: holders of record at the close of business M. wa.l.Chb."mal?.d by the Guaranty Trust Company of New York. H. C wf(Bcretary.No TEXAS UNITED OIL CO. DIVIDEND NO. 8 The regular monthly 2 Jl caah dividend ana 'an extra S atock h.s declared payable AprI llth to i all stock holders of record April 1st. Catexs win ba mailed from Dallas, Texas. W. S. PRATT, PRESIDENT 1 West 81th St.. New York. Columbia Grsphophono Manufacturing Co. PREFERRED DIVIDEND NO. I. A quarterly dividend (No. I) of one and three-quarttrs (1) Per "nt. haa been declared unon the Preferred capital atock tt 'the COhfmbla Graphophont l(nufactur tnaf Company, payable April 1st, 1920, to itockholdtr, of record at the close of bust, new March 15th. 1920. Transfer books will not fecclo.lLvoDDnOPi Tftur. ColuiBbU Graphoehone Manulacturuif. Co. COMMON DIVIDEND NO. 8. . . A quarterly dividend (No. I) or twenty- record at trfe.S.e of basinets March lit. iTTransfer declared a Dmuena ' j,JB te , cTo'ee' orfeb.ln5. Mh Tl. U. Checks wino Sf'Xv. o.,r.arv& Treaaurer. -W. J. UUIII"." 5: -rrV. March 3rd. 1930- vm1 la hereby'glven that th. transtsr ..HMrAfD ivy. AMERICAN snutj 3 1121. J5S5 d. I w'nfbVmW u'rch iJi-Sn!Cii,v. irlll remain open. lru..v. " M. 8- FINCH. Treaaurer. . I I lFl?thA veNe wBYor SSTto III ruin a'f-i ai-A.rmifstrsi nr een'ton th". Prf"rd Stock Two"- f2.-S.fii ner rfent on the Common Stock ot Mmc1J. 1930. Check, will be mailed. E. D. "uniBTlAX. Petfr Trees. . WEYMAN-BRKTON COMPANY 1107 Broadway. s&VVnT0 Wot Weyman-Bruton Company -er. this day tfiSfZZSi aTtht'clo .' of ouflnea. March 15. 1920. Checka will, be mailed. J, I f.l.lillA. AJVW 4 Saw :t