Newspaper Page Text
13 $21,000,000 FRISCO Sertoli Sartor BONDS SOLD HERE 0titiUr3ltlll!aftrnirlll?n 111 Sruttbuiau N. THE SUN AND NEW YORK HERALD, WEDNESDAY, JUNE 2, 1920. We Specialise In Am. Pr. & Light Go. Deb. Ca 2016 yielding over 10 Nor. Tex. Elec. Co. 8 Common Stock yielding about 14 Republic Ry. & Lt. Co. 6 Cum. Pfd. Stock yielding over 12 United Light &Ry 8. Co. 6 Cum. Pfd. Stock yielding over 10 rrhata riionin to I'hlladflplilu & lloiton German Municipal Bonds t'lty of rterlln 4. (Itj of ltrrmtn 4!J (llj of Frankfort 4 City or Ilnmhun 4U city ot iiptir 4H. City or Vienna 4( I'nmlun 3l German Oov't Si Oennan General Electric.. IU Ilndlacho Anllln 4s ALSO I'rrnrli C.o't 5. Italian tiftt't Si Ilelclan Gov't Si Telephone or Mtite far quotation. AiH for till dtiaUcd'ctrcular S. i.-SOO. Farson, Son & Co. Members New York Stock lltthanco US Broadway, New York Make Your July Reservations Early QUR July Investment Guide, now in the hands of the printer, de scribes an exceptionally attractive and well-diversified list of first mortjfarfc I serial bonds, safeguarded under the blraus Plan in $1,000 and $500 denomina tions, yielding the favor able interest rate of 6. v Wc suggest that you write for it at once, and make early rcservati6ns for July investment, in order to obtain just the bonds and maturities you mos de sire. Ask for CIRCULAR D-410 SW.STRAUS &Cft ( IIUaLUHtS KM lCOfOJUTt l.W imOADWAY. NEW YORK Thirty-eight years without loss j to any Investor. W. F. Ladd & Co. Investment Securities New York NEW ISSUE BROOKS STEAMSHIP CORPORATION STOCK Qteutsr en ttqwi R.C.Megargel&C4. 27 Pine Street-New York Adams Express Co. 4's, 1947 Currtnl River R. R. 5's, 1927 FREDERIC H. HATCH & CO, fotablUbed 188S. Tlione Rrrtor M. 74 B'way, New York. nn.t,. ,WI"B CONNECTIONS notion, Chicago, pmu.. Montreal, Nttabursh II INVESTMENT SECURITIES UNDERWRITERS . lit Broadway Ntw Tork ciy r rhopf rtactor Ila3 Spcyor & Co. Buy Securities Tloccd in Franco During 1909 to 1913. flpeyer & Co., which refrained from transacting an International banking bmlnesa durlnff the war, consummated yesterday Its first Important Interna tional transaction since armistice day, and nnounced the conclusion of nego tiations -with the French Government for tho purchase of approximately 121, 000,000 of the St. Louis and San Fran cisco Itatlway Company's bonds. The Ouaranty Trust Company Is understood to be .Interested in tho purchase, which attracts International Interest becaure of the creation of dollar credits hero for tho French Government and by Infer ence that that transaction may lead to others of similar nature. Through their French correspondents, Speyer & Co. placed about 150,000,000 of Frisco general lien bonds In France dur ing 1909 to 1913. Under the terms ot reorganltatlon those bonds were ex changed for other Issues and, ns a re sult, the repurchase by tho Anier can hankers consists ot nbout 15,000,00) of St. Louts and San Frnn-lsco 4 per. cent, prior lien A bonds, about 15,200.000 of St. LouIb and San Francisco 6 per cent cumulative adjustment mortgago bonds nnd nbout 110,000,000 ot St. LouU-rin.i Francisco s per cent. Income mortgaKe bonds. They represent the dotal hold ings in Franco of Frisco securities. At tho start of the war tho.holdlngs of Frisco General lien bonds were pur chased from French Investors by tho French Government, which used them In establishing American credit The bonds had been Bold to French Investors when the franc was worth Its parity ot ap proximately 19 cents. The franc la now worth nbo'ut 79i cents. As the price paid for tho bonds by Spoycr & Co, In dol lars was very cIobo to the prevailing market price, the French Government Is enabled to obtain n largo profit on the transaction through the exchange rate. Tho bonds purchased from tho French Government will be placed privately with Investors and no publlo offering la contemplated. For Eome months Frlsjo bonds have been selling at relatively low figures, deeplte the road's financial con dition and statements ot Its oartilnce. the Frisco being one of the few roads tho net earning" of which exceeded the Govern ment rental during the period of Fed eral control. It was said yesterday that tho desire of the Frtnch Government to resell the Frisco bonds to American In vestors had been known In financial circles for considerable time. Through the situation In exchange tho French Government receives a profit and an original holder ot tho Frisco general lien 5's haa been receiving 514 ner cent on his Investment Instead o( 5 per cent, as specified In the old bond, because In that road's reorganisation, carried through soon after the appoint ment of n receiver, the unpaid Intcrept was provided for In full nnd the bond holders received new securities on which the Interest has been paid In full. At tho samo time that the French Government receives nbout 120,000.000 In dollar credits, which may be used for any purpose, Including part payment ot tho Anglo-French loin, which matures In next October, the Hclglan Govern ment receives nearly 130.000.000 through the sale to bunkers ot $50,000 000 ot Kingdom ot Belgium twenty-five-year external gold loan 7,i per cent, sinking fund redeemable bonds, but tho proceeds of that Issue must be used to meet a like amount of accept ances which mature on June 28. The subscription books for the new 150,000.000 Belgium Issue nt 9"U and Interest open at 10 o'clock this morn ing In the offices of J. I. Morgan & Co. and tho Guaranty Trust Company, but the advance subscriptions are heavy. The members of tlfc distributing syn dicate which Is offering the Bcljlan bonds nre na follows: j p Morgan & Co.. the Guaranty Trust Company, the First National Bank, the National City Company, the National Hank of Commerce in Now York, the Bankers Trust Company, the Chase National Bank. th Liberty Na tional Bank, the Central Union Trust Company. Lee. lIlgglnnon & Co.: Kid der Peabody Co.; Harris. Forbes & Co Wm. A. Bend & Co.. Ilaloey. Stuart 6 Co.; the Contlnen'M and Commercial Trust and Savings Bank, Chicago; the Central Trust Company of Illinois, Chi cago; the First Trust and Savings Bank, Chicaso, and the. Illinois Trust and Savings Bank, Chicago. S00 INCREASES SURPBJS. Knrns $14.12 i Share In loiu, Against 8.14 In 1018. rm. ....i. inrnma account Of he Milwaukee. St. Paul and Sault Ste. Marie Railway Company lor accuruuis u .. .... (n.t ImupiI. nhotvB sur- plus after charies. Federal taxes. Ac?.. of $5,338,415. or JH.1Z a snare, cniuc. on $37,810,200 of Its capital stock, which contrasts with a surplus of 13.213,131, or $8.14 a share, earned In 1918. The compensation tho road received from the Government amounted to $10, 610,533, and other income to $928,735, making total Income $11,539,250, against $11,210,371 In ISIS. Interest, taxes, rentals. &c. cost tho line $5.894,46, against $7,316,218. nnd miscellaneous charges aggregated $306,199, against $681,022. leaving a surplus for 1919 of $6,338,415. The corporate Income account ot the Chicago division, the' Wisconsin Central nallway, showed surplus of $1,518,636 In 1919, against $1,045,030 In 191S. FINANCIAL NOTES. Exooutor TniBteo Oharterod 1822 The Farmers' Loan and Trust Company Nos. 16, 18, 20 & 22 William Street Branoh Office, 76 Fifth Avonuo At Forty-first Stroot V Now York London Paria - Foreign Exohango Administrator Guardian Monitor Federal Eosene System md New York Clearing House How Many More Liberty Bonds Can You Buy and Have Thgm Exempt From Income Taxes? N Many people would buy at the present at tractive prices If they only knew which to buy and keep within the exemption limit. We have a .chart which will show you just what you want to know, and will be glad to send you tMt and execute your orders. Curtis & Sanger Members New York, Hoot on nrl Chlcsso Stock Exchtnges 49 Wall Street New York TIOSTON SAN Fit AN CISCO CniCARO VACUUM OIL NET ADVANCES. The annual report o: tho Vacuum Oil Company for 1919, Issued yesterday, shows net profits for that year, after all charges and Federal taxes, of $8,112.77". equivalent to $54.08 a share earned on $15,000,000 of its capital stock outstand ing, against $32.74 In 1918 and $62.16 In 1917. Its bnlanco sheet of December 31, 191S, shows total assets and liabilities ot $76, 619,539, against $75, $87,344 at the close of 1918. Accounts receivable and cash weto assets which showed largest In creased. Among Its liabilities the Increase was largely In surplus. A decline of al most $4,000,000 was shown In accounts payable at the end of 1919. CONSOLIDATED EXCHANGE. Reflection of greater stringency In funds, through an advance of the call rate to 10 per cent, and the confidence Inspired In the bears by tho Federal Keserve Board report paved the way for materially lower prices during yes terday's trading on the Consolidated Stock Exchange. Declines In active In dustrials averaged from 3 to 5 points, and rails, after showing an upward ten dency nt the outset, fell In line with tho downward swing. BONDS IN STOCK EXCHANGE TUESDAY, JUNE 1, 1920. 1920. 191). Day's sales $12,011,000 $14,6)9,000 Year to date 1,693,389,000 1.434,940,000 RANGE OF LIBERTY BONDS. rininp. sales (In Bid. AKkcd. rieiu. $1,0008). Opsn, 191$. I7.100.00n (l,999,000 91.30 80.(0 36.10 87.20 86.70 90.50 S7.30 95.94 95.90 91.50 87.00 S6.60 87.10 86.80 90.60 87.38 96.00 96.00 4.03 4,8$ 5.00 5.11 5.26 5.70 5.35 6.26 5.25 695 3 Us (19:2-47) 23 1st cv. 4s (1932-47).. 118 2d 4s (1327-42) 56 1st cv. 44s (1932-47) 1.791 2d CV. 4 Vis (1927-43) . . lst-Urt cv. IV. (32-47) 1,300 3d 4i (1923) 2,345 4th OA ii (1933-38)... 1,316 Vic. 4iS f 1922-23) ... 654 VIC 38 (1922-33)... 91.80 16.80 16.30 $7.70 87.40 91.30 88.20 96.00 06.00 High. 91,80 86.80 86.60 87.80 87.40 91.30 88.20 96.10 96.00 I)W. 91.20 86.10 85.(0 87.04 86.10 90.66 86.90 95.60 95.60 Last. 91.20 86.80 86.50 87.40 86.80 90.60 87.30 96.93 95.96 Net chts. .50 .70 .54 .32 .58 .80 .82 .06 .04 United States, Foreign Government, Railroad, Industrial and Other Bonds ..(3 ..53 CIMeQ Joint li I OiH 7 4U t 4.1i 1 01 U BUS NY City 4.i III Chi il .V Q III W 4 SOU I NY City J)fsM Chi Ot Wert li Mty 1.. a.. . .7A! ..7J AMloFrencn l ; iin iwi IS 0(I3 2 0V NY Cltr4Ms6l ! it (M5 2 02ia! i 30. t!VNYCItyIMS lOTN . . . .SfPl f HI ... ..tS I tesfttered I I ... 9S3 ' tltyofLyons (i it. 0S civy or jur tellies Of 3 i0 City of Psrta li IB 021j 1 V2i 3 2 1 D'itt 2 013( 14... ....91 2... 02U 1 2l3 United Klnuclm 4i till 1 OJ io sua A B4Ji 1 041JJ BUS 1 SI'S iks m rcu 10 wis B 37( 2 04l 1 OiH 10 "158 IK IMS-rcu is w i sou ..SDI.! BANK STOCKS '"McCLURE, JONES & REED Mtmbtrj ft'eio l'orfe SlorJe Enhance Hankers Truit Company has been ap pointed transfer aitent for Tbltnkct racking Corporation ctplUI stock and Bollvla-Ar-(tntlne Exploration Corporation capital stock. rtaymond r. noherM. formerly msljtant trcaiurer of Harrl. VoukIU t Co., Inc., haa bean appointed vice-prcaldent of the Fldtlltaa Realty Corporation, which handles the realty intoreiU ot the Guaranty Trutt Company. Empire Truit Company ha neen appointed transfer arcut and registrar of Anchor Pot iron Works praf erred and common. Sutro Bros. Co. have toned a pamphlet entitled "Opportunities In Liberty Bonds and Victory Notes," tatting foiih the aallent features of those tasuen, tax exemptions on them and recommendations as to thetr pur chase. j, Louis Van Zlm has been appointed third vlc-preldni or me isew iorn ui Insurance and Trust Company to succeed H. M. D. HOpXim, wno mireu in uanuaiy. Mr. Van ZeJra haa been with the company for twenty-two years and its aislitant sec retary since 1008. California Tacking Corporation announces that' tta employees eubacrlbed for all of the 10.000 ahares of In capital atock recantly offered to thm for tubacrlptton at $.0 a share. That offerlnr was made with thr provision that 83 a. ahare be paid at tha time of aubscrlptlon and tho balanca In In alalmentJ during several years. To accommodate 1U expanding business the New York Title and Mortgage Companw Mai taken over from lt former tenants ad- dttlonal floors 01 in puiiuinR, to uiu.u.bj which lt will eccnpy today. Tllehard Vf. Saundera ha' been appointed rnmnli-nttrr of th T'amoin rinver'-Iky f i o 12.. "10.. ,. 5.. 10.. 1.. 2.. .fflHj .8S .KD34 .sort .UU S 8934 Kl 1U7 4 Mil 5 SITj 2 8434 U 4lj 1 8414 1 84 Italian Cot Uif 1 93 DmCanadaCHa 1931 0.712, mi i ons 4 oiu i Bl :i oofy S.......OI Dom Canada Js 1131 1 07 im t SRIJ 8 876 Hep of Cuba not 0. 3O...0O38 US of Mexico 4i l :e City ef Copen. hcn. tH 13 7511 ChlneseOon is 1 42 7 418 JapaneselatlKa 1 7Wj 3 75U 10 75 Japanese 3dlii 15 74 1 74l4 oia 74U e 7414 1 74 Ha 74 a.....73!g 3.: 74 2 7SU Jananesa Is 7 881s 10..30...573 3 5714 3..I30...57I4 l..a30...571 3..i30...673j I2V30...A7 5 ftr?a I ,oA ..O.I4 AraSmtltiR J 1 77ia 2 7734 AmTtT CT M 2 031a 2 V1H 4.....93U a......3l!a 3 93ta 0 93H AmTiT clt J 10 751a 9 76U 1 76 I AmT&T dl 4i 2 10 .....741 3 7433 AnnArborlst 4i a 40 Armour 4M I 1 -73S AT 8F genii 8.......74U 3 73 .7312 1. 521s C II A Si V CV 4J a s 3 07 2 7s 2., .....Mia 3 oea4 CJItStHH 4)fS 7.......8818 23 .17 fhirtmrrefn 2 (Ulg fl 4 H 6334 n naiii 7 64 5 MS 3 031a Cbl& Wind It I 50 Chu UnStn eMs certificates 3 100 4 lOOIg 3 10014 Chile Copper Ja 2 100 7 BOSi 3 "3I4 Chile Copper 1 7313 13 7S 2... 7478 CCC&StUmti 1 AT4SFC1IK I ..71 AT&SFShMs 6 3 AtCoaatUoe It 2 73lj, 2 74 1 73t3 10 7334 2 73 AtlO Ldt It I 34 o O.J 1 1 fi38l 1.. 10.. Dalt it Ohio Is J 7l4 JO 87 5 SM4 1 MI3 D O J 1M 3 03 1 eoij 2 63 BAOcvlh' :o. 60 2 SB'a BlltftO sold l 6 ei 2 601? BalUOhlo 1H 3 soia Bait O PI. K & W V 4s 1 54'4 Bilt403WJ! 0 ."TOU 3 71 bJtU Tol&U U (1 46 BethStl tt 119, 1 79 1 7!g Bkn Bap Tr 11 2. 22 I CartageAAd U 1 73 Cent of Oa is 18 861a Ceniraclflc in 8 70 10 OBta 3 eoig O O CT la It 8 74 C & O ct 4HS 3 70 1 sa 1 tVH 4 601a Chea SO6I1 1 72 Chao BAA lit 1.......M CblAAIton iK a.., . . .236 Osl h Alton : 0. -"'l R3Jli 25. 63 14 .Oils Col 80 ext i'.it 2 71 13 Colo Soul bis 2 O-479 Con (Jasl-yrTs 1 BBI3 1 B!"8 1 04 To B07a Cuba Cane act 1 B7 071 7 97 Delft Ilud IH I 0 Den tnilh 5 68 Den i K (I m l 64 Dan & Itlo O 41 4 62l I. ...... f.3 2 01 Den&RQ refit 15 40a 7,.t20...4n 8 461 10 41)78 21 47 5 471g ...... 47J 2 47t4 DlttOlersSfc s 3 78 1 777s Erie cr 4s er A 3 31lj 8 34 ErtecTlstcrD 2 3614 10 33li 5 3514 1 ssia A 35U Erie gen It S 4tU 5 4134 2 4Ha 1 41 den Electric i 8 BM 1 97U aen'ileetrtefu 1 82l3 a 62 Great Nor H 0 77 Hud M fda Is Series A 3 575 10 17I ItndiHan adj I IS 1 .. '!'- Ill iVlnl a 6i III Cent is lit 2 04 III Cen rcf It Si 3 70 A 09 IndlanaSteel U. 5 84 Interb II T rcf U IMS 3 A33J 18 6.1 3 Mis' lnterboro-Uet 1 col imit 4Ht iu 1014 IntAgrChlt 1 78 KCFtSfc Mil 8 C2 2 2l4 KanO Sorer it 2 05V 1 ecu 2 eoij Kan City So 3s 1 53 82!8 1 621 KanCltyTer Is 1 C8I3 Lack Stl St mi 1 0278 NYOntJt Wit 1 39 N Y Byi adj is rertlOcatet 8 6 .N Y Tel deh it 1 87 NY Tel gm Kit 11 73 NYWestchettr k Botten iHt A. , 3lt4 7 40 NorfJt Wet (t 2 97 Norfolk Wit a ...73 N'orfiWroealJ 2 73 North Pae 4)t 6 7138 s 7Ha B 721a Kortnernracia 0 714 2 7113 NortbervTacJi 3.a30...53l8 8 54 3 623 Or Cat lit I 3 t" 8 SW4 L8A MS It 1KI OrBalliNav It 2 PO I 9 71 5 Vfilj'radflc Casts 2 70U' 1 731a Lerugn val m ,rac or ho it 2 94U 3 9413 Lh Val ter is 4... nou I.lntt li UIl 1 lOOIg) 1 103 J 102J4 fl 10213 12 102 14 1018 1 102 Long Itl gm 4a 012 Lou Nath It 1 707a Manhat By la stamped 1 53 Mldvale Btl it 101 80 1 8OI41 2 79 I StoK&Kut Itt 1 33 1 7.1 Pennar.TSnlaTt 5 1021a 1 1023fl n 10213 1 10-jlj! 2 102 7......102IJ 1 1028 3 104 1 103b 20 102 ..10204 l'enaa la HM 3 833l 2 83 5 831: 7 3Ss Pens gm lH A 2S. 7614 S 75 1 7M4 2. 74s 37 74.14 1 74 Mo It & Tex (t Venn IHi 5. 3Ig 3 07 13 54 iPenna is IMS MnKATex fdl 1 777 10 35 IpeoOtsCfde It 13 34 1 1 603 Mo Pac gm It Peoria & t In A 531 1 01 a 1 33 I 1 10 J 53lj P LorlUard 7t I .'.5314 1.. IOII4 5 5313 Pitta Ctn ChtA MJOPIACgtd' St L IHi A Is int I 81 80 1 70lj Reidlnr gm It JtootPwrli 1 2 761 5 7s' 3 7(P8 6.......7R13 BepItS is HIO 5 iKH 1 8018 NO Tex M it RI ArkitLa iHt 10 If. N Y Cen deb to 3 88 4 87t 1 88 N Y Ceo IMs 6 72 N Y Cen deb la 1. 15 62 2 614 07 i 6. k0.. 62 6 Mi) 18 62 37 23 1 3 112 1 2ls S 62 Stl, Jt PtnFran loc It 6f. 48 3 IS'4 7 ,.4Wa .4M4 .4834 .487 .4834 .485g .4813 .48lt .4813 .4834 .751i 1 Tllil NY CffllHJ II 6414 NYConRy 4Ht s 631 NY flat ILt 1 APIs 2 7634 ft 1 .1 u 4 11 CT tt 3 60 6 6ts 1 09 1 6034 rtYNnAiimi 2 48 NV.NII Alter 13 to...ei 2.j30...611g 3 OiH 8tLJrontO 3 60 SH-A Iron Mt RIvA Outfit I 01 EtL A BanFraa Series A X 611a 1 54i4 1 547, 9..,....64l 34 '.Hi 21 541 2 547s 10 341a X Mil jSU BanFraa Series a 13..-... .64 6tLA San Fran Series O 3 831a 2 S3Sa Stl.ASanrraa 30. 5. 10. 3, 10. 1 8, 1, 68. 1, StLoulaflW it 2 53 1 3 J 8258 StLSW con 4s 4 53 Seahd AI. 4l stamped 4 621s 2 52 Seabd A I. adj . 3 34 1.......33U Seabd ALrru 2 4 1 la 3 42I3 1 44 SouthPac cr fa A 071j 10 077,4 20 06la 6 00 2 .B61a SouthPac ct it 2 7(Vi4 22 -5S4 7 731a 3 75U Southraeref la 4 7013 13... ...,70 A 607,1 1 605a A 00 2 6934 fouth Pac 4a 2..I30...63 5 04 Southern Ry i ' 7 81 Scutb Itygmlt 8 6r,l. ,3... .....153.1 3 5ft Texas Co cr lis 1.. . .1047tf tlnPae 10-yr It B7 CntonPadfle It 10 771 3 10. 77U4 0 7778 UnlonPac Vt 4i 1 81 .a 8i3 Union Pac refit 3 72 1 715, 1 713, 3 7034 OSRealtT&I I. 2. .A... 787, V B Rubber is 3 801a 1 80 10 TWg V A Steel tt it 91 0 913. 1 013 a silt 12 9113 10 911, Utah Poner it 3 74 Virginian By 19 3 75 Wett Md it 1 49 WllaoaftCo lit 1 88 S 871a Wilton A Co CT 1 ...i 3, . 6 Messrs. J. P, Morgan 6? Co. and Guaranty Trust Company of New York, fiscal agents in the United States for the Bttgian Government in conjunction with the First National Bank of N.. Y.t The National City Co., Bankers Trust Co., Central Union Trust Co., Chase. National Bank, National Bank. of Commerce, Liberty National Bank, Harris, Forbes & Co., William A. Read y Co., Kidder, Peabody Co., Lie, Higginson fcr Co., all of New York; and Central Trust Co. of Illinois, Continental & Commercial Trust & Savings Bank, First Trust fc? SavirigBank, Illinois Trust Savings Bank, and Halsey, Stuart 6? Co., of Chicago, offer for subscription $50,000,000 Belgian Government Twenty-five Year External Gold Loan 7l2 Sinking Fund Redeemable Bonds at 974 and interest To be Redeemed at 115 by Annual Drawings at the Rate of a least $2,000,000 Annually Principal, Premium, and Interest PfVablo in New York in United States Gok loin Coupon Bonds, $500 andl,00e The Belgian Government promises to pay annually to Sinking Fund Trustees in the City of New York, in United States gold coin, not less than $2,300,000. The Sinking Fund Trus tees are to dra'w by lot each year not less than $2,000,000 par value of these Bonds to be redeemed on June ist of each year at 1 155. The Government has the right to increase the amount of payments to the Sinking Fund Trus tees for the drawing of Bonds at $co By operation of the Sinking Fund, the entire issue is to be retired by matur ity at 1 1 $o of the principal sum. The Government also agrees that if in the future it shall issue by public sub scription any loan with a lien on any spe cific revenue or asset of the Kingdom, this present loan shall be secured rata bly with such other loan. Belgium is furnishing a most re iv markablc example of the re-establishment of industry and economic life. Bclgiau Government Bonds have en joyed a high investment rating. For example, her 3 Perpetual Bonds sold from 1901 to 1907 to yield not over 3.15&; from 1908 to 1912 to yield not over and at the present time are selling in Brussels to yield under 5 t The following table shows the yield which the Bonds of the present issue will return on the purchase price of 97 'A, according to the year in which they are drawn for the Sinking Fund: Ye 1921 24.89 mi 15.82 1923 12.89 1924 11.44 1925..... 10,58 1)26 10.01 1927 9.60 1928 9.30 Ynr Culltd Yield 1929 9,67 ?S 19M ....8,38 19.-1 8.73 1932t , 8.61 1933 8.51 1934.. 8,42 1935 8.35 1936 8.28 1937 8.22 Yur Catted Y:tU 1938 8.17S 1939 8.13' 194 8.09 1941 8.06 1942 8,03 1943 8.00 1944 7.97 1945 7.95 Subscription Books will be opened at the offices of J. W Morgan & Co. and Guaranty Tnrst Company of New York, fiscal agents of the Belgian Government, at 10 o'clock, A. M., Wednesday, June 4, 1920, and will be dosed in their discretion. The right U reserved to reject any and all applications, and also, in any event, to award a smaller 'amount than applied for. Amounts due on allotments will be payable at the Office ofj. P. Morgan & Co., in New York funds to their order, and the date of payment(on or about June 18, 1920)' will be stated in the notices of allotment Trust Receipts will be delivered pending the prepara tion of the definitive Bonds. For full details regarding tins issue rejet ence is made to a circular which may tie haa on application. June 2, tgso ' ' State of U tah Road 4Vz Bonds Due July 1, 19 9 Free from all Federal Income Taxes. Legal investments for Savings Banka and Trust Funds in New York, New Jersey and other States. Net debt about 1 of the assessed valuation. Price 90o and interest Yielding 5.30. Eastman, Dillon & Co. Manberr. Neit,York Stock Bichangc 71 Broadway, New York di fl j N J r 147 Milk Street BOSTON Stone & Webster Incorporated 120 Broadway NEW YORK 33 So. Dearborn St. CHICAGO BILL TO PROTECT AIR INDUSTRY FAVORED Anti-Dumping Measure Wins rr r. . . in a ouae uommiHec, prices. The purpoae la to atlmulate the ! tttrcr&ft Industry In America, which, ?c- Pp-'til tt Tun fiiw a.id YoaK Hul. cording to testimony taken nt a long 1 1 t - 1 -The Whh and i heating uy tne committee, would 1 wrecked l( material from n broad were Means Committee voted unanimously to-day to report favorably to the House the antl-dumplng air craft bill, designed to prevent the acndlng of ten thousand British airplanes and thirty thousand enc'.nca to the United States at low EXAMINATIONS AND STUDIES of Industrial andPu bile Service Properties REPORTS on Valuation and Operating Efficiency .Mark A Nool Trteattort C trln OBLE & CORWI 25 BROAD ST. N NEW YORK Bank Stocks Attractive Investments The bank and trut companies of New York have been re markably juccesiful. Many bank stocks arc now selling at prices lower than their progress warrants. We offer our services and records in the selection of these securities. Telephono Broad 1111 N allowed to swamp the domestic market. Col. W. U Glimore. chief of the supply division of the service, said American nnnutacturers upon whom the United States must rely In time of war could not compete with Ihe price at which' the British material Is to be sold In tlio United States. 2 14 "If