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NEW ISSUE $7,200,000 Columbia Graphophone Manufacturing Company 7% Cumulative Sinking Fund Preferred Stock Preferred as to both assets and earnings. Par valoe of shares $100 Quartrrly dividend dates first days of January, April, July and October Redeemabk at optkra of Company at 110 and accrued dividends Exempt from Normal Federal Income Tax CAPITALI2ATION: Aotbortnd Oatctandias 7% CumuTatrve Preferred Stock (Par $100) $15,000,000 $10,781,890* Common Stock (without par valne) 150,000 shares 70,886 shares "lurtoaitar pieacul lssoe. For informnticn regarding this wu# of preferred stock and the bmsinews of the Company, we refer to a letter dated May 7, 1919, from Mr. F. 8. Whitten, President of the Company, eome of the itema of vhich he hat bntfly summarized at foliowt: Business, established in 1887, consists in the manufacture and sale of the well known and widely used Columbia Grafonolas, Columbia Records, ?nd the Dictaphone. Puri of present issue is to pay off $1,936,800 face amount First Mortgag o Bonds; to retire $2,200,000 Serial 6% Notes, and to supply additionai working capital; upon completion of this financing the Company will have no mortgage or funded debt excepting a small purchase money mortgage for $20,000 due in 1923. Net profits, as certified by Arthur Young & Co., Certified Public Accountants, for the Z% years ended March 31, 1919, after deprecia tion, taxes, etc. (but before allowing for interest which is being elimi nted by this issueY averaged $1,731,058, or over 2}/A times the annual dividend requirements on the preferred stock, and for the 15 months ended March 31, 1919, were at the annual rate of $2,159,303 or over iyA times said dividend requirements. Based on the net profits for the first quarter of 1919 and the pres ent volume of $11,000,000 unfilled orders on hand, the net profits for the year 1919, computed on the same basis as above, are conservatively estimated at upwards of $4,000,000, or between 5 and 6 times the an? nual dividends on the preferred stock. Total net assets (exclusive of good will, patents, trade names, etc.) as of Marc 31, 1919, after giving effect to this sale of preferred stock are equal $162 per share of preferred stock, the net quick assets alone amounting to $119 per share of preferred stock. Equity, based on present quotation of about $250 per share for the common stock, represents a market valuation of about $17,700,000 junior to the preferred stock. Annu 1 sinking fund for the purchase or redemption of preferred stcck at not exceeding 110 and accrued dividends is to be created by setting aside from surplus profits: (a) a sum equal to 3% of the aggre? gate par value of preferred stock issued whether or not outstanding; (b) a further sum of 3% of the net profits as computed, after allowing for taxes, interest and the regular fixed sinking fund. First semi annual instalment of the sinking fund will be due on October 1, 1919. Application will be made to list the Preferred Stock on the New York Stock Exchange The Company's temporary eertiflcates wiU be deliverable, bi the first instanee. These certificates will, by their terms, be exchangeable for engraved certificates when prepared. Copy of prorisions goveming rights and preferehces of this preferred stock will be fnrnithed on ap? plication and reference thereto it made for all details. An appraisal of the propertiee haa been made by tbe Standard Appraieal ComDanr of ?? T?* The Company* books are regrularly audlted by Arthur Young & Co.. Oortlfled Public AocountanU, New York Tho leyal procewMatrs in connection with the issue and sale of tbe above preferred irfm* .~ *-.?_ passed upon by Messrs McAdoo. Cotton * Kranklin, New York dty. ^^^ Dwrerred stock are beins Price 95 and Accrued Dividend, to yield about 7fa% Circular on application. KISSEL, KINNICUTT & C0. WILLIAM SAL0M0N & C0. New York Chicago New York Chicago Tbe abovat tnfonaaaaOnai aad atattetk-a am tw/t fjjrautaea, bwt we better* ttMn to be accwate. ' SALT CREEK PRODUCERS Wyoming3* Leading Oil Producing Company This corporation, controlling the greater part of the Salt Creek pool, Wyoming, now has a production of 15,000 barrels of crude oil daily, all of which is taken by the Midwest Refining Company. As result of the merger of several producin'g properties into the SALT CREEK PRODUCERS ASSOCIATION, economies of operation have been effected, while increased output of the field has b?so facilitated. Full Information on Request ANTONIDES & CO. Investment Securities FSrsl National Bank BIdg. Denver, Colo. Great Western Petroleum of Wyoming Owns lea*ea on 3.500 acrea La lhe ncwly proved Lance Creelc rieJd of Wyoming. It? properties ?? being developed by lhe Weatern Stalea Oil & Land Company. a aabaidUry of the Michvest Refining Company. Throofh lh? amliatian lhe development work U being carried our by tke moal expcrieaced oil men in lhe country. Traded u oa lhe Nnr Yr>,k and Denrer market*. Information on Request. ANTONIDES & CO. Investment Securities Hnt National Bank Building Denver, Colo. Standard Textile Increases Its Capital The Standard TextfJe Prodncta Com? pany, forrnerly the Standard 011 Cloth Company, has authojrized a capital tn ereaue of 16,000,000, equally divided amon? classe* A and B prcfeired and common atock*. One ha,lf of tha new stock wiil be igjrued consisting- of all the class A, preferred, authorlzation and one-half of the common. An extra dividend of one-half per cent was declared on the commort atock in addition to the rejrular dividend of 1 per cent on the common and 1% P?r cent on "A" and "B" preferred stocks, all payable July 1 to stocto holdera of record June 16. Member Independence Mission Urges Trade With Philippines WASHINGTON, May 14.-Opportu nities for investment of American cap? ital in the Philippine Islands were pointed out to-day by Rafael Palma Secretary of the Interior of the Philip-' pines, in a statement urging the em ployment of American weaith in the development of the "almost limitless" natural resources of his country with a resultant "closer economic re'lation between the islands and the United States.' Mr. Palma is visiting thi.s country as vice-president of the Philip? pine mission which recently made rep resentationa to the government for rnuippine independence. , ''" >,s highly desirable," he said, that there be greater business rela tions between this country and th?- I Phihppines. Ours is almost entirely i an agricultural country, with an abun" dant supply of raw materials for your : industry and commerce. Yours is a na- ' tion with a surplus of men and capital which could assist us greatly in the development of our natural resources." ?-a-___ Favors Cheaper Credits ST. LOUIS, May 14.?-American bank? ers must extend credit to business concerns of the country at a lower rate of interest to stimulate industrial ac? tivity, United States Senator Robert L. Owen, chairman of the Senate Com- I mittee on Banking and Currency, de clared here to-day in addressing thc Missouri Bankers' Association. Sen- ? ator Owen also recommcndcd the pur? chase of European government bonds | by American investors as a means of building up international trade rela tions. Tonopah Extension's Year For thc year ended March 31, 1919, the Tonopah Extension Mining Com? pany reports gross rcceipts of $1,030, 279. This comparcs with $1,229,143 for 1917. Expenses, taxes, deprecia? tion, etc, amounted to $1,114,770. Total income was $537,100, against $230,331 for the preceding year. Becolar Deelaratlona , Stock o. a .? holdera Stock. rat? anft period. PayabK of r?? Amer can Expreaa, $1.60. q...Iuly 1 Mav 31 Amorlean Wlndow Ulaw, $7 com...Juno 0 Mny 23 narratt Co. 12 <!om, q.July i juno ? ? IF VV Woolworth. X\ pf. q.Juiy l june 10 Bonds i- i Following ls a complete record of al' transactions in bonds on the New York Stock Exchange yesterday: U. S. Government Bonds (N*w York Stock Exchange Quotations) (Closinz Quotations) Wednesday. Bid. Asked. Loberty 3%s 1947 98.76@98.80 do lst 4s 1947. 95.70@95.80 do 2d 4s 1942.. 94.16@94.20 do lst 4V4s 1947 95.70@95.90 do 2d 4143 1942 94.16$ do3d 4V.is.1928 95.265 do4th4Vis 1938 94.24(i Pre-war issues: la, res, 1930. 9914? 99% PP'/4@ 09% coup, 1930. reg, 194 6. coup, 1946/1 .. 4s, reg, 1925/.. . 4s, coup, 1925.. . 23, Pan, c, 1936. 2s, Pan r, 1936.. ?'?. Pan. c. 1!I3S. . 2s, Pan, r 1938. . 3s, Pan, reg. 3s, Pan, coup.... Phil p 4s 1934. .. do p w 4s 1935. r'o p w 4s 1936 89 89 @ 92 @ 92 Tuesday. Bid. Asked. 98.70@98.76 95.70@95.80 94.06@94.10 95.80@96.00 94.10@94.14 95.20@95.22 84.14@ 94.20 ?99>/4@ 99% 89 ? ?2 f.9 (a> 62 106 @106'/2 106 @106!A 106%@106'/2 106 @106'/S D Col 3.65s. 97 98%(5) 99'/-} 983/irai ? y?3^W 991 i 98% <?) ? 89 @ 92 89 @ 92 90 @ 96 90 @ 96 @ 96 @100 ?/2 98%.fj) 991/$ 9334 (gi ? 98%<Sj> y9i/a 9834? ? 90 '/2@ 92 90i/2@ 92 90 <S> 96 90 GT> 96 PO ? 96 97 @100 Liberty Issups Hirh. Liberty 3'is_ 98.78 dj lst 4?. 95.70 do 2d 4s. 94.20 do 2d 414s. ?? 94.22 do 3d 4','ts. . . 95^.30 do 4th 4]4s.. 94.26 T.o*^. T,a?-.t. 98.68 98.76 95.70 95.70 94.04 94.1S 94.10 94.20 95.18 95.30 94.10 94.26 [Approximate investment yield '?hnnsr'' + .06 .08 .06 .08 .06 the closing New YorK Stock Exchange prices.] Yield Third 4Vis . 4.85 Fourth 4 'is . 4.70 Second 4 '?s . 4.65 Firat 1V4s. 4.51 Second 4s . 4.40 /irst 4 s. H.zr> First 31/29 . 3.57 [Salea of Liberty bonds on the New Yorl; Btock Exchange carry 7n:erest to the date ot sale, and the seller receives this interest in ?>ddition to the snle prlce.J U S Liberty 3 Via |U S Liberty 2,d 4<4s June 1933-47 12,000. 98.76 8,000. 98.68 34,000. 98.74 2,000. 98.78 -00. Nov 1927-42 47,000. 94.22 25,000. 94.20 Total .$771,000 200,000. 98.76 171,000. 98.74 18,000.98.76 98.80iU S Liberty 3d4Vis Total .$505,000 U S Liberty lst is June 1932-47 53,000. 95.70 U S Liberty 2d 4s Nov 1927-42 20,000. 94.10 11,000. 94.04 37.000. 94.06 4.000. 94.081 fio.ono. 94.101 110,000. 94.121 10,000. 94.161 20,000. 94.181 10,000.'94 20! 25,000.. 94.141 25,000. , Sept 1928 70,000. 95.20 233,000. 95.22 335,000. 95.24 30,000. 95.22 36,000. 95.20 11,000. 95.18 315,000. 95.20 352,000. 95.22 283,000. 95.24 1,000. 95.26 25,000. 95.22 25,000. 95.24 52,000.,. 95.26 75.000. 95.28 18,000. 95.22 1,000. 95.20 50,000. 95.30 Total .$332.0001 U S Liberty lst 414s I June 1932-17 5.000. 95.8OI 55,000. 95.90! L000. 95 80! 5,000. 05,761 1,000. 95.76! 127.000. 95 701 35.000. 9580i 6,000. 95.901 Total .$235.0001 TJ S Liberty 2d4V4s I Nov 1927-42 I 46,000. 94.16' 135,000. 94.141 125,000. 04 121 69.000. 94 -161 25,000. 94 12! 235,000. 94 14' 61.000- 94 -l6| 3,000. 94.I8I Total _$1,913,000 94.18!U S Liberty 4th 4 V4s ' Oct 1933-48 300,000. 94.16 212,000. 94.18 25.000. 94.20 72.000. 94.18 439,000. 94.16 313,000. 94.14 17,000. 94.12 1.000. 94.10 6,000. 94.12 3.000. 94.14 661,000. 94.16 ?117.000. 94.18 825.000. 94.20 151,000. 94.22 16 i.000. 94.24 25.000. 94.26 5.000. 94.20 4,000. 94.22 125,000. 94.26 11,000. 94 22 50,000. 94.26 . Total .$3,826,000; Foreign Government and Municipal Bonds (New York Stock Exchange Quotations) (Interest To Be Added) Bid. Asked. 99 \k 993/4 97% 85 98% 97% 97% Am. For. See. Co. 5s 1919.. Anglo-French Extern 5s 1920] Argentino Intorn. Bs 1945. Canada, Dom. of, 5s 1921.7 Canada, Dom. of, 1926..] Canada, Dom. of. 1931... .... Chinese Gov Hu Kug Ry. 5S 1951 69 Cuba Extern. os 1944. 991/. Cuba Extern. 5s Series A 1949 . *9lC2 Cuba Extern. 4Vis 1 040. 84J/2 Dominican Rep. 5s 1958.....7 99 City of Bordeaux t>s 1919.7!]] 99'/2 do Lyons 6s 1919. 991/ dn Marseilles fis 1919... 991.5 do Paris 6s 1921.] ] 98% Jap. Gov 4Vbs sterling loan 1925 91% do 4 Us 2d series 1925. 91% do 4s sterling loan 1931. .. . 78 City of Tokio 5s 1952. 7974 tin KiiiK C B & I 3yr 5%s 1919 99+.V do 5 yr 5 ^3 t ?21. 983/: do 20 yr 5"2s 1937. 99% Foreign Bonds in Flat Mex. Ex. sterling 5s of '!?9 1945 69 do gold 4s of '04 1954. 55i/2 Russian 1S94 rente 4s 1,000 r d. 23 Am Foreign S 5s ! Jap 2d ser 4 Us 16,000. 99Ui 1,000....7. Anglo French 5s , German Ktm 4,000. 7% 1,000. 875<i S.000. 97,';, 7,000. 88 23.000. 97%! Jap stig loan 4s 6,000. 97 M 1.000. 78 97 A 881/2 98</? 98 98 71 93!/2 C6 99% 99% 99% 981/5 92 92 79 801/, 9934 98% 100 71 597a 92 2,000.97% 44.000. 97V, 2.000. 9734 10,000. 97,",, 31,000. 97%' 10,000. 97,: Argentine G 5s 1,000. 86 Chinese Ry 5s 1,000. City of Bord 63 100,000. 1,000. 53,000. 99</: City of Lyons 6s 100,000... 46,000. City of Mars 6s 100.000. 99%! 46,000. 991/jj City of Paris 0s I 15,000. 98%! N City of Tokio 5s 2,000. 80 ! 70% 99%; 99!-,: 99% 991-3 U K?of Gt Brit & I 5%s 1919 75.000. 92 H do 5%s 1921 4,000. 9834 13,000. 98% 2,000. 981J 20,00.1. 98% 15.oon. 98tA ?17,000. 983/4 1.000. 98(3 000. 5,000. . . . do 5'.js 1937 25,000_ 5.00O. . . 0,000. 5.000. . . 22.000 . 112,000_ 98% ? 9834 ? 99% ? 993/4 ? 99% ? 99% .100 ? 99%' Dom of Can 9,000. ,00(1 do 1026 1.000. . . 5.000 1931 2,000. . . 10.000. . . 3.00O. Jap lst ser 12.000. .. do 1921 ? 98%! 981/J 98 I 9734! I 98 ! 97%; 98 92 I N Y Canal 4%S 10,000.107% Y C 4%, 1967 18.000.101% 4%a 1960 5.000. 9634 25.000. g67/? 1.000. 96% 97 do 10,000 <lo 4V4b 1961 l.ooo. J4 do 11,; 3 106 20,000. do ls 1957 ' 2,000. 91l/2 963/ 96% Railways, Other Corporations Am Alh Sc Sn-<q 3>n8 10,000.* 751/ Am Air Ch deb5s l.ooo.110 do cvt 53 ?1.000. 993,. l.ooo. 997-, Am Smelt ing 5s 1.000. 901/-I 8.000. 90%! T A T cvt fis I 5,000. 103 i 3,000.103%: 7,000.103 i lo.ooo.103%; 3.000.103 I 2.000.103% l.ooo. 82 5.000.1031/ do col 5s 5,000. 92 1.000. 92%! do col 1s 4,000.85 do cvt 4a 5.000. 80 Am Tohncco fis 2.000.119 Armour Co 4>/>s fi.OOO_., 87I/A 2,000. 87% A T & S F ?cn 4s 10,000. 83 do rpiristored 1.000. 82 do adj 4s ntnmped i 1 000. 75(/s| do Trans Short Line 4s 1,000.78 5,000. 78/. Atl & Dan lst 4s 7.000.74 Intbo R T rfg 5s 35,000 72'/-. 3-000.7 ],7 7214 34.000... . 72% Int Agricultural 5s 1.000. 821/5 Int M Mnrine Os 10,000.10134 24.000. 1015i 35,000.101% 3.r'000. 102^ f'.ooo.ioi7/8 4.000. 102 21.000.1017/ 6.000.1013/2 1,000.10174 Z.000.10134 Kan City So 5s 4,000.87/u do Terminal ls 5.000. 80 Lack Steel j5s 1923 1,000 . 96'/, do 5s 1950 6,000. 91% Lake S gen 3',4b 10,000.73 do 4s 1931 2,000. 87/g Lchigh Valley 6s 1,000.102% Le Av & P F 5s 1.000. e2'/8 Liggett * M 7b 3,000.113% do 5m 3,000.92% Lorillard Co 7s 3.000.113 Midvale Steel 5s 11,000.88% 3,000. 89% 5.000. 88%? 2,000. 89/, Atl C L lst con 4s |MU L S & West 6s _ ,, 1.000.83 | 1,000.101 Balt & o rfg 5s |Mlnn & St L 4a 1.000.80J/2i 4,000.44"/'2 . 2-W0.81J/4I 1.000.45|/4 do cvt 4Vaa j 7,000.45% , 11,000.78 |M K & T 2d 4s do gold ia j 10,000. 32JA 1U.U00.78 | 10.000.32'/2 . o."0U.79 I do rfg 4s do p 1 3Vss I 10,000.45'/;. , -.000. 89 IM K & T of T 5s do aw 3Vjs I 10,000. 55 1.000.84 IMo Pac 5s 1926 _ 10.000. 84/81 2,000. 91 Beth Steel rfg 5s | do gen 4s 1,000.89/2| 2,000. 62'8 500. 90 I 10,000. 62'/4 do p m 5b I 1,000. 62% 1.000.85%i 41,000. 62'.2 10,000. 85!/4|Montana Power 5s 5.000. 85%i 1,000. 92'A 10.000.85%: n Or! T & Mex 53 5,000. 86 | 8,000. ... 54 Brooklyn R T 7s | 5,000. 54'/2 1,000... . 81 IN Orl Term 4a 3.000....:. 80 | 10,000. 68 do 5s |n Y Central deb 6s -?000. 64 | 10,000. 983/4 ? M00.63/2| 15,000. 9878 Cen Ga con 5s | 10,000. 98% 3,000.93 ! 20,000.98f8 Cen Leather 5s | 25,000. 9834 2.000. 96V2! 5,000. 98i8 4.000.96%| 1.000. 983/4 Cen R R of N J. 5s I do rfg 4"'-s 1,000.102 I 1.000."..... 83% Ches & O cvt'5s | 4,000 . 83'/, 10.000. 8934! do rfg 3'~s 10,000. 89'/al 1,000..72 25,000. 90 ! 4.000 . . 72>/2 12.000. 893/4l N y n >I & H 6s 9.000. 89%. | 1.000. 81 54,000. 90 | do deb 4s 1947 do gen 4VfsS 5 Q00. 53'/8 12.000. 80'/2| do cvt deb 3%s do cvt 4VJS I 5,000. 50 2.000. 81'/2(N Y Rys rfg 4s C & Alton 3^3 | 36 000 44 , 3,000. 37%| doadj 5s do rfg 3s 2,000 . 12'/8 2.000. 51 | 5,000. 121/4 C B & Q gen 4s | 8.000. 12% 19.000. 82|/4l 11.000. 12'/* 17,000. 82/sl 19,000. 12'/a do Illinois 3y2s | 0 000 . 12'/'-> 1.000. 76'/2lN Y Telephone 4%s do Iowa 5s 7 000 P9'/, 5.000. 99%! n Y W & Bn 4%s do joint 4s 1.000. 46 6,000. 95'/2'Norf & W cvt 6s 84,000.95%i 4,000.108'/, 4.000.953/4J 27.000.10834 C & E 111 rfg 4s 3,000.108% ctfs of deposit 48,000.103'A 20.000. 31 | 8,000.1033/q C Gt Western 4s 5,000 . 10R3/4 1,000. 603,4! ]n,000.103'/. 13,000. 61 I 10,000... . 1087,^ 2,000. 61'/2| 10.000..10834 C M & St P cvt 5s 20,000.1087,;, serB | 63,000..... .108% 3.000. 78'/2:Nor Paoific ls 1.000. 78'/4, 3.000. 83"/2 1,000. 78% do3s do cvt 4V2s 2 000 593/4 4,000. 78 | ] 000. 60 1.000...... 78'/2| do St ?> & D As 14.000.73 | i.ooo. 76 4.000.78!/4| do Terminal 6s 2.000. 78?/2i 6,000.107'/ , -,000.77'/2!Nor States Pr 5s do rfg 4%8 1,000 . 88% 2,000. 70%| i|00o. 89 do 5s C & P W div I Ore W R R 4 N 4s 1.000. 98'/,! 2.000 .73 ? 10.000. 08/2|penn.5s 1968 C&Nwngenbs | ] 000. 953,4 2,000.100'/aI 5,000 . 951/, 1,000.100 ! i.ooo. oss? do s f 5s I 11,000. do con 4 V>s 2,000.;. . . 93% 5,000. 93% do gen 41'o6 5.000. 96% do St L Peo & Nwn 5s 0,000. 95% C R I & P rfg 4s "" 2^000 1,000. 74'/4' Peoria '& E lst 4s 30,000. 74'/2l 2.000. 59 C & West Ind 6s R 000 60 3.000.104 I do inc 4s do 4s | 1,000. 22 . , 15.000. 643/4 pet.e Mnrquette 5s Chile Copper 6s 7.000 86'/, 10,000. 90 | 10,000 .... 86% 5.000. 90'/2i i ooo. 86/p f'.OOO. 90 Iphila Co 5s 1922 1.000.90'/.: 20.000.9334 13.000. 90 i Pierce Oil Rs 1024 i,000. 90'/2i 5.000.109% do con 6s 2d pnid l 20 000 1097' 24.000. 903/4i rooo "l09s? 8,000. 90%I 5,000...; 'ioq% C C C & St L 4%s | 36 000 110 10,000. 78 i 1,000 ....'-.1097/0 do gen 4s \ 5 000 . 110 -?000. 70^iReadinpr (ren 4s 1,000-70%! ioooo. 83'/, ? , T\no?-;-,?;-? 70 iR,? G w lst 4s Col Industrial 5s I 2 000 72 ? , 1-000. 7434| Roch & P con'6s Colum G & E ;>s | ] 000.101'4 ? 1V?r,??' -ri V ? 85%! St L & S F 4s ser A Comp Tub R 6s 5,000. 84 ! Con Gns cvt 6s 10,000.103 I 2,000.102%; 1,000.1023,41 Den & R G 4V2s 1 2.000. 74 ! do con 4s I 3.000. 72'/4l Detroit Edison rfg l 5s 1040 | 2,000.933^': Detroit IT Rys 4%s I 1,000. 75'/2l Edison El III of Brooklyn con 4s I 5,000. 8Q3,?! Erie prior lien 4s 7.000. 66I/2I 10,000. 67 I 10.O00. 66'/2; do gen lien 4s I do nd; 5; 5.000. 54/4I 1000". 50% do cvt 4s ser A Sinclair Oil 7s 10.000. 48'/,! R ooo 993,; , 1.000. 48341 do stooV warrants do cvt 4s ser B | yj OOO 143 1.000.48%' 14000:;: :::i45 5.000. 48%!Soutn Pacific cvt 5s do cvt 4s ser D 10 000 .101'/, 25.000. 51 ] 3? 000.1085i 1.000. 51'/l noono 10W-, 1.000. 5014' im'000.109 24.000. 5II//.I 0 000 ins?% 1.000.5i"/2i 2onoo;;;;;;ioo Fla East C 4Vis fi.000 mm 1,000. SZVa 10.000' /" ' 108'"-, Ft W ft D C 6s , do reH?tered 1000. 991/gl looo.108'-', Gen Elec deb 5s I do ,.vr )s 2.000. 99 I r,.000 . R.37/? Great Nor 4*4s 10 000 R33,<; 1,000. ssy^ 00000.n?7/? G Bav f. W deb B I 99 000' "34 2.000. 1134' iR 000. R4l/? 10.000. 11%! 7'oo0. !W/? 10.000. 12 | 10 000. R4I/, 5.000. 12l/4' 5.000.' R4I/, 25.000. 121/,! 7000. 84'/? 2.000. 12 ' do rty 4S 8 12.000- 12l/?! 1 000 R1IA 5.000. 12 ' 1 000. R1 5,000. 12'/4l 1 000. rii/? 5.000. 1?%' 2000. 803; 4.000. 12'/?| Southern Ry 5s" 1.000. 12V,! 1.000 Ol 10.000. 12l/nl 3 000 "" qdl/? 10.000. 125f.l 7 000' " ' 04 6.0011. 123^: .-;00n. 94,,, 24.000. 12%i do4g 1.000. 13 ! l.ooo.. fiR(/, 5000.. 12%| I.OOO.../: 68 fi i;'1.YZr'Verm R R Assn ot 000. 127/8| st T, 4? If'.OOO. 13 | 2.000.. . 72% 2.000. 1?.?/8i Texas Co cvt 6s ? 12.000. 13 | riooo 103 SAJ C lst 5* !Thir(1 Av rfR 4s 1.000. R5 1.000. 551/, 3 000. 56 i do ?di 5s 3'>.000. 3? 10.000. RPI/, 1.000. ?PI/t 5,000.:::.: 3?i/? 10.000 30.. 15,000.' 32 10.000..' 31_7/? 36.000. 321/, !Tol St I, ,<;? W 43 l.l'OO... . 53'/2 j Union Pncific Cs 6,000.1031/4 1.000.103' , ! do lst 4s 1.000. 86'', 10.000. 86% 5.000. 86'/, 9.000. 36s^ ! do cvt 4s 1000. 35 | 5,000.... 8334 10.000. 35'/?|US Realty & I 5s 7.000. 351/4I 6,000. .. 76 f'.OOO. 35%! 5.000..' 76'/, 5.000. 35i/2|U S Rubber 5s 5.000. 35%| 1.000. 89 2.000. 35'/3| 10.000. 887/0 25.000. 35%| 2.000 89 44.000. 35'/zl 1.000. "' 383^ 5.000. 35/4! 8.000. ./" 89 131.000. 35 | 1,000_ 89'4 45,000. 343/4! 1,000. 39i? 20,000. 347/?; U S Steel s f 5s 33.000. 34%! 1.000....'..100'.'i J 5.000. 35 I 1.000.....JOOU do ctfs of deposit | 7.000 10OI/. i.ooo.34% 1 6.000.:::: 1001 ,-p Intbo R T rfg 5s | 4,000... .100 1-000. 7134' 1,000.:i00'/a 10,000. 72 IUtahPwr&L5s 10,000.713/41 1,000. 8834 S.000.,. 72^/4|Va-Car Chemical 6s "* ln.000. 72'. 6 . 1,000.1017/ 1.000.72 ! do5s /8 12.000. 7^1/., 11.000. 96 33,000. . . 721/Jl Wabash lst 5s 1.000. 72'/2l 1.000. 95% 10.000. 72'/4| do2d5a T4 20,000. 72 , 2.000. 85% M,->0.72'V, Weat Pacific 5a " 1.001. 72'/4i 5.000. 83 10.000. 72 IWest Union 4 4a 5 000...... 72'/?: 5.000...... 86'/, 10.000. 72',4i Wilson & Co 6a * i?::::::BB l9'000.10? Curb Market Note.?The Tribune asaumes no responsi? bility for the accuracy or authenticity of curb market quotations. Transactions and pricea yesterday were reported as followa; Industrials S?'f?- . . ? Open. High. Low. Last. 1000 *Aetna Explos. 11% 11% 11 11'/ 3200 'Air Reduction 60 63 60 62 3000'Am Ch Prod. 1 1rV 1 1A 900*Anglo-Am C. 19% 19% 18'% 18'% 4100 Br-Am Tob reg 26% 27 26% 27 72UO Br-Am Tob cpn 27 28 27 27% uOO CurtisB A v t.. 18 20 18 20 4500 Endicott John. 773/4 90 77% 84 1009 *Fara Plys-Laa 88%, 88% 87 87 500 *Gen Asph pf..107 107 105% 107 8000 'Heyden Chem. 8% 8% 7% 8 7000 'Havana Tob.. 3% 3% 3'A 3'A 7000 *do pf. 7 7 6% 6% 2000 Hupp Motor C. 9 9% 8% 9 9000 Intercont Rub. 33 34% 33' 33'% 900 *Lack Co Coal. 17 20 17 19 1800 *Lima Loco... 51 55 51 55 1000 'Nat An & Ch 31 31 30 30 100 'Nat Firepg... 10% 10% 10% 10% 25000 N Am P & P.. 7 7 6% 6% 4000 ?N Y Savold T 55 55 54 54% 800 Pac Dev Corp. 68 69 68 ?9 * 30000 Perfec T & R.. 1& 1% 1 1% 1200 Pecrless T & M 30 30% 30 30% 7000 'Ph Morris. 12% 12% 11% 11% 600 ?Rem Typewr.. 78% 79 78 79 700 'Santa Cecilia S 39 39 36% 36% 5200 ?Savold Tire .. 58 59 66 59 200 *Stewart Mfg.. 47% 47% 47'% 47% 100 *Stand G & E. 39 39 39 39 5000 Subma Bt v t c 15 16 15 15 700 "Swift Intcrnat 62% 62% 61% 6214 500 'Union Carbide 71 72 71 71% 5500 United Trof Sh 1 \l 2 1U 1}f 5000 U S Steamship 2% 234 2% 2% 2000 United Zinc Sm % % % % 1500 *Walth Watch 41 43 41 43 200 *Warren Bros. 46% 46% 46% 46'/2 800 Wayne Coal .. 3% 3% 3% 3% 3500 ?Wr-M Aircraft 5% 5% 4J4 4% Standard Oils Sale3- Open. High. Low. Last. 2870 *Anglo-Am Oil. 26 26% 25% 26 10 *Ind Pipe Line ? 104 104 105 77 *Ohio Oil Co. . ? 395 393 393 165 *Prairie P Line ? 317 312 317 75 *Stan O (N Y) ? 392 391 391 Other Oil Stocks s?lea- Open. High. Low. Last. bOOO *Allen Oil ... 4% 4'A 4 4'/. 500 'Allianco O & R 5 5% 5 5% 16000 "rAmal Royalty 2 2 1% 1% 500 *Barnett O & G A T\ A -ft 20000 *Boone Oil ... 16% 16% 15% 16% 35000'fBost-Wyo Oil 62 63 61 62 20o00 "Caddo O & R. 49 51'A 49 51'A 3400 'Cit S B T shs 39% 40% 39/4 39% 2500 ?Comwith P w i 47% 48% 47% 48 2300 'Cosden & Co. 9% 9% 934 934 350 *Currman Pet. 1% V& 1'/= 1'/? 3500 *Elk Basin Pet 11 11 " 10% K)4 o.SOOOfEsm Oil Cor.. 28 28 19 25 4000 ?Federal Oil... 3% 3% 3'/, 3% 4900 ?Glenrock Oil.. 7% 7& Vl 7% looo ?<;um Cove Oil.128 128 121 124 1800 'Her P Class A 10% 10% 10% 10*4 30000 *rHigh Grav O 20 25 20 2!> 2300 'H O R wi... 37 37% 37 37'/. 220O "Houston Oil.. 122 128 120 126 .Oo "Hudson Oil... 3% 3% 3'/a 3'A 10u0*lnter Pet.... 33% 33(2 32/! 4?* \ 5000'Ialand O & T. 8% tll lOl 8% 1140 *K O & R of D 22/4 22% 213/* 22 , 2000 'Kentucky Pet. 3% 374 31% 35/ 42000'Lance Crk R. 2% A \il |% I 2B00'Merritt Oil C 32% 32% 32* 321/J 10000 Mej Pet.*3iZ ? ,8 Jf% H(l\ 4000 Mex Pan Oil.. 10% 10% I0lt 1054 ' 10000-Midwest Oil.. 2<? 2% '^ ^ d00 "do pf. 3 3 3'? 37B, 1100'Midwest Ref..188 190 186 190 5000 *Midwest-Tex. 1% V i% 13V,/ 7000 ?M P of M w i. 4% 4% ii? 4V 500'National Oil.. 5^ \& 5I? t? J^^W^ng- F-W 13? 127 * 130* 4000 'tNorthwest Oil 70 70 67 69 500000'Ohio Ranger.1%-2 2'A M/~ 31/. 5000 fOmar O & G. . 50 50 4 48 ' 50 A 68000 'Orient O & G 4% 4% 4% 4 35000 *0 N O S, Inc. 1% 2 1& 17/ 4000.pennock Oil.. 16 163* 16* 16*,! 6000*tQueen Oil.... 16 16 16 16 1000 ?Rangeburnett 3 3 2 3 5000 ?R-H O (a pr) % s/a 3z 1/ 32000 'Ranger "bil. .'. 1% *'A A ,6 2 00*.RR^nTeX Co,' 13 1^ ^ mt 2500 ?Rock O (a pr) 11 74 1 140000'Ryan Pet... 5% 6% 5<Z 6>A 2000 *S C Prod.... 57?! 573^ 563/f 57 2 15000 'Sapulpa O & R 8%* 9 8% 8% 3000 ?Seq. O&R.. (f 74 Y? 8?' 12500'Sinelair G C. 59 60% 58/, 601? 1700 *S O & T.... 6 632 6 6% : 4000 tSouthwest Oil 45 45 41 41 i 28005 ?S P & Ref... 5% 6% 57/. 6'A' 18000 'Stanton Oil.. l?g 13,| v% M\ 3675 *S Oil & Ref.. 10 10% ?? '0 ! 5?o?nT:SP *????? 5 5/4 4% 5 4250 ?tT O & R.. 58 60 62 58 800'Tyoopa Oil... 2 2 2 2 3400 'Vera-Cons Pet 1% 1% 1% 11/, 2200 'Virky T O&G % if rl ll I 1000'Vie Oil n stk. 4 4 4 /" I 19800 -Y" Oil & G. 1% 1A 1% 1% Mining Stocks Sales. ' ? Open. Ilifch. l^ow. Last GoOOO Alaska-Br C M 1% 1S. 1% 1% 1100 ?tAdM&Mlap). 30 31 30 31 4300 'tAllied Gold.. V/\ VA VA U 300 * America M... % % 7? ? 1000'fArizona Butte 79 80 79 80 1000 *tAtlanta. 5 5 5 5 12no 'Atlantic O&R 1 ft 1ft 1 1X 4800 Big Ledge. % % ft \l 2500*tBooth. 14 15 14 15 3500 Butte-N York.. [/2 % l/2 sz 2500'fCaledonia.... 38 40' 38' ,39 2400 Canada Copper. 2/8 2'/8 2 2ft 9800 *tCandelar Sil. 68 71' 68 71 3000 tCashboy. 11 12 11 12 7000 *Cerb S M&M. 4% 514 4% 5 2500 Cons Copper M 5% 5% 5% 534 2200 Cresson Con G. 4% 43/4 4% 43/1 20000 'tCrown C L G 33 36 33' 35 5000 'tDivide Chart 23 24 22 23 2000 *Div Sny of N. 19 19 19 19 8000 El Salvador Sil 5>4 0'/2 4% 5 4950 *Eureka C Min 2J/2 2% 2 2 500 *Flagg Tun M. 5% 5'/2 5% 5'/, 1500 *tFlorence Sil. ?0 80 80 80 12000 *tFortuna Con 60 60 58 60 3400 *Gadsden Copper 3/, 3% 3'/2 33/4 3800 ?Goldci Gate.. 3% 3% 3</2 3'/, 17800 ?tGold Zone D 1'/4 1/4 1.A, U 2500 tGoldfield Con. 20 20 20 20 8000 "tHarmill Div. 25 25 25 25 750 Hacla Mining.. 5% 5% 5'/2 5% 17500 "tHasbrouck D 29 31 28 29 11000 La Rose Ltd. . ft % i/2 s? 12000 *tLibBellD(ap) 19 19 15 17 10000 ?tLcne Star ..13 13 11 12 21000 ?tMagma Chief ft ft ft ft 9700 'tMammath D..71 73 70 70 5900 *tMM of A(ap) /2 1/4 Va VA 7000" ?rJiacNum Min 1/4 VA VA 1A looo *tMarsh Mining 9 9 9 9 100O0 tMcKinley-Dar. 62 65 61 62 550 Mason Valley.. 2% 2% 2'/, 23/4 20oo "tMothc-r Lode. 41 41 41 41 11000 *Nat Tin _ 3% 4 3% 4 6000 ?tNijv Div (ap) 20 20 20 20 22000 *fNev Ophir M 34 35 32 35 12000 Nipissing Min. 13/4 13'/4 12'/2 12% 2;,00 tNixoii Nevada 23 25 23 23 1800 'Onondaga Min 334 3% 334 37,' 300 *Ray Here Min. 2 2'A 2 2 12000 tRex Con Min. 16 17 16 17 4800 fRochester Min 24 25 24 25 4000 Seneca Copper. 21 21'/, 193/4 20 500 *Silver Dol M. 1 V/f 1 VA 21000 *tSilver King D 30 30 29 29 5O000 Sil%-er KingofA 1'A 1/4 U VA 9200 *tSil Plume C. 68 74 68 74 1000 ?tSilver Pick. . 12 12 12 12 800 Sland Sil-Load ft ft ft J 18000 *tSutherld Div. 27 29 25 5500 *Star of West. 1/4 VA VA 8500 fStewart. 24 25 24 1200*Tonopah Belm 4 4 3|J 4500 'Tonopah Div. 10'/2 10/2 9/2 tioo 'Tonopah Min. 4 4'/8 4 ? 800 United Eastern 4% 4% 4% 3700 ?tU S Cont M. 17/2 17'A 16'/2 2500 Unity G Mines 7'/2" 7"4 73? 700 'Victor P & M 5 5'/4 5 235H0 HV End Cons.. 25/, 2}& 2% G5000 tW Caps Min. 28 28 24 1800'Wilson Sil M. 1/8 1ft 1ft Bonus Sales (000 omittcci). Or>en. High. Low. Last. $15 tAm Sum ucui ot (??,? ^o. iu*y2 iu<^8 iu*y, iu^-j ?Can Govt 5s_ 99% 99% 99% 99? 3 "Can Pacific 6sN101 101 101 101 36 ?Ill Central 5%a. 97'A 97'A 97/4 97'/ 20 'Inter R T 7s... 87% 88'/C 87(/8 88^ 10 *Laclede G L "s.100% 100% 100'/, 100}i 10 ?LiK & M 6s '2l.100'/2 100% 100'/$ 100? 7 *N Y Tel deb 6a. 101 101 100% 101 8 ?Russ Govt oVfea. 48 48'/2 47 47 80 *Rusa Govt 6V-s. 58 68 57 57 25 'Wilson conv 6% 99% 99% 993/4 99% ?UnlUted. tSe'.l cunta per share. > Paris Market Irregular PARIS, May 14. t- Prices moved irregularly on the Bourse to-day. rhrae per cents, 62 francs 60 centimes for cash; exchange on London, 29 francs 52 centimes; 5 ner cent loan, 87 francs 95 centimes. The dollar ranged from 6 francs 26V4 centimes to 6 francs 31V4 centimes. NIPISSING MINES CO., LTD. A new interest in the stock of this company is being shown because of the rapid advances in the price of silver. The Nipissing Mines Co., Ltd., is the largest company in the world produc? ing silver exclusively. Correspondence invited. J. W. ALLEN 52 BROADWAY NEW YORK Specialists for fifteen years in Nipissing Lance Creek Royal tie-. Co. owns underlying royalty interest Western States, Midwest Refining, Ohio Oil Co., Texas Oil Company and others in the rapidly develop ing Lance Creek, Wyoming, Field. Traded Denver, Chicago and N. Y. Curb Markets Gregg, Whitehead & Co., W. A. Matlock & Co., First National Bank Bldg., First National Bank B,dg Denver, Colo. Wfeon Cranme,. & Co., Antonides & Co. Members ISero Vorfc Stock Exchange * First National Bank Bldg., First National Bank Bldg., Denver, Colo. Denver, Colo. MEXICAN-PANUCO OIL COMPANY Dealt in on New York Curb $3,000,000 (Par $10) No Bonds No Preferred Stock PRESENT PRODUCTION 10,000 BBLS. DAILY Bank Referenre?Gotham National Bank, N. Y. Proceeds of sale of stocfy lo furnish transportation facilities and drill three additional mclls. A. E. FITKIN & CO. j 141 Broadway, New York City. Telephone?Cortlandt 1602 j Boston, Mass. Pittsburgh, Pa. Chicago, III. VERA CONSOLIDATED PETROLEUM CORPORATION Circular on Request. i ARTHUR LEWIN 25 Broad Street, New York Telephone?1838 Broad The Investor's Pocket Manualf WillbaSamt FREE ta 4ny tnvntor who will I apply t0 hit Invettmtnt Bankar or Broker Thia 272 page reference hooklet of high and low prire., diridenda, earnings, eu., of Rail road, Induatrial, Oil and Mining Securiiiea, publUhed right up-to-date each month ia a raluable tuide to Any Inveetor orTrader. ? your broker will net auppiy you write to ui ? ad we will >end you names of good, reliable hou.es who will gladlr aend copies, OR on receipt of 30 centa, the lateat will be sent by ,Tke FINANCIAL PRESS, 116 Bread St.. N. Y. Cty, Opposition to Big Cotton Export Organization Develops NEW ORLEANS, May 14.?Cotton growers, dealers and bankers of the South, meeting here to-day in a general conference called by Governor Pleasant of Louisiana, formulated plans for the organization of a $100,000,000 cotton exporting corporation and the perman? ent organization of the cotton interests of the ten states in which the crop is most extensively grown. The derinite plans for the organiza? tion of the exporting corporation are expected to be laid before'the confer? ence to-morrow, when Governor W P Harding, of the Federal Reserve Board, who has approved the pro posal, will be present. Although general sentiment among the cotton men is said to favor the corporation some opposition to the project al? ready has been shown in the filing of a report objecting to certain features. a Securities at Auetion The foilowing securities were sold vester HaVullehrepXChanK? salesr-? ot Adrlan $24,000 Unftert Statea lst Liberty Loan June 15 and Deceniber 15.. j,V J m*JLr Aocount of Whom ft May Concern 10 HshhR?rrM JinC^n Xiltl?na> Bank. oach.Tioo' $50) .ot s C0, comm?n. (e?ch. 1,2rl?rv"cer7;fl Sh!ciVKO ?6i>? ' Co".' temjo? IiL r ".f"" for common stock ($100 ""'?.'".M Chlr-ago Utllltlw Co 5 per cent aerlos A bonrla, April, 1915. and U,1",^'"" coupons attached; lot... .1680 p^^r^o^if).83!-1^cor- % ,%?f^?|U,Jl|,fodoaeVeh'. EleCtHC Cir?"l?< 2,r?^r,S!?ares In??"-borouih ConaoVlldut.'d , iv/P- common ($100 each). 1*1 1..00 Shares Interboroug-h Consolidated t orp. common ($100 each). 5?i $10,000 liondholdcrs1 Protecttve Commlt J-Ce tn tho reorfc-anUatlon of Denver Rescrvolr & lrri(ratlon Co. 8 per cent bonds. due Auiruat 11, 1918; $18,000 Mis? souri, Oklahoma a t;uif k n. lat rnort (raR? 6 per cent bonda, due 1944; 10,000 aharea United Zt ...atea united zino Smeltln* Corp 101 .??.I1.0C 000 R?, DIVJDEND NOTICES BUC of NTCABAGUA STERLING LOAN of 1909 The CounHl ot Foreign 1'.- ?? Ihol lers plv I notice that they will b prepared ;<> pay off at par. on and after <the 31st <-f May, all Punding Certiflcates (includlng Fractional Cerliri . - i issued In respect of Coupon Ni 10, du ls"t July, lr>17, and also the undermentloned Certiflcates issu< 3 in respect'of Coupon \;f. 17, <>?].- ist Janu? ary, 1918, which have been DRAWN for REDEMPTION. both with interest at 6% per annum (less income-tax) to 31st of May, after which dato Interest will ceaso to run. Certiflcates from abroad must be pre sented for payment through a London Agent. J.ists can be obtained <-n application. JAMES P. COOPBR, Secretary. 17, Moorgate-street, London, B.C.2, April 4th, 1919. Numbers of Certiftcatcs issued in re spect of Coupon No. 17 Drawn for Pajr 16 17 31 32 51 53 15 13 25 29 30 31 32 33 42 44 45 60 51 55 78 79 Sl 82 83 86 89 IfO 92 !<4 95 100 101 102 103 1".". 108 109 112 114 120 121 124 125 127 128 129 131 136 139 143 144 14(1 147 14S 149 151 163 154 156 156 159 160 167 169 172 176 17:) 180 187 18s 189 190 191 192 193 196 197 198 2Cf2 205 206 207 209 213 214 216 217 219 220 221 222 225 227 22-f 229 2;;o 222 2:;;, 239 241 242.245 246 250 251 252 254 2T.5 25'i 25; 260 264 266 271 272 274 277 278 280 281 282 284 285 286 288 289 290 291 L'^J 294 295 296 298 299 2 0 2 307 808 309 312 313 314 317 2 1S 323 225 327 329 330 331 332 357 339 242 345 2 16 349 352 353 359 360 363 36 . S( i 69 272 374 375 376 377 378 3S0 381 383 384 3S7 390 391 395 396 403 404 405 4( 1 408 413 414 415 420 421 425 42 7 4 ? 434 435 436 437 438 439 440 4*1 441 445 446 447 44s 452 433 454 4.'.-; 457 461 462 463 464 463 46.; 467 468 469 470 472 475 474 475 476 477 478 -',:9 481 482 483 4^5 4 86 4 87 489 46 0 4 '-3 494 496 498 600 502 504 605 506 509 610 512 5 16 510 520 52: 524 526 527 528 52!' 532 533 534 536 640 542 544. 547 54S 549 350 55] 552 5! 561 562 565 666 567 568 570 574 57s 581 583 685 5-7 588 689 5 698 600 602 605 606 608 609 610 616 617 618 621 628 631 636 l 647 640 651 652 653 637 668 66] 663 665 667 668 6B9 671 675 677 679 680 CSl 682 6s7 6;fi 692 C?4 702 703 Tho above Certiflcates were drawn f.->r redemptlon In niy presence JOHN \ K.\.\ Notary Public (Firi . H lo Pini nnd John Venn), 38. Gifslmm Houa Broad-street. l.ondon. E.C.2. NATIONAL B1SCU1T COMPANt - 05th ?-pHE Board of Direcion bat PREFERRED ? declmred a <!????>> _ "' d(i:4 ol on.- and tnr?-qu*?? DIVIDEND refl ,l% ,p(.r crn. on ,he F? ferred Capital itock of the Company, paya! ?- "-T }i?t, 19:9 10 ?tockholdrr? of record at ihe riot* el businew May 17th, 1919. Tranafrr bookj vlil net beclo?ed. G p WELLS, TrtasarCT CERR0 DE PASCO COPPER CORP0RATIOK May I2:h. 1919. A quarterly dividend (No 14) 1 M i>er share ..n the outstandlng Cspitil Stock of the Company haa been 3 payable on June ind, 1019, to stockholdfc* or record at tho close of busincsj, on Majr 2lHt. 1919. Chacka will be mailsd by the CatvmMft Tnwft Company, Dividend Disburnii . \ -ut. H. ESK MuLl.Kit. Treasui GKNKRAL CIIKMICAL COMPANY 25 Broad Street. New York. April 25, iSte. A qiiurt.-rly divid.-iui of two p?r CF.nt, (?*) will he paid June 2. 1918. to ConirtHM Stookholdwa of Hecord at 3 P. M. May fi, LANCASTKIi MORGAN, Treasurt r. 135 Mityen VOU Aloohnt Export Corp (J1C? ?*?**), lot. .$300 40 Shares Knox H.n Compani lal 4>ro fcrred ($100 each) .f.a,