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^^?*AA*r~~ t? ? ik?liiilll MONEY an article of Merchandise BANKERS EVERYWHERE are realizing the basic fact that money is a commodity, the same as any other article of barter. They receive money on dc posit and sell its temporary use for a fee. COMMERCIAL BANKING is preeminently MONEY-MER CHAND1SING. The National Park Bank realizes that its customers have the same buying and selling problems in money as in merchandise and it. has an organization to meet satisfactorily the money requirements of merchants. Our officers will welcome the opportunity to talk over any foreign or domestic commercial banking matters with you. Th e NATIONAL PARK BANK of New York <*>**x~:~x*-.":?:^^^^ Benjamin Jrranl^Un says: "Look before or you will findyourse^ behind." Use the "Better Credit Method" We should be very glad of the opportunity to point out to business men the great advantages of the Trade Acceptance method of financing the sale of mer? chandise as compared with the open book account plan so commonly used. Would you not like to increase the efficiency of your working capital as other business men and houses are doing ? Franklin Trust Company Established 1888 Neto York O?cti : 46 Wall Street Madison Ave. Si 40th Street v^ / Brooklyn Of?ces : i66 Montague Street 569 Fulton Street trol Wallahout Market r We announce the opening of a branch in Buenos Aires, Argentina with correspondents throughout the country. CoHsctions Made and Credit? Established at Be*t Rate*. THE ROYAL BANK OF CANADA New York Agency, 68 William St., New York MAGNA OIL & REF. CO. Circular on request LOUIS FAGENSON Specialist Member New York Curb Market Ass'n. 61 Broadway, New York Phones: Broad 5810?Bowling Green 6850 ?MAN NATIONAL BANK Fifth Avenue & Forty-fourth St New York BAKK1NG ?i'?IS FRCM 3 A.M. TO 8 P.M. SAFE OIPISITVAU-TS SA- M. TO M!DN!SH7 LIBERTY BONDS All_Q?nomln?tlona beucht for canh Bps. .1 on ta?, cloaiiigr iv? pay ???'?I V't ? MO?S'i??. Bond. 56 Coupon? Util lnr * *i,,>? -?? *?'? Hond. ? Coupon ?Ei'S ior ??*???M 4?/?% lk?r?d. I Coupon ?J'?J 'or ? $?0?4:1? 4y???,. Il?,ml. 't Coupon ?WU1 ?or m $?ft-_i11,4*14% Vlilory Varna . PURDY & CO., ???. ?Mu UM44.1. m ?o* bu. M. I. Japanese Hit by Big Slump in Cotton Japanese Interests In this country are reported to have lost $7 000,000 in Wednesday's break in the cotton mar? ket during which prices tumbled $lu a bale, or the full maximum allowed under the ruits of the exchange. The Japanese are known as heavy speculators in cotton and are under? stood to have loaded up with the com? modity in tho belief that they could ship it to Japan at prices higher than those in the contracts to which the had been committed. The selling on the Cotton Exchange Tuesday was anicky. It wai estimated that when he market cloaed aelling orders still n the hands of broker? amounted to 25,000 bales. Commodities Cotton An early decline was followed by a sensational rebound In tho cotton nmr. K't yesterday. About half of Wednes? day's bi?; losses ?ere recovered, anil ?"or the second day |r> succession the ruis lim? iting fluctuations was brought Into play, as Drcember sold up from 3! I'O to 37.?*0. or 200 point? from the low level of the morning. That delivery closed at 21 4 5, with trie gineral list closing firm . '. u nvt advance ?'f 80 to 136 points on con? tinued bullish crop and b^o-. advice? and the Improved tone of stocks and the monej n .irk, ; The market opened easy, a' a decline of 21 to lif, points, owing to weak Liver pool cables and overnight selling ordei which soon senl prices 46 to 73 pi nts net lower on the activv months, .. :?ii January ?jelling hi 34.70 This inad? u decline of about 300 ' 400 points from recent high record, an,; as soon i the pressure sis il ened prices turned llrmei on the killing temperu tures reported in Western und Cen? a section? of the bolt, reports that South? ern spot holders were not following : le decline In futures and the firmer ruling o? foreign exchange rates. Trad? Inter? ests were good buyers, particularly of the nar months, while there was covering and rebuying by Interests who had taken profit? on long cotton earlier In the week The demand broadened as prices worked higher, and the market war. strong and , ox ited in the lau- trading on the run.': tone of the stock market and the easier ran a Cor call money. January sold at 36.60. and the market closed within 1, or 10 pi Ints of tho b? st. While it is not early for killing frosti In the belt, the preceding weather and latetness of the crop led to ?i belief ?hat the coal snap would do considerable dam? age, and private crop advl-es received here during the ?lay were generally bull? ish. Local ?put brokers said thai mills | were disappointed, that spot holders had j not yielded In keeping with the break I in futures, and were coming back into the market, but were bidding below quo? tations and were not securing much i t lion. A private crop estimate of 10,400,000 i bales had little or no effect, on tho mar? ket, but there was probably some buy. Ing on u forecast placing domestic mill consumption for October at 531,000 bales ! against 440,354 for October laei . ?? Southern spot markets as official!} ro . ported '.-, re Irregular, with Sa ai ? a porting a decline of 54 points and Mem ? ' 100 points, while marken wii h showed the biggest breaks on Wednesday were 50 to KO points higher. Holders of unhedgnd cotton were said to have practically withdrawn from the market, Exports for the day were th?- heaviest for a long time, reaching 77.195 bales, or 1 more than the total clearances for the 1 full week last year. The local spot market was steady and i 75 points higher at 39.<i5c for middling. ] No nal, s were reported. The range of prices follow: W?dnesdav's Open High Low Close Close Dec_ 35.30 37.60 35.60 37.4Slg'37.60 36.20 Jan.... 35.00 36.60 34.20 36.60@36.60 35.16 March. 33.75 35.10 33.-IS 35.02 ??? 35.10 34.0? April . 83.80 33.80 33.80 34.i0?3-83.50 May . . 32.1 ? 34.10 32 37 S4.0r, ^ 34.10 33.16 June...- 33.70^1 - 32.7C Aug. . . 30.26 30.30 30 25 32.25 0 - 31.40 Sept . 39.50 30.26 29.50 31.10& - 30.10 Southern Spot Markets ? Galvesl ? steady, unchanged, al 41.50c; sales, 4.9C0 baits New Orkans quiet, 25 points lower, at '?'.' 7ric; sales, 3,144 bales. Savannah quiet, H punit? low, r, at 38.50c; sain, bales. Augusta nominal, unchanged at 32c; sab s, 359 bales. Memphis atrady, 100 points low, r, at 42c; ?ai, s. 1,150 babe, St. Louis firm, unchanged, at 43.5UC; sale?;, nil. Houston at-adv. 100 points high? r, at 41.50c; sales, 1.722 bales. Little Itock Steady. 60 points higher, at 41c, sales. 47:i balis. Dallas steady, 145 points higher, at 4 1 60c. salts. 5,347 balte. Kort Worth steady. 150 points higher, at 41.60c; sales. 3,151 bales. Cotton M at I ?tic* fester. Lai-t Land flay week, year. Port receipts.. 3*?14S 57.767 24 2"'. Exports . 77,195 30,409 - Exports season 1,290,108 1,112,929 1,030,84* N. Y stocka. . 91,005 101,389 120,681 Port stocks... 1,667,862 1,608.702 1,329 il.' Int. receipts. 5 412 36 16 26,701 Int. shipments 4?.260 36,576 14,969 N V arrivals 1.000 I I 1,352 Liverpool (able??Spot cotton more In? quiry at 88 points decline, at 23 '.'.d for middling. Halts, 10,000; American, '.?.000. importa, 7.0D0; American, 1,000, Futures opened easy at Sh to 95 point? decline; closed firm at 21 to 42 points net decl.ne. December. 2j.56i1, January. 22.92d; March. ;ll.92d. May, 21.32d. July. 2u.82d. Man? chester ; Yarns, firm, clothe, quieter. C?rcala Wheat?The market for cash wheat was again rtrong and prices In Minneapolis advanced to $2.75 to $2.S?> for No 1 Northern, which repr ?enled a gain for the Jay of 5 cents ri?r b"r.n-i Tut* was no evidence of any incr- .>.s.e In ih:: amount of hard wheat available, and m>: eminent offers to s"!! wheat '. - th t , ginning Nov? mbei 20 v. ? - h? ?i ... . pparent Influence ?ri values. Tl demand, however, has failen off quite noticeably, and mills arc beginning 10 complain of a lack of order?. Wheiho! 01 n? this is going to have any Influence on the wheat position remains to be ? n but some authorities were rather Inclined to believe that If the demand fails off farme may be dispoaed to sell If they have y large quantities of good wheat ; back un the farms Receipt? of wheat 1 are gradually fulling off. and Ii is thouirhi the creel of the stocks hae been about I reached. ?t"orn?The corn market was nervous,, but ! after an early decline of 1 to 3 cent* 1 prices rallied and closed firm, with net sains of 1V4 to 2 cents from the previous close. The action of the call money mar? ket and Wal! Street had a disturbing In? flue? -* -?n the market and caused a good deai ot early selling. The Una! appear? ance of ?deal weather for curing a.-,' ? corn a'bo brought abo'it more or , .- .,- ling, as it wan thought that these conditions continue for a ehort time Ihey wtil riJsult In quita a materia! In? crease .:, the movement, Cash markets, however, were very firm . throughout the day, with the country ' allowing; little disposition to ?ell. An : advance of 3 to 5 cents per bushel In old \ cash corn, as well as an upturn of about 1 a cent In new oorn. caused active cover.. Ing, ar.d this demand ?11 largely re? sponsible for the tats rally. Receipts were again small, and whlla larger re? ceipt* ar? looked for, traders ware #vl The Day's Bond Market U. S. Government Transactions ?s? let Liberty 8%a. 1947-?. $535.000 do lit 4*1. 19)7. M.O00 do 2d 4?, 1342. 4')9.000 do !*-t 4%a, 1947. . ,"'' 000 do 7P?I 4%8. 1942. ?1,981 ana do 3d 4%a, 19?8. . .. 2.108,000 do 4th 4%a. 197.8. 4,0 18,00 I Victory 4%a. 1,509,000 do 3%?. 1.3C8.U 10 Quotations H'?rh. Low. T.mt ' Liberty 3%.100.14 100.00 inn ni do 1st 4a. 14.SO 94.80 94.80 i do 2d 4s. 9*1.20 92.64 do 1st 4 Si?_'.14.80 94.80 do 2d 4'ia_ 93 ?18 92-70 ! do 3d 4>4?_ ?-'??SI 94.50 , do 4th 4148. . . 93.28 92 70 Victory 43.48. 99.38 ?*J.*10 ' do 8%a. 99.38 99.32 Sid and Asked Quotation? Clostnp* ClosinR Yeiterday Wednesday Liberty Bid *??|.-?..l Hal A.V.ed 8%a, 1947.100 04*2)100.10 100.10?T-;i00.* 0 1 t. Is, 1947. . 94 80f(i 91.90 94 80r/< 95 00 2d 4a. 1942- 93.l'a?; 94.30 92.74(7?! 92.80 1 hi ? ?s, 1047. . 94 R0 a ?4.00 n I..SO . :?*? 00 2<1 I'?.<,??, 194*7.. . 93 30(3 93 38 92.8 '. 92.81 3d 4%8, 1928... 94.76?lS 94 81 04.SO? 94.60 4th 4%s. 1938. . 93 I Of?- 93. "0 92 88'? 92.90 Victory 4%*. 99.38 99 3d 99.34 - do 3%s. 99 34? 99.36 99.32? 99.34 Pre-war issue. ; 2a reg. 1930. . 100 fill00'-i 100 (?tlOOHi 2a coup. 1930.... 100 @ ? ?00 @ ? S? reif 1916. V9 ?*; 92 j.l @ 52 I* coup If) It)_ S<> (ft <*?*? 90 ?.i o" 4? r?*. ?325-106 ?106% 106 @106% 4? coup. 1925...108 01064 106 ftfl06V4 ?* l'an, c. l!i:'j . ::''..-.'; ? 99%<?*-J ? 2? Pan. r. 19:!?.. 89Aftj _ 99H"*? ? 2i? Pun. c, 1938.. 99%fn? ? 99%<g! ? 2<j Pun, r, 1938 99V '?' - 9DV fd *, Pan. r<x*. . . . 88 ?., 88 a 91 3a Pan. coup. ...88 fri? ! Pial 4a, 1934, . , 92 '?.- ' ? 92 M 96 Phil ia, J93C. . . 92 \: 96 92 < Phil 4?. 1936.... 92 r.*i 96 92 r?*i 96 ?J Col 3a, 17t6j.. 87 itf. - !'".' C?3 - Foreign Cut. and Municipal Honda (li-?t?rr?t To he Added) Bid Asttetf Amrlo-Freneh Extern &a, 1920.. ?-7 97tt Argentine intern "is, 191:.. 77% TO'-j, Carada. Dom of. 5a. 1921. .... 97% "8 do 1926. 94% 95% do 1931. 91'4 '02 Chinese Gov H K Ry 5a, 195! 59 61% Cuba Extern 5s. 1914.92 92% doi 6s. teries A. 1949. - 84% do 4 Us. 1949. 77 r Via Pominirnn Hep 6*?. 1958. ? 95 ?"u*. .if Harls 6a, I n 21 . 9 C -Vf, ??: ?., Jap ?;."? *'?/?'. Btorlinj In, 1925 ' 1'?; ,-2 >?? do l'-.s. 2d ser. 1925. 81M* 81% do 4a, storlli :? loati -? g 7' fitv nf Tokio 5s, 1952. f.8 (?8% I* K ?: B ?*>? I '?-: ?? 1*4s, 19 1 '"A a.'-v ?! 1 3-yi 5' a 1921.97% 98 do lOycar, ."A"- 1929. . . :???' , Ki% a .:???? 1 7 i 7 ??"??'? 1. ??' Mex Exl -rt. strl 5i A ?? , 1945. 44 17% do gol 1 4s, '04 ! . i .... 46 1? V4 (Sales) Anglo-French 5s Dom Canada 5a 1931 41,000 91 0 - '? !% , ,, ,,. ;,,;-.t .. OiiO . 92% t.. . .. 97 3,000 92% 1 000 . 97 r? 11.000.97 UK of (it Britain & 2 OOO.97'4 I 5Via 1921 1,000. ""?> 76.000. AN? 22,000. 97 5,.'. . . 97% 9,<. . ??" ; 12.000 . 97% 1.000 . . . ' , do 1922 2.00tfl^^H^^^^Bia^^B 2,000.97 ? City of Paris 6a if ! !.. 1O 6 . 96 % 'Ai 11,000. 95% 5 000 ....92 City of Tokio 5s 5,000. 91% 3 000. 69 2.000. 92 1,000. ._ 68 ' X Y C 4%a 1957 Chines:* Ry 5s May 5.000. 61% 2,000.101% 2.000. . . 59 November Dom Canada 5b 1,000.101% A A do 4%! 1963 7,000. ? 2 000. . . .101% do 1926 do 1',:. 19C6 16,000. 94% i 1,000. A Railways, Other Corporations Adams Exp 4s ! Midvale Steel 5a 1,010. ? . . 55% 2.000.86% Am Cot Oil 5a 1.000. 86 1,00 I. ..... 88 I 1 000. Va., Am Smelling 5s lua.nn. >r. a. 1 I.00Q.Sr>V* Montana Pw 5s 3,000 .... 86% lamo. 88 1 000 . , 8G%t M K A T 1st 4s Am T & T cv 6s : ooo. 63*u> 1 000. 9914 5.000. 64% 99% 3.000. fit 2,000. ..... 99 5 000. 63% ' 1, 100 . . . ? A do 2d 4a ?,000. ? 3 ' ; ? A Mo Pfl - pen <s . *'?>. i7 0^0, . . . St 0 . 90%! 1,000. . '-? '-. do col 5s 10. :,i5% _ 83% 0. 56A 5,0i-| . . . 83?i Nf Ori r & Mex 6s 1 .000. 84 * ,000 ii 1 : '? ?. 9 , do I s 2 000 . 4.000 . 53 do c? ; U N V ('???? deb ?b 2.000. 1% 1.000. . . . *a:iy 1,003. ?? 6,000! . . .'. 93 3.000. . 50% . *.A Am W 1- s f 7:- i do >s 1934 6,000. 86 Ifi 000. Si A T A S F gen 45 rio r'i* 4'is fi.000. 79 3 000. 75 2 000 - 78% 7 000. 751* '?? 000.78%?N V r *, St L 1st 4s 40 000 . .. 79 ' 1 n?a. ..... 79% do adi 4s i :?? 000. 79'-. 1.00" . . . . 69% N Y V H & II 6-1 Armo"- Ce 4%S 1 10. 74 ? 000. 751 1 Atl C L let con 4a \* Y "'--??> rfjs 4j ;it: Bait & O ten? 6s do : '-11".'.'i do -'?' ?f d?*l>.;r d< ? ''?* 5s in u?o. 7 2.000 07 I v y 1 '. deb 6s 2 '00. , 67H ; ? . 1 .... rn% .67 ' 1 . :?S 2,000 . 67% .... 9HV do <*v* 4>.^s 4 i.".1. 98 ' on''. 67%! do P ".000. ' "; s 1 000 . . 84% 1.000. 67% N Y VV f- Bn 4s-.** li.OOO. 67 . ?;,!.. irit-j l.OOO. 6"%l v0rf '-?? *< Ser A ' ""i. rn% 2/1 . 61% li.OOO. fi*?:.4 "'01 ! * * cv 6s do toIiJ 4s 8 . . . . 1''" '.. """''?. 07% .:?-,: .... 11,000.67- >., do con 4s Bait '? O-Vitt? L E 1 OOO . 78 & W va !s -, Noi* i"?. -""10 4s 3,000. . ... 2 ooo. ??.. . 5S 1,000 . Bait & O Sw '?:' ? 3.000^^^^^^| Beth Steel rfg f,R 2.000. 884, do p m Sa l.uOO. 87% Bklvn Rap T oa l.OOU. 31 Bklyn U Elev 5s do .Is 8.000. r>6*4 3,(ViO. 65 4,0 ? . 58 Nor Ry o? Cal 5s I.00H.B 5% Nor Ntau-a Pr 5? M00. 64%; 1,000...... 86% Con Pac gtd 4a Ohio Con Ry Is ?'."'?'. 75 1,000. to% M0?.4% Ontario Pwr 5a , 1.000.75 1,000. 88 ?to ?M < Or & Cal 1st ,",a C.OOO. 81 i,,i,|o . B<i C'en K It of N J he Or Short Line 4? 1.000.KH , 5.000. 82u Cbes ft ? cv 5s Pacific T 4 T 5i L.000. 83 | 2,oon _ 83 8.000. 83% Penn con 4 %s 5.000. 8.1 1,000, . . .93 do gen 4 Mi? I do 5a 11)68 2.000. 74 Vs 7.1.0-10.91 2.010. 75 IS.ono . 90% do cv 4%? 1,000 . 91 4.000 . 7814 do gen 4 %s 9.000.78 > 4.000 .... 82% 5.000. 77%| 2 000. 81" C B ?i O Joint 4s Pen Gas & Coke of 3.000 ;' .I '1 ?00. 95 ?4 t'o gen I.; 10,0 10. 79 V? C Gt We .tern la 1,00!). 53 C M & St P cv 5s Series B 6.000. 71 6,000. 72 I do gen 4'is 25,000. 76 do cv 4 '/?jb rt.OflO. 73 do rfg 4 %* 2.000. fi.H Jo gen 4s Ser A 4,0110. 68% do C M &. Puget .Sd 4s 10.?'On. 65 V?? C ft, Nwn gen 5a . ? 1 do .- ?!. i ? I.o? 1. I! I .! .' ..?'Il ?H (lo r*K I 28.000. ? l : ('hile Copper 6? 10,.' B5% 61,000. 85 4.000. 81 Vi 5 000. . 85% 7,000 - i l. 1,000 ?4V4 2,000. 84% 10,000 . . . 85 C C C ? Rt L-St Lo?m div 4? 5.0O0 67*? ?io 4. Cairo div Col & To ist Is Chicago 5a 1,0 i0... . 68'.', . 6G Pierce Oil '111 1920 . Reading gen 41 l.OOO . . I,. 82 E 000. 82% a,o 10 ,... 82% 2,000 82VJ 1.000. 82 Repub I & S 5e 1,000 94 Vi St L Ir Mt & S I. 4,000 75 St L ft S F" 4e Ser A _'.0O0. 56% ' ,000. 56 13,0 0 5C% . I 10 56V4 i0 1 *.<?' 1 ?. ? ??'1 t? ? : , ...;_ ?; '????i "?8 l', -i <;: 74,1 CV ?",: 30.000... do inc i",?< 38,000 2.000. . 1,0 ?0 ? 7,000 B.000... ?1.000. jo <? 10,01 St L Swn Ter 5? 2,000 . 61 1,001 do 1st \? do ' o? 4s ? ' '7' San A: A; A P !.. l.OOt? . GO , Scab Air I, 1 10 39 Vi 40% 40i7, 40% 401?, 41 41 Den & R G imp P 1J0 'on 1 | 100 Di'fr "di.'on c? I 1933 1,000 Detr 1 Ryi 1 %! 1,000 '1% Erie pri lien (a do r- li< n i-i 6 U ' ' ? , 7 000 i' .," ' , ' ! : ' , I ,. , ? ? . , ? .. ' ' ? I r 1? - . 10.00? . ? ' . ' '? ' , do If . !? Is .-'or A 4i- Ser !? ? ' ' ErioPa col la ?" Gen Kl e, v l 1 ;? - iri .?? Pac l ? 1..'i 75 Hock Val 41 ?s 1.000. 71 Hud A M ri'g 5s 1 ? 000 . 53u r noc . 53 ? '.' 000. . . ,.54 do inc 6a do -r- ; ' luth ?? Ry 5^ C " ta 19 I India ? Pti Intbo V't I: ? v 000. . .. 30 00(1. . . . 1.0? 1 . Ill 0"0. ... ii -, ?? - '? Louis li? '.' renn 1 I tBH ' .: non . . ? ?? ' ': Te-m " 't Asan ? t ? St l. li ; ' 0 22 ;. xaa r" :v 6s 7,000, M I Un P" lit 4a ?.'1 do "i' ol dcpo< 3.O00.1 Intho H T rtij 5a 4 7 000. .51 so.ono ... , : u, noo, ,.5i di, rv ' - 1 ."On , n Int V- ? Mai i. 000 ' l4 u & I lown, Central 4? U S ? ? ? 'Mng fi IS non r s ? ? ' s f as Kan Citv Ter 4s 4.000. . . 65% Kan '"?v So 3b 11 Keok S- D M 5s 4,000 ?"'?'?: Lack '-'? 5s 1923 Ctah *' -\ "? vV ? t '* - 'and I !.(.;., ?- '- : 18 di 4? 1931 '1 . Li high Val 6s ....10' wet -, 4a i ' ? 100 ; ? '.'.'.'. TI do coi 4%a vV'est ''?? ' '?? 1 . 7 '.) \ " ' Lon? ' - I93"i I -i ? '"'4 Wllks '* ''??-'- ? - do 1 i.o ?'? ? ? Wilao '' ? ls1 ' Loril ' , "i 2.OOO -; ??''?. do ? s? I. ,'. . ; ' !. .-. lien?y more ai8***osed to be reattlr.ua about r.r. ssin? tb^ selling aide until the protn laed Improvement In the movement be? comes an actual fact Yesterday's Previous Year Hose. el..?a. a**-?* Cfi-n Vn 3 vol. .11.7314 $1.73*4 $1.55% Chicago: December.1.3214 l.SO'-i 1.15% January . 1.26% 1.28 - Oat?? ?The oata market ?-'?cHned H to ?4c ' irly, b"t closed fl*m at the best o** the day with net rains of A4 to 114c. Cash markets were arm and there ?ti? lo be quite :\ good demand for ght nal iv 1 st oek ? ara pn ? . hi ? : - vas furthei of < a --a, -..'?;.- u? :i privai from a ^ irl I ? broaO ? portee prie to i i ?-.... i : ! ?u New *i or? ? ( lo ?-. rlosi Oata, : i. 3 wb. I RI $0.81 $0.7J December.73 .71 '4 .8614 May. ;r -, .74% -? lije?Market steady. Yesterday's Previous Year New York: ?-lose close. ago. Caah No 1 tvh. $1.49 $1.49 $1 77 Flocr and Meal?Quotations were: Yesterday's Previous Tear New Tork : close. close. ago. Minn patent $12.76 $1275 $10.?0 Cornmoa!, yal .3 .7*'i? 3.?0 3.70*93.10 4.0714 Rran . 4 4 **0 44 OOrff 4T..0O ? Rye flour.7.00*27.25 7.00?7.25 ?.00 Swear and Coff??*** Current Tear pnces aro Eujrar, granulated, par Ib.. fl 9 Su?=?r. centrifugal, par Ib.. T 44 Rio. No. ', t r ?tv . I 7 1014 Coff? Sa ?-.. : ? per lb 27 ? .-usar ? The rat? sugar market ou quiet ...ral ?. ::? little offering1, SA fraeh -. opmentH wer? see^i In reflned sugar, and ili?- acute situ?t) n remains i'ii-lian?.*.! t'ofTee Future*?The mov? ment In cof? fee yesterday wan erratic ?mid price? see? sawed up and down throughout the day, with ??nllmi'til n.rvous and un??*ltl>-d. After opening at declines of 2 to 13 points, the market sold up 18 lo 35 point? on covering and a r.-n?-w?| of Wall Street de? mand, then dicllned making oe* low le*? ? ala? followed by a> eiarp rally aad at tita clos?? lor.?; infracts came nut freely caus? ing ? shan hr<aik, lirai! quotations h tig 1 *" to 23 pointa n? t \,<v:. r People ?vh.i ha?.' hei>n bull'sh on cnfTee tal'o-d of an Improved techo cal poslt'on Rft?T :h" shaking out of in?- l'?nirs du-na th" past two days, end predictions w-ra mad?- of a sharp advance ,m soon as s>dl Inir for lone acctin- hud run in course. During th?> ?lav a special cat?!.- from Santos r-nnrtid futur?.'? there Z? '. j 150 reis higher Th- local si r.. mnrket was '4 e lower r. ? 17c for Rio 7s The d<*mai 1 was , m Is usual I th i... ?. ? a inset tied a ; * : ' ? I Vtan '-. ?.- .... May . 16.o0 16.55 16.; June... - - - :..'-'!?. Auna ..--18 II '7M8 17. 1? JO Sept. . 16.23 16 23 16.23 16.04? 16.10 16 25 CottonsecJ Oil The rn?-l?i.t ., :, s a'-.l?-?. .* n * th*. tot?' day's buslneaa aggr* gated 29.400 barrels Thla ???? ?he lareesi ?ingle day'a ti.? inn ?llo?-. ?h- -*?? ??????? ? -.? .?,?- '?Hid?'!'1 or May. 8 Trading, hoivever. wae very fever? ish oivlnii to th- Ir ?-?tuia- action of th? other markbt? and th* dist'i-bed condi? tion of the Tron**y nark?t Early In th day the undertone ???a*? easy, but toward the ?-?ose a firmer feeling prevailed .... I he ugh Un a ns ranged from : 3 po a. ' ? ? - ' ?-.??.? ? "a- r, r - ? High. Lou ;S Dec 52.10 2: 30 2 i eb 23.1 7 7 - - 15 22 . ; 77 t ? . : April. . 22.40 ?2.40 "2.10 22.44 . i 22.44 June.. . 2-7.7 7 ??.76 .: 7v 31 iO032.75 32.30 Butter, Cheese and Eggs Butt?r?Receipts wer?' ! i *"> aackaces : Creamery, higher than extras Ib.. 7 ! ?Jf 7114c. extras, 82 sore. 7O/?7014C, first?. ; 90 to 91 score. ??6V4iCti9c firsts. 88 to S3 j score. 61l4@<4c: secon's. it to 81 score. ?606914e- lower gradea. Alfi?c, held. | $10,000,000 Grace Steamship Company Manne Equipment First Mortgage Six Per Cent Serial Gold Bonds Due Serially December 1, 1920 ta 1934 Interest payable Juna 1 and December 1 Denominations f 1000. $500 and $100 The present net worth of W. R. Grace & Co. Is over $50.000,000 The entire capital s'ociV of the Grace Steamship Company wth the ezeepion at ?frec'ort' share?) is owned b-t W. R. Grace & Co who uriti agree fin? to di%po<e of their present holdings w 'hottt making frr'or provisian tor purchase or rearm!- -on a* the fior.ih. and to acquire amount* oi any adJiio^X s ozk issued sufficient to main o"i i o ^^ _ A letter from Mr. M/iurirr- Bouvier, Vfcr-President of W R Grace A ' <>. and aident of the Grace Steamship Company, is summarised a* foil? ws These Bond? will be secured by direct First ?Mortfagre en the thirteen ?ei tels of the present fleet, all of modern construction and having a dead weight tonnage of 70,035 tons, and upon additional property acquired from the pro? ceeds of this ittue, including the vessels about to he purchased at m tost of ap? proximately $7,000,000 and having a deed weight tonnage of about 33.000 tons. The totil 103,000 tons, now owned and about to be tiqjired, it con ?ervatively valued at $200 per ton against which this issue will he outstanding at a rate of If* than $98 per ton, or allowing for a portion of the ? ash proceed to he held bj th- Trustee, until expended ?n ihe acquisition oi* property, of I??' than ?85 per ton. These Bonds will be additionally secured by pledge uno>r the Mortgage of * charter party, or partie?, entered into by W. R. Grace S- ( ^ . ? orenng th? operation of the vessels for the life of these Kond?, and providing for the payment by W. Ft. Grace & Co. of a minimum charter hire sufficient to meet the serial maturities, tnterest and ether fixed charges, annual depreciation at the rate of 5"~- on the cost of all vessels now or hereafter under the lien of the Mortgage, and such further amount a* may be required to discharge any liens. ?r claims which if unpaid might result in liens, against the vessel?. VV. B Grace & Co. will als? agree to pay annually as additional charter hire, an amount equal to one half of their net earnings from the operation of the chartered vessels. Grace Steamship Comprny will covenant to use such additional charter hire only in the acquisition of additional property, or in the purchase or redemption of Bonds of this issue. For the year ended December 31, 1918. the consolidated net earnings of the Grace Steamship Company fleet amounted to over $3,00),0)0 Insurance of an adequate and proper character wi'l He carried in an amount equal to not less than li25' of the principal amount of the outstanding Ronds. We offer these Bonds, if, as and when issued and subject to approval by counsel To yield from 6% to 6V2% according to maturity. !t is expected that Temporary Bond? will b? re*dy for delivery about December 1, 1919, against confirmed ?alee. Complete circular on request. The National City Company NEW YORK Kissel, Kinrrc^tt & Co. W. R. Grace & Co.'s Bank NEW YORK NFW YORK Tv'? ah'w? sist?mente and. ?tstlrtle? ar? ?ierlv?? from ?ffl - >? e>. ?",?? a which we regard a* reiia'ip. We -to r.ot guarantee but bellsv? then O nder ?3luntary agreement The establishment of Trust FumU under Voluntan Agreenu is recognized as a most satisfactory way of providing for individuals, whether members of your family or not; or for organizations jusl exactly the benefits you wish to bestow ind, further, under this plan, you and no! your execui -ill of the arranging of details, fixing your gift ? -th as you w?sr t ? and thus avoiding any possibility of your matters bein<j disarranged, which so frequently happens after death. In other words, you can create either a Voluntary Revocab Irrevocable Trust terminable at a certain date <>r at your option, or at the option of the beneficiary, or both. Wbv wouldn't it be a good idea for you to drop in and let on< of our Officers explain in detail just how great are i\\** benefits ui It r such an arrangement '. Finally, such a talk will cost you nothing You are cordially invited. TRUST DEPARTMENT The American Exchange National Bank ESTABLISHED 333 SMew York City Resources aver $175,000,000 'usher than extras, ? 7 tf ? T* <*. extras, ???ff ":14e first? ?l?68e. seconda. 6&4*8>&9c. unsalted, higher than *xtraa. T 3 14 ? 7 * 14 c extras, 72@73c. first?, ?l?70c, second? a ?? : ntua-, t'aav tuba, finest, 68< - .prime ? ?'"* ; con 1 ? ?' : ? -? no* ted, extra a ?idei 47 if- 4? .- . * . : ? ? ? 1 !.. .1 ? ... :.?? . * ored ? . ; -, ?- ? 3 ? held flats is, 32 --J u 2' .lie , avarag? run -3 a 2'^c. tower grades, 2303014c; iwlna, apc 1 ?-In. whites. 3 1 '-3 13 3 3o ; colored. 3!*rJ?32c. .erage run. colored or ?vhlte. 31c. lower ? ades. 2803014c Wisconsin whole milk. twin?, fresh, 30'-i *ff 31'.?c. single Daisies. .'"-ah. 32033c held. l-'.'?'.llc. double ?lisle?, fresh and held i 2 <-** 3 2 %, c Young A.nertnAs, fresh, 33 0131?c; Cheddars. ?"anadian In bond. ?? 1? fr 1-t?4? ??am. ?klms specials. $3?2f14o prime to cholea ?~ 1" < fair to good. HQlle; !)*ir grades. 7 *.- ' ic i.gg* It? ;>(? werf 5?!1 ?-a?.*- Pratt) '. extraa, doi*r Ifl * ?" - ? . . I -a ? under grad? . ? ?rid 1 .?-t.? '.v.ifin In-ii.-' .vh.tr? iitlr t-> fancy, OicOll: f??r to prim?, . gathered white? e? mmon to prime. 7y <*f 9t*e: puliets, 70880c. Pacific (aast white?. ? xpress. fancy, $1. other W. stern inl Southern, gathered ?rhtte?. 70(8 S9c state I'-nnaylvania and nearby h^nn^ry brown? 'anry. 78010c; gath?r??i brown and mla?t*l colora, -rradad. fancy. T407?c; fair to prima. S&OT3?-*. -f Livestock. Meats. r'rovla??"-?* T??t?r?Uy ,a- age i.l ir? ??ear? *. r-s 3 13 00 tS ! 7 tO $17 ?0 ? : ( ' * I Clrj. I 1 # O I ? S '- 9 ? ? ** ? ? ?'? .?ml?? c?t>. ?b 1?? If 17?4 H H..?? ltd lb? 14 sbi?i)0 l? tuftil. <*? fair to prime 100 lb? 13 eo?ff 14 8? 1? 284$)'? ' Urea??'! hog?, ba? con lb ::<t* it\ $1*9 33?. Mesa beef, bb! I? *'???** *3 38 ???**..$. !? JL*r?i. mid We? ,