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SECURITIES WANTED AND OFFERED Gillette Safety Razor Rts. American Stores Com. & Pfd. A. E. Staley Mfg. Pfd. Hayes Wire Wheel Parke Davis American Piano Com. Packard Motor Pfd. Goodyear 7% Pfd. Firestone 7% Pfd. Moline Plow 1st Pfd. Granada Oil Godschaux Sugar Pfd. Morton Lachenbruch & Co. PHILADELPHIA NEW YORK Land Title Bldfr. 42 Broad St. Tel. Spruce 381 Tel. Broad 7300 Central Aguirre Sugar Tex. Pac. Coal & Oil Indian Refining Colombian Emerald Aetna Exp. Pfd. & Bds. Penn. Coal & Coke CCKerr&Co. 2 Wall St., N. T. Phone 6780 Rector VS//////S///S////S//SS///S//S//////S/S/////SS////////S/A Mark A. Noble Theodore C. Corwla NOBLE & CORWIN t? Broad St- Mew York Chase Nat. Bank Stock & Rights Corn Exch. Bank Stock & Rights Great Amer. Ins. Stock & Rights Fidelity & Cas. Stock & Rights Telephone 1111 Broad Woodward Iron Common Merrill, Lynch & Co. Trading Department 120 Broadway, New York Phone Rector 6070 STANDARD WEEKLY #"fc WILL B* SUMMARY ^^ MAILED ON 1 TO ?TANDARD OIL " INVESTORS ISSUES I ON REQUEST CARL H.PFORZHEIMER & CO. 'Phone 4f.8ii 1 1-i-i Broad. '?6 Uruad St.. N. T. Eastman Kodak Guaranty Trust City Investing Central Aguirre Sugar Empire St & Ir. Pfd Savannah Sugar Stone.Prosser & Doty 52 William Street, New York Garment Makers Will Fight Cancellations Prepare to Resist Withdrawal of Orders if Prices . Decline ?\ majority of the manufacturers i < who a?re members of the International J Association of Garment Manufacturers appear prepared to strongly resist at- J tempts of their customers to cancel orders in case the price of raw mate? rials used by the manufacturers de? clines within the near future. This was brought out at the association's annual meeting yesterday. Several hundred manufacturers of shirts, ath? letic underwear and nightshirts, gloves, overalls, heavy work garments and white duck clothing were present at the convention. Much time was given to the discus? sion of the cancellation problem. Sec? retary A. P. Allison read replies to a referendum recently sent out indi? cating that out of 100 manufacturers thirty-five have taken steps to protect themselves against cancellations. Many of the remaining sixty-five said they were prepared to resist possible can? cellations. Of the thirty-five referred \ to ten now guarantee prices against ! decline up to the delivery date. New orders for the coming season ; ?will be taken, beginning in February, by one-third of the pants manufactur? ers replying to the referendum, one third in March and one-third in April. Overall, leather garment and flannel shirt manufacturers have opened new lines already for the most part. A few will open lines in February and only two in March. Middy blouses, wash suits and boys' suits will be opened in May. Fifty-six out of ninety-six manu? facturers said they were not reserving the right to ship goods when ready, while forty replied that they were. De? livery dates on new orders stretch from July 1 to October 1, according to the referendum. A quarter of those re? plying indicated their iatention of specifying delivery dates on future ortiers. Much interest was evinced in the re? port of the bureau of factory prac? tice and industrial relations of the association, which has compiled much information concerning improved fac? tory method? and systems of dealing with the employees in factories, under the direction of Arthur Schwab, chief t of the bureau. To-day the association will discuss price guarantee? with Commissioner W illiam B. Co!ver of the Federal Trade Commission, and also the topic of '?Open Prices," or the dissemination among all members of the selling pri?es maintained by each individual member. Financial Items Hetwrt B. Klmhall an<! W. H. Swift havo " l?lwm? * W Ifcmorc, Inc. At th?Vannual ?lotion of offlcfr? ot the Now Toril ( o?r?* and Hurar Kx'Mnnun h<M.| ? .?-clay Clarence A Kalrchlld .?;,? ?..,. ???\nu<\ pronl'H-nt ?nil A Bchtoranber? i C?-pr??ld??nt. C, I!. MKl.l. n.Jorf WM o)?ct?.i ? -....-i-.T Bdward v. Derek?, Manuel K Blonda, T ?, h N'foleen, i^opoid ?, Bach, Ai.ifimiu* M. (Vatbrldge and T. c>. Baden? b*<h were elected board of tiiun&Kt-r?. \*> Roy 7f, Apjar hax r?-*l*n?d from th? National City Company to become ??ho elated with E. Rich * Co.. memberi of th* r.'?w roik Stock BxeJunge, '? .g.... i Dividend* .tegular Declaration? Stock * * holden But? and p?r|od. Pay*?)?, of r*i; i t) Brftl pf, 1%, Q y-h i Jan, a. '*Unchfl*i'i ''??!, %. Q ...K-b. 14 ?p>b ! It Pf. 1%, O _, ?V... I ..?n V \UrrS\- Ol? 2??, Q- Vf-.i,. H .fan. ?! Nat J-oad pf, 1%, <j_Mur. )r, r?b. V. U^re-Ii^btiKk. 12. Q.JTeb. 1? Jan. ii Mis? Public Utilities Bl?. Asked. [ , Am Light ft Traction.200 ???4 Am Light ft Traction pf. 90 94 ( Adirondack Elec Power. 14 JJ 1 Adirondack F.leo Power pf... 75 10 | ] Am Gas & Electric.126 130 n do pf. 40 41 h Am Power ft Light. 85 29 ' do pf . 71 75 |] Am Public Utilities. 8 13 M Am Public Utilities pf.I. 22 27 ] Am Waterworks Electric. 2 4 Am W W ft B parti?, pf. 4 ? l< Am W W * E 1st pf. 45 6? Carolina Power ft Ltgnt. ??1 35 Cities Service .413 419 ( do pf . 74 7;> |; Cities Service bankers ctfs.... 4+ 4j Cities Ser 7 pe. ser C, 1966-164 ? Colorado Power. IS IS CoIora.1o Power pf. 90 96 Com Pr Ry & L. 18 21 do pf. 44 48 Den (las ft Elec. Ren 6s. 87 93 Electric Bond * Share pf.... 01 M Emslrs District Hlloctrio pf.. 7? 71 Federal Licht ft Traction. 6 9 Federal Light & Traction pf.. 41 45 Oas ft Electric Securities.880 410 Oas ft Electric Socurltlos pf.. 80 85 Northern Ohio Electric.? 2t Northern Ohio Electric pf. 50 55 Nor Ontario Light ft Power.. 11 1? Northern Ontario Lt ft Pow pf 62 67 Northern States Power. 60 64 Northern States Power pf. 87' 90 Pacific Gas ft Electric pf. 88 I? Republic Ry Light Co. 11 13 , do pf . 42 15 Southern California Edison .. . 4? St Southern California Edison pf.10? ?04 Standard Gas & Electric. 25 27 do pf. 40 42 Tenn Ry Light ft Power. 2 3 Tenn Ry Light & Power pf.. 6 S United Light & Rys.;.. 28 32 do 1st pf. 60 64 Western Power . 21 23 do 1st pf. 71 74 Bonds Bid. Asked. Appals.cn Power 1st Sa. 17 70 Cincinnati Gas ft Eleo 6s 'St.. 86 92 Col Gas ft Eleo 6s '27. 7C ' 51 Col Power, '63 .7? 52 Dallas Elec 6s '22., tt% ? Bast Texas Elec 6s '4?.71 SS do 7s '21. ?9 ltt Bl Paso Eleo col 6a. SS SO Great West Power 6s '48. 83% *85 Midwest Util 6s '25. 88 91 Miss River Power 1st 5s.74 76 Northern Ont Light & P 6s.. 7? SI Northern States Power 6s '2t. IS OS Pacific Gas ft Elec 6s '31_It 96 Puget Sound Trac L ft P 7s.. 96 17 Twin City C ft E 5s. 75 78 Vn Light ft R 1st 5s '32.74 77 ?o deb ?s. '21.SS SS Sugar Stocks Bid. Asked. Bid. Asked. Card-Am.. 20 ? Mat-Am pf 60 70 do pref. 70 ? Michigan.." 12 13 C Aguirre. 96 99 National .146 149 Fajardo ..132 135 N Niquero.225 Gt West..410 440 S Cecelia.. S3 87 do pref.115 118 do pref. 80 82 Gunta'mo. 70 80 Savannah. 36 38 Mat-Am . 10 15 do pref. 87 90 Chemical Stocks Am Cyan. 30 35 Hook Elec. 65 75 do pref. 54 60 do pref. 65 75 By-Prod ..106 115 Ky Solvay. 90 115 Cassin Co. 45 50 Merc Co p 96 98 Dow Ch...175 200 Merrimac. 92 94 Du P C pf 9 Mi lOViMulford Co 55 00 Fed Chem. 100 ? Mutual C.150 ? do pref. ? 100 Nisg Alk p 96 100 ' Graselli ..100 ? Semet C..165 175 do pref. 100 101 Solv Poe.. 190 ? Tobacco Stocks A Tob dv 8.180 186Porto R-A T.135 140 Conley Foil.325 350R J Reyn A.525 560 GWHolmes.165 165 do ser B.460 ?85 do pref.. 98 102 do pref. .106 108 J S Young. 130 138Weyman-B .168 175 do pref.. 95 195 do pref.. 98 101 MacA & Fh.160 170 Miscellaneous Stocks Am Chicle 88 92 Lima L pf 97 100 do pref. 80 85 Nat Cash. 115 ? Am Leath 68 75 N J Z wst268 272 do pref. 93 95 N Co 1 pf.103 104 Am Mfg..l81 1S5 O'Neill pf. 98 99% do pref. 87 90 Phelps D.240 250 Am M&F.100 ? Phil J Cor 60 65 Am Typ F 45 50 do pref. 93 95 A D T NJ 25 35 P & W pf. 95 ? A D C pf 9S 99 R Reis & C 25 27 Atlas P C 70 ? do pref. 89 92 B B&S 1 p 88 92 Ry Bak P.140 150 do 2d pf 70 ? do pref. 92 96 Bor C Mk.116 118 Sinner Mg.168 171 Bush T pf 77% 85 S L IM&S 42 48 Celluloid. .143 147 Stoll S pf.102 105 Childs Co. 83 87 S D W pf.102% 103% j do pref. 94 98 Stern B p. 105 108 City Inves 75 80 T&PC&On.ll5 125 Col E Sy..900 1050 Val vol pf.104 107 Crk W pf. 96 101 V Raalt In 42 47 D L & W.168 172 do pref. 82' 96 F R 1st pf 97 100 W C Kerr. 50 55 Draper C.141 145 do pref. 80 85 Int Sil pf. 95 100 W & B pf.100 103 Leh V S C 87 90 Yale & T.265 275 Steel and Ordnance Stocks Am Brass.224 22S East Steel. 37 39 Atlas Pw.150 155 Emp S & I 25 35 do pref. 89 91 do pref. 65 70 Bab & W. 120 125 ?Here P..223 228 Bliss, EW.420 450 do pref. 107 109 do pref. 62 68 Niles B-P.108 112 Can F&F.185 195 do pref.107 110 Carb Stl.. 100 110 Scov Mfg.395 410 do 1 pf.107 110 Thorn Iron 30 35 ,\n rlA nf 70 75 Win Cor..375 ? "olta Ama 57 60 Woodward. 44 ?4 49 3 P Pow.370 380 ?Ex dividend New York Bank Stocks .625 .215 . .295 ..210 ..420 .150 America .. Atlantic .. Am Exch. Battery .. Bowery ... Bryant P Bway Cent. 150 Bronx Nat. 150 Butch & D. 35 Chase .475 Chat & P. .320 Chelsea Ex. 125 Chemical ..585 Citz Nat...255 City .405 Coal & I..245 Colonial ...350 Commerce .243 Columbia ..200 Corn Exch..475 Coxmop'ton.HO Com'cial E.415 Com'wealth.22l Cuba .170 East River. 150 Fifth Nat.. 150 Fifth Ave.. 900 First Nat..985 Foreign TE .235 .200 .375 .365 .820 .200 ?Garfield N. ?Gotham ... ? Greenwich 220Harriman . ?Hanover .. 160Industrial 1601m & Trad.590 IRO'lrving Nat390 --Liberty _460 485Lincoln _280 330Manhat Co..245 ?Mech & M..460 ?Metrop'tan .340 ? Mutual ....400 415Merchants .235 ?New Neth.. 200 ?N Y N B A.435 247Park .740 ? Pacific .... 135 ?Produce Ex.375 ?Public .335 ?Seaboard ...625 230Second _400 ISOState .230 17023d Ward..130 ?Un States.. 170 950Union Ex.. .185 1015W'che?ter A.200 166Yorkv.llc ..325 235' 400 i 840: 2151 610 i 400 Sil _I 470 1 360: 420 24" 210 760 425 240 140 Trust and Security Companies ? Lawyers T. .130 ?Lincoln Tr.175 88 Manufac'ers.205 405Mcrcantile .290 240Metropol ...290 515Mtge Bond. 94 460Mut Tof W.I 05 375Nat Surety.210 360?N Y Title. 140 ?N Yprk T..025 305 N Y L 1&T.730 450Peoples _290 260Realty Asso.110 2?0Scandinav'n,890 240Title G & T.400 405Un States..850 265 U S M & T.415 140 U S T Guar 80 665Westchestcr.l30 125W&B T&M.165 Alliance ... 81 + Am Trur.t. ? Am Surety. 82 Bankers . . .400 Bond & M.230 Bklyn T C0.6OO , Cent Union.450 . Columbia . .365 . Commercial 150 Empire Tr.290 Equitable ..298 ? Farm L&T.440 Franklin . .250 Fulton _250 Fidelity ....230 Guaranty . .395 Hamilton . .255 ! Hudson T. .130 : King? Co.. .640 ? Ij??vyers M.120 98 125 220 150 750 310 120 910 410 880 425 85 140 175 tSee New York Title and Mortgage. ?'Owns all Amercan Trust Company. Insurance Companies i Am Allianee.260 ?Gt Am rts. .100 1G? ! City of N Y.120 lilOHanover ... 80 ? I Com'nwith. .200 325Home .580 611 I Continental. 80 85Nat Liberty. 170 i Fid ?t Phoe.700 JfcONiagara ...225 25; 1 Franklin .. 80 94St\iyvcsan'.. 50 71 ? Globo & R.WOO ?Westchester. 38 4: i Great Am. .420 460 Standard Oil Stocks Sid Askei j Anglo-American Oil Co. Ltd.. 29% HO ?Atlantic Refining Co.1600 1575 <io pfd, n??v Issue. 113 IIS Borne-Scrymser Co . 440 460 Buckeye Pipe Line. 98 100 Chesebrough Mfs Co, cons.... 265 280 do pf . 167 lit Continental oil <'o. 640 &?o Crescent Pip? Line. 36 ;t8 Cumberland Pipe Line. 120 I Eureka Pipe Line. 150 ! Galena-Signal OH Co pf, new.. 103 ?to pf, old. 1 OH 90 : Illinois Pipe I?ne. 172 ! Imp. rial Oil, Ltd. 126 Indiana. Pipe Line. 99 International Pet Co. Ltd. 67 New Kork Transit ,. 17.! National Transit Co. 35 Northern Pipe Una Co. 102 t Onto on Co. 370 ?IVnn-Mfx Fuel Co. 73 \ Prairie Oil ft On?. 65? Prairie Pipe Line. 270 south Psnn on Co. 840 Solar Refining Co . 370 Soot barn Pipe Line. 166 8outhwe?t Penn Pipe I.In??... 9t Standard OH of California_ 318 do of Indiana. 7:?5 do of Kansas. ?60 do of Kentucky.?.. 456 do nt Nebraska. 626 do of New Jnrsey. 770 <!o pfd . 116 do of Now York. 4 45 do of Ohio. '.jit, do of Ohio pfd. 112 ?wto ft Finch.,. 10t I Untos Tank Car Co....*...... 128 140 155 106 111 '.:, 177 145 10t 69 m lo? 380 7H 686 273 344 390 170 101 32.1 756 690 470 650 776 11? 456 566 114 HS tat rellaneous Marl Miscellaneous Oil Companies Atlantic Lobos Oll Co, com... 60 7? # Atlantic Lobos Oil pfd. 120 140? -osden & Co."..... 8 ? ? "* Hlk Baain Petroleum Co.... 8% *K [.oustoh OH Co, Ltd. 130 140 Mag-nolla Petroleum Co. 43B 460 Vlerrltt Oil Corporation. 19% 20% Midwest Refining Co. 161 163 National Fuel * Oa? Co. 146 165 Northwest Oil Co. 35 40 Pierce OH .,. 94 96 Producers Refining Co...,_ 9% S*i japulpa Refining Co. 6 ?? 6% New York State Bonds Security, rato maturity. Bid Ask Yield Inter 4%s, June, 1966_99% 100% do 4%s, July, 1987. 99% 100% do 4%s, March, 1963... 99% 100% do 4%* M & N, 1957.. 99% 100% do 4%s, April, 1966_94 95 do 4%s, March, 1964... 94 95 do 4%a March, 1968... 94 do 4%s, Bept, 1960. 94 do 4%a, M, 1960, op 30. 94 do 4%s, May. 1969. 89% ? do 4a May, 1968. ?9% do 4s, May, 1957. 89% Reg 4s, Nov, 1955-56. 89 do 4s. Nov. 1936. 93% Inter 3%s, Nov, 1954_81 Coup 3%a, May, 1964_ 81 lUf 3%a. 19B0--C4, tne... 83% do 3%8, N 1940-,60. inc. 470 Reg & Coup (serial) 4%e, June, 1919-'30. inc.4G5 - - do 4%a, Apr, 1919-'31, inc.465- - do 4%, July, 1919-'S2, inc.465- - New York City Bonds Can Imp 4%s, Jan. 1964..107 108% 4.07 High Imp 4%B, Sept, 1963.107 108% 4.07 Canal Imp 4%s, Jan 1966.103 - ?? High Imp 4%?, Mar 1986.102 - ?? B Can Ter 4%s, Jan, 1946.102 - - Mlth Imp 4?. Mar 1967.. 91% - - Hleh Imp 4s, Mar 1960 ??2 lno. (1% - ?? de 4a M * S 1963.?8% IM 4.M Canal Imp 4?, J A J 19M ?62 lac. ?1% - ?? Jan l?42-'46. U - ? fal S Park 4a Mar 1861.98% - r?r Varee Canal Terminal 4?. Federal Farm Loan Bonds 4%s Nov 1938 op 1921. 99% 100% 4%s 1930 op 1924. 99% 100% 4%s May 1937 op 1928. 99% 100% ?a May 1928 op 1923.101 IOS Markets in < Baltimore Sales. Open. High. Low. Last. 14S Atlantlo Pet .. 3% 3% 3% 8% 300 Balto 'Bricl?... 2% 2% 2% 2% 200 On Ter Su pf. 10% 10% 10% 10% 11!? Coarten . fl % 9% 8% 9 653 Celestino .315 315 310 310 .?0 Citizens' Bank. 44 .4 44 44 :0Con Power_103 103 102%?02% 125 Con Coal. 83 S3 8% 82% ?-0 Davlson . 35 86 35 35 26 Houston Oil pf 93 93 93 93 2350 Indian Oil rts. 25 25 25 25 1 Md Casualty. .101 101 101 101 415 Md Casual rts. 20 20 20 20 60 New Ams Cas. 25 25 25 26 6 North Central. 69 69 69 69 10 Pa Water Pw. 81% 81% 81% 81% 200United Ry_ 14% 14% 14% 14% 100U S Fidelty. ..132 132 132 132 lOWasbn B & A. 20 20 20 20 Bonds 10000 Alabama Co 6s 88 88 88 88 2000 Cosden 6s "A" 97 97 97 97 10000 do 6a "B".. 97 97 97 97 10000 Bal City 4s, '61 92% 92% 92% 92% 2000 Cen Ry Ext 6s 95% 95% 95% 96% 4000 Cen Pw 7s_100% 100% 100% 100% 16000ConCoal 4%s. 85% 85% 85% 85% 1000 Va Midland 4th 96% 96% 96% 96% Boston 830 Adventure .... 1 1 95o 95c 215 Big Heart. 8% 8% 8% 8% 100 Blngham . 7 7 7 7 200 Butte-BalBk . . 30c 30c 30c 30c 15 Cal & Arizona 63% 63 % 63% 63% 3 Cal & Hecla..390 390 390 390 965 Carson . 38 39% 37% 38 35 Centennial .... 16% 15% 16 15 170 Copper Range. 44% 45 44% 45 1725 Daly West_ 4 4% 4 4% 145Davls Daly_ 13% 13% 13% 13% 100 Hast Butte_ 14% 14% 14% 14%! 332 Franklin . 3% 3% 3% 3% 10 Greeno . 38 38 38 38 40 Island Creek.. 45 45 44 44 10 Isle Royal?_ 35 35 35 35 II .5 Kerr Lake_ 4% 4% 4% 4% 20 Keweenaw ... 1% 1% 1% J % | lOBLa Salle. 3% 3% 3% 3% l 625 Mayflower-O C 10 10 9% 9% ! 35Mohawk . 67% 67% 67% 67% 250 Now Cornelia. 22% 22% 22% 22% 210 New River pf 80 80 80 80 1270 North Butte . 16 16% 16 16% 41 Old .Dominion 35% 36% 35% 35 Mi 20 Oscealo . 53 53 53 63 25 St Mary's Land 53 64 53 63 10 Sup & Boston 4% 4% 4% 4% 854 Trinity . 2 2% 2 2% 83 U S Smelting 71% 72 71% 72 60 do pf . 47% 47% 47% 47% 375 Utah Apex... 2% 2% 2% 2% 790 Utah Con .... 9 9% 0 9 25 Victoria . 3 3 3 3 6 Winona . 1% 1% 1% 1% Railroads 60 Boston Elev.. 64% 64% 64% 64% 20 Bos & Maine. 33 33 33 33 7 Maine Central. 60 60 60 60 60 Mass Eloc pf. . 12 12 12 12 20 Old Colony ..77 77 77 77 40 West End SRy 44% 44% 41% 44% Miscellaneous 64 Am Agr Chem 91% 91% 91 91 ! 40 do pf . 95% 96 95% 96 25 Am Oil . 6 6 5% 6% zu AmoHKeag ,,..i?o jiu ,ni> i*a 20 do Pf . 82 82 82 82 300 Am Pneu Serv 1% 1% 1% 1 % 100 do Pf . ?>% 6% 61/4 6% 10 Am Sugar pf..ll7% 118% 117',i? 118% 305 Am T fr, T... 96% 97% 96% 97% 78 Am Woolen pf.103% 103% 103% 103% 350 Hos Mex Pet. 2% 2% 2% 2% 50 Century Steel. 0% 6 Vi 6% 6 Va 620 Eastern .Mfg.. 32% 33% 22% 33% 20 Eastern S S.. 20% 20 % 20% 20% 2 Edison ex dl v. 150 150 160 160 1082 Elder . 34% 34% 34 34 1 Gen Electric ..107% 167% 167% 167% 200 Gorton Pew . . 28 790 Gray . 45 10 Int Cot Mills. 69 200 Int Port Cem 24 300 Int Products.. 38 100 do pf . 76% 200 Island Oil . . . 6Aj 10 Llbby, M & L 29 10 Loew's Theatre 10% 71 Mass G aw pf. . 61'4 10 Mergenthaler. .127 160 Mexican Inv . 45 715 Nat Leather . 16% 36 N E Tel & Tel 86 1190 Ohio Body .. 33 55 Parish . 43% 175 Root . 62 260 Slmms Mag .. 17% 37 Stewart . 46 Vi 80?wlft & Co. ..131 Vi 132 131 232Kwlft Intl _ 57% 67% 67' 20 Torrlngton ... 71 20 United Drug ..147 60 do 1st pf ex d 5:t 25 United Fruit . 195't r% 24 38 76% 6ft 29 10% 61% 127 4 6 17 86 3 5% 4::% 62 18 46% 24 3 7 7 6 5 & 29 10% 61% 127 4 5 16% 43', i 45% 69 2 4 6 A 29 10% ?1% 127 46 17 86 24% 368 United Shoe 166 do pf 310 Ventura . 16% 400 Waldorf . 19% 703Waltham . ?20 Walworth . 10 W Brus 1st 196 47% 25% 16% 19% 38 i4 22% 6 4 6.4 Bonds ?1000 A Tel St Tel 6s 82 82 4000 A Tel & Tel 6s 99% 99% 6000 A G & W 1 6s.. 80 80 1000 (,'J & S V 6s. . . 84% 84% 2000 Mass Gas 4%s. 91 91 1000 Miss K Pow 6s 74% 74% 20000 New Hiver 6s. 78 78 Boston Curb 71 147 62% 196% 47 26% 16% 19% 38 46% I 131% 57% 71 147 62% 196 99% 80 26% 16% 19% 38% 33% 6 4 99% 80 84% 91 74% .60c 1 Bile Hawk Bohemia . 1 Boa & Mon..72 , Calaveras Champion Chief Con. (?on Coppr ? Crown Rsv 'Denbigh . j Easle B B.2 1-16 ? Fortuna ... 1 : Gadsden ... 1% : Homa V4 13-16|Mex Metals. 1% l%;.\lld Moss. . . '?, Moj Tung... 1 % Monarch .., :t iNtl L A. Z. 6%'Nev Doug. o4% !?8 6% 40 45 I Uoughton . . 70c I Iron Bloss.. 26 ; Iron Cap. ..11 Jerome Vrd.OO i La Rose ... 34 i Majestic .. .15 1.00 40 New Baltic. 3% Nixon .20 Onondaga ..20 Pilgrim ....20 Pioneer . . . .wOc Rainier .... SO Knur Itetrol?? Sev Metals. .21 S W Ml t p. 4 Texana .... 40 Uni Vid Ex.40 Yukon .70c 1% 90 70 41 1.00 Chicago 2000 A Pick. 45 4200 Armour pfd...112 170 Urlscoe. wv ' 6 Butler Bros. . . .292 10 Booth Fish.. . . 14 10 do pfd. 74 100 Ch Clt&Ch Ry. t ' 100 do pfd . 0> 60 Ch Pneu 'C x-d 99 966 do rights... . V? % ?106 Co'wlth Ed x-dl08 108 940 ('ont Motor. 13% 13% :M8GodchaUX. 58% 69% 2700 Hupp. 16% 16 1300 Hartman.100 102 160 Illinois Brick... 81% 81% 120 J I Case Plow 23 23% do pfd . 96 ?* 6 % 4 4 % 112% 11 2 6 9 '? ?! 9 2 93% 2 92 14 14 74 74 1% 1% 9 % 9 % 99 99 % % 107 12% 58 15% 100 81 44% 112 6 9 293% 14 74 1% 9% 99 % 107% 13 ? 69% 16 101% 81 23 96 800 Llbby. 2? 29 28% 29 45 Lindsay Light. 8 8 8 10 Mitchell Mots.. 43 43 H 1 186 Mont ward - 38% 39 Vi 38% 3800 Nat Leather .. 18% 17% 1?% 200 Peo Gas . 3 6 36 36 a00 Pub H ex-dlv. 7* 78% 78 70 Quaker Oats pf 98 68% 98 80 Reo Motor_ 27 27 27 86 Sears Roeb'k .227 227 226 10 S u 39 17% 36 78V? 98% 27 127 do pf .117% 117% 117% 317% 25 Stan Gas * E. 26 t?00Htew Warner.. 40% 43% 60 Stow Mfg _ 47 47 700 Bwlfl * Co. .130% 133 1400 Swift Intl 70 Temtor pf .... loo Thompson lfioo Union Carbide 236 Un Paperb'rd. 10 do pf ...... 16 Wahl ...wo? 6?% 48 48% 74% 26 70 40 57% 48 48% 76 27 76 46 26 40% 42% 47 47 130% 131% 66% 67 48 48 74% 26 70 44 48 48 27 70 44 ?ets Short Term Securities Security, rate, maturity Bid A?s? Yi*'? Am Cotton Oil 6s, 1924.. 98 98% Am Tel & Tel 6b. 1922... ?6 961, do 6s. 1924. 96 ??*? Am Thread 6a. 1928.... 100 101 Am Tobacco 7e, 1920....100% 101% do 7?, 1921.101 101% do 7s, 1922.101% 102% do 78 1922.101% 102% do 7s. 1913.102% 102% Anaconda Con 6b, 1929... 97 ?itt Armour & Co conv. 1920.111 11 Armour & Co conv, 1921.111 11 Armour & Co com-, 1922.111 ii? Armour & Co conv, 19.23.111 11 Armbur & Co conv. 1924.111 112 Beth Steel 6s, 1923.100% 101% Can Pac Ry 6s. 1924. 97% 99% Cen Argentina Ry 6s, '27. 84 87 C, B & Q .D 4S, 1921.... 95% 95% Chi Pneu Tool 6a. 1920... 99% 106% do 6s. 1921. 99% 100 do 6*; 1922. 99 100 Cuba Am Sugar 6s, 1921.-100% 100% Cudahy Pack 7s, 1922...101 101% Del & Hudson 6s, 1920... 98 % 99% Fed Sugar Ref 5s, 1924.. 98 97% Qenerc.1 Hlec 6*. 1920-100% 100% Ot Nor Ry 5s, 1920. 99 99% Hocking Valley R R, 1924. 93 96 Oulf Oil Corp 6s, 19?2-39 99% Int Rap Trano 7s, 1920... 72 _ (3% J Dold Pack 7s, 1920-100 100% do 7s, 1921.100 101 do 7s, 1922.100 101% Kan City Tel Ry 6s, 1922. 96 98 Liggett & ?Meyer 6s, 1921. 99 99% Moline Plow 7s, 1920-100 101 de 7?, 19*1.IM 101% do7s.,1923.100 102% do 7s. 1924.100 103% N Y Central 6s, 1920.... 99% .100% Philadelphia Co 6s, 1922. 96% 97 Penna Co 4%s, 1921. 97% 97% Pitts & C col tr 6s, 1920.. 99% 100% Proct & Gamble 7s. 1910.100 100% do 7s, 1921.101 101% do 7s, 1922.101% 102% do 7s, 1923.102% 103% Public S N J. Nov 7, 1922 84 87 R J Reynolds Tob 6s, 1922 99% 99% Southern Ry 6s, 1922.... 96 95% St P U D gen 6%a, 1922 91% M Studebaker 7e. 1921. 99% ?9% do 7s, 1920. 9S% 99 Swift & Co 6s, 1921..... 99% 99% West India S Fin 7s, 1920. 98 100 Utah Sec 6s, 1922.86 88 Westinchouse 6s. 1920-100 100% Other Cities 60 Wilson & Co.. 76 76 76 76 10 do pf . 98% 98% 98% 98% 650 West Knitting 24 24 23% 23ft Bonds flOOOArm'r 6s, 1920.111% 111% 111% 111% 6600 do, 1921....111% 111% 111% 111% 2000 do. 1923 _111% 111% 111% }11% 2000 do, 1924 _111% 111% 111% 111% Detroit 1400 Cont Motors... 13% 13% 13% 13% 20 Detroit Bdisonll2% 112% 112% 112% 10 Ford of Can..431 431 431 431 150 Hayes . 8 8% 8 8% 800 Packard M C. 27% 27% 27% 27% 60 Paige Det M.. 44% 44% 44% 44% 60 Reo Motor C. 27% 27% 27% 27% Philadelphia 14 Am Gas. 51% 51% 61 51 61AmDrugSyn. 14 V? 14% U% 14% 410 Am Stores ... . 40% 40% 40% 40% 100 do 7s 1st pr 92% 92% 92% 92% 100 Baldwin Loco.112% 112% 112% 112% 10n Crucible ex dlv207 207 207 207 130 Bleo Storage. .133 133% 133 133 60 Giant Por C pr 19 19 19 19 13 Ins Co Of N A 33% 33% 33% 33%, 1625 Lake Sup Corp 20% 20% 20% 20* 69 Lehigh Nav... 64 64 64 61 83 Leh VaJ R R. . 44 44 43% 43% 371 Penna R R... 42% 42% 42 42% 1863 rhlla Elec_ 25 25% 25 25 600 Phlla Nat B wl25 125 120 121 100 Phila Co ex dlv 39% 39% 39% 39% 10 do 6 p c pr. 35% 35 % 35 ' 35 610 Phlla Trac_ 62% 62% 60 60 100 Phlla & West. 6% 6% 6% 6% 40 Phila R T t c 27% 27% 27% 27% 200 Tonopah Bel.. 3 3 3 3 150 Tonopah Mln.. 2% 2% 2% 2% 450 U G Improve.. 55% 55% 56% 55' 15 Union Traction 36 36 36 36 3 United Co N Yl 85 185 185 185 20 U S Steel.106 106% 106 106% 5 West'land Coal 75 75 75 75 100 Warwick I & S 8% 8% 8% 8% Bonds $3000 Am Gas & E 5s SO 8n so 80 1000 B;il Loco 1st 5s 99 99 99 99 1000 City 4s '43 cpn. 98 98 98 98 1000 E & Peo trac 4s 65 65 65 65 10000 Lake Sup inc 5s 61 61 fil 61 2000 L Val 6s '28.. 101 101 101 101 3000 Nat Prop 4-6s 30 30 30 30 3000 Phlla Co 1st 5s unstamped ..ion 100 100 100 8000 Ph Elec 1st 5s 90% 90% 90 90 2no(i Reading gen 4s. 80 80 so so 2000 ?Span A Iron 5a. 101% 101% 101% 101% 1000 Welsbach c t 5s 98% 98% 98% 98% 1000 U S Steel s f 5s. 99 99 99 99 2000 York Ry 1st 5s 83 83 83 83 3000. U Rys inv c t 5s 74 74 74 74 Pittsburgh 10 Am Vit Prod. 15% 15% 15% 15% 15 Am W C Mch.121 131 131 131 135 do pf . 94% ?4% 94 94 16630 Ark Nat (?as. . 33 35% 33% 33% 66 do pf .105 110 105 110 26 Barnsdall Corp 45% 45% 45% 45% 125 Carbo Hydro.. 2% 2% 2% 2% 710 do pf . 4-a 4?? 4% 4'i, 50 Carneg I. & Z. !)% 9% 9%, 9% 4585 Guffey . 36 36 34% 34% 15 lnd Brewing.. 3% 3% 3% 3% 90 do" pf . 9 9 9 9 160 Lone Star Gas 39 30 3.8 38 Vi 610 Marland Ref.. 6 Vi 6% 6 6 36 Mfis L & 11.. 67% 58 57% 58 55 Ohio Fuel OH.. 30 30 30 30 553 Ohio Fuel Sup. 49% 49% 48% 48% 1580 Okla Gas. 40% 40 Vi 39 39 200 Okla Pr & Ref 9% 9% 9% 9% 10 Pitts Brow pf. 14% 14% 14% 14% 500 Pitts Jerome C 20 20 20 20 100 Pitts O K- Gas. 11 14 11 14 120 Pitts PI Glass. 163 163 163 16S 130 Rlv East Oil. . 3 3 3 3 60 Stand San Mfgl07 107 107 107 .8 0 Trans Cont Oil 26 26% 26 26% 25 West E B.116 116 116 116 Bonds $2000 Ind Brow 6s.. 55 65 65 66 Toronto Bid. Aikea.i: Bid. Asked. Adanac _ 6 8 Mng Crp Cn 1% 2 Vi Atlas.?.38 88% Newray. 11-16 3 1-16 Bailey . 3 6 Ptrsn Lake.20 25 Ilvr Cons... 63 69 ?Pore Crwn. .22 30 Chmbr Frld.10 15 I'orc Imprl. 1 3 Crown Rsv. .41 47 Pore Tsdl... 1 3 Dm Extsn..30 35 Pratn E D.. 2 6 Dm Lake...15 20 |Tk Hughes.. 1 4 20 Grt North... 1 3 ?Tmskmng . 45 50 Hargaves.. . 2 4 ?Thmp Krlst. 6 10 Holllnger. .. 6 Vi 1 ?Vacuum G.. % % Keora .15 20 West Dome 7 12 Mclntyre... 1% 2 ' Copper Output Smaller Porphyry (Companies Report j Decrease for December Preliminary production figures of ! four porphyry copper companies, made j public yesterday, showed that the Utah | Copper Company, the leading producer, had an output for December of ap- ' proximately 9,005,591 pounds, com? pared with 9,482,451 pounds in Novem- ! ber and 13,885,000 pounds in December, 1918. The high water mark last year was reached in January, when 10,500,- ? 000 pounds was produced. This com pared with a record output of 19,920,- ? ! 947 pounds in August, 1918, when the j i company was operating under the urge I | of war requirements. The Chino Copper Company in De I cember had an output of 3,388,524 1 pounds, contrasted with 3,249,434 | pounds the preceding month. In De , cember, 1918, the company produced I 5,508,000 pounds. Hay Consolidated's December output was 3,860,000, an in? crease of 28,000 pounds over November, 1 but a decrease of 1,940,000 pounds com ? pared with December, 1918. Nevada Consolidated had an output last month of 4,500,000" pounds, com j pared with 3,525,000 pounds in Novem ? ber. Support Demand for Woolen Price Investigation i Support of the demand made at the meeeting of the National Retail Cloth? iers' Association in Chicago for a gov? ernmental investigation into the causes I of high prices of woolen and worsted goods will bo lent by tho National Garment Retailers' Association. An? nouncement to this effect wns made by John W. Hahn, secretary of the latter body, which is composed of retailers of women's apparel in all parts of the country. The original demand made in Chi? cago by Colonel Fred Levy, president of the retail clothiers' association, came about in a reply to the assertion of William W. Wood, president of the American Woolen Company, that the retailers of Lawrence, Mass., where some of tho American's mills are lo? cated, wore profiteering. ? Tho question is expected to be put before the Department of JuBtice at the trade conference of manufacturers and retailers of apparel and shoes in Washington next Monday, with As? sistant Attorney General Howard E. Fi??. F?vor The Hague For Conference On Europe's Needs Memorial Sent to Govern? ments in Part Designed to Induce France to Increase Direct Taxes The world-wide conference of eco? nomic representatives of the leading nations, the need of which eminent citizens in eight nations have expressed in memorials to their respective gov? ernments, will probably be held at The Hague, Holland, and ought to take place by March 1 of this year, bankers as? sociated with the movement to stabil? ize European conditions declared yes? terday. Although the effort was again de? scribed as "a simultaneous combustion" in various countries, it was admitted that the neutral countries of Europe took an especially active part in ar? ranging the demonstration. The idea, it developed, has been under consider? ation for many weeks, and was dis? cussed by American financiers who recently travelled across the Atlantic. The first step toward better condi? tions that the sponsors expect is "a cleaning house financially" by the countries which expect to come into the foreign money marts as borrowers. The particular recommendation made was that the countries increase taxes sufficiently to go on as near a pay-as you-go basis as possible. The language of the memorial on this point, it was learned, was directed especially to France and in part to Italy and the other nations. The Jf'rench nign commission ye; terday made public the contents of a official cable received from the Frene government to the effect that the ii come from taxes during 1919 far ei ceeded estimates, and that the Pr?s dents of the Departments Genen Council had agreed in opening ac dresses Wednesday to suggest to th government that expenses be reduce and the rate of taxes be increased i order to put the country on a stabl basis. According to the French, High Com mission statistics, the incon?e of Franc from taxes, both direct and indirect last year amounted to 10,704,309,10 francs, an increase of 6,163,309,100 ove 1914. However, a leading interna tional banker asserted that Franc would have to take in between 15,000, 000,000 and 16,000,000,000 francs in or der to break even. Because of unsatisfactory transmis sion the list of French signers to thi memorial, which came yesterday, wa: received in indistinct form, but in eluded the names of Raphael Georgei Levy, a member of the French Academ; and professor of political economy; R Lehideux, president of the Bankers Union, and M. d'Arcy, president of th< Comit? Houilli?res. Moreover, it was learned from th? American sponsors that the memorial! had been presented to President Wilsor and to the Chamber of Commerce o1 the United States and that copies hac been sent to the Secretary of State anc the Secretary of the Treasury. The next move, so far as the Americans are concerned, is up to the Chamber ol Commerce, which has been asked to name the delegates from the United States. In other countries it is ex? pected that the government will ap? point the representatives. The demonstration was described as | an attempt of influential citizens to step into the breach and take the initia? tive instead of lagging behind waiting for governments to act to save Europe l'rom chaos. According to the French High Com? mission, it was estimated at the begin? ning of 1919 that France would receive ?i total of 8,240,000,000 francs. The ' increase of receipts over estimates was i distributed as follows: Actual re : ccipts from indirect taxes, 1,441,809,100 I francs larger than estimated; receipts I from income tax, 33,500,000 francs | greater than estimated; receipts from ; war profits taxes, 987,000,000 francs : greater than estimated. Moreover, the rate of increase grew ? hiro-pr d urine each auarter of 1919. The increase of indirect taxes, inciuu- ? ing state monopolies, amounted to j ; 3,155,000 francs in the first quarter, j i 351,341,300 francs in the second quar- ? ! ter 450,033,300 francs in the third j ' quarter and 037,379,500 in the fourth quarter. The largest part of the lat- , ter group of taxes came from imposts f : on commercial and private transac- : 3 tions, rather than state monopolies. '. -?- j; Commodities Cotton Tho market was Influenced by reports i of a lirmcr spot basis, an Improved trade demand and the reported statement of Federal Reserve officials that no immedl- j ate advance in discount rales ivas con- ? tomplated. Yesterday's and Wednesday s ? losses were regained. March contracta ? sold up to 36.60c, compared with 35.58c. j the low point of the previous day. and ] closed at 36.60o, with tho general list closing steady at a net advance of 40 to | 65 points. The market was rather Irregular at tho Btart, llrst prices being 15 points lower ? to 13 points higher, with near months | relatively easy in response to the cables, j Liverpool was a seller at tho start, and , there was further scattering local or Wall ? Street pressure which seemed to be con- , nected with the talk of tight money. Trade interests were good buyers at the de- | eline. however, and the market soon turned firmer, with covering a little more active ; In tho afternoon, when the market sold ; about 54 to 75 points net higher. The j close was within a few points of the j best. The trade buying here was accoirrpanicd ! by reports of a better demand for spots j in the South, and Japanese interests were j mentioned among the buyers. An early j cable from Liverpool said the decline there i ?vas due to ?vire troubles on the (,'ontl- | nent, with the market steadier later on a reported settlement of railroad troubles. Other advices reported a strike in the ? telegraph department of the Belgian post office, which suggested an explanation of ! the Liverpool advices, and Liverpool be- I came a buyer here shortly after the open- ' Ing. A prominent London authority re- I iterates an estimate of 11,700,000 bales, including Unters, and estimates the world's consumption of American for the season i at 12,500,000 bales, which would BUggest a decrease of 800.000 hales in the carry? over. The local spot market was steady and : unchanged at 39.25c for middling up- i ?and, No sales were reported. The range of prices rollows: Wednesday's Open High- Low Close Close Jan.... ::8.15 38.10 37.90 38.39?38.40 38.76 March.. 35.55 36.60 35.70 36.50(8)36.65 35 86 ; May- 34.05 34.90 34.00 34.85'? 34.88 3 120 i June.... - - - 33.78?-33.30 i July- 32.70 33.35 32.70 23.28 <u 33.30 y2 SO Aug- 31.68 31.68 31.58 31.95?-31 46 Hept- 31.45 31.46 31.46 31.20? - 30.70 -N'ov--30.35? - 29.95 Dec... 29.90 30.17 29.75 30.16?-29.76 : Southern Spot Markets?Qalveston firm. 25 points higher, at 42.50c; sales, 2,289 bales. New Orleans steady, unchanged, at 40.26c; sales, 6.013. Mobile nominal, un? changed, at 39c: sales, nil. Savannah (steady, unchanged, at 40c; sales, 1.694 bales. Wilmington quiet, 50 points higher, at 39c; sales, nil. Norfolk quiet, un? changed at 39c; sales, 814 bales. Augu->ta quiet, unchanged, at 39.76c; sales, 176. Memphis steady, 60 points hlghtr, at 40.50c; sales, 1,260. St. Louis steady un? changed, at 40.50c; sales, nil. Houston steady, 75 points higher, at 42c; sales 2,807. Little Hock quiet, 50 points higher at 40c; sales, 1,059 bales. Dallas steady. 60 points higher, at 42.30c; sales, 7,106 bales. Montgomery firm, 25 points higher, at 29.60c; salen, nil. Fort Worth steady, 50 points higher, at 42.10c; sales, 1,384 bales. Cotton Statistin? Last Last Yesterday Week Year Port receipts . .. 32,227 22,481 18,860 Exports . 47,688 27,318 8,436 Exports, season. .3,283,786 2,963,488 2,059 608 New York atoeka. 61,715 67,936 88 047 Port atoeka -1,448,12? 1,642,157 1,463'232 Interior receipts. 21,800 20,801 19 705 do shipments. . 22,680 26,290 18380 N. Y. arrivals. . . 104 7?|i? 2?395 Liverpool Cable?- Spot cotton, fair bunt of ?8.0Sd for middling. Hnlus, 8,000; Amer? ican, 6,000. Importo, 21,000; Amer cant 11,000. Futures opened quiet, unchanged to 8 point? decline, closed steady at a not decline of 13 points to an advance of II points. January. 27.38d; March, 25.70d; May. 24.23d; July, 23.03d; October, 20.92d; December, 20.27d. Manchester: Tarns quiet and firm, cloths quieter. Cereals Wheat?The market for cash wheat In the Northwest was five cents higher, mak? ing an advance of 10 cents during the last two days following the recent break of 25 cents. The local demand Is poor and only moderate amounts of the lower grades are being sold for export, while the government has made no purchases for the last three weeks. Canadian flour Is being offered in the domestic markets In considerable volume and within the next .week or two Argentine flour is ex? pected to arrive here, and if the quality proves satisfactory quite a liberal business with the Southern market is anticipated. Advices from Chicago said that at a con? ference between the vice-president of the drain Corporation and leading elevator interests, if was decided to use 70 per cent of the grain cars coming Into tho Chicago district to send wheat sold by the Grain Corporation to the mills. Com?The trade yesterday was puzzled over the question of transport?t^ owing to the new regulations in Chicago by which 70 per cent of the cars arriving there are to be used for the shipment of wheat. Some authorities construe this as bearish on corn, on the theory that corn will be allowed to come In freely, but there will be few cars available for shipping It to the East for distribution. Others, however, took the stand that corn will be diverted to outside points, while one authority, at least, said that previously some of the wheat elevators were taking 100 per cent of the cars for wheat and that the new regulations will provide more cars for corn. At any rate, traders were divided in their opinions, and after an early decline the market rallied and closed with net gains of %@%c. Yesterday's Previous Tear New York: close close ago Corn, No. 2 yel...*1.68% ?1.67% ?1.60% Chicago: January.1.38% 1.38% 1.37% May.1.33% 1.38% 1.28% Oats?The market was firm yesterday and final prices were % to %c higher. No export business was reported for the day, j although 600,000 bushels wero sold late on Wednesday. I XT -n- Yesterday's Previous Tear No 3 white. .?0.97% ?0.97 @97% ?0.76% Chicago: May. 82% .81% .67% July.76% .75% - Bye?Market firm. Yesterday's Previous Tear New York: close close ago No 2 Western.?1.99% ?1.99% ?1.72% Flour and Meal?Quotations were: Yesterday's Previous Year Now York : close close ago M pt..?14.50 ?14.50 ?10.65 C'meal 3.87% 3.87% 3.50 Rye fl 8.50? 9.10 8.50? 9.10 8.80?9.25 Bran. 48.50@49.00 48.60?49.00 5?.00? Cottonseed Oil Prices In the market yesterday wer? firm, closing with net gains of 24 to 27 points. Offerings were not large, and while tbo day's business consisted Cf only 8,800 barrels, the buying was rather more aggressive than selling, at least as far as contracts were concerned. The cash demand, however, was said to be quiet and some, authorities were inclined to be rather skeptical about present price levels being maintained owing to the weakness In exchange and the fact that prices for other commodtttes^are beginning to attract shipments from abroad, especially butter, large sales of which have been made hero by both Denmark and Argentina. Tho rango of prices follows: Wednes? day's Open. High. Low. Close. close. Spot...- 21.75?22.60 21.75 Jan_ ??-2J.90@22.50 21.76 Mar... 22.20 23.37 22.18 22.40@22.44 22.16 May... 22.50 22.66 22.40 22.66@22.68 22.40 June...-??-22.60?22.80 22.40 July... 22.63 22.77 22.60 22.77?22.80 22.50 Aug... - - - 22.75@22.95 22.60 Sugar and Coffee Current Year prices ago Sugar, granulated, per lb.. 15@16 9 Coffee. Rio No. 7, per lb.... 16% 15 Coffee, Santos No. 4, per lb. 23% ? Sugar?Over 50,000 bags Cuban raw sugars were sold to refiners yesterday at 12c cost and freight, all prompt load? ing. Sugars in nearby positions are be? lieved now to be pretty well cleaned up. I It was said that negotiations were pend- ] ing for about 20,000 bags of Cubas, for i later January positions, but details were | not given out up to the close of the mar- i ket. At the close of the day there were j ! ready buyers for prompt sugars if avail- . able. In refined sugar the situation Is ' believed to be slowly Improving with the reentry of more refiners into the market. Coffee Futures?After opening weak, 9 to 16 points lower, due to unfavorable . Brazilian cables, the market grew stronger and prlcos worked sharply up i ward throughout most of the day. During ? the early trading bears sold freely and in i large blocks, but the readiness with which | leading trade firms and houses with Euro? pean connections absorbed the offerings ' soon checked sellers, and from 15.70 May ? sold to 16.14, or 44 points above the low I point of the morning. A special Santos ; cable reported an advance in futures of 275 to 450 reis, and this show of strength in the Brazilian term market, coupled with the fact that firm offers were few i and very irregular as to price, held the ' iinilArtun? firm rlirht ill? rr, fho ??Irvu? ?.> 1 - ihough there was moderate profit taking ate In the session which caused a few joints reaction. Final prices were 11 to !7 points net higher. The local spot mar? ket was a shade firmer with a moderate lemand reported, Rio 7s being quoted at 16?4. The range of prices follows: Wednesday's Open High Low Close Close Ian. .-15.66@15.70 15.3? March . . 15.5B 15.75 15.54 16.82@16.85 15.68 Vtay. 15.70 16.14 15.70 16.00@16.02 15.87 lune.-16.09@16.11 15.95 July. 15.95 16.22 15.94 16.18@16.20 16.04 August. .. ?-16.07? 16.09 15.94 Hept_ 15.75 16.08 15.75 15.98? 15.99 15.84 Nov.-15.85?15.90 15.73 Butter, Cheese and Eggs Butter?Receipts were 7,153 packages. Creamery, higher than extras, lb., 62 %@ 63c; extras. 92 score. 62c; firsts, 90 to 91 score, 60%@.61%c: firsts, 88 to 89 score, 67%@59%c; seconds, 83 to 87 score, 54@ 67c; lower grades. 51?53c; held, higher than extras, 62%?63c; extras, 61%@62c; firsts, 68?61c; seconds, 54?57c; unsalted, higher than extras, 65@66%e; extras. 64? 64%c; firsts, G0@63e; seconds, 56@59c; state dairy tubs, finest, 60% @ 61c; good to prime, 57@60c; common to fair, 50@66c; renovated, extras, 56?56%c: firsts, 65? 55%c; imitation creamery, firsts, 61@52c; ladles, current make, firsts, 48?49c; sec? onds, 45I?@46c; lower grades, 44@45c; packing stock, current make, No. 1, 46c; No. 2, 44c; lower grades, 40?43c. Cheese?Receipts were 1,217 boxes. Held flats, specials, 32?33c; average run, 31? 31%c; lower grades, 20?30>ac; twins, held, specials. white or colored, 31?@32c; I average run, 30?31c; lower grades, 26? j 29 %<?; Wisconsin, whole milk, twins, fresh, 30@31c; Single Daisies, fresh or held, | 31%@32%c; Double Daisies, fresh or held, i 31%@32%c; Young Americas-, fresh, 32% @ 32%c; state skims, fresh, specials, 21?22c; I prime to choice, 17@l'Jc; fair to good,! 14@16c; lower grades, 7@13c. Eggs?Receipts were 11,061 cases. Fresh j gathered, extras, dozen, 76c; extra firsts, ( 74@75c; firsts, 72?73c; seconds and poor- I er, 65@71c. Refrigerator, special marks, fancy, charges paid. 55?56c; firsts, 32%@ 34c; seconds. 48?52c; under grades, 30? ! 47c; sterilized, 54?60c; dirties, 3S@42u; ! checks, 35?38c; whites, 50@G0c. State,; Pennsylvania and nearby Western, hennery ' whites, extras, 86@86c; firsts to extra} firsts, 78?84c; under grades, 76?77c: gath? ered whites, firsts to extra firsts, 78?84c; : pullets, 68@72c. Pacific Coast, whites, ex? press, extra firsts to extras, 84?86c; firsts to extra firsts, 78?82c; pullets, 67?69c. Other Western and Southern, gathered whites', 74@82c. State, Pennsylvania and nearby, hennery browns, fancy, 78?80c; gathered browns and mixed colors, graded, fancy, 76c; fair to choice, 72@76c. Livestock. Meats, Provisions Yesterday. Year ago. Live steers, fair to prime 100 lb.?.il2.50@16.00 ?12.75@18.25 Dressed beef sides, lb.IS? .25 .21? .28 Live veals, com? mon to prime; 100 lbs. 19.00024.00 16.00@22.00 Dressed veal. city, lb.26? .35 .24? .32 Live ewes. 100 lbs. 7.00? 10.60 7.00@10.00 Dressed mutton, city, lb.12? .18 .14? .20 -, Dressed lambs, city, lb.25? .32 .26? .30 i Hogs, 100 lbs.... 15.25@15.76 17.50@18.00 I Live lambs, fair i to prime, 100 lbs. \. 10.00@20.50 16.00@16.75 , Dressed h o g s, bacon, lb.21%?.22% .24%?.24% I Mess beef, bbl. ., 18.00? 19.00 35.00? 38.00 I Lard, Mid. West, lb. 24.50@24.60 24.05@24.15 1 Mess pork, bblN 45.50@46.00 60.00 Business Items J. J. Ooldman, of the Betty Wales Dressmakers, has been elected president of the Associated Dress Industries of America. other officers chosen for tho ensuing year are Charles S. Lefcourt, of Lefoourt & Brenner, first vice-president ; C. It. Bobbins, of tho C. H.SD. Robblns Company, second vice-president; Emanual Solomon, of tho Marnle Solomon Com? pany, third vice-president; 1. Lahm, comp? troller, and D. N. Mosessohn executive director. LITTLE ROCK, Ark.. Jan. 14.?-Colsus P. Perrle, vice-president of the Union and Marcaut He Trust ('company, one of the At ron goal financial institution* In this city, left lo-nlgtil to t ;iUo up his now duties as vice-president or the Associated Dry Ooods Company, and Lord A Taylor, retail dry gouda ?(.tablUtunonU ANNUAL REPORT OF The Mortgage-Bond Company! of New York ^ 55 LIBERTY STREET GEORGE A. HURD, President January 1, 1920 The Company's record during the past year has continued to ihr. sound character of its business of issuing its own Bonds, securedik *f deposit with a Trustee of first mortgages on improved real estate l ** perous Western and Southern cities. In spite of disturbed conditiontV'0** the War, the Company has at the present time only three loans in nrr?e I foreclosure out of 2289 loans outstanding, and the amount of inter??"5** than thirty days delinquent is only $1,065.93. est B?^ The Company has $7,255,975 of mortgage loans outstanding in ni*.? cities of the West and South, where it has established agencies the ? i* the properties covered by these mortgages aggregating 518,457 959 i? loans, therefore, amount to less than 40% of the Company's am? ? value, as compared with the usual loan of 66% of the value in New Vorkr** The great majority of t(|e Company's loans also contain an obligation to ?' annual payments in reduction of the principal. ^^bsssbbY ?nuk? The Statement of Assets and Liabilities, January t, 1920, is as ASSETS Mortga*?* .$7,466,975.35 Bonds . 182,858.00 Peal Estate. 217.079.67 Interest Receivable......... 146,828.39 Cash. 165,290.29 foilowj. ?8,177,826.60 rmlt?l "ABILITIES Capital . s?^._ Surplus . .^?5."*W t'ndtvided Profit?... . A'*?* Mortga?e-Honds.??*??? .;?^*lN Interest Payable."??'?.MM? Reserved for Taxes..". . 2*** ????___nj|yl ?8.1?74? and Quarterly dividends at the rate of 7% have been paid during ,h. ?3 7,481.23 added to Undivided Profits. 8 t0e 3*?i The Company's Bonds are listed on the New York Stock Exchan?? have gradually won recognition from conservative investors, manvf u* Bonds having been sold to such Institutions as Insurance Commni.. t Companies, Colleges and Universities. vwm* Tr??li The showing of gross and net income of the Company for 1Q101. follows: : Gross Income. Expenses .... ............. $589,049.25 ............. 118,946.03 Interest on Bonds.., Net Profits. .8177,481.23 The Company is organized under the Banking Law of the State of 1 York and is periodically examined by the Banking Department. It ?j alssl audited annually by Messrs. Deloitte, Plender, Griffith!, & Company, Ac? countants and Auditors, of London and New York. The cities in which the Company now has loans outstanding are: Atlanta, Ga. Houston, Texas Oklahoma City. Okli Jacksonville, Fla. Portland, Oregon Kansas City, Mo. San Antonio, Tex? Macon, Ga. Savannah, Ga. Mobile, Ala. Seattle, Wash. Montgomery, Ala. S^oux City, Iowa New York, N. Y. Sfokane, Wash. Augusta, Ga. Birmingham, Ala. Dallas, Texas Des Moines, Iowa, Fort Worth, Texas The Company continues to offer for sale its 5% to-20 Year Series || Bonds, due January l, 1932. Bertram H. Borden Guy Cary Harris D. Colt William P. Dixon Charles Einsiedler Cecil C. Evers BOARD OF DIRECTORS: Julian D. Falrchild Robert Walton Goelet Charles P. Howland George A. Hurd Richard M. Hurd Andrew J. Miller George Welwood Murrt Herbert Parsons Felix T. Rosen Moritz Rosenthal John Tatlock MEXICO OIL CORPORATION Stock, fi it offered to the Public three day? ?go, hat found a . .,oa? Market, with Purchasers from all over the ed <;,>.te?, Becai a i .ected Properties are the very best which were available in the Oil Reserve Territory of Mexico when they were acquired, month? or years ago. Such properties Cannot Be Bought now on any Terms like those made in this Corporation's purchases. Oil Experts, even leading advisors of competitors, have declared that Mexico Oil Corporation's holdings ?re To-day Worth Millions of Dollars. BOUGHT SOLD QUOTED C. W. POPE & CO. Phone 7110 Broad 25 Broad Street Metex Petroleum Corporation PAR VALUE $5.00 Circular upon request Specialists Win. C. Orfon & Co. C. F. Nellson 25 Broad St., N. Y. Telephone 7160-1-2 Brosi MEETINGS AND ELECTIONS THE ANNUAL MEETING OF THE STOCK holders of the CONTINENTAL CASING COMPANY, INC., will he held at the office of the company. No. 120 Broadway, New York City, on Monday, January 19th, 1920, at 2 o'clock P. M., to elect directors and to transact such other business as may prop? erly come before euch meeting. A. STEDMAX JAMESON. Secretary. AN ELECTION OK TWENTY MANAGERS of the New York Institute for the Educa? tion of the Blind, and of three Inspectors of Election, will be held at the Institute, Ninth avo. and 34th st., at 4 o'clock in the i afternoon of Wednesday, Jan. 21. 1920. LINZEE BLAGDEN, Secretary. DIVIDEND NOTICES I THE BOARD OK DIRECTORS OP LAN- ! CASTER MILLS have declared the first ! quarterly dividend of 1%% on the Preferred I I Stock of the Company, payable February 1, ; | 1920, at the office of the New England Trust j Company, Boston, Mass., to all stockholders of record as at close of business January 26, i 1920. LANCASTER MILLS, j J. Devereux Wlnslow, Treasurer. Railroad Executives Meet I Discuss Retention of Some Features of Federal Operation Preparatory to the expected return of the railroads to private control on j March 1 the advisory committee of the Association of Railway Executors met yesterday in the rooms of the associa? tion at 61 Broadway to consider what practices instituted under government supervision should be continued when the carriers are operated by the reprc I sentatives of the security holders. Further conferences will be held to? day by the Bteering committee and the committee which is investigating the question of rates. Reports have been current that the roads will ask for a general increase of 25 por cent, with even higher tariffs for the New Eng? land roads. Howard Elliott, president of the Northern Pacific, is chairman of this committee. General W. W. Atterbury, vice-presi? dent of the Pennsylvania Railroad, is chairman of the advisory group, while T. DeWitt Cuyler heads the Bteering committee. i' FINANCIAL MEETINGS THE MERCHANTS NATION?! BANK of the CITY of NEW YOR NOTICE IS HEREBY OIVEN that ?t meeting: uf tho shareholder? of tu* - chants National Bank of the ' ;;> " ',* York, held on January II, ^f0',!a0, voted that the aid li^uk K? '"}0 liqul tion and be clonad and dissolve?. All holders of notes and other '??'h'.,.m of said Banking Association *r" ,-',,M notlrted to present such nut*? a""r ? claims asaln*-' tho Association ?"?',? ment at its Banking II..use. ^;;.J Wall Street. New Vo-k City, ?>n!llf/..!3 ary 28, 1920, and thereafter to izJSM dating- ajfeni. the President at>d 1"? '. M of tho Manhattan Con pany, at >w-? "1 Wall Street. New York City. By urdor of the Board of Direct?"*^ O. E. PAYNTEB, '?f*'* Dated New ?fork, Januarj 11. ; ?:0 THE MERCHANTS N?TI0HJJ BANK of the CITY pf NEW Y0M NOTICE IS HEREBY GIVE? ?**?? meeting: of the shareholders M ln, \. chants National Bank ol the ' * ';, '?,? York, held on January !: ' '-"'.?i.? M determined t.. tak- such proceed?!?^ may be necessary oi , New York or..,-, edlngs l>e taker', te '; .' It with tho President and Directors? Manhattan ' '^: .r--i''m^mm^sm^sm^sm^sm^sm By order ?.f theJBoard "' 2^CA?IL? Dated New York. Januar? IS. " METBOPOt.ITAN TBCnT OOsIfi I of the Ml/ of New \??rk. , 1 The annum meeting of the ^.--khol?^, this Company for the election "? '-.??. *, will be held at the office of the < onu?j ^ Wall Street, at twel\e o'clock i?1? 1?!0 Iwenty-first day ..f January. ??* ^J stock transfer books wUI b? CMesj sj P. M. January 9th and reopened Si ? January tlnd. 19:<V c~..?taff UiOUKtiK V HAKTMANV**reM" New York. January lO'.h. l?-? The _ of the-. _^^^^^^^^^^^^^^_ Company a quarterly dividend < r ? , cent, on the First Preferred *", ,?v f Company, payable on ???? n"" . J-rl February. 1st?, to stnokholder* f . J al the cIom of business ''V,? i \'?vr ?? THE TRA?NSFKK BOOKS v? U >? F 0, K. PETERS, Beer??*'!