W. F. Ladd & Co. Investment Securities New York Freeport-Texas iSuiptv.ir ar,.1 Public Utility) ! Analvsis of largo sulphur re 1 serves, property, holding?, sub sidiaries, financial position, divi? dend history and outlook. Bethlehem Steel Ontline of the present prosperous business condition of this gTeat industrial enterprise and its fu? ture possibilities. Inter. Petroleum Reported acquisition of new ? properties in Columbia. Heyden Chemical And the Dye Control Bill. Invincible Oil United Cigar Stores Producers & Refiners Sent cr. request for K-431 HUGHES & DIER Stocks?Bond*?Grain ' Phlla Fto? k r.x- hanire Meir.be.-s A Pitts St? k Exchange (.Chicago Board of Traia 50 Broad St., New York ?alts ll?-?2(i Tel Broad il4t. Fifth ATenue OfTire 808 Fifth Ave. Te!. Vanderbllt SE3? Harlrm Office. 67 VI". li.'uh St. Philadelphia. Hit, %S alnut ct.-?*? Income and Excess Profits Taxes for 1919 Comprehensive Booklet on Request George H. Burr & Co.. Equitable Building New York Rail Executives Will Urge 30% Rate Increase Advance in Freight Tariffs Would Add $1,100,000, 000 to Income; Appoint? ment of Guaranty Trust Approved The sub-committee of the Associa? tion of Railway Executives which has ?>een investigating the financial condi? tion ci the roads with the view of de? terminating how much o? an advance in tre-ght rates is necessary to meet their :-.eeds after the return to private ownership, will recommend an increase of at least 30 per cent, according to reports in banking circles yesterday. This figure, it was said, would only be sufficient to pay the 54 per cent return on.the property investment as provided jy the Cummins bill. A 30 per cent rate advance, it was Pit.mated, would add about $1,000,000, "00 to the standard return fixed by the railroad administration. This sum, it ?*?? pointed out, does not take into ac? count petitions from the railroad brotherhoods for higher wages, ag? gregating $300,000,000. ( Advices received in financial circles ?ndicate that the compromise railroad Ml] that will be passed by Congress 'd'l contain the following features: A year's trial of the 5V4 per cent guarantee clause, with a fifty-fifty division of the excess earnings above S per cent; elimination of the Federal compulsory incorporation clause; cut? ting out of the labor section and the provision for a board of transportation, ice compulsory incorporation clause, it * understood, will be superseded by a clause providing for the voluntary consolidation and Federal incorpora? tion of different railroad systems. The recommendation of a sub-com aiittee of tne steering committee of the Association of Railway Executives that ^a Guaranty Trust Company be Ap? pointed the sole trustee under the plan ay which the carriers are to issue W80,000,000 of equipment trust certifi? cates to the railroad administration ?M been approved by practically nil the sixty-five railroad? involved in this '?nancing arrangement. All that now remains to make the plan effective is T.h? formal approval of Director Geiv eral Hines and of Swager Shirley, di? rector of finance of the railroad ad? ministration. The members of the Association of ?Railway Executives who were ap? pointed to serve on the rate committee "onsiat of T. De Vfitt Cuyler, chair ""?n; Alfred P. Thorn, E. N. Brown. g- M. Calkins, Howard Elliott, S. M. {?Hon. Carl R. Crav, J. H. Hustis, Julius Kruttschnitt, E. E. Loomis, C. H. Markham Samuel Rea, Bird M. Robin? son, A. H, Smith, Henrv Walters and Daniel Willard. Xaeaaaios A Metals National Bank baa ???a appointai registrar of the atock of **? Katfoaal Exploration Company. U. S. Government Transactions . ? Sale?. Liberty 3%?. 1947. $677.000 do lit Is. 1947. ?5,000 do 2d 4?, 1942....... 469,000 do 1st 4's,i, 1947. 146.000 do 2d 4Via, 1942.3,061,000 do 3d 4Us, 1928.3.684,000 do 4th 4%s, IMS-4,810.000 VKtory 4*i?. 1923. 2,229,000 do 3%s, 1923. 3,226,000 Quotation? nigh. 9;.-,4 9i.ro 90.00 91.46 90.00 Liberty 8%a. do 1st 4s.. do Cd 4s ... do 1st 4%s. do 2d 4Vis. do 3d 4%s_ 93.00 do 4th 4?i?--. 90.12 Victory 4%s_ 97.90 do 3%s. 98.06 _ Bid and Asked Quotations Closing Yesterday. 96.90? 97.10 90.98?. 91.10 89.74? 89.80 Low. 97.10 90.98 89.52 91.16 89.50 92.60 89.72 97.74 97.74 Last. 97.10 90.98 89.80 91.18 90.00 92.92 89.90 97.90 97.96 Yield. 8.72 4.57 4.71 4.81 4.96 6.28 6.00 R.24 4.23 Nat Chge, -.64 ?.14 ?.10 ?.34 ? .10 ?.08 + .08 Liberty loans. 3%s, 1947_ 1st 4s, 1947... 2d 4s. 1942_ 1st 4%s, 1947.. 2d 44s. 1942.. 3d 4Vis, 1928.. 4th 4>4s. 1938. Vie 4%s. 1923. do 3\js. 1923 Pre-war issu? 2s rear. '30 ?s coup. '30 3? rcg. '46 3s coup, '46 4s re*. '25 4s coup 2s Pan, 2s Pan. 2s Pan. 2s Pan, 3s Pan, 3s Pan. Phil 4s. '34 do 4s. '35. .. do 4s, '36. .. I . Col. 33, '65 Closing Tuesday. -?.97.7? 91.12? 91.18 89.94? 90.00 91.30? 91.52 5.105%?106% 105%#?10?% 25.105% ?106% 105%? 106% , '36...100 101 100 #101 '36 c. '38 r, '38 ret?.. coup. . 100 .100 .100 . 88 . 88 . 90 . 90 . 90 . 97 ?101 ?10l ?101 ? 90 ? 90 (it) 95 ? 95 ? 95 Foreign GoTt. and Municipal Bond? (Interest To Be Add??) Bid. Angle-French Extern 5s. 1920.. 95 Argentine Intern 5s, 1945. 73 Canada, Dom of, noten, 1921_? do 5s. 1321. 97*4 do 1926. 93% do 1929. 93% do 1931..^.. 91% Cr,in ?a. T)51 451, Cuba Extern 5s, 1944. 92 do 5s, Series A, 1959. 86 do 44s, 1949. 75V? Dominican Rep 5s, 1958. 76 City cf Lyona 15-yr 6s, 1934... 90% City of Marseilles 15-yr 6s, 1934 90% Titv of Bordeaux 15-yr 6s, 1934. 90% City of Paris 6s. 1921. 89% Jap Gov 5"as, sterling loan, 1925 68% do 4 4?. 2d 6er, 1??25. 67 do 4s, sterling !n, 1331. 664 City of Tokio 5s, 1952. 58 U K G B & I 5-yr 5Mjs, 1921.. 93% do 3-yr 54s, 1922. 93% do 10-yr 5%s, 1929. 92% do 20-yr 6Vis, 1937. 86% Mex Extern strl 5s of "99, 1945 ? do Extern gold 43 of ^4, 1954 ? Asked. 95% 74 97% 97% 94 94 91% 46 94 90% 82% 82% 90% 90% 90% 90 69% 68 57 58% 93% 93% 93 86% 35 Anglo. French 5a 8,000. 49,000. 3.000. 155,000. 80.000. 95 108 000. 95A 119,000. 95V4 10.000. 95% 1,000_.. 95 A 1.000. 95% 95%: 95? 95% 10,000.68 2,000. 68% do stlg loan 4s 1.000.58 5,000.67 7,000. 65% 4.000.56% 5,000. 55% 2,000.57 5,000. 56% 5.000. 55% 78.000. 95 Vi U K of Great Britain 135.000. 95% & I 54? 1921 3,000. 95 Chinese Hy 5s 2.000. 46 City of Bordeaux 6s 8,000. 90H City of Copenhagen S Va a 2.000. 80 4 6,000. 80Vi 10.000. 80 City of Lyons 6s 5,000. 90% City of Marseilles 6s 9,000. 90% City of Paris 6s 1.000. 90V4 4,000. 90 If?.000. 89% Dom Canada 5 Va9 not? 1921 1.000. 97% 2,000. 97% 6,000. 97 do 5%s 1929 10.000. 94 6,000. 93% 2.000.94 do 6s 1921 8,000.97% 2.000.97 4 2,000_.. S7% do 6s 1931 6.000. 91% 1,000. 915,! 10.000. 91%l Jap 1st ser 44s 37.000. 70 1".000.69% i 3 000. 69%:n 4,000. 69% 5,000. 69%! l.ooo. 6a i do 2d Ber 4 4? 2.000. 70% 4.000. 69% 5,000. 69 I 6.000. 6Si?! 5,000. 67%; 6,r>00. 68 I 4,000. 69 ? 6,000. 94% 39.000. 94 2,000. 93% 9,000. 94 35,000. 93*l 14,000. 93% 5,000. 93 4 8,000. 93% 1,000. 931a do 5 4s 1922 50.000. 93% 28,000. 93% 12.0C0. 94 9,000. 93% do 6 4s 1929 20,000. 93% 4.000. 93% 20.000. 93% 43.000. 93 5.000. 92% 1.000. 93 4,000. 92% 1.000. 92% 2.0O0_.. 93% 23.000. 92% do 6%s 1937 43,000. 87% 4.000. 87% 21,000. 87% 48,000. 87 4,000. 8 .100% 82 M do con 4%? 1,000. 90% do 5a H*Q8 ?.',000. 89 ?1,000. 88T?i 1,000. 8!) 10.000. 88% 2,000. 8'.? do nr?'n 4'sa 1,000. 80 l.ooo,. 7:?% 10,000.,_ 79 V? Pero Marquait? 5s 2.000. 85 I'Mltt Co r>? 1922 l.ooo. 87% 4,000. 87*? 7.000. 87% P C O & 3t L 3%a 1,000. 81 do Dal * H cvt 6a ^ ?,000. 1 Den & H o con 4? T*vi 10'5??.?3 Ene cvt 4a aer B . 3,000. 33% do evt 4s ?er D ? 10.000. 38 Ft W & D C Va j. 1.000.97 Gen Elec deb 5a 2,000. Pf,u 1.000. ?au 2,000. 95 Great Northern 4%? 3.000_ 81% HudA M rf? 5. ? l.uOO. r.su, 3,000. 66 t? _. 5.000...... 56'" do inc 5a 1,000. 14 111 Central 5'.i? 1,000. ..'... 92?-? 1,000. 92 do rfg: 4s 5,000. 71U 1,000. 72 do 4? 1953 6.000. 65% Interboro-Met 4%? 3,000. 16% 20,000. 10 u. 1,000. if, 4,000. 164 1.000. lf,u 18,000. 16 do ctfs of deposit 80.000. 16 , . 4.000 . 15% Interboro R T rfg 5a 60,000. 50 2,000. 40V. 1.000. 49? 1.000. 50 5.000. 49% 5.000. 60 4,000. 4!)% Int Mer Marine 6a 8,000. 91 U, 1.000. 91% K C Ft S & M 4? 6,000. 64 Kanaan City So 5a 4,000. 69% do 3s * 2.000. 6fl Kan City Terminal 4? 30,000. 70 1,000. 69% Kentucky Cen 4a 1.000. 73 Keokuk & D M 6b 2,000.70 K?njrs Co El 4a 10,000. 50 Lack Steel 5s 1923 5.000. 93% do 6a 1950 25.000.93 15.000. 92 Lake Shore 4a 193! T 10.000. 81%|So Bell T ? T 5s Lehigh Valley 6s 1,000 . . 85 12.000.100 ?So Pacific cvt 5s Tub Ser <3 St 1. Ir Ml & S 4? 7,00(1. ..... 73 4s Ki & G div 2.000. t;7u? 6,000. 67^ 1,000. 67? ? 2 OOi). ?17 4 8.0OO. li? st I. & S K 6s Her C 15,000. 85 do 5s ser B 3,000. 67 2.1100. 66% 23,000. 06 do 4s -or A 4,000. 56% 3.000. 56% 3,000. 57 1,000. 66% 9,000. 56 7.000. 56? . 2.000. 56 do adj '.a 5.000. 60 6,000. 59% 6,000. 59? l.noii. 69 1,000. 591/, 4.000.69% do inc 6:> 20,000. 41 5,1-00. 41 w, 11,000. 41 St L Swn Term 5a 3,000. f,7 do con 4s 1,000. 50 St P M & M 4s 4 000. 55a; 5000 .. . 2S% 3,000. 55% Toi 40c g?, 5a 6.000. B5?? 5 000 fi" 10.000. 55 Mon tii r a Power 5s 3.00O. 84 N Y Air Brake 63 3 000. 99 | N Y Central deb 6s 20,000.91% 13.000. 92 ; 6.0O0. 91% 3.000, ... -. 911*,! ?.OOO. ..... 92 1,000. 91%! do rf> 4 4a 2,000. 76% do 43 1934 5.000.76%? do con 4s 2.000. 69%i do rfc- 3%a 1.000. 66U N Y N H 4 H 6s 10,000. 70 N Y O ft W 1st 4s 1.000. 60 N Y Tel deb 6a 3.000. 921? do4i4s 2.?0O. R04 1.000. 79% 2.000. 79u Norfolk So 5a ser A 3.000. r.oi-?, Norfo'k fi W gen fis" 1,000.104 do cvt fia 6 000._100 5 000.10?% 18.000.102 do con 4a 10 000.7*5 do div -la Union T'n< ific Cs I ?' 0.101 10 .1.101% 2.1 000 .. . .101% do cvt 4 s 16 000.851?, 1,000 . . . 85%* 5,000. 85 do 1st 4 s 2,000 . . 82% 2.0.T?. 8f 9,000. 82% do rfrr 4 3 '? ' . 74 6 000 . .. 73% f ? 5 ? . 2 ooo. 73% 4/ 10,. . . 7,';!-. Unit??.'! P.v Inv 5a Pitts Issu? 3,000. 70U 6 000 . 70% U S Realty & I 5a 6 000. 76 U S Rubber 5a 1/ni... 000 u s 6! OOO I " OOO II 000_ ?mp'?inc 6; 1,000 Nor PaHf?e 4a 1,000. 741*. 10 000.7-% 10.000. 75 do 3s 3 000. 53 2 000 ... . 52% 1.000. 5 Ore * Cal 1st 5a 2.000. 93% Ore Sho--^ Line 4a 1 000. 81 4 000. 80% Ore W R R & N 4s *> 000 . .. 67^ Penn-4%8 1921 1,000. 97% 85V? 85% 8 5 U 85% 85% 10.'i% U S Steel s { 5a 21,000.97% 1 OOO. 07 ?>'nO0 . ors; i .000! . . . . . 96iA 18 "00. 07 : 000. . or,v, 1".ooo.96% 75% ?Utah Power fi L 6? 100 83*4 1 nor, . 8314 '?[ West Maryland 4s 1 000. 50% West Parirle 5s l.ooo. 81 Vi % 1 000 .. 81% 4 Wheel A T, E 4U? 1 ooo ,.... 51 Wilson' Co 1st 6s 1 nno. 9?* 6.000' ''.'.'' 9754, do 2,000.... 91% Bid and Asked Bid. Asked.! Al Chata pr ?5 A il a PI. 83 Am Buk Not? 44 do pr . 45 A Boet 8 pr- 85 A B 8 * Jry 87 :dg ? 135 Am Snuff Pr- S2 90 Am Sugar pr.118 Am Tel A C BO A To pr new 95 Am ZU-.c pr.. 50 Ajiu A-tx>r pr 23 AC1 A W I pr 66 Au 8?!m pr.. 29 Bar Loaiher.. ?5 do pr . 914 Barrett Co pr.105 Beth rV.eel... 89 do 7th pr.100 Bku Ed'sou,. 94 Brown Sh pr 95 Buff R A P. 454 1O0 Kress St Co. 95%.TKress pr 4>; ll.aclwlf Om .. ?!! 45% Lake E r .. .101 90 -Manhat B.>ivi-n 1 lllhi Mar Rockwell C3 55 M? M 1st pr ? 9T ; do 2d pr .. 25 26 50 .May Do St pr. 105% l'?r4 26 Mex Te:, ?lrlui) 105 TO !\Tlcli Central. 82 S3 MSPASSM 1 ! 60 no H'i ?Morrla & Ks. TOM? "6 96 IVash & Chat. 104 in Vat BLs pr. .112 1!6 \ C & H pr.100 102 V E & ? pr loi Vat L?ail pr.107 VRJ1M lat pr ? 110 jff.R & P. 454 M .NVCA?L Ut. 58 do pr . ? l?? do M pr . 44 iff * Sim... - "0. N* V L A W 85 10! 10? 19 Buff do pr . Bush Term.. Can 8out!em Cent Fdry... K0 100 41'i 20 54 V Norfolk So ..11 13 do 45 ft Ait?n, o CAS ATel.ll? Chi * Alton. 6 do C A do pr CT A Pitts... ? C8PMAO pr. 90 COOi?Lt? do pr .63 O * 8 Ht PC 50tt do 2d pr... 42 Crax Carpet.. 50 Cuba Am Su.420 do pr .100 Deer? Co pr 101 Del Bdl*on..l06 !><* TTn RR. ? Diamond M..U3 D S B ? A. 3 do P* .-??? .2 Durnam Ho?. 58 do pr .100 Rm Brandt pr 85 Ohio Fuel .. 48* 49 :ot1s Eier or. ? 1 ' K> '-i Owen* Rot pr ? 100 F:u-iar ? 116 !p-S S & I pr t'O ?.4 S P R Kujrar.2'J5 ' do pr .110 62 Standard MOL 135 103 \ do pr . 8.1 85*4 !Slf wan War Bull John pr.lOOHlOl Studebaltei- pr.101 P M * S pr 31 .?aH|8m> Steelm pr.100 ?45 115 150 90 \ 41?4 Flaher Body.. 190 124 do pr . 95 101 Gen Chem.... ? J?5 do pr . ?7 ln0 Oen Cigar pr ?4 ?OJ do pr d?*; 88 90 ?o - pr . W 82 O 8 T It* pr n% 97 Homes'ake .. 61 63 lnt Paper pr SO 107 Int Nlelcel pr 88 90H low? Ontral. 4 8 KCFSAM pr. 52 W Kelly Spr pr 93 100 Ke??y \Vh pr 96% 9T? Keok A D M. 8? ?6 do JW_. ??-??? Kr?sBB 8 8. do pr ... A l* .d tr.200 Tidewater 011.193 TSL A W itfs 10 do pr ctfs. 19 T C R T pr -- I'nderwood T. 171 dn pt .ins LT CUar St..126 do pr . ...Ill r Drug* 3d pr.1.-') Va t C * tj 86 Vulran Detin 24 do pr . M* V Md 21 pr. K, \V??t'ae M lit. 64 A i:?oti Co pr B5 ,\ti t L G ?i li ftl?. Centra!.. 26 203 12 23 93 175 113 225 110 .144? 160 ?tV?wtworth PT.U24 113U Dollar at Record Premium as Slump In Exchange Grows Sterling - Fluctuates Wildly in a Panicky Market; Banker Says End of tin* Der line Is in Sight Tho premium of the American dollar I yesterday over sterling, franc, lira an I i mark exchango was the highest on rec ? ord. Tho tumbling; of tho European i exchanges to unprecedented depths con j tinned without respite. Exchange bankers, looking overseas for some action to help save the situa j tion from further demoralization, . feared that the time was near when tho international exchange market ! would cease to function entirely. One ! of the largest traders in exchange in | the United StatAs said it was likely i thnt in certain European countries It would soon be impossible to buy dol? lars in the open market, and that con? tracts would have to bo settled through negotiation across the seas. Tho ex? haustion of government credits to Eu rope and the unwillingness of barks to o.xtend large credits have been throw? ing the burilen of financing what trade has survived on the foreign trade mar? ket. Thin Market The thinness of tho market in ster? ling, indicating a slump in exports, was illustrated shortly alter noon, when relatively small buving orders for ster? ling reached tho market. Many of tho exchange hankers were out to lunch, and there was difficulty, it was said, in i:<'tt:rrr bills at tho moment. Rates on Sterling, therefore, leaped from $3.19 to $3.30, but after the midday recess rates dropped promptly to iJ.'?.L'-t and closed at $3.2275, compared with $3.3325 yesterday, $3.5150 a week ago and $4.866 at par. As a reflex of the break in sterling, tho dollar was at a premium of 17 per cent in Montreal, the highest in his? tory, and Canadian bankers in New York were of the opinion that no moro gold was likely to be shipped in tho near future, because it was thought that would not correct the disparity, j It was felt that the recent shipment of $20,000,000 in gold from Montreal to New York had failed significantly to change the situation. The weakness of the Canadian dollar is attributed to the fact that it buys in this country for carh and sells abroad for credit. In normal times Canada settles hot debit here with sterling credits ob? tained by a trade balance in Canada's favor in England. At the close of trading yesterday tho douar, which at par will buy 5.18 lire or francs, would purchase 14.82 French francs, or 14.77 Belgian francs, < ;? 18.82 lire. German man.'-, normally worth. 23.9 cents, was qui fid at 1.04 cents. All of these quotations are for checks. Sees End of Slump After the drastic decline yesterday, which followed a fortnight of pr?cipi? tai- drops, an olTicer of one of tho leading banks, who has been of the (?pinion for three years that European es ?'. ?? lue for a sharp slump, yesterday expressed the opinion that the bottom was now in sig I "The exchangi j svi ' go lower, in my opinion," he said, "but we snail soon turn the corner. Europeans are now grasping the fact that it is up to them to help the situation. They arc now disi ? ng, particularly in England and France, the placing of severe re? strictions on imports, and 1 think the time must bi near when the Europeans will seriously attempt to balance their accounts, Before this is done there will be further declines. The proposed import restrictions are ex tremelj drastic, and in France, I be . 'I Include reduction even of \vh nt pu h , S." Other leading financiers were of the opinion that the Bit i iti m ' ould auto? matically tend *o correct itself through the curtailment of imports into Eu? rope, bu-, thej thought this could be done through the in erected by declining exchanges, without govern? mental decree. Bankers said that Europe needs must confine its pur? chases to bare essentials, and thought they would find means of financing these. Those who contend the bottom in the exchanges will net be reaci ed for some : r -'? - that Europe, can do little until the winter is over. In the spring England, for example, ?a expected to be ready to export quantities of cotton goods manufactured oui of raw ma? terial purchases in the United States. and, if so, it is believe'd exchange will be helped. By exporting to countries like the United States, whose exchange s at a premium, England will make a profit out of exchange, whereas now the dispa ity is costly to her. It was reported yesterday that some Eng1.!*'! manufacturers were sh pping small quantities of raw cotton back to the United States which had been pur? chased when sterling exchange was higher, and thus making a profit, A survey of the opinion of bankers regarding the international exchange ou lo k revealed great uncertainty and also brought out the fact th it in certain extremely influential quarters tha view is still held that the real solu? tion lies in the extension of huge credits to Furore by Americans to aid the Old World to get the processes of economic life functioning again. Canadian Bankers Confer on Exchange OTTAWA, Feb. 4.?A conference on the exchange situation was held to-day by Sir Henry Dayton, Minister of Finance, and leading bankers of the ! ?mini n ' eaded by ('. A. Bogert pres? ident of the Canadian Bankers' Asso? ciation. T e opinion was expressed that governmental action could do lit? tle, if anything, to lessen the unprece dentedly heavy discount on Canadian money, as the causes are international, but it was decided to continue close attention to the subject, in the hopo that a possible remedy may develop. Consumers' Power Bonds National City Comnnny Brings Out Two Issues To-day In the face of the falling of security prices and foreign exchanges, the Na? tional City Company yesterday an? nounced that it would offer for public subscription to-day $5.000,000 of ten year 7 per cent gold mortgage bonds and $3,000,000 of 7 per cent debentures of the Consumers' Power Company, which serves all of lower Michigan except De? troit. The bonds will be offered at 98 to yield more than 7.23 per cent, and the debentures will be offered to yield 7.75 per cent. The proceeds of the issue, it was an? nounced, will be used to reimburse the company for the retirement of certain underlying bonds, for capital expendi? tures already made, and for future con- ? struction expenditures, including a part of the cost of a large new steam plant. The yield of the new issues was cited by issuing bankers as an illustration of the present high cost of borrowing, as in pre-war times, it was said, the com? pany was able to sell 5 per cent long '. time' bonds between 96 and 98. Floating Debt Decreased WASHINGTON, Feb. 4.?In the last ! five months the total public debt has shown a decrease of about $930,000.000 , and tho floating debt about $730,000- ] 000. Secretary Houston announced to day in comparative statements of the j public debt on August 31, 1919, when the debt reached its peak, and on last . January 31. The decreases were duel principally to salvage and taxes. i Investment Information colZln in lk*l an?Wd in thi, asfi fcf?rra,i- -WAS ?? ? outnc? tneloemg a etampe?, ad ?r^ed envelope to Financial Editor. York Cittr MU S?wf' *?* Livingston Oil Dividend? Question?Kindly nrlvi?* ?u i. paper if Livingston Oil| I ! ?A*11 . y?ai iin.t if fhn^ ho,.., !i.a Kood Investment Answer-Livingston Oil stock cannot be considered an investment. While the company pay, dividends (3 per cent in cash and 5 per cent in stock were paid January 1), we have no means oi judging how conservative tho com? pany is in this respect. Th* stock is a speculation. Little Short Selling on Curb Question?D? you know of a alngle curb house that permit? customers to take the short ?Ide on curb ?hares 7 U there, loin crowd on t .o curb? As near as I can make nit. the Public la never allowed to sell them .ahort. rhat la reserved for curb houaes through their houne account.?C. S. Answer?The only way of going short of curb stocks is to borrow tho stock beforehand. There is no loan crowd on the Curb. Perhaps, after the Curb Is well established in its new home, the public may be given a chance to try the short side. Opinion on Railroad Stocks Quoation?In your column covering ones tlona on Btocka and bonds, I wish to make the following queries. I realize that these cannot be answered in the absolute, but will appreciate your opinion: Are the stocka of the Northern Pacific. Great Northern or Southern Pacific railroads Kood investment? for, first, the prospect of a good dividend lieinir paid after the roada are turned back to private ownership, and second, Is it prob able that these stocka will recover consider? able of their pre-war value? Which of these stocka do }ou consider beat and are there other Blocks that stand a little chance of return or rise in market valu?? among safe rtocka? Do you consider railroad Btocka a safe investment at this time??C. A. B. Answer?We cannot say that railroad stocks are good investments at this time. There is far too much uncer? tainty regarding tho treatment to be accorded the carriers. A few roads are doing fairly well under govern? ment operation. This might be changed by legislation. Until we know definitely what Congress and the In? ter t?te Commerce Commission will do, all railroad common stocks must be considered speculative. Northern Pa? cific and Southern Pacific are not do? ing so badly at. present. Great North? ern, on the other hand, is not earning its dividends. We must remember, however, that the government is op erating the roads in its own way. With constructive legislation and a substantial increase in rates most of the roads should be able to maintain themselves as they did before they wore taken over. It is not likely the railroad stocks will sell at the high prices of pre-war times until taxes are reduced and money is lower. We should rank Southern Pacific first, then Northern Pacific and then Great Northern. Union Pacific is now earn? ing inoro than the government guar? anty. Pacifis Mail Steamship Question?A friend of mine is always hol? lering the praises of the Pacific Mail Stearn ship Company. Please give me some "dope" with regard to its possibilities and advise whether or not it would be a good Invest? ment for a long pull??E. C. B. Answer -Pacific Mail Steamship has outstanding $1,500,000 capital stock, par $5. The company is jointly con? trolled by W. R. Grace & Co. and the American International Corpora? tion. The entire issue (1,700,000) pre? ferred stock was redeemed on Septem? ber 1, 1?18, at $110 a share. Net rev? enue for the twelve months ending June 30, 1919, was $1,925,095 before deduction for Federal taxes and amort? isation, against $2,007,329 for the pre? vious year. The company paid 70 per cent on the common in 1917, 60 per rent in 1918, and the present rate is 20 per cent on $1 a share. The stock appears to offer good speculative in? vestment opportunities, although it sells for many times its par value. Not Recommended by Cheapness Question- i am thinking of buying 30 shares of National Conduit and Cable. Lot me know the financial circumstances of the above stocks and what you think about it as a small investment.?P. J. Answer?Many people buy securities viten they sell at very low prices, on the theory that "cheapness recom? mends it." National Conduit and (.'able showed a deficit from operations for the nine months of 1919 of $859, 188. It cost the company more to man? ufacture than it received in groas salev Thi.s happened in 1918 also. It lias been said that poor contracts with the government accounted for this state of affairs. Possibly the future will show better results. Naturaily, ?1 i stock is a pure gambio at present. ; U. Ve!. Food Products Question?Can you tell me what the proa-: pects are for the United States Food Prod- j ucts ? Is the recent slump in price due to j prohibition or to the general elump now pre vailing? I have five shares of the common' Mock In your judgment, would it be better ] to sell now or to wait a few weeks? II have been told that the company ceaaed to I be. Identified with the liquor interests some months ago and that aince its change from a distilling to R food products corporation it has b.'en abt* to pay larger dividends than before. Are theae statements authentic? If, so. would It not be well to retain the stock?| When you refer to the internal loana of France in to-day'a paper (January 25) aa ? good speculative opportunities, does this mean that these loans are reasonably safe, with speculative possibilities, or that the speculative feature is greater ?han the safety? Which is the better loan to buy. the 4 per cent French government loan or 117 cr the ."> per cent French Victory Loan* Which has the earlier date of maturity?? Mis. D. J. H. Answer?United States Food Products has gradually placed itself in a posi tion where prohibition would have ; small effect upon it. There was said ; to be a certain amount of spirits on ' band near the time when the Federal1 amendment went into effect. These spirits were said to have been ex- j ported at prices higher than those carried on the company's books. Prohi? bition should not now cause the com? pany an uneasiness. Its products in? clude cereal food, feed stuffs, yeast, oil vinegar, grains, beute and mo- ? lasses For 1918 the company earned 3113 per cent on its $30,774,200, capital. The report for 1919 has; not yet been published. Earnings are j said to be satisfactory, however We cannot advise you what to do with the stock because, on account of its spec- I ulative character, it probably will move with the general list. The French loans have an investment value on account of great ability of the French people to overcome overwhelming odds. They have been in tight positions be? fore and have always demonstrated their ability to recover. The specula? tive feature consists of the possible ad? vantages to be derived in the event of the increased value of the franc. There is very little if any choice between the 5 per cent and the 4 per cent bonds The former is due in 1931, the latter in 1943 and 1944. Four full columns of in? vestment questions and an? steers are published in The Tribune every Sunday* Prices Crash as Selling Wave Hits Outside Market Wild Break Comes When Public Damps Oil Stocks on Curb; Houston 85 Bid at One Time The public was a heavy seller of stocks on the Curb market yesterday, where prices gave way sharply all along the line. Offerings were in large vol? umes throughout the whole five hours of trading. While some of the selling was professional, the bulk of it evi? dently represented long stock bought at higher figures and thrown overboard because of a general feeling of ap? prehension ?n financial circles over the outlook. The market In certain oil and in? dustrial stocks was completely demor? alized for a time. In the case of Hous? ton Oil there was one time during the day when only 85 was bid for the stock, while people who wanted to sell wanted 100 or better. They finally got together and sales were recorded at 92. The Hosing price was 97 and the high 112. Houston closed at 115 on Tuesday. Late Liist year it soid as high as 167. Another weak spot was General Asphalt, another one of the mystery issues. It broke to 100 after selling at 109. The closing price of 101 was 8 points off from the closing the day be? fore. The heavy selling in the oils broke ?imms Petroleum from 47% to 41%, Carib Syndicate from 39 to 34, Gil?i land Oil from 40% to 38, Invincible Oil from 37 to 30, International Petro? leum from 63 to 56 and White Oil from 33 to 27%. Industrials Sales. Open. High. Low. Last. 1200 ?Acme Coal .. 1% 1% 1% lU. 4600 ?Aetna Exp ... 8% 8% 7% 7% 1800 ?Aluminum M.. 35 35 33 83 150 ?Am Hawaii S3 75 75 75 75 7500 Amcr Safe Ra? 12% 12% 11% 12 400 Am Writing P. 11% 11% 11% 11 ?A 300 ?Austin N pf.. 90 90 89% 89% 600?Br-A Chem C. 1% 1% 1% 1% 100?Br-Am T coup 18% 18% 18% 18% 2000 ?do rts. 6*3, 6% 6% 64 200 ?Car Lt ft P.. 2% 2% 2% 2% 360 ?Clinton-W W. 31 31 25 25 1100 ?Con! T F w 1. 25 25 23 ?A 24% 700?Farrell Coal.. 43 43 40 41 8500 ?Geni Asphalt.108 109 100 101 1200 ?Gen Mo w i.. 30% 31 20 SO 6600 *Goldwyn Pict. 29% 29% 23 28 1900 Grape-Ola _ 1% Ii* 1% lyj 1300 do pf. 1% 1% 1% 1% 200 ?Ide Collar Co. 35 35 34 31 1400 ?Im T of GB&r 11% 11% 10% 10% 4000 Indian Packing 16% 16% 16 16 4000 ?Kay County O 2 2 1% 2 600 * Keystone Sole! 13% 13% 13 13 500 Lima Loco .... 78 78 75 75 2500 ?Line Mo CI A 61% 51% 5m% 50% 600 ?Loco c, n w i. 24 24 % 23% 24 300 ?Mercer Motor? 30 30 2'.' 29 7000 Mont Ward.... 35% 35% 33% 33% 2000 ?Nati Leather. 14 14 12% 13 1500 No Am P & P. 5% 5% 5% 5% 3200 ?Nunnally Can. 30 30 19 19 2000 ?Orpheum dr. 31% 31% 30% 30% 100 *Patch??'-P ? 8000 Perfection Tire 4% 4% 4% 4% 8?? "Prf-i i ,<- K. i ". 'J. 2 1000 ?Radio Co wi.. 2% 1'% 2% 2% 1700 ?do pf. 2% 2% 2% 2% 1500 ?Republic Rub.. 5 5 4% 4% 200 ?Root & Vand. 51 51 50% 60% 200 ?Spicer Mfgr.,.110 110 100 109 400 ?Stewart Warn 39 39 38 3S 5000 Submarine Boat 14 14 13 13% 2500 ?Swift Internat 46 46 43 43 1200 ?Temt C&F P. 45% 45% *:, 370 ?Todd Ship ...181 ~ 181 170 173 4225 ?U S H ?ipT.. 37% 3d% 36% 3i% 2000 ?Un Pict Prod. 14% 14% 13% 14 4000 ?U RetaU S C. 15 15 It. 14% 16000 U S Steamship 3% 3% 3% 3% 300 ?U S Transport 12 12% 12 12% 200 ?V Vivau Inc.. 19 19 17 17 100 ?W Rock Wat. 7 7 7 7 300 ?Willys 1st pf. 99% 99% 99 99 Standard Oils "Jales. Open. High. Low. Last. 23 ?Ohio Oil Co.. ? 350 340 310 60 ?Std Oil Cal... ?? 409 405 406 105 ?Std Oil N Y.. ? 418 405 410 140 ?Vacuum OIL. ? 420 400 405 400 ?Alliance O ft R 18% 16% 16% .10000 ?Allied Oil ... % H % , 8000 ?Amalg Royalty % % % ' 3200 tAnna Bell Wy 69 70 68 70 200 ?Ark Nat Gas. 25 25 .24 24 2800 ?Barnsdall Corp 54% 54% 53 53 300 ?Bell Pet _ 1 1 1 1 . 5700?Boone Oil ... 4% 4% 4 4% 12000 ?tBost-Wyo Oil 1% 1% 1% lft 3000 Burknett Van C 2% 2% 1% 2 1 330O ?Carib Synd... 39 39 34 35% 15400 ?Cities Service. 41% 41% 38% 38% lOo ?do pf. 70 70 70 70 200 ?Circle Oil ... 4% 4-% 4% 4% 2000 ?Columbia Emer 14 14 12 12% ! 1200 ?Continent Ref 4% 4% 4 4 I 1000 ?Cosden ft Co. 8% 8% 8% 8% 200 ?Curbing Pet.. 2% 2% 2% 2% 10000 ?Dominion Oil. 16% 16% 13% 14 1100 ?Duqueane Oil. 5 6% 5 5 4000 ?Elk Basin Pet 9% 9% 9 9 3375 Engineers Pet. 1% 1% 1% 1% 4800?Ertel Oil - 1% 1% 1% 1% 1500 ?Federal Oil .. 3% 3% 3% 3% 7000 ?Gilliland Oil.. 40% 40% 33 38 1500 ?do pf . 94% 94% 88 90 1800 ?Glcnroek Oil.. 3'-? 3% 3% 3% 2500 ?Guffey-Gll O.. 32% 32% 30 30% 500 ?Gum Cove Oil 2% 2% 2 2% 700 Home Pet of D. 3% 3% 3% 3% 3000 ?Home OR of T 3% 3% 2% 3 1500 ?Houston Oil. .110 112 92 97 4000 ?Hudson Oil .. 1 1 % % 3500 ?Hughes Pet... 40% 4''% 37% 33% 4500 ?Internat Pet. . 63 63 56 56 2500 ?Invincible Oil 30 30 27 29 10000 ?Island O ft Tr 5% 5% 5% 5% 3100 ?KinK Pet Corp 2% 2% 2% 2% 1000 Livingston Oil. 1% 1% 1% J% 4100 ?Magna Oil... 6 6 ? 5% 3300 Manhattan Oil. 32 32 28 29 1000 ?Maraealbo Oil 21% 21% 20% 20.%' 2000 ?Merritt Oil... 20 20 18% 19% 1500 Met Petroleum. 3% 3% 3% 3% 2000 Mexico Oil- 2% 2% 2% 2% 2500 ?Midwest Ref.. 160 160 156 15, 1200 ?Midwest-Texas % % % % . 700 North Am Oil. 4-% 4% 4% 4% : 600 Omar O&C-, n. 6% 6% 6 6 , 900 ?Pennok Oil... 7% 7% 7% 7% 3500 ?Phillips Pet.. 40% 40% 37% 37% 3000 ?Prod ft Ref.. 8% 8% 8% 8% | 300 ?Rickard Tex.. 14 1% 1% L% 7000 ?Ryan Pet- 3% 3% 3% 3%! 100 ?Red Rock Oil. 9 9 9 9 3800 tSalt Cr Prod. 53 53 49 60 1400 Seaboard O&G. 5% 5% 4% 5 3000?Skelly Oil.... 10% 11 10% lovt 25000 ?Simma Pet... 47% 47% 41% 41% 200 So State? Cons 1% 1% 1% 1% . 300 ?South O ft Tr 6% 6% 6% 6%: 500 Spencer Pet... 18% 18% 18% 18% j 500 Steiner Oil.... 15 15 16 15 6050 ?Texas Co w i 48 49 46 48 8!00?Texon O ft L. 1% 1% 1% 1% 600 ?Tex-Pac CftO.101 103 97 97 1200Tex-Ran P&R. 1% 1% 1 1% 1200 ?Thraman Oil. 1% 1% 1 1% 1400 ?Trinity Oil... % % % % 1700 ?Tropical Oil.. 39 39% 38% 39% 6700 ?Unit Tex Pete 1% 1% 1 lft 300 ?Victoria Oil.. 1% 1% 1% 1% 2700 ?Vulcan Oil... 7% 7% 7% 7"% , 600 ?Whelan Oil... 1111 10000 ?White Oil.... 33 33 27% 27% 4000 ?W Eag O&R.. 22 22 19 19 650?Woodburn Oil. 6% 6% 6% 6% Mining 8500A1-Br Col Met. ? \i % J? 400 Am Hond M C 1% 2 1% 2 100 ?Amer Minea., lft lft lft ift ; 7000 ?Am Tin ft T. % % ft ft i 6700 ?tAtlant*. 3 3 2% 3 5700 ?tBelch D fap) 20 21 19 20 4500 ?tBelch E (a p) 20 20 18 19 3000 Big Ledge- % % ft % 2700'tBooth . 5% 6 5% 6 2000 tBoat ft Mont. 70 70 70 70 2700 ?tCaledonia ... 38 38 35 35 600 Canada Copper, lft lft lft lft 8600 ?Candelaria Sil % % % t? 700 ?Carson Hill G 29% 29% 27% 28% 2600 ?tCaahboy _ 8 9 8 9 i 100 ?Cona Vir Sil.. 7 7 7 7 2000 Creaaon Cona G 2% 2% 1% 2 1500 ?De B Con M.. 19 19 18 18 6600 ?Divide Exten.. t? H % % 2000 El Salvador S.. 3% 3% 3% 3% 3500 ?Eur Cr M Co. 1% 1% lft 1% 2800 ?Forty-nine Mgl% 1% 1% 1% 2700 ?tGold Z Div.. 31 31 30 30 1600 ?Golden Gate.. 1% 1% 1% 1% 2700 ?tGoldfield Con. 14 15 13 14 3500 ?tGoldfield Dev 11 12 11 12 200 ?tGoldneld Mer 3% 3% 3% 3% 2500 *f Great Bend.. 2% 3 2% 3 2250Hecla Mining.. 4% 4% 4% 4ft 1500 ?fJim Butler.. 26 26 25 26 2100tJumb? Exten. 6% 8% 6 C% 625 Kerr Lake .... 4% 4% 4% 4% 2500 ?tKewanaa ... 3 3 3 3 1300 ?tKnox Divide. 10 10 9% 10 1500 ?Louisiana Cona ft ft ft ft 30OO?tMacN Cr M. % % % % 22000 ?tMacNam Min % H ft % lOOO'tMarah Min... 23 22 22 22 SOOOMaaon Valley.. 2% 2% 2% 2% 200 Motherlode Cop 5% 5% 5% 5% 1200 ?Nat Tin. Cp.. 11% ll% 11 1?% i ?? -.8 Astor Tro?* Of?*? ?I Ssakcrs Trost CnsiSMf FOR the convenience of the customers and friends of our Bond Department who do not have occasion to visit the finan? cial district we have increased the facilities in our Astor Trust Office, at Fifth Avenue and 42d Street, to provide every service of our Wall Street Office. HERE our officers and staff will welcome an opportunity to advise with you re? garding your investment problems. Bankers Trust Company Downto-wn Office: Astor Trust O?ficc: 16 Wall Street 5th Ave. at 42nd Street Sales. Close. High. Low. 2000 ?Nevada Ophlr 40 40 40 40 2500 Nipissing Min. 11*4 UV* 11 ll1* 300 Ophir Silver M l-'*s 1&. 1% 14 1400 Prince Con. ... {} \? ? }| 2000 Rand Min Ltd. 40 40 384 384 5000 tRex Cona_ 3 8 7 ?4 8 tOO Roper-Group M 4 H A 4 10000 Silv K of Ariz. % a* J| 4j 4200 ?tSilv Kin? D. 7 7 7' 7 2500 ?TSilver Pick.. 7 7 7 7 1200 ?So Am G & P 8 8 7 ?a 8 1000 Stan Silv Lead S A iV -'? 2500 ?fSucceas Min. 6 6 64 f> 2700 ?Sutherland D. 3 4 4 4 3 4 4 150 ?Tono Belmont. 2% 2% 24 1'4 1700 ?Tono Divide.. 2% 2% 2S 2>4 2600 Tono Extension 24 24 \2% 2% 350 ?Tono Mining. 2ft 2ft Nr^ 1220 United Eastern 4 4 3 g 4 3000*tU S Cont M. 9 10 9 10 3200*?Vict V lapj. 19 19 18 13 ?100 +Wa-h G Qtz.. S3 93 33 93 2700 +W End Cons.. 1 }J 1 >? 1% 1}j 2500 tW Caps Min.. 114 12 114 12' 2000 tW C Ext (ap) 24 24 24 24 2600 tWilbert Mm.. 7 ? 64 ? Bonds Salea (000 omitted!. Open. High. Low. Last. ?1'>0 ?Allied Pack 8a 81 -1 SO 30 'Am T & T 1322 96 96 95*4 96 1 ?do 1924. '.'0 . 96 96 36 50?Betg Gov 6s "21 tr$7? 98% 98% 98% 10 "do 6s 1325.'. 96 96 95% 95% 5 ?Inter ftao Tr 7s 67 67 654 654 20 ?Rus Gov 543.. 2'.)% 29% 28 28 ' 15 ?do 64s _294 294 28 28 15 'Swiss Go* 6%s. 88 88 87 87 ?Unlisted. fSells cents per shar*. Steel Production Cut by Shortages Of Fuel and Cars 4Flu' Epidemic Also Retards Work ; Shipments Far Un? der Ontput, Trade Author? ity Says : Jan. Record Good Car shortage, inadequate coal and coke supplies and the influenza epi? demic are operating seriously against iron and steel production and deliveries. Because of lack of transportation fa? cilities "The Iron A^e" this week esti? mates that 50,000 tons of finished steel 3re piled up in Chicago yards, while it is said that an Eastern maker has been forced to store 30,000 tons of structural steel alone. "Shipments in some caaes." adds thi^ publication, "do not exceed 25 per cent of output. One steel plant can operate only two of its ten furnaces. Barely 50 per cent of the normal shipments of foundry coke are leaving the Connells ville district, and at least 25 per cent of the foundries of Cleveland are shut down, partly or wholly because of lack of fuel." In spite of the railroad difficulties it is stated that the January performance of the blast furnaces of the country are better than any month since ^arch, 1919. A net gain of twenty-eight fur? naces was made, and a production of 3.015,181 tons, compared with 2,633,268 tons for December. The daily average was 97,264 tons, or 144 per cent more than December, which averaged 84,944 tons daily. The 290 blast furnaces in operation on February 1 were operating a'-, a rate of 99,465 tons a day, against 87,945 tons for the 262 furnaces in blast onj January 1. Semi-finished steel prices! are said to be mounting wildly. As an example, it is cited that some sales of billets have brought as high as $70 a1 ton. Piling up of finished rolled steel at : the plants of the Carnegie Steel Com? pany, according to "The Iron Trade Review," now amounts to over 150,000 tons. The Illinois Steel Company, it was said, has five blast furnaces banked. Government commandeering of ma? terials other than rails is looked for in the industry. Action of this char-! acter is expected, particularly in plates, ? shapes and bars for car construction. The Midvale Steel and Ordnance1 Company, according to "The Iron Trade Review," has advanced its prices on standard rails $5 more, to $60 and $62 a ton, respectively, for bessemer and open hearth sections. January sales of pig iron, it was stated, were well in excess of 1,000,000 tons. ? 11 1 Bankers to Promote Sale of Ship Issues WASHINGTON, Feb. 4.?Leading bankers of the conntry were invited to-day by Chairman Payne of the Shipping Board to serve on a commit? tee to interest the investing public in the value of shipping securities. Mr, 1 Payne said the board was confronted ! with the problem of selling ?hips, the! aggregate value of which?$2,000,000,- j 000?waa many times the purchasing ; power of the private shipping interests and that consequently it was desirable to educate the people to an appr?cia- : tien of the relation of the merchant marine to commerce and industry. The personnel of the committee fol? lows: Henry M. Robinson, of Pasadena, Calif., chairman; Charles D. Dawes, : Chicago: George Carfort Clarke, I FINANCIAL MEETINGS THE MERCHANTS NATIONAL BANK of the CITY of NEW YORK NOTICE IS HEREBY GIViSN ?.hat at a. meeting of the shareholders of The M..-r chants National Bank of the Cuy of N ? ? York, held on January 13, 1920, It wti determined to tak-^ sucn proceeding? a? may be necessary or nvenient to or? ganize this Banking Association as an In? corporated ban., of che .-itattf of New V rk o> t:.e name . I The Merchant? Ban?: of the City of New York; and also that when this i'.tr.k ahall have i rganlze? as an Incorp rated bank of the .tuce of New York proccedlnga be. tiik-n to merg? It with the Pn 51 I nt ?nd Dir? .: :i at to? Xj ? hat tan Company. By order of tne ? iard if Director*. O. K. I'AYN'TEK. ? ...hier. Dated New Y irk. January i.i. 1920. THE ?MERCHANTS NATIONAL BANK of the CITY of NEW YORK NOTICE 13 HEREBY CUV EN t:iat at a I meeting of the shan holders of The Mer \ cnanta National Bun* of tne City of Ne" i York, held on January 13, 1920. It w?t ; voted that the. aid Hank so Into liquida . tlon and be closed anU dissolved. ! All holders of r.o*-8 and other creditor? lof said Bank:ni; Association are hereb, I notified tu -present sucn notes and othe-r I claims agteUtst the Asso. lauon for pay ! ment at t?s Bankinc lit use. Number 43 ! Wall Street. New Yo-k City, until Febru ' ary 2->. 1928, ar.d ?hereafter to Its llqui I mating agLiit. tr? I resld mt and Directora o? the Man lattan C tnpany. at Number *? ' Wa;: Street, N'e/v Cork City. By orde?:- of the Boat . ul Director?. O. E. P.XYNTEK. Caahfer. Dated New ?uik, January 13. W20 TO THE STOCKHOLDERS OF M. VI? TELLI & bOS, INC PLEASE TAKE NOTICE that a meetin* of the siockhoMors of L. Vltelli ft Son. rtic, will be hold at the offlre of the cor poratlon, at No. 71 Nassau Street, In th? 1 Fioroufth of Manhattan, City of New York, on the 11th day of February, 1929, at 3 P. M., for the purpose of considering ar't passing upon the agreement entered lnt.i> by tn? Boat ) of Directors Of ?h!j corpora? tion with the Board of Din tors of Vite II t? Company, Inc., tor the at.-.i. New York, January 27th, 1920. BY ORiJtlt OF THE BOARD OF DI RECTORS. WILHELMINA VTTELLL Secretary. TO THK STO< KHOL1 ERS OF VITELLI A COMPANY, INC.: PLEASE TAKE NOTICE that a meeting : >f the stockholders of Vltelli A Company. Irr . will he held at tht ifl of the rorp" : ration, at 71 N'assa n the Borough of Manhattan, Cl y of ?? >w fork on tin lith day of Februa y, 19 0 al 1 V M.. fo the purpna? rf considering ,r..! passing upoi the agreement enter? ! Ini '- the Board of Directors of h!s Corporation n?h the Hoar 1 of Directors of ... Vltelli & Son, Inc., for th? consolidation of Vitelll & Company. Inc. with L Vitelll & Son. Ire. and the term? and conditions of ?-" lations anl sue?? oth'-r business In relation thereto as ma/ come before said m Dated, New Vorfc J.27th. 19-^. BY ORDER OF THE BOARD OF Dl : RECTORS. WILHELMINA VITELLI. P?cr.--ary. | NOTTPR IS HEREBY GIVEN THAT THF: Annual Meeting of the Stockholder? o. NAY!.(?P. ft CO., fnc, will ? Held at the ' rompan Va office. No. 120 Broadway, Bor ough of Manhattan, City of New York, or, the 18th ?? ???? ?? ?? Pel ru iry 1930 at 2:0^ o"i lock P M . for t.- - K ? ' ?a of Director? r?,r the ensuing year, for the appointmei of two Inspectors of Election, and for thi i transaction of auch other business ,is may be brought before the m-et!ng. ROBERT F ERTS, Secretary. Dated. February ith 1920 FINANCIAL TO TT?E ITOI DER8 OF EASTERN PF TI?IH.K1M (OVI'ANY VA i'N ISSUE FIRST MEN COLLATERAL TRUST TEN YEAR 7*o HINKINO FIND f.Ol.D BONDS DUE SEPTEMBER I, 1D2S: Notice .,-? hereby given i at the under Blgr.>>d will receive on February llth, 5920. at 12 o'clock noon, se ii w York; Festus J. Wade, St. Louis; Daniel G. Wing, Bos? ton; E'lward L. Robi^^on, BaI-*'-rrorr!n? 1150 000 B*UevtUe. N. J.. 5 per cent school bonda, to yield 4.;? per e m. , The Tacony .??ce! Company has oren?