W^VtLfm? H A?VTSf? aNI? OrTFttKD ' Chicago Securities Aeolian Weber Pinne Con. ft Pf. Butler Brea. Continental Meten Goodrear Tire & R. Com. & Pf. Steel ft Tobe of An. Pf. Worcester Salt Prttate ?ira? to Chicago, Cleveland, Detroit, Y'oungslonm and Grand Rapid? Merrill, Lynch&Co. Trading Department 120 Broadway, New York Phones Rector "MS to 769$ IneL ?J.K. Rice, Jr, & Co.W.11 Sell ROO Aeolian-Weber Piano eons. 1?M? Air Redaction 100 American Chirle com. 100 Amer. Cyaramid cam. St pfd. 100 Am.-Hawailan 8. 8. (new) ?6 Am.-Hawaiian P. S. (old) (00 American Piano pfd. 100 Atlas Portland Cement com. 100 Babcock * Wilcox Ltd. or*. 100 Champion Coated Pap'r pfd. 100 Cinn. Oaa & Klee. '? 100 Clinrhflrld Coal coas. 60 Columbia Trust 50 Continental Innuranes 15 E. W. Bliss com. 50 Fidelity "Ph?nix Insnranee 85 (?lena Falls Insnranee 85 (Guaranty Trust 16 H. W. Johns-ManrUle eom. 85 Ihjreraoll-Rand com. 100 Juliet a Chicago R. B. 50 l.ehigh Valley Coal Sales 50 Nat. Bank of Commer?a 85 National Fuel Gaa 200 Nat. Oil of N. J. pfd. 26 New Jersey Zinc 100 N. Y. State Rys. eom. * pfd. 100 Penn. Gas Co. 10 Phelps, Dodge form 60 R. J. Reynold? Tob. eom. B 100 Royal Baking Powder pfd. 10 Sen ?en Chiclet 6% 25 Hinder Mfg. 85 Taylor- W hart?n I. * S, com. * pfd. 100 Texa* Pacific Coal a OU 35 Travelers Ins. "Rights" 100 Winchester Co. 2nd pfd? 88 Winchester Co. com. J. K.Rice, Jr. & Co. Phones 4000 to 4030 John. 36 Wall St., N. T. STANDARD WEEKLY Q WILL B* SUMMARY ^^ MAILEP ON I TO ? TANDARD OIL * INVESTORS ISSCES 1 ON REQUEST C?RL H.PF0RZHEIMER & CO Taunt ?>*? i-i-i-* ttruaa. U Umad at. N. X The Bond Market Continued from preceding page ', Week'.-1920-, Sales close. Hijfh. Low. 24 do 4s R & G die... 67 72 67 32 St L & S F pr In 6s s C 83% 85% 8aVis 2 do gen 5s 1931.92% 92% 91 224 do pr lien 4s ser A.. 56 59% 55% 68 do os ser B. 66% 71% 66 127 do adj 6s.57% 62 57 280 do inc 6s..... 41% 45% 39% list L Swn 1st 4a.61 64% 61 1 do con 4s. 50 52 50 4 do Term f.s. 57 59 56% 5 St P & K CSh L 4%s. 62 66% 62 6 St P M & >5 con 4%s. 90 92 90 2 do 4s Mont ext. 81% 83% 81% 7 S A & A P 1st 4s. 57 60% 56% 6Sc VaJ & N 1st 4s-75% 77 75% ^i Sea!) Air Lino rfg 4s.. 46 49% 3" 32 do cvt 4s. 77% 81% 76V? 72 do rfg 4s. 76% 81 76% 10 do col tr 4s. 69% 73 69% 13 do S F Term 4s_71% 73% 71% 40 Southern Ry con 5s...* 83% 87% 83% Si do gen 4s. 57 61% 66 5 do 5* Memphis div.. 80% 80>4 80% 6 do 4b M & O div_ 56% 58 56 lOTCU-RRgen 5s.. 90% 93 90 16 T R K A of St L rfg 4s 70 73% 68% 15 Texas Co cvt tis.102 105% 1011.. Investment Information Queetton* of general interese to invetior? will bo anewered in ihi? ???tiffin, in which cate only t'nt?iais wilt be u?ed. Othor? will bo an ?wered by mail. Addrete all in. 3uirie?, inclosing a ?tamped, ad retted envelop? to Financial Editor, I The Tribune, ISi Naetau Street, New I York City. Elk Horn Corporation Question?Kindly give me an opinion of Elk Horn Corporation common and pre? ferred took, rlov. quoted at about 26 and 3D. reapeetivelj.?A. H. L. Answer?Elk Horn Coal Corporation, organized in the latter part of 1915, showed earnings as follows: 1916, pre ferred $4.85, common $1.02; 1917, pre? ferred $13.14, common $5.54; 1918, pre? ferred $9.48, common $3.56. Dividends are fair on the preferred, at the rate of 6 per cent, or $3 a share. The common received 6 per cent, or $3, in 1918, but the coal strike caused the directors to defer the dividend on the common in December, 1919. The outlook is said to be better now. The stocks offer ? speculative possibilities. ! Not So Easy as It Looks Question?As a reader of your valued paper I am taking the liberty of writing you to ask a few questions on the subject of arbitrage in stocks between New York and Berlin. I am told Canadian Pacific stock 1b ' quoted at about 1,200 marks per share in Berlin to-day, equivalent to about 115 per ; ? hare, at the prevailing rate of exchange. What prevents my buying this stock in Germany and selling it in New York at $126 per share? If the German government pro-1 hibita the export of such securities from Germany what prevents making the neces- ' sary arrangements with some surety com? pany to destroy 100 shares of such stock in ' Germany, give bond for it here, and thus arrange to have a new certificate issued , here' Or, in ?ny event, is there anything' to prevent buying such shares in Germany and leaving them there in the custody of some bank, meantime giving instructions to pay the dividends to me in New York 7 Any of these plans would give vary large profits ; the first two might possibly find some dif- ; Acuities in restrictions by the government, but the third should not meet any great dif Acuities that I can see, and would net the I investor at least 66 2-3 per cent, since Canadain Pacific pays 10 per cent and would . cost only %ii> per ?hare.?J. E. F, Answer?Your plan of arbitrage in ' Canadian Pacific stock between New ! York and Berlin would be frustrated at its inception, because there is a ban on the export of foreign securities from Germany. You could not have i dividends paid to you, because transfer ? of the stock sold in Germany has been '? stopped. If you attempted to secure | the stock by means of having the cer- j tificates destroyed you would find your- ? self in for a considerable wait.before a new certificate would be issued, to say ' nothing of other complications bound j to arise. j Dividend Is Postponed Question?:l would like to inquire about! preferred dividend of the Chicago Great. v\ 'sttrn, usua'iy pnii? in , anuary, ubout the 15th. 1 have not received it on the stock I hold, and cannot ascertain why it Is de? layed. I have seen or heard of no notice : of its discontinuance.?F. F. W. Answer?No action has been taken by the directors of the Chicago Great? Western regarding the dividend on the j preferred stock due at this time. There was a delay in the payment of the last dividend, as it was necessary to obtain ' approval from Washington before it was paid. 'The road is earning less than one-half the amount of the gov- i ernment guaranty. Perhaps the direc? tors prefer awaiting the outcome of railroad legislation before declaring : another disbursement. ; Believes in Steel Companies ! Question?Will you please give me your: opinion of the following stocks as invest j menta ajt present prices : Midvala Steel, j Lackawanna Steel, Republic Iron and Steel, Week* r?1920-, ! Sales close. High. Low. 20 Texas & Pac 1st 5s- 83% 8? 83% 1 Third Ave rfg 4s. 47 51% 47 30 'do adj 5b. 27% 30 ?7% 5 Toi & Ohio Cent let 6s 82 84 82 1 do 6s West div. 80% 80% 80% 2TSL4W 60-y 4s '50. 44% 46% 44% 88 Union Pacific 6s.101 103'.4 100% 90 do 1st 4s . 79% 85% 79% 63 do cvt 4s . 84% 88% 84% 48 do ref 4s . 73 >? 81 73 1 U R of S F 4s T C ctfs 26 29 25% 53 U R Inv 1st 5s Pitts is. 70% 75% 70% 98 U S Realty & Imp 5s.. 75% 82 75 28 U S Rubber 7s.102 103% 101% 199 do 5s ..?.. 85 90 85 3U S Smelt Ref & M 6s. 102% 105 102% Replogl? Steel and Vanadium Steel T My belief h that the ?tecl companies have pro - perous years ahead vi them and if the?.? companies aro sound 1 will be all right. W. 0. Answer?All the stocks you mention are so subject to wide fluctuations thsr they are not entitled to good invest ment ratings. The war was responsible for placing two of these companies (Lackawana and Republic) on their feet. The others aro largely product of the war. If you believe these com? panies will enjoy prosperity there is no reason why you should not purchas i the stock. We do not consider that they should be purchased for invest ment purposes, but as speculation onlj Would Weaken Principal Question?I am the owner of twenly shares of Pennsylvania Railroad bought sev eral years ago at 62%. My wife has twelvu shares which were bought at 56%. I have an order with Benedict Wysdote for te:i shares, at 41. This money is savings for my two children and has been drawing 4 per cent as it accumulates weekly avingi. I read your article and I am undecided about pur? chase. Have always had a strong feelinr that Pennsylvania Railroad was n safe in? vestment; surprised to read it don't cam the 3 per cent dividend. 1? it better for me and children to leave tills $400 at 4 per cent or purchase Pennsylvania ttailroad paj Ing much more??E. B. W. Answer?Pennsylvania Railroad stocit has always until recently be"en entitle? to a good investment classification. Wa cannot under present conditions, recommend it. There are entirely tor? many uncertainties surrounding the railroad situation. Our only reaaoi for believing that constructive legis? lation will be enacted is because the people begin now to realize how neces? sary it is to ?give the carriers a square deal. IT they do not obtain it, it spell* receivership for many. We cannot bring ourselves to believe that Con? gress will allow this to happer.. Nevertheless the mere fact that there is any doubt in regard to the matter makes most railroad stocks a specula? tion. Conditions have changed. Whac was once a good investment cannot. now be so considered. In choosing Pennsylvania stock now, you sp?cul?t j upon the legislation to be enacted. Consequently you weaken tho position of your principal. Awaiting Stock Dividend Decision Question?I am the owner of a block of National Lead common stock. It has beei rumored In some quarters that this company might distribute a cash or stock dividend. Please Inform me if your sources of informa? tion produce any ground for such a surmis? The earnings of the United States Cartridge Company seem to figure in the talk.?J. M. K. Answer?National Lead Company, :t well managed corporation, has shown increased earnings for the last few weeks. The last report (1918) showe I 14.46 per cent earned op the common stock, against 15.45 per cent in 1917, 6 16 per cent in 1916 and 4.86 per cent in 1915. This company, with no fund? ed debt, has increased its surplus from $4,901,581 in 1911 to 58,311,564 in 1918. The report for 1919 should show even better results. The dividend policy ha i been conservative. This is one of tho ? companies which is said to be awaiting; the outcome of the Supreme Court's de ? cisi?n In the stock dividend case. If this decision is favorable the company very likely will malPe a handsome dis? bursement to stockholders. It certainly is in a position to do so. United State ? Cartridge, one-half of whose stock Is owned by the National Lead Company, has increased its surplus from $2,640.- ! 319 in 1917 to $4,836,019. In 1918 the floating debt was $3,150,000. To-day there is none. This company is in th" same position, only awaiting in all probability the stock dividend decision. Four full columns of in 'vestment questions and an? swers are published in The Tribune every Sunday. Weeks,-1919??> Sales close. Hiprh. Low 141 U S Steel s f 5s. 96 99% 85% 13 Utah Pwr & Lt 5s_83% 85% 82% 22Va-Caro Chemical 5s.. 93% 95% 93>,, 9 Virginian Ry 6s. 84 85% 82% leWabash 1st 6s. 87% 91 87% 30 do 2d 5s . 80 83 80 4 Western Electric 5s... 96% 97% 96% 20 Western Maryland 4s.. 60 52 50 i 65 Western Pacific 6s.... 81 86% 81 1 W U real e?0?Atl Fruit ... 86 85 35 - 5000 ?Aust Nich Co 25 19 23?8 000 ?do pf . 90 88 89 ? 1% 10400 Barsdall Corp. 68 63 64 ? 1% 3700 ?Br-Am Chem. 9 9 9 9100 ?Br-A Tob cou 19% 17 17%? 1% TOO ?do reg _ 19 17 17?2 1100 ?do res rts.. 7 6% 6%? % 13900 ?do Tob rts. 7% 6% 6%? 2% MOO ?Car Lt & Pr. 3% 2% 2%? % 860 ?Cllnton-Wrt . 31 25 80 ?10 800 ?Cleveld Auto. 65 65 65 ? 6% 2600 ?Conlcy Tin F. 26 23% 25 - 200 ?Dafoa Eustlcs 6% 6% 6%? 4% 100 ?Edmunds & J 28 28 28?4 4800 ?Farrell Coal.. 45 35 87?8 MMO'Gen Asphalt.115% 87 98 ?17 33900 ?Gen Mot w I. 32% 28 28%? 8% 20500 ?Goldwyn Plct 31 27 28 ? 8% 7200 Grape-Ola .... Ml 1 1%+ % 5000 do pf . 1% 1% 1% - ."00 ?Havana Tob.. 2% 2 2 ? % 5r,0 ?do pf . 10% 10 10 ? 1% 300 ?Hvdr Stl com 35% 27% 35 ? 2 300 ?do pf. 9914 99 99 ? % ir>on ?Im Tof GB&l 11% 10 10 ?2% 9200 Indian Packg. 17% 15% 15%? 2% 4"0 *Ide Collar Co 36 31 34 - 9-100 ?Kay Co Gas.. 2% 1% 2 ? % 5500 ?Keystone Sole 14% 13 14% - r.oo ?Lib MeN & L 27 26% 26%? % S .0 ?Lima Loco ..80 75 75 ?10 87"0 ?Loc com w 1. 24% 21 22%? 2% Sf">n?Lin MCCIA 52 50% 50%? 1% 860O Marconi of Am 5% 4% 4%? 1% 6"0 ?Mercer Mots.. 30% 25 25?7 1 '0 ?do pf . 94 94 94 ?? 7300 Mont-Ward w 1 35% 33% 33%? 4% 4700 ?Nat leather.. 15 12% 13 ?3 10(iO0 No Am P & P ' 6 4:;? 5%? % 1100 N Y Shipbldg. 46% 40 41?6 3200 ?Nunnally Co. 20 19 19 ? 1% 78;>0 Orpheum Cir. . 33 30% 31 ? 2-% 4(W?Path Ply w 1. 41 40 40 ? 1% lGloO Perfection T&R. 5 4% 4%? % 2300 ?Pressman TAR 2% 2 2%? % 7100 ?Radio Co_ 2% 2 2?1% 6800 ?do pf . 2% 2% 2%? % 2430O ?Republic Rub. 5% 3 3?2% 600 ?Root & Vand 51% 49 49 ? 2% Si'O ?Snow's Fount. 13 12% 12%? % 1200 ?Splcer Mfg ..113% 109. Ill ?2 200 Mo pf .114 114 113 -f 1 ?1"0 ?Stand G & E 24% 24% 24%? % Net High. Low. Last. Chgc. gales. 600 ?do pf . 40 400 ?Stewart Warn 39 600 ?Stanwood Rub 17 19600 Submarine Bt. 15 6900 ?Swift Inter.. 62% 1000 ?Sweets Co of A 6% 200 Steams Mo (n) 40 1400 ?Temt C&L Pr. 45% 100 ?Tillotson Mfg. 24 375 ?Todd Shipyds.181 600 ?Union Carbide 73% 6600 ?Un Pic Prod. 15 8500 Un Prof Shar. 2% 600 ?U S Dlstrlb.. 48% 11120 ?U S H Sp T. 40% 8900 U S Lt & Ht.. 8 25800 ?Un Ret Candy 16% 35500 U S Steamship 3% 2900 ?U S Transport 12% 800 ?V Vivadou Inc 19 200 ?Warren Bros. 68 2700 William Davies 46% 700 ?Willys 1st pf.100 300 ?Will Boumer. 29% 200 ?Wh Rock Wa. 7 Standard Oil Subsidiaries 63 Ohio Oil.860 340 310 10 Prairie P L. ..261 261 261 130 So Penn Oil..321 297 305 80 8t Oil of Cal..3lu 305 310 8105 St Oil of N J.750 70,5 705 617 St Oil of N Y.434 40T> 410 250 Union Tank... 110 BU 101 290 Vacuum OU...429 400 400 - Other Oil Stocks 2900 ?AH Oil & Ref 16% 5450 ?Allen Oil. 1% 8J500 ?Allied OIL... % 500 ?Alto Oil A Q. 6% 17000 ?Amal Royalty. % 15300 Anne Bell. 72 700 ?Ark Nat Gas. 30 1300?Absoc Oil_ lTs 3200 ?Bell Pet,. 1% 39800 ?Boone Oil_ 5% 3500 ?Bost-Mex Pet. 2"? 66000 ?Bost-Wyo Oil 1% 800 ?Brazos Oil C. 20 11800 Burk V CI O. 2% 21300 ?Carib Synd... 44 900 ?Circle Oil_ 4% 34500 Cit Serv com.. 42-Yt 1300 do B T sh pf 70% 3000 ?Cent Ref .... 1 % 19000 ?Cosden Oil .. 9% 9100 ?Col Emerald. 16 4100 ?Cshing Pet . . 2% : 78000 ?Dominion Oil 22% ! 5900 ?Duciuesne Oil. 6 '11200 ?Elk .Basin Pet 9% 1 11550 ?Engineers Pet 1% ! 9400?Ertel Oil .... 1% 1400?Esmer O A G % 5900 ?Federal Oil . 3% 200 ?Fensland Oil. 6% 14800 ?Glenroek Oil. 3% 22300 ?Gilliland Oil. 44 ! 5700 ?do pf . 98 ; 9000 ?GufTey-Gil Oil 33% Net High. Low. Last. Chge. 3000 Gum Cove O. 3 2 2%-f- % 2(00 ?C.ulfport Oil. 19 16 18 - 7000 'Home O of T. 3% 2% 3%+ % i 2600 Ulome P of D. 3% 3% 3% - ! 12100 ?Houston Oil..120 88 107 ?11 23800 ?Hudson OH .. 1ft % %? % 3000 ?Hughes Pet . 8 8 8?1 (?5800 ?Inter Pet ... 67% 52% 59?9 15100 ?Invincible Oil 34 27 29 ?4% 23100 ?laid Oil & T. 5% 6% 6%? % 13000 ?King Pet Cor 2% 2 2%? % 14400 ?Livingston O. 1% 1 1%? % 10600 ?Mngma OAR. 6% 5 5%? 1% 10R00 ?Manhattan Oil 35% 28 30 ? 4% 1300 ?Maracaibo O. 22% 18% 18%? 4 12500 Matin Pet- 4 3% 3%? 1% 8700 ?Merrltt Oil Cp 21% 18% 19%? 2 ; 1400 ?Metey Pet .. 4% 4% 4%? % : 5800 ?Mex Oil Corp 2% 2% 2%? % ; 6750 ?Midwest Ref. .106 151 153 ?13 j 5600 ?Midwest Tex O % % % - j 6500 North Am Oil.' 4% 4 4 %? % 2000 ?Ohio Ranger.. 1 % 1 ?? 600 ?Omar O&Gin) 6% 6 6 ? 1 700 ?Panh'ndleP&R 20 18 18 ?7 100 ?do pf . 84% 81% 84%? 4% 5800 ?Pennok Oil .. 8% 6 6%? 2 1500(1 ?Phillips Pet. 43 32 37% 16700 ?Prod & Ref. 9% 8 8%? 1 3300 ?Red Rock OAG 1% 1 1 ? % 1400 ?Rickard Tex.. 1% 1% 1%? % 16900 ?Ryan Oil ... 3% 8% 3%? % 17800 ?Salt Cr Prod. 66 48 50 -f- % 3600 ?Seaboard OAG 5% 4% 4%? % 3500 Se 116/j 76 5"% I 72? 66 28% Jan 64 Jan 88?/a 119 65'/, Jan 66/a Jan 14 1?/, Jan Feb 66% Jan 32 Jan 93 Jan 82. 6200 20'/, 8600 62 400 28 18800 67/? 36700 106% 500 102 6200 61 /, 71 16 43 28 67'/, 90 101 *4'/4 ?0 U 8 C I do pr . U S Expresa. U 8 Food Product,. U B Ina Alcohol... do pr. U 8 Realty A Im?. U S Rubber.134400 128/4 do 1st pr. 1600 113% 112% U S Smelting * Ref. 3800 71 65/4 do pr. 900 46/4 45/. U 8 Steel .,867600 106% 97% do pr. 9700 113/a 111/a Utah Copper . 9500 75 71 Utah Securities Corp 3400 10 9'/4 Vanadium Steel _ 87400 63 46% Va-Car Chemical ... 6900 69% 61/, do pr. 900 109/4 108% Virginia Iron C A C. 700 90 83 Wabash . 4100 8/4 7/, do pr A. 6700 do pr B. 200 Wells Fargo Expresa 1200 Western Maryland... 16400 do 2d pr. 400 Western Pacific. 1700 do pr. 100 Western Un .on Tel.. 1300 Westinghoose Air B West in g house Mig. . do 1st pr. Wheel A Lake Erie. do pr. White Motors. 24800 WUIys-OrerUnd _ 71900 do pr. 1000 Wilson Company ... 9100 Wisconsin Central... 800 Woolworth . 2000 123% 122 Worth Pump A Mach 23300 94% 77 do pr B. 900 73 71 <**-> eat?, n ?3% 1. "*5 16 ?41/ 28 -| 6*/r-?% ?4%-1*yJ 101 -a 46/4-8% 101*-9% 118 -3j 67 -4* ""?ft ?1/? 15/, 50 9% 17 22 64/, 84/4 24/4 15/a 62 10% 18 25 57 86% 600 116/a 110 32600 64% 49% 65 64 12% 19/a 60% 28% 88/a 73/, 28 200 10800 100 10 19/, 63 25/4 88/, 64 26 100%? 111%-1% 4? -a,; 83 -7 r%- & 81/*- 1 16/r? 81 -? 10 ? It ?H^lS 64/,-oft Sri? 10%- 1 i?/?+ 2% 56 -4V( "-% ?Ex dividend. ?8 ?I 1?%+ ft 81/r-^na 71 -fft Sales. High. 25400 Big Ledge Cop* % 15600 ?tBooth . 6 '?0300 +B?it-Mont ... 74 11800 ?tCaledonia M. 39 13300 ?Canada Cop.. 1ft 9500 ?Candelaria Sil % 3050 ?Car Gold Hill 29% 15100 ?tCashboy - 9% 1750 ?Con Va Silv. 7% 3200 Cresson Gold.. 2% 3100 ?De Beers C M 42% 44325 ?Divide Ext.. . % 2800 El Salv Silv.. 3% 98600 ?Eureka Cr M. 1% 1800 ?Eureka Holly. % 13700 ?Forty-nine M. 1% 37200 ?tGold Zone D 34 16675 ?tGoidfleld Con. 15 lS250?tGoldfield Dev 14 9500 Golden Gate Ex 1% 14600 ?tGoidfleld Mer ' 7750 ?tGreat Bend.. 5400 ?tHasbrk Div.. 6330 Hecla Mining. 1520 ?Iron Blossom. 13300 ?tjim Butler.. 11900 t Jumbo Ext .. 3025 Kerr Lake . . . 11000 ?tKewanas .. . 24000 ?tKnox Divide. 1200 La Rose Cons. 11500 Louisiana Con. 13000 ?MacNam Cres 112000 ?MacNam Mg 2000 tMcK-Darragh. 65 13500 ?tMarsh Mng. 25 1025 Mason Vallev. 2% 300Motherl C (n). 6% 6400tMurray M M. 76 4400 ?Nati Tin Cor 11% 18000 ?Nev Ophir M. 41 6700 Nipissing .... 11% 4900 Ophir Silver M 1% 6000 Prince Con ... 1 3000 Rand M Ltd.. 40 4 3 6 4% % 26 7 4% 3 10 ' I % Low. ft 6 65 1% % 22 8 6 1% 8M 3 1% ft 1 28 12 9% 1 3 2 4 4% ft 23 6 4% 3 9 % I Last. % 6 67 - 26 - % 24% 8 - ?% 2 - 88% H 8 - lt 1% 30 - 13 - 12 - 1% S - 2% 5 - 24 - 4% 3 9% - % - 4% ~-k - 8% - % - % 12 % - 4 ? 1 ? 2 tr-i 65 22 22 ? 2% 2% 5% 6% 75 75 11 U% 38 39 10 1% % 39 - % 2 1 % % 1% Sales. 22000 tRex Consol .. 48000 Roper Gr M. . 1000 Seneca Cop C. 2900 ?Silv Dollar M 3ft000 Silv Kg of Ar. 27100 ?tSilv Kg Div. 29400 ?tSilver Pick.. 30on ?So Am Gold.. 9300 Stand Sil-Ld.. 16000 ?tSuccess Mng 12100 ?tSutherld Div 3646 ?Tonopah Bel. 15400 ?Tonopah Div. 6810 Tonopah Ext. 2220 ?Tonopah Mng 3850 United Eastern 46000 ?tU S Cont M 10 600 Unity Gold M. 8% 2100 ?Utah Revenue 2 81550 ?tVictory Div. 21 3000 fWash Gold Qu 99 12600 West End Con 2 16900 tWhite Cap M. 12 7000 tWhite Cap Ex 21 300 Wh Knob C pf 14500 tWilber Copper Bonds $241 ?Allied Pack 6s. 82 134 ?Am T A T '22. 96% 24 ?do 1924 .... 96% 5 ?Anaconda 6s wi 95 87 ?Atl Fruit 7s.. 97% 138 ?Geig Gv 6s *21 98% 135 do 6s 1925... 96% 46 ?CCCAStL 6s '29 86 1 ?Copen 5%s '44 81% 10 Gov of Swed 6s 87 16 ?Int R T 7s w i 68 1 ?Phila Elec 6s.. 93 65 ?Rus Gov 6%s.. 31% 71 ?do 6s . 32 62 ?Swiss Gv.5%s 91% 78% 94 95% 94% 97 98% 95% 84 81% 86% 63 93 78%?I 95 - Ti 95%- % 94%- S 97 - % 98%- H 95%- % 84%? 1 81H+ % 88%? 6% 63?8 83 ? 4H 29?2 M ? t 87%- 2H ?Unlisted. tSells eents a share. From J. Ogden Armour President, Armour and Company For some time we have had a thought with which we have wanted to acquaint the American public, and it concerns the future of Armour and Company. From a small beginning sixty years ago, serving a few people locally and under the management of the Armour family, we have expanded to a point where we now serve many millions of people all over the world. We have come to the view that a wide distribution of ownership of any corporation serving a large number of people is of advan? tage not only in maintaining the human relation between em? ployer and employe but between those from whom it buys and those to whom it sells. Realizing that a business of the character of ours is so necessary to the public, we believe they should be accorded the privilege of par? ticipating in its ownership. As a beginning, two years ago we of? fered our debentures, which were exchangeable into preferred stock. As a result, we now have eleven thousand preferred stock? holders. With the thought in mind of further public participation we have ?decided to segregate our leather properties. The announce? ment of the offering of preferred and common stock of the Armour Leather Company will be made in this paper tomorrow. J. OGDEN ARMOUR