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FECUklTIES OFFERED AND WANTED J Ji. Rice, Jr. & Co. Will Sell 1100 Ktrby LnmiVr com. & pfd. tOO N\ V. State R>?. ?com. * pfd. 100 Amcr. Cyanamld coin. & ptd. SO Mohawk Valley Co. 100 Kordons Co. coin. SO Bank of Manhattan "Rights" 200 Kisemaiin Magneto pfd. 100 Mnhoning Coitl R. R. com. UMi.Joli.H ? Chicago R. R. RO K. W. Bll?? com. SMJ Nat. Fuel ?as 10 Dei., Lack. _ West. Coal 100 Pen?. Coal ft Coke 50 Lchigh Valley Coal Sales 100 I-ord ft Taylor com. ft Sd pfd. ?O Semet-Solvay lOONat. Oil of N. ,T. pfd. ??.*> Itoyal Type con?. Sfi Nlles-Bement-Fond 100 Singer Manufacturing 100 Air Reduction 10 Aluminum Co. of America 100 Amrr. Chicle com. ft pfd. "}.% Atlas Portland Cement com. 25 Hnml>le Oil ft Retining 23 Tidewater OH 100 Texas Pao. Coal ft Oil 7."> Winchester Co. com. ICO Atlantic Holding 25 Ingersoll-Rand com. 10 First National Bank 7."> Child? <"o. com. ft pfd. KO Nat. Bank of Commerce r<0 ?Mimis Falls Insurance SOtireat Amcr. Insurance 25 (.lens Falls Insurance 10 State Bank -.'5 Battery Park Nat. Rank 200 People's Trust "Rights" J.K.Rice,Jr.&Co. Phono* 4000 to 4010 John. 36 Wall St., N. T. AIR RFDFOTION AMERICAN CHICLE ATLANTIC LOBOS PETROLEUM CENTRAL Aftl'IRR- SUGAR CHTLDS COMMON FAJARDO SOGAR OTANT?NAMO SUGAR GULF OIL CORPORATION LONE STAR GAS MIDLAND SEC! RITIES NEW ENGLAND FUEL OIL PKNN. COAL ft COKE PORT LOBOS PETROLEUM SAVANNAH SUGAR STERN BKOS. PREFERRED TEXAS PACIFIC COAL ft OIL ?, Sfeitriii 43 Exchange Place New York Telephones S300-16 Hanover East Coast Fisheries Com., Pfd. and Trustees Certificates Kiely & Horten 40 Wall St., N. Y. Phone John 6330 Bank o? Manhattan Rights Mechanics&Metals Bk. Rights JJ?J$ce,Jr.&Co. Phones 4000 to 4010 John. 36 Wall St., N. Y. Ameri?can Thread Pfd. Lima Locomotive Pfd. At?as Portland Cement FREDERIC H. HATCH & CO. Established 1888. Phone Rector 6840. "24 B'way, New York. WIRK CONNECTIONS. Boston, Chicago, Philadelphia and Montreal Standard Oil Stocks Morton Ladie-Lbmch. & Ca ?Hi J3??>c-.cl S?rcate ^>?cw"_?>__*_?> CHM?CO Drrg.P-T PHILADELPHIA P1TTSBUROH r ' ' - - ~' - ?? ?: ? Power Earnings Decline Montana Company Reports $6, 851,981 Gross in 1919 Gross earnings of the Montana Power Company for the year ended December 81, 1?19, declined 10 per cent from the preceding year. Early in the year, ac? cording to the annual report issued yesterday, the mining and smelting in? dustries in Montana began curtailment of production, which continued during tho year owing to the large stocks of metr.ls on hand in this country and abroad at the close of tho war. Gen? eral business in this state suffered from tho curtailment as also from the severe draught during the summer and from the coal miner's strike in the lat? ter part of the year and these condi? tions, the report states, effected the company's earnings. Total earnings last year amounted to $6,851,981, compared with $7,609, S68 in 1918. Owing to higher costs of materials and increases in wages oper? ating costs increased, being placed at $2,450,674. Interest charges aggregat? ed $1,805,677, leaving a $2,595,630 sur? plus. Reserve for depreciation to? taled $300,000, a falling off of $100.000 1rom the year before. After $128,575 lor losses suffered through the sale of government bonds had been deducted, bahmce to surplus account was $2, 167,055. In his report to stockholders John D. Ryan, president, said: "Since the close of 1919 business conditions have Improved generally in Montana. Tho copper and zinc mines and reduction plants have increased operations, the silver mining industry has revived', and m substantial amount of new business has resulted from it. If the genera! business of the country suffers no se? rious reverses during the coming year, we can expect a considerable increase in revenue over past years." ?- ?' ? K. W. Bliss Earned $70.22 On Common Stock in 1919 The annual report of the E. W. Bliss company, munition manufacturers, for 1919, issued yesterday, dislosed net earnings of $1,855,524, which, after pre? ferred dividend disbursements of $100. 000, was equivalent to $70.22 a share earned on the common stock, compared with $1,171,.153, or $46.85 a share in 3918. Holders of the common stock shared $562,500 in dividends, leaving $1,193,024 surplus. After adjustments of $50,S23 had been deducted, profit and loss surplus was $17,274,080. Directors of the company stated that as yet no formal discussion of common dividends had taken place. Tho chair? man declared that at the next meeting ofMhe board, about six weeks, it was possible that some consideration would be given to the advisability of recom? mending a stock dividend. 38 65 67 7 ~2 a 47 .4 Public Utility Securities Birt Aiti?f Light ft Traetton com.. 190 ilo pf . *!? Adirondack Elec Power com.. 11 do pf. 75 Amor Gas & Electric com.... 124 do pf . Amor Power & Light com.... do nfd . Amor Public Utilities com.... do pf. American Waterworks Eloo... Am W W ft K participating pf Amorlcan W W ft E 1st pdf.. Carolina Power & Light, com.. Cltlos Service com_.--*.. S ?.4 do pf. 6914 do banker ?. certificates. 40 do 7 p o, aeries B, 1966. 155 do 7 p c, series C, 1966. 100 Colorado Power com. 14 do pfd . 90 Commonwealth Pr, RyftL com 17 do pfd . 37 ?Denver tins ft Elec pen 5s. ... 87 I Electric Bond ft Share pfd ... 86 i Empire District Electric pfd. 65 1 Federal Light ft Traction com. 5 do pfd . 42 i Gas ft Electric Securities com 300 do pfd . 80 ?Northern Ohio Electric com. ? do pfd . ? i Northern Ontario L ft P com 10 do pfd . 60 I Northern States Power com.. 50 do pfd . 85 Pacific Uas & Electric pfd_ 83 Republic Ry & Light Co com. 17 do pfd . 50 Southern Calif Edison com... 86 do !*il. 99 Standard Gas ft Electrlo com. 18 do pf . 37 H ! Tennessee Ry, L ft P com.,.. 1 do pf . 6 ! United Light ft Rys com. 24 do 1st pfd . 6.1 ! Western Power com. 17 do pfd. 67 Bonds 1 Appalach Power 1st 6s.. 66 Cincinnati Gas ft Elec 's, '66.. 80 Col Gas ft Elec 6s, "27. Col Power, '53. Dallas Elec 5s, '22. ; East Texas Elec 6s, '42. do 7s, '21. 99 ' El Paso Elec col 6s. 79 Great West Power 6s, '46.... 79 Midwest Util Cs, '25. 85 Miss River Power 1st 6s. 74 North Ont Light & Power 6s.. 64 North States Power 6s, '26.... 84 7:> 99% 76 Askefl 195 !)2 14 7!? 128 40 60 .2 25 4 7 62 3 7 396 ?71 ?41 103 18 95 20 40 93 ?0 65 47 400 86 20 66 14 55 65 88 85 19 8S 103 20 3? * 9 27 66 1? 70 68 87 St 80 82 100 83 81 90 76 69 88 ?Ex dividend. Sugar Stocks Bid. Asked., Bid. Asked. 22 Mat-Am pf 70 76 80 Michigan.. 11U, 12% 88 National .162 166 143 Ni Niqueo.250 ("20 ?S Cec new 13 117 I do pref. 75 j Card-Am.. 18 do pref. 70 1C Aguir re. 85 ?Fajardo ..140 ! Gt West.. 490 do pref. 113 ? Guanta'mo. 75 I Mat-Am .. 10 15 iSavannah.. 45 do pref. 92 16 82 48 95 Chemical Stocks Am Cyan. do pref. By-Prod .. Cassin Co. Dow Ch... Du P C p. Fed Chem. do pref. Graselli .. do pref. 30 60 99 ) 10 ) ,105 99 i 175 ) 100 Tobacco Stocks Hook Elec. 65 do pref. 65 Ky Solvay. 80 Mec Co p. 92 Merrimac.. "S3 V? Mulford Co 53 Nisg Alk p 95 Semct C. .155 Solv Poe.. 180 70 70 110 96 S7V? 56 100 165 Con Foil.. G W Hms. do pref. J S Young. do pref. MacA & F. P R-A T. 250 160 98 130 95 155 132 325 170 102 138 100 165 140 RJ ReyA.525 do ser B.435 do pref.106 Weym-B ..162 do pref. 97 Univ Leaf.140 550 4.0 108 169 102 Steel and Ordnance Stocks Am Brass.214 Atlas Pw.155 do pref. 85 Bab & W.118 Bliss. B W.4U0 Can F&F.195 Carb SU.. 90 ' do 1 pf.100 do 2d pf 70 Colts A... 54 D P Pow.300 ?Ex dividend. Miscellaneous Stock? Am Chicle 73 78 |Nat Cash. 120 78 70 97 175 90 218 165 89 120 450 205 100 110 320 East Steel. 37 limp S & 1 25 do pref. 70 ?Here P..200 *do pref. 100 Niles B-P.110 do pref. 98 Scov Mfg.435 ?Thorn Iron 30 Win Cor..400 Woodward. 44 do pref. 75 Am Leath. 56 do pref. 93 Am Mfg. .165 do pref. 87Va Am M&F.100 Am Th pf. 3% Am Typ F 42 A D T NJ 25 A W c pf 911/2 Atlas P C 65 BB&S 1 p 80 do 2d pf. 65 Bor C Mk.109 Bush T pf 72 Celluloid .150 Childs Co. 86 do pref. 95 City Inve. 70 Crk W pf. 95 D L & W.165 Draper C.141 F R 1st pf 95 Int SU pf. 94 ?Ex dividend. 4 46 35 98 H 70 90 111 77 155 91 100 75 99 175 145 99 Lima L pf 90 N J Zwst.293 N Co 1 pf.lUO O'Neill pf. 98 Phelps D.230 Phil J Cor 50 do pref. 86 P & W pf. 95 R Reis & C 15 ?do pref 81 Ry Bak P.130 do pref. 85 Singer Mg.153 S L IM&S 43 Stoll S pf.100 S D F pf.100 Stern B p. 104 T&PC&On. 94 Valvol pf.100 V Raalt In. 40 do pref. 80 W & B pf.100 Yale & T.265 3!) 35 2?5 105 113 101 440 35 48 IS? 95 298 103 99% 250 60 90 17 83 140 88 157 47 105 103 107 98 104 45 85 105 New York Bank Stocks ? America . . .590 Atlantic ...215 Am Exch...295 Battery _205 Bowery _420 Bryant P...150 Bway Cent. 150 Bronx Nat. 150 Butch & D. 35 Chase .435 Chat & P..295 Chelsea Ex.125 Chemical ...580 Citz Nat.. .255 City .885 Coal & I...245 Colonial .. .350 Commerce ..230 Columbia ..175 Corn Exch. .430 Co .mop'tan.110 Com'cial E..415 Com'wealth.221 Cuba .170 Fast River.. 160 Fifth Nat.. 160 Fifth Ave..900 First Nat...930 Foreign T B. 85 Trust and Alliance ... 80 t Am Trust. ? Am Surety. 73 Bankers . . .365 Bond & M.225 Bklyn T Co.500 Cent Union.405 Columbia . .340 Commercial 150 Empire Tr..300 Equitable . .305 Farm L&T.430 240 .250 . 230 .372 Franklin Fulton . Fidelity . Guaranty Hamilton . .255 Hudson T.. 155 Kings Co...040 Law Mtge. .115 610Garfield N..230 240 ? Gotham _200 215 305 Greenwich .275 ? 215 Harriman ..360 380 ? Hanover ...820 840 160 Industria! ..205 ? 160 Im & Trad.550 580 100 ?Irving Nat.3S5 395 ? Liberty _400 415 ? Lincoln _275 285 305 Manhat Co..250 ? Mech & M..400 425 590 Metrop'tan .840 860 265 Mutual _490 ? 895 Merchants ..230 240 ? New 7.eth..200 210 _ N Y N B A.460 480 235 Park .730 755 ? Pacific _135 ? 450 Produce Ex. ? 875 ? Public .345 ? ? Seaboard ...650 700 230 Second _440 500 180 State _210 ? ? 23d Ward.. 150 ? 170 Un States.. 180 ? 950 Union Ex... 175 185 960 Wchester A.200 ? 95Yorkville ..875 ? Security Companies 90|Lawyors T..120 125 ? Lincoln Tr. .175 ? 78|Manufac'ers.205 ? 375|Mercantilc .310 ? 230jMetropol .. .295 305 515|Mtge Bond.. 87 93 415|MutTof W,105 125 350'Nat Surety.205 212 160'.N Y Title. 135 145 ? ?N York T..625 315|N Y LI&T.725 745 44?iPeoplea ....275 250|Realty Asso.105 115 260 Title G & T.3R0 390. 240'Un StatesN830 860 378 U S M & T.405 415 2651U S T Guar SO 85 ? W'estcriest.er.130 140 665 |W & BT&M.165 17 125' .See New York Title and Mortgage. ? tlncludes American Trust Company stocks. Insurance Companies Am Alliance.270 300Great Am..290 300 ??! Hanover ... 30 325 Home .550 560 78,Nat Liberty.170 180 6251Niagara ...230 260 ?OjStuyvesant.. 50 75 City of NY.175 Con'nwlth..300 Continental. 72 Fid & Phoe. ? Franklin .. 85 Globe & R.800 Standard Oil Stocks Bid Anglo-American Oil Co. Ltd.. 27 Atlantic. Refining Co.1550 do pf . 113 !3orne-Serymser Co. 425 Buckeye Pipe Line . 94 Chesebrough Mfg Co cons.... 230 do pt. 105 Continental Oil Company. 625 Crescent Pipe Line Co. 32 Cumberland Pipe Lino Co.... 145 Eureka Pipe Line Co. 138 Galena Signal oil Co, pf, new. 95 do pf, old...,. 9? do common . 94 Illinois Pipe Line Co. 177 Indiana Pipe Une Co. 97 International Petrol Co. Ltd.. 39 National Transit Co...'.. 29 New York Transit Co. 183 Northern Pipe Lin? Co. 100 Ohio Oil Co.,. 380 Penn.-Mex. Fuel Co. 60 Prairie Oil ft Gas Co. 705 Prairie Pipe Uno Co..,.,,,.., ?65 Polar Refining Co. 405 Southern Pipe Line Co. 148 South Penn Oil Co. 340 Southwest Penna Pipe Lines.. 86 Standard Oil Co of California. 850 Standard Oil Co of Indiana.. 870 Standard Oil Co of Kansas. . . . 625 Standard Oil Co of Kentucky. 440 Standard Oil Co of Nebraska. 625 Standard Oil Co of New Jersey 8?0 do pf . 113 Standard Oil Co of Now York. 468' Standard Oil Co of Ohio. 600 do pf . 108 Swan & Finch Co. 9 5 Union Tank Car Co. 128 do pfd. 100 Vacuum OH Co. 440 Washington OH Co.4...? 87 * Asked 28 1600 114 440 97 245 107 650 34 156 143 98 its ? 67 183 100 41 81 188 104 390 64 720 273 425 153 350 90 355 885 650 465 650 870 114 473 525 110 100 133 102 460 ?a scellaneous Markets Miscellaneous Oil Companies Bid. Asked. R6 1.10 PU 10V* IIS 130 460 21% 172 60 8% r?% 45 % Atlantic tiobos Oil Co., com.. 60 do pf. 116 Condon & Co. 0 Elk Basin Petroleum Co. 10 Houston Oil Co coin. 114 Imperial Oil. Ltd. 120 Magnolia Petroleum Co. 440 Merrltt Oil Corporation. 21 Midwest Refitting Co. 170 Northwest OH Co. 40 Producers & Refiners Corpcom 8% Sapulpa Refining Co.^_t 6% Co8ilen & Co., new.' 44% New York City Ronds Security, rate, maturity Bid. Ask. Yield Inter 4%s. 1067. 06% do 4 tos,- 1965. 05% do 4%s, 1963. 05% <lo 4",h, 1967. 05?; do 4%?, 1966. 00 do 4%s, 1064. 90 do 4 H s, 1062. 00 do 4 Us, I960. 00 do 4Us, I960 op 1930.. 00 do 4s. I960. 86U do 4s, 1958. 86 U do 4s, 1957. 86U ReiT 4s. 1965-1966. 86% do 4s. 1936. 90 Inter 3Vis, 1954. 77 Coupon 3',4s. 1954. 77 Reg 3?4s, J960-I954 inc.. 4.85 do 3%s, 1940-1950 luis.- 4.86 Reg and coup (serial) 414s, 1919-1930 Inc.. 5.80 Reg- and coup -^serial) 4%a. 1919-1931 lnc. 6.80 Reg and coup (serial) 4%s, 1919-1932 lnc. 5.80 New York State Bonds Issued In coupon and registered form Coupon bonds regls 06 V4 96% 06 V4 96 Vi 91 ?1 91 01 91 87% 87% 8 7',4 87 92% 80 80 4.75 4.76 4.60 4.60. ? 4.68 4.68 4.68 4.69 4.71 4.71 4.71 4.73 4.72 4.70 4.71 4.71 4.75 4.61 4.66 4.U6 Security, rate, maturity. Bid. A?tt. Yield. May. 1938, op, 1923. 99% 100% <-?9 Federal Farm Loan, 4%s, May. 1939. op 1924. 96% Federal Farm Loan, 4%h, Nov., 1938. op 1923. 96% Federal Farm Land 4?AH, 1937 . 06 U Joint Stock Band Hank 6s, May, 1939, op 1924. 07 Joint Stock Land Bank 6a, Nov., 1938, op 1923_ 06% 97% 97% 97% 08% _ 98% Short Term Securities Ask. Yield. 4.71 4.71 4.72 6.12 6.13 Security, rate, due. Am Cotton Oil 6s, 1924 Am Tel & Tel 6s, 1922. do 6s, 1924. Am Thread 6s, 1928... Am Tobacco 7s. 1920.. do 7s, 1921.100U do 7s, 1922.101 ___ do 7s, %923.100% 101%' Anaconda Cop 6s, 1929... 94 % 95% Armour conv 6s, 1920-24. 99% 100% Bethlehem Steel 7s, 1922. 99% 100 do 7s, 1923. 99% 100% Can Pacific Rv 6s, 1921.. 93% 94 Cent Arg Hy 6s, J927_ 82% 84 Vi C B &: Q joint 4s, 1921 C C C & St I, 6s, 1929. . Bid. 96 94% . 93% 99 .100 94% 87' 96 ' 04% 94 100% 100% 101 % 1 01 % 94% not Interchangeable, terable. Security, rate, maturity Bid Ask Ctfnal Imp 4V4s. 1964-103% 105 Highway Imp 4%s. 1963.103% 105 Canal Imp 4%s, 1966- 99 100% Highway Imp 4%s, 1965.. 99 Bargo Can Ter 4 Vis, 19-15 99 Highway Imp 4s, 1967.... 95 Canal Imp 4s, 1967. 95 Highway Imp 4s, 1960 1962 inc . Highway Imp 4s, 1968.... Canal Imp 4s, 1960-1962 lnc . Barge Canal Term 4s, 1942 and J946 . 95 Canal and Highway 3s, 1956-1959 . on application. Federal Farm Loan Bonds Security, rato, maturity Bid Ask Yield Federal Farm Loan 5s, 96 95 100% 100% 97 97 06 96 96 96 Yield 4.26 4.25 4.24 4.24 4.24 4.15 4.15 4.20 4.20 4.20 4.20 Cu Am Sug 1st l'Ca. 1921. 99 % 100% Oudahy Pack 7s, 1923... 99% 100 % Del & Hudson 5s, 1920... 99 99% Federal Sug Ret 6s, 1924. 96 97 Oen Electric 6s, 1920_ 99% 100% Ot Northern 5s. 1920_. 98 Vi 98% Gulf Oil 6s, 1921. 96% 9S% do 6s, 1922. 96% 98% do 6s, 1923.,. 96% 98% Hocking Valley 6s, 1924.. 92 96 Inter R T conv 7s. 1921.. 72 74 Jacob Bold Pack 7s, 1920 99% 100% do 7s, 1921. 09 Vi 100 V4 do '7a, 1922. 99 do 7s, 19 23. 99 Kan City Tqr 6s, 1923... 97 Kennccott Cop 7s, 1930.. 96 Lac O L 1st. & r 7s, 192!?. 95 Vi Liggett & M Tnb 6a, 1921. 98 - Moline Plow 7s, 1920. 99% do 7s, 1921. 99 do 7s, J922. 99 do 7s, 1923. 99 do 7s, 1924. 99 N Y Central Cs, 1920. 99 Phlla Co 6a, 1922. 94% Pcnna Co 4%s, 1921. 96% Proo & Gamblo 7s, 1921..100 do 7s, 1922.100% do 7s, 1923.100% P S C of N J cv 7s, 1922. 85% R .1 Reynolds Tob 6s. 1922 97% Southern Ry 6s, 1922. 93% St. PUD Guar 5%b, 1923 96 Swift & Co 6s, 1921. 98% W I Sug Fin 7a, 1929_94 Utah Sec 6s. 1922. 84% 100 100 _ 93 6.60 97 7.10 96% 7.55 98% 6.85 101 5.95 101 6.20 101 6.45 101 6.55 101 0.60 99 Vi 6.95 96% 8.80 97% 6.35 100% 5.90 101% 6.25 101% 6.35 87% 14.40 98% 6.75 94% 9.15 97% 6.30 99 6.60 98 7.30 86% 12.40 Markets in Other Cities Baltimore Open. High. Low. Last. 9% 4% Salea lu Atlantic Pete. 3% 3% 100 Central Teresa Sugar com.. 7% 7% 10 do pf. 9 229 Cosden . 9 ?4 25 do pf. 4V? 200 CelPSttne . 2.40 58 Con Pwr com. 100 100 Da vison Chem 37% 75 Houston Oil pf 87 1900 Indiuhoma ... R',4 3 Mer ft M ?Tran 57 10 Mt Vernon pf. 90 85 Md Casualty. . 79V? 15 Penn AV Power 821^ Bonds .2000 Cosden 6s A.. 94% 94 H 2000 Con Pwr 4%s. 77% 771. 4000 Con Gas 4%s. . 82 % 82% 1000 Cons Power 7s 98-% 98% lOOOElkhorn 6s_ 94% 94% 1000 Houston O il , dlv ctfs.107 107 7000 United Ry 4s. 61% 61% Boston 3% 7.% 3% 7% 9% 4% 2.40 9% 4 % 2.40 100% 100 100% 37% 37% 37 V, 86% 8% 67 90 79% 82% 87 8% 57 90 80 82% 86% 8% 67 90 80 82% 94i,_ 77% 98% 94% 107 61% 94% 77% 82% 98% 94% 107 61% 4% 3% 84% 33% 4% 68 3% 21% 6% 86 Jl 17 50c 60% 12% 9 62% 348 . 22% 13 42% 4 10% 14% 3% 3% 66% 44% 79 33 4% 4 8% 67 3% 20% 6% 84% 11 16% r.oc 60 60 Ahmoek . 70 70 40 Allouez . 35 35 10 Anaconda . 60% GO?; 200 Ariz Cml. 12% 12% 3100 Big Heart_ 9% 9% 319 Calumet ft. A. . 02% CS 47 Calumet & H..350 352 415 Carson . 23% 23% 20 Centennial _ 13 13 25 Copper Range. 42% 42% 36 Daly West. 4 4% 820 Davis Daly_ 10% 10% 226 East Butte. 14% 15 50 Franklin . 3% 3% 60 Helvetia . 3% 3% 15 Inspiration ... 56% 66% 60 Island Creek.. 44% 44% 10 do pf. 79 255 Isle Royale_ 33 360 Kerr Lake_ 100 Lake Copper... 1315 Mayflower O C. 18 Mohawk . 170 New Arcadian. 315 New Cornelia.. I 5 Now loria. 295 New River pf.. 105 Nipissing. 11 915 North Butte. . 16 % 200 North Lake... 50c 10 Osceola . 50 175 Old Dominion. 32 45 Quincy . 57 285 Seneca . 15 'i 35 Shannon . 1% 65 St Marys Land 47 95 South Lake. .. 50 Superior Cop.. 33 Sup ft Boston. 2200 Tuolumne .... 10 U S Smelting. 10 do pf. 47 1 50 Utah cons. 8% l?0i:tah Metal... 2% 100 Victoria . 2% 250 Winona . 1 % Railroads II Bos ft Albany. Ill 1.2 52 Boston Elev... 65% 65>< 40 Bos ft. Maine. . 3514 36^ 10 Bos ft Sub pf. (i ti ' 20 Maine Central 70 70 70 70 2 Mass Electric. 4 4 4 4 65 do pf. 11 H% 11 11% 60 N Y. N H ft H 35% 86% 36 35% 6 Old Colony.... 85 85 85 85 25 West End pf.. 63 53 63 63 Miscellaneous 5 Am Agr . 92 92 92 92 21 do pf . 93 93 92 82 1560 Am Oil . 6% 6% 6% 6% 170 Ainoskeag . ..169% 160 159% 160 85 do pf . 81% 81% 81% 81% 16 Am Sugar pf.115% 115% 116 255 Am T& T. 99% 100 99% 100 Am Wool _131 131 131 60 do pf .104 104% 104 80 Anglo Am Sml 9% 9% 28 Art Metal .... 80 110 Boston Hex P. 2% 120 Century Steel.. 3% 2S0 Eastern Mfg. . 31 825 Eastern Stmsh 23% 692 do pf . 77 7 Edison.163 390 ?Elder. 29% 50 Gorton.26% 305 Gray.3s n Int Cotton M 5% 4% 82c 6 7 15% 1% 47 30c 6% 4% 82c 70 47 8% 2% 2% 1 % 16% 1% 47 4% 80c 69 47 8% 2% 2% 1% 70 35 60% 12% 0 62% 348 22% 13 42% 4% 10% 14% 3% 8% 66% 44% 79 33 4% 4 8% 68 3 % 21 6% 85 11 1 6 % 60c 50 3 2% F.7 15% 1% 47 25c 6% 4% 80c 69 47 8% 2% . 2% 1% 131 64% 35% 132 ?4% 66 26 27% 72 60 97% 30 2% 3% 31% 25% 83% 155 30% 26% 34% 66 18% 31 Int Portland 15 Int Products. . 200 Island OH . ..; 98 Libby. 135 Mass Gas ... 60 do pf . 30 McEJW 1st pf 210 Mex Inv. 44% 262 Nat. Leather.. 14% 17 N E Tel. 88% 3550 Ohio Body_33% 120 Orpheum . 80 66 Pacific Mills... 169% 170 48 Punta Sugar, .j 81% 81% 50 Stewart Mfg.. . 46% 46% 375 Slmnis Mag... 19. 19% 30 2% 3% 81 23% 77 153 29% 26% 33 66 18 26 27% 27 98 45% 14% 88% 36% 30 60 97% 115 100 131 104% 9% 30 2% 3% 81% 24% 83 165 30 26% 33% 66 18 26% 5% 27 72 61 97% 44 14 88% 35% 30 169% 170 81 % 81% 46% 46% 18%' 18 % 487 Swift ft Co. ...123% 124% 123% 123% 130 do Int . 45% lOTorrlngton ... 75 15 United Drug...136 4 0 do 1st pf_ 51 170 United Fruit.. 203 82 United Shoe ex 16 25 do pf ex. . . . 25 % 470 Ventura.17 900 Waldorf.21% 50 Wal worth . . . 22% 605 Wick Wire ... 27% Bonds $1000 Am T ft T 4s. 67 1000 A O W I 6s... 76 1000 Carson 7s . . . .107 4000 Miss River 6s. 75 1000 N E Tel 5s... 85 75 136 ?% 45 .; 75 136 51 206 % 203 46 25% 17 21% 22% 28 25% 16% 20% 75 136 51 204 46 107 75 86 67 76 107 74% 85 25% 16% 20% 22% 28 67 78 107 74% 85 Boston Curb Bid Ask Ariz Extn..l2 14 Ariz Sllv.. 1 3-16 1% Blk Hawk ..SO 85 Bohemia .. 1 % 2 Bos ft Mon. 70 72 Calaveras?? 1% Chief Con.. 4% 4% Con Copper 4 1-6 4% Crown Rsv.30 40 Crystal new.29 30 Denbigh ...30 35 Baglo B B 2 1-10 2%\Ptoneer Fortuna ... 8 9 Rngr Pet Gadsden ... 1% Homa Oil.. 10 Bid Mex Metal. 16 Mid Moss...60 Moj Tungst. 8 Monarch . ..?? Nat L & Z. 6 Nev Doug..10 New Baltic. 3 Nixon .14 Onondaga Orpheum Pilgrim Ask 18 65 Houghton ..50 Iron Bio?...80 Iron Cap...11 Jerome Ver.40 La Rose-40 Majestic ...11 Sales. 15 4 18 85 31% 31% 16 17 8Q0 1.00 ? 45 Rainier . . 1% 1 7-16 Svn Metals.20 21 S W Mi f p. 3% 4 Silver Reef.17 18 Texana _25 27 U Verde Ex.87 % 39 Yukon.1% 1% 1% 11 76 40 11% 43 60 20 Chicago Open. High. Low. Last. 25 Am Radiator..325 825 325 325 150 do new .,?. 80 80 80 $0 2000 do rights... 1% 1% 1% 1% 20 Am Ship Bldg.113 113 113 113 80 Albert Pick... 42% 43% 42% 42% 10 A D ft Cohn.. 37 37 37 37 15 do pf. 94 94 94 94 1000 Arm#ur pf- 99% 99% 99% 99% 1400 Armour Loath 16% 16% 16% 16% 275 do pf. 94% 94% 94% 94% lOOBrlsooe . 65% 65% 65% 65% 2ft Beaver Board. 66 66 66 66 25 Bunte Bros..'. 17% 17% 17% ?17% 100 Bucyrus pf...l00 100 100 100 10 Booth pf. 65 66 66 66 320 Chi C Conn pf. 9% 9% 9 9 10 Chi Elev Ry pf 7% 7% 7% 7% 60 Chi Pneu Tool 95% 96% 93 93 680 Cudahy .100 100 100 100 98 Comw Edison.107 107 107 107 46 Cont Motora.? 11% 13 11% 13 1 Sales. Open. High. Low. Last. 65 Hart, S & M.. 87% 88 87% 88 1000 Hupp Motor. . . 16% 16 15% 16 30 Hartman Corp 90% 90% 90% 00% 25 Illinois Brick. 82 82 r 82 82 20.1 I Case P 1st 90 90% 90 90% 1900 L. McNeil & L 27% 27% 27 27 425 Mont Ward... 34 34 33% 83% 25 M W Util pf.. -10 40 40 40 100 Mitchell . 38% 39% 38% 39% 700 Nat Leather.. 13% 14 13% 13% 140Orphcum _ 30 30 29% 30 20 Public Servlco 77 77 77 77 15 do pf. 88 S3 88 8S 15 Peoples Oas. .. 88 88 88 38 170 Quaker O pf.. 95% 95% 95 95 270 Reo Motor_ 27 V? 27% 27% 27% 60 Sears Roebuck.234 234 234 234 165 Shaw . 66 67 66 67 1600 Stew Warner. 42 42% -12 42 Vi 900 Swift Int. 45% 45% 45% 45% 700 Swift & Co_124 124 123% 123% 100 Thompson_ 61 61 61 61 1200 Union Carbide 73 7 1 73 73 100 U Paperboard 24% 24% 24% 24% 2600 U Iron AVorks 65% 66 6 1% 66 60 Wahl . 4 2 42 12 4 2 85 West Knitting 21% 21 % 21 21 15 Wilson pf. 97 97 97 97 60 Wrigley . 77 77 77 77 Bonds $1000 Met L Ry ext 4s 45 45 45 45 Detroit 700 Charcoal Iron. 4 Vi 4% 4 Vi 4% 40O font Motor.... 12 12 11% 11% 20 Detroit Edison. 107 % 1 07% J 07 107% 50 Federal . 72 72 72 72 400 Michigan Sug. 11% 11% 11% 11% 2600 Packard Motor 26% 26% 26% 26% 200 Paige Det Mtr. 43 43% 43 43% 250 Reo Motor Car 27% 27% 27% 27% 100 Lincoln. 49% 49% 49% 49% Philadelphia 875 Amer Stores... 45% 46% 45 45 10 Baldwin Lo pf.100% 100% 100% 100% 45 Ele,? Stor Hat.119 119 118 118 100 Grr Asphalt pf.165 165 165 166 39 Ins Co X A_ 28 2S % 28 2X 3415 1. Superior Cor 20 21 2" 20% 70 Lehlgh Nav.., 64% 64% 64 64 30 Phil Co 6% pf 34% 84% 34% 34% 354 Phil Elec. 25 25 24% 25 453 Phi! R T t c. 23% 24 23% 24 lOOTonopah Bel.. 2% 2% 2% 2% 10 Union Trac_ 3 5% 35% 35% 38?% 311 United (jas Im 49% 49% 48.% 4!) Vi Bonds $5000 Am G &? El 5s. 79 79% 79 79% 5000 Bald Loo 1st 5s 90% 9i'. % 96% 96% 1000 Ele &: Peo T 4s 64% 64% 64% 64% 8000 Lk Sup lnc 5s. 60 60 60 60 6000 Phil El 1st 5s. 91 91 91 91 4000 Reading gen 4s 78% 78% 78% 78% Pittsburgh 26 Am W Gl Mch.122 122 a22 122 10635 Arkansas Gas.. 32 34 32 32% 90 Barnsdall Corp. 4S Vi 48% 48 4S % 10 Carbo Hydro .2 2 2 2 80 do pf . 4 4 4 4 100 Carnegie L&Z 7 % 7% 7 V? 7% SOOGuffey Gill .. 31 82 31 31% 26 Indpt Brewing. 4% 4% 4% 4 % ZOO Kay Cojunty O. 1% 1% 1% 1% 10 Lone Star Oas. 36 8?! 36 36 3964 Marland Ref . 6% 6%, 6% 5% 40 Mfrs Lt & Ht... 59 59 68% 58% 40 Nat F'proofing. 8,888 635 do pf . 15 15 15 15 105 Ohio Fuel Sup. 51% 51% 51% 61 V? 5 Ok la Gas .... 41% 42 41% 41% 200 Okla Prod&Ref 5% 6% 6% 6% 40 Penn R R. 43% 43% 48% 43% JOOPgh Brewing.. 6% 6% 6% 6% 2200 Pgh Jerome .12 12 10 JO 430 Pgh Oil & Oas 15% 16 15% 15% 24 Union Nat Gas.124 124 124 124 30 U S Steel. 99% 99% 99% 99% eOWhouse A B.lll 112 111 112 20 W'inghouse El. 53% 53 Vi 53% 53% m Appoints Budget Committee Alfred E. Marling, president of the Chamber of Commerce of the State of New York, yesterday appointed a com? mittee on the national budget consist? ing of Charles D. Freeman, Deonor F. Loree, Howard C. Smith, James Brown and Felix M. Warburg. This appoint? ment was authorized at the March meeting of the Chamber of Commerce. "Had there existed at Washington during the last two years a central su? pervisory system performing the plan? ning and checking functions, there is no doubt but that the taxpayers of the country would have been saved mil? lions and even billions of dollars," Mr. Marling said, in announcig the new committee. "The real national need relative to j Federal appropriations is to spend money where it is actually required and not where some one desires it to be spent; it is national interest above mere local interest. "The United States government, em? ploying 1,000,000 people and spend? ing between $4,000,000,000 and $5,000, 000,000 annually, is one of the largest business concerns in the world, cer? tainly the largest without a business or financial manager. Despite the fact that both political parties have in? serted planks in their platforms favor? ing a national budget, there is no indi? vidual or committee or bureau at Washington to correlate the govern? mental activities or governmental ex? penditures. The results have been waste, extravagance and much 'pork.' " -m Wyoming Crude Oil Up CASPER, Wyo., March 16.-~The Ohio Oil Company and the Midwest Refining Company, two of the largest purchasers of Wyoming crude oil, to-day an? nounced a general increase of 25 cents a barrel for the various grades of crude oil. Financial Items Bankers Trust Company has been ap? pointed registrar for the capital stock of the Weldeman Oil Company and transfer agent for manager's and common stock of McClure'? Magazine, Incorporated. Knauth, Nachod & Kuhne have formed a syndicate to underwrite the purchase and resale of 130,000 shares, $20 par, of the capital stock of the Alvarado Mining _ Milling Company, which operates silver mines In Mexico. The Herschell-Splllman Motor Company, manufacturers of gasoline motors, reports unfilled orders on its books of $12,000,000. Orders are now being booked for 1921 ?le-, livery, the entire 1920 output of 60,000' motors having been sold. The current year's production, together with order schedules, indicate, according to officials of the company, net earnings of $1,500, 000, equivalent, after preferred dividends, to more than $70 a share on the outstand? ing common stook of $50 par. Balan?a sheet as of December 31,? 1919, disclosed total current assets of $1,346,129, agalns/ $367,726 In current liabilities, and tota. net ??sets of $3,160,572. Profit Taking Puts Prices Down On Curb Market Early Gains Wiped Out as Outside Traders Sell Heavily; High-Priced Oils and Industrials Suffer Stocks in the outside market suf? fered a setback In an active trading session yesterday. On heavy profit taking, combined with a renewal oi i selling for the short account, prices receded sharply in many instances. The market started out strongly and gains were well held during the first half hour. However, when the big board issues displayed a tendency to? ward reaction later in the day, the out? side market followed that lead and de "clined. High priced oils generally were lower at the end of the day. Houston which has displayed a vigorous tone of strength for several days, dropped back to 115 after rising to 120. Gen? eral Asphalt, classed as an industrial, but which is speculative because of its oil possibilities, sold off rapidly aftei an early display of strength. At the close it was only a few points above ? Par< | Elk Basin Petroleum continued strong on the announcement that, the Ohio Oil Company has completed a : well in the Rock River field, Wyoming. : which flowed 1,460 barrels in the first ! twenty-four hours. Elk Basin is op ; crating jointly in this field with the ! Ohio company, and has a substantial interest in this new completion. American Safety Razor displayed ! early strength on active covering by ! shorts, but lost part of its gain in the afternoon decline. United States Steamship was very active around 3. Since the news of the revolution in Germany Russian external bonds trad? ed in on the Curb have shown a de? clining tendency. Yesterday both is? sues receded to 33% on light dealings. They recently sold close to 40. Industrials 1 gales. Open. Hteh. Low. Last. 1800 ?Acme Coal .. 2 2% 2 2% r?00 ?Aetna Exp .. 8% 8V? 8% 8% 200 Air Reduction. 45 45% 45 45% 900 ?Aluminum Mfg 28% 29 28 29 200 ?Amer Candy.. 9.4 9% 9.4 9% 300 ?Amer Rad w i 75 77 75 77 1400 Amer Saf Raz 10 10% 10 10 .4 300 ?Br-A Chem Cp 8 88 8 900 ?Br-Am T coup 19% 20% 19% 19% 1100 ?do rts _ 7% 7% 7% 7% 375 ?do reg rts.. 7 7 7 7 G00 ?Butler Bros.. 53 53 50 51 1000 Cen Teresa Su? 7% 7% 7% 7% 700 ?Conley Tin F. 26 26 25% 25% 1000 ?Cub-A Sug w i. 43 44% 43 44% 11500 ?Gen Asphalt.108 110% 102% 103 700 Grape-Ola .... lft lft lft 1/, 900 do pf . 2ft 2ft 2 2 ? TOO ?Hall Si. nal.. 6 fi 6 6 ?On ?Heyden Chem. 4 4% 4 4% 800 Indian Packing 14% 15% 14% 15% 200 Inter Rubber.. 13 13 13 13 4000 ?Kay Co Gas. 2 2 1% 1% 100 ?LncMoCl A.. 49 49 49 49 800 ?Locomobile (n) 21% 21% 20% 21 200 ?Nat Coal & I. 45 46. 45 46 500 No Am P & P 5% 5% 5% 5% 400 ?Orpheum Cir. 29% 30 29% 30 300 ?Packard Motor 27 28 27 28 100 Patchogue-Ply, 41 41 41 41 1200 Perfection Tire 4 4% 4 4% 200 ?Philip Morris. 55 55 55 55 2800 ?Pressman T&R 3% 4 3% 4 100 ?Rainier Mo... 41 41 41 41 1275, ?Republic Rub. 4% 4% 4 4% 500 ?Root & Vand. 47% 47% 47 47 100 Stand Pa Cp pf 38 38 38 38 1500 Submarine Bt. 17% 17% 17 17 700 ?Sweets Co of A 5 5% 4% 5 S00 ?Swift Inter. . . 45% 46 45% 45% 3000 ?Tob Prod Exp 20 21 20 21 ?H0*Todd Shipyd.,175 175 170 170 1000 ?Union Carbide 73% 74 73 73% 1000 Un Prof Shar. 2% 2% 2% 2% 500 ?Un Pic ProdCp 14 14 14 14 300 ?Un Ret St Cndy 14% 14% 14% 14% 1200 U S Distrib... 51 52 51 52 700 ?U S H Spd T 31% 32 31% 31% 18000 U S Steamship 3 3% 2% 3 500 U S Transport 10 V4 10% 10% 10 % 200 ?V Viv'dou Inc. 18 18% 18 18% 500 Wayne Coal .. 4 4 4 4 400 "-Willys 1st pf. 95 96 94% 95 Standard Oils Sale?. Open. High. Low. Last. 50 ?Ohio Oil Co. ? 384 378 378 150 ?So Penn Oil.. ? 335 340 345 400 ?Stand O (N J) ? 887 860 870 250 ?Stand O (N Y) ? 480 472 475 Other Oils Sales. Open. High. Low. Last. 2300 ?Allen Oil ... 2% 2% 2% 2% 10250 ?Allied Oil ... % % ft ft 700 Alto Gas & Oil 2 2 1% 1 % 5000 ?Amal Royalty. 42 42 39 39 " 500 tAnna Bell W O 80 80 77 77 800 ?Ark Nat Gas. 32% 33% 32 33 700 ?Associated Oil 1% 1% 1 1% 2900*Boone Oil . .. 4% 4% 4% 4% 800 ?Bost-Mex Oil. 2% 2% 2% 2% 10000 *tBost-Wyo Oil 1% 1$ 1% 1% 500 ?Brazos Oil Cp 15 164i 15 16% 1500 Carib Synd_ 32 32% 29 29 300 ?Circle Oil ... 3% 3% 3% 3% 300 ?Cit Ser B T sh 40% 40% 40 40 300 ?Columbia Emer 10% 10% 10 10% 1300 ?Cosden &Co.9 9% 9 9% 200 ?Cushing Pet. .2222 1800 ?Dominion Oil. 16% 16% 14 14% 2100 ?Duquesne Oil. 7% 7% 7% 7% 2500 Engineers Pet. 1% 1% 1% 1% 3500 ?Elk Basin Pet 10% 10% 10 10% 1100?Ertel Oil ... 1% 1% 1% 1% 8950 ?Esmer Oil & G % A % % 1000 ?Federal Oil .. 4 4 3% 3% 500 ?Gilliland Oil.. 46% 46% 45 45% 100 ?do pf . 99% 99% 99% 99% 3700 ?Glenrock Oil. 3% 3% 3% 3% 500 ?Guffey-Gil Oil 31% 31% 31% 31% 400 ?Gum Cove Oil 2% 2% 2% 2% 700 Home Pet of D 3% 3% 3% 3% 500 ?Houston Oil.. 117 120 115 115 3500 ?Hudson Oil... ft % ft % 2000 ?Internat Pet. 39% 39% 39 39% 4100 ?Invincible Oil 38 38 37% 37'? 2000 ?Island Oil & T 5 5 4% 4% 500 ?tLance Creek. % % % % 2500 Livingston Oil. 1% 1% 1% 1% 700 ?Lone Star Gas 36 37 35 36 500 Magna Oil ... 4% 4% 4% 4% 100 ?Manhattan Oil 21 21 21 21 ' 1500 ?Merritt Oil Cp 21% 21% 20% 21 2000 Met Petroleum 3 3% 2% 3 1500?Metex Pet .. 4% 4% 4% 4% 6000 ?Mexico Oil .. 1% 2% 1% 2 1250 ?Midwest Ref.175 175 170 171 700 ?Midwest-Tex O % % % % 1600 No Am O & R 3% 4 3% 4 5000 ?North Tex Oil 2 2 2 2 2000 ?Ohio Ranger. % % % % 900 ?Okla Nat Gas 41 41% 40% 41% 200 ?PanhandleP&R 19 19 18V, 18U. 100 ?Panhandle P pf 81 81 81 81 300 ?Pennok Oil . . 7 7% 7 7% 500 ?Phil P(x) 100% 42 42 41 41% 1500 ?Prod & Ref.. 9 9% 8% 8% 500 ?Red Rock Oil 1 1 1 1 800 ?Rickard Tex Co 1% 1% 1% 1% 2500 ?Ryan Pet ... 2% 3% 2% 3 1500 ?+Salt Cr Prod. 52 52% 50% 50% 1500 ?Sapulpa Ref.. 5% 5% 5% 5% 1500 Seciuoyah O & R ft % j. u. 5000?Simms .Pet... 36% 36% 35% 35% 1700*Skelly Oil ... 11% 11% 11% n% 400 So Stat ConsCp. 1% 1% 1% 1% 1700 Spencer Pet Cp 21% 21% 21% 21% 1000 ?Stanton Oil.. % % % % 200 Steiner Oil ... 5 6 5 5 1200 ?Superior Oil.. 18% 18% 18% 18% 800 ?Texas Clyef O 20 24 19 19 15000 ?Texas Co w i 54 55 53% 53% 300 ?Tex-Ken Oil.. 3% 3% 3% 3% 150 Tex & P C & O 97 99 97 " 99 300 Tex-Bang P & R 1% 1% 1% i? 9400 ?Texon Oil & L 1 1 74 11 400 ?Trinity Oil .. % % % % 1500 ?Tropical Oil.. 21 21% 20% 20% 3700 ?Un Tex Pete. 1 1% 1 lS ; 1200 ?Valverde Oil.. 8 9% 8 9% ! 500 ?Victoria Oil.. 1% 1% 1% i% ; 100 ?Vulcan Oil ..7% 7% 7% 7%, 900 ?Wher?n Oil .. 1 11 1 , 500 ?White Oil ... 29% 30% 29% 29% ? Mining Sales. Open. High. Low. Last. ! 1900 Alaska-BrCM.. 1% 1% 1ft 1% 400 ?Arizona SUv. 1% 1% 1% \iT 3700 ?tAtlanta _ 4 4 3% 4 6500?tBelcherD(ap) 11 11 10 10 .'6400 ?Belcher E (ap) 13 14 12 12 1500 Big Ledge- ft ft ft ft 3700 ?tBobth . 6 6 6 6 7500 fBost & Mont. 70 72 68 72 1200 ?tCaledonia .. 36 36 35 35 500 Canada Copper 1ft 1% 1ft 1? 3300 ?Candelaria Sil. % U % % . 400 ?Carson Hill G 23% 23% 22% 22% 3500 ?tCashboy _ 8% 9 8 8% 100 ?Cons Vir Silv 4% 4% 4% 4% .4600 ?Cortez Silver. 54 65 63 55' 9100 Divide Ext (ap) U % % II 3000 ?Eureka Cr M. llj 1% 1U 16400 ?tEureka Holly 1 ft 1 ?j 1% 500 El Salvador SUv 8 8 2% .4200 Emma Silver..- 15V 16 14 Vf "Foreign Trade Through Foreign investment?" A Comparison of French Government Loans 4% Loan of 1917 5% Victory Loan 5% Loan of 1920 IN view of the interest in French Government Internal Loans it has become necessary for bankers as well as investors to have at their disposal a comparison of the principal issues. We have therefore prepared a chart which gives for each issue the present. income in francs and in dollars, with a 1 c. change in the value of the franc from 7c. to 19c, the increase in income as the franc recovers its exchange value, and the% comparative profits and income at current rates for each loan. Also a graphic chart which shows the fluctuations in the French 3% and 5% Rentes since 1798. This chart should be in the hands of every banker, manu? facturer, exporter and investor for present and future reference. Complimentary copy sent on request for pamphlet No. T-80. ?. B. Leach & Co., Inc. Investment Securities 62 Cedar St., New York Chicago Philadelphia Boston Buffalo Minneapolis Baltimore Pittsburgh Cleveland U-, _. Sales Open. High. Low. Last. 700 ?Forty-nine M. i% 1% 1% 1% 400 ?Golden Gate.. 1111 3700 ?tGoldfield Cons 13 14 13 14 3500 ?tGoldfield Dev 7^ 8 "?? 8 5600 ?tGoldfield Merg 4 4 3% 4 4000 ?fGreat Bend.. 3 3 3 3 700 Hecla Mining.. 4% *Vi 4% 4^ 300*Hond Am Syn 18 UVs 18 I8V2 3500 *|Jim Butler.. 23 25 23 24 45001Jumbo Exten. 11 12 11 12 2700 ?tKewanas ... 4 4 3 4 4500 ?fKnox Divide. 11 12 11 12 500 La Rose Ltd.. Va Va Va V? 3000 ?tMacNam Min \\ % A ii 3000 ?fMarsh Min.-. 17 18 16 17 200 ?Motherlode Cop 5 5 5 5 500 Murray-MM Ltd 75 75 75 75 500 ?Nat Tin Corp. 3Vs? 5 ZVa 4 200 N Y Hond&RM 14V? UVs UVa UVa 200Qphir Silver M 1 1 1 1 100 Rand Mines Ltd 38 38 38 38 1000 Rex Consol- 10 10 10 10 16500 Roper-Group M A -ft -its ft 800 Seneca Copp?Mr. 15% 15% 14% 14% 900 ?Silver Dol M. % Va % % 3000 Silver K of A. Va ft Va ft 2500 ?fSilver King D 7 7 7 7 7500 ?tSilver Pick.. 26 26 23 24 1600 Standard Sil Ld % ft Va ft 2500 ?tSuccess Min. 5% 5% 5 6% 275 ?Tono Belmont 2& 2% 2% 2Va 475 ?Tono Divide.. 2r? 2% 2rs 2% 1500 Tono Exten... 2% 2% 2% 2'4 675 ?Tono Mining. '?Va 2Vs 2 2Vs 1550 United Eastern 3}J 3}!J 3% 3% 1000 *tU S Cont M 7 8 7 J" 6500 ?tVictoryDlap) 8 9 8 SV2 leOOfWash Gold Q. 1-ts 1% 1ft 1% 1500 f West End Cons 2 2 1% 2 3700 tWh Caps Min 15 15 14 14 2500 ?Wh Knob pf. 2V? 3 '?Va 3 2700Wilbert Mining 8 8 7% 8 Bonds Sales (000 omitted). Open. Hiirh. Low. Last. ?15 ?Allied Pack 6s. 77 77% 76 77% 75 ?Am T & T 1922 94% 95 91% 94% 3 ?do 1924 . 93% 93% 93% 93% 15 ?Am Tob 7s 1923.101& 101% 101 101 2 ?Bel Gov 6s 1921 98 98 97% 97% 5 ?do 6s 1925... 95% 95% 95V? 95V? 25 ?Gen Elec 6s 1940 99% 100 99% 99% l?Rus Gov 5&s... 33% 33% 33% 33% 2 ?do G^s . 33% 33% 33% 33% 810 ?Tex Co 1% notes 99 99 98% 99 ?Unlisted. tSells cents per share. Bank of N. Y. 136 Years Old The market for low end goods was ization of the Bank of New York Na? tional Banking Association is being celebrated. The bank, the oldest in New York State, was organised by Alexander Hamilton in March, 1784. It was chartered as a national bank In June, 1865. It3 business is largely commercial and some of its foreign con? nections are of more tha nsixty years' standing. FINANCIAL MEETINGS THE MERCHANTS BANK OF THE CITY OF NEW YORK Notice Is hereby given that a Special Meeting of the Stockholders of this Bank will be held at the office of the Bank, 42 Wall St.. New York City, on March 24, 1920, at 11 o'clock A. VI. At this Meeting the Stockholders v.* i 11 be invited to con? sider and to act upon an agreement for the merger of tnl3 Bank Into President and Directors of The Manhattan Company, which agreement feas heretofore been ex? ecuted by the ofSfceirs of thin Bank by authority of the Board of Directors and has been approved by the Superintendent of Banks, and to transact such other business as may properly come before the Meeting. The transfer books will be closed at the close of business March 23rd and reopen ?t the beginning of business March 25th. OWEN B. PAYNTKR. Cashier. PARTNERSHIP NOTICE NOTICE OF LIMITED PARTNERSHIP.? The firm of MORDAUNT & HEMMICK. under that name, and with a principal place o? business in New York County, is to engage in the business of the purchase, sale and underwriting of stocks, bonds and Investment securities generally. Following are the re? spective names and places of residence of the partners In said firm, each of whom is of ?ull age: Frederick ?. Mordaunt (General Partner), Rlvervlew Manor, Dobbs Ferry, N. Y. ; Christian D. Hemmick (General Part? ner), 28 East 62nd Street, New York City, N. Y. ; Alexander Fielder Clarke (Special Partner"), 102 East 32nd Street, New York ; City, N. Y. Said special partner has con : trlbuted $5,000 cash to the firm. Said part? nership Is to begin on January 1, 1920, and end on January 1, 1921, unless sooner terml ! nated by th<? special partner exercising his i right within such year to become a general partner. DIVIDEND NOTICES TEXAS PACIFIC COAL AND OIL COM? PANY. 24 Broad Street, New York, March 15, 1920. The usual quarterly dividend of one and one-half per cent. (ll6%) and a special dividend of five and one-half pep cent. (?Mi^) have been declared, both payable on March 31, 1920, to the stockholders of record at the close of business on March 20, 1920. Dividend checks will be mailed In the usual course. EDGAR L. MARSTON. President. TITLE GUARANTEE AND TBCST COM PANY. No. 178 Broadway, New York City, March 16, 1920. By resolution of the Board of Trustees the regular quarterly dividend of FIVE PER CENT, ha? been declared and is payable March 31st. 1920. to the stock? holders of record at tho close of business on March 23rd, 1920. CLARENCE C. HARMSTAD, Treasurer. AMERICAN CAN CO. A quarterly dividend of one and three quarters per com has been declared on the Preferrod Stock of this Company, payable April 1st, 1920. to Stockholders of record at the close of business March 17th. 19?0. Transfer Book? will remain open. Checks mailed. R. H. ISMO?7 Bscrttary 0? Treasurer. TO HOLDERS OF CERTIFICATES OF DEPOSIT FOR EVANSVILLE & IN? DIANAPOLIS RAILROAD COMPANY FIRST MORTGAGE SIX PER CENT BONDS. DUE JULY 1. 1924, AND EVANSVILLK & INDIANAPOLIS RAIL? ROAD COMPANY FIRST CONSOLI? DATED MORTGAGE SIX PER CENT BONDS, DUE JANUARY 1, If)'... ISSUED UNDER AGREEMENT DATED JULY ?. 1914, BETWEEN THE COM? MITTEE THEREIN NAMED AND THE HOLDERS OF SAID BONDS WHO SHOULD BECOME PARTIES THERE? TO: NOTICE Is hereby pi ven that a Plan and Agreement, dated March 16, 1920. for the re? organization of Evansville & Indianapolis Railroad Company has been prepared and adopted and approved by the undersigned Committee under .aid Agreement dated July 9, 1914, as modified and amended, and that a copy of eald Plan and Agreement has been filed with The Farmers' Loan and Trust Company, the Depositary under said Agree? ment dated July 9, 1914. Any holder of a Certificate of Deposit issued under said Agreement of July 9, 1914, may, within the thirty day period prescribed by said Agreement (winch thirty days will expire on April 30, 1920), file with The Farmers' Loan and Trust Company, the De? positary, at its office, No. 22 William Street, New York City, a written notice of dissent from said Plan and Agreement, specifying the date or dates and the number or num? bers of the Certificates of Deposit held by him. Unless holders of outstanding Certif? icates of Deposit issued under said Agree? ment of July 9, 1914. representing more than one-third in amount of said Evansville & Indianapolis Railroad Company First Mort? gage Bonds or more than one-third in amount of said Evansville & Indianapolis Railroad Company First Consolidated Mortgage Bonds deposited under said Agreement shall file such written notice of dissent from said Plan and Agreement in the manner and within the period in said Agreement of July 9, 1914, prescribed, said Plan and Agreement shall be effective and binding on all holders of Certificates of Deposit issued and out? standing under said Agreement of July 9, 1914, and all such holders will become parties to said Plan and Agreement without the issue of new Certificates of Deposit. Holders of said First Mortgage Bonds or First Consolidated Mortgage Bonds not here? tofore deposited under said Agreement of July 9. 1914. may deposit the samo with the Depositary thereunder on or lief ore April 30. 1920, together with trie coupons maturing July 1, 1914. and all subs?quent coupons, and receive therefor Certificates of Deposit of said Depositary. Holders of Certificates of Deposit, in order to avail themselves of the privilege of be? coming Subscribing Depositors as in said Plan and Agreement provided, must, on or before April 30. 1920. present their Certif? icates of Deposit to The Farmers' Loan and Trust Company, Depositary under said Plan and Agreement, at Its office. No. 22 William Street, New York City, for appropriate stamping, and must, on or before May 10, 19.20, pay to said Depositary, for account of the Committee, the sums required in the Plan. The Committee will act as Reorganization Managers. Copies of said Plan and Agreement, to which reference Is hereby made for a full statement of the terms, conditions and provi? sions thereof, may be obtained from the said Depositary. Dated, New York, March 16, 1920. HAROLD PALAGAXO, Chairman. WILLIAM B. CARDOZO, 1 ELLIS W. GlvADWIN, EDWARD H. LADD, JR., RAYMOND M. SMITH. G. T. TOWNSEND, Committee. STATE OF NEW YORK. OFFICE OF THE SECRETARY OF STATE. THIS CERTIFICATE issued In duplicate, hereby certifies that the White Washburne Company, Inc., a domestic stock corporation, has filed in this office en this 27th day of February, 1920, papers for the voluntary dissolution of such corporation under section 221 of the General Corporation Law, and that it appears therefrom that such corpora? tion has compiled with said section In order to be dissolved. WITNESS my hand and the .eal of office of the Secretary of State, at the [SEAL] City of Albany, thlr, Twenty-sev? enth day of February, one thou? sand nlno hundred and twenty. E. W. VAFT. Second Deputy Secretary of State. WILLIAM R. BRINCKERIIOFF, Attorney for White Washburne Company, Inc., 46 Cedar Street, New York City. DIVIDEND NOTICES empire Ctuj?t Company 1.0 Broadway. A quarterly dividend of three per cent. (3%) has this day betn declared upon the capital stock of this company payable on March 30 to stockholders of record at the *;lose of business, March 20, 1920. Unless other Instructions are filed checks will be mailed to each stockholder it the address, last appearing on our books. The Transfer Books will not be closed. MYRON J. BROWN. Secretary. New York, March 16. 1920. Railway S teel-Springr Company. 30 Church Street. New York City, February 27th, 1920. A quarterly dividend of TWO PER .ENT (2%) has this day been declared >n the COMMON STOCK of this Company, payable March 31, 1920, to Stockholders if record, March 17, 19ro. The Transfer Books wrll not be closed. Checks will be mailed by the Bankers rrust Company*. H. S. BANOHART. Treasurer. >fflce of The United Gas Improvement Co. N. W. Corner Broad and Arch Street?, Philadelphia, March 10, 1920. The Directors havo tills day declared a luarterly dividend of two per cent. ($1 00 >er share), payable April 15, 1920 to tockholders of record at the close of .uslness March 81. l?2u. Checks will be nailed. I. W. MORRIS, Treasurer INDIAN PACKING CORPORATION. _. _ Chicago, 111., March 15. 1920. The Directors of the Indian Packing orporatlon have this day declared a re?c dar quarterly dividend of 25 cents per hare on the capital stock of the Corpora Ion payable April 14th. 1920. to stock ?ola.? of record March 30th. 19?0. JV??. CLAIR, ?ecraUtn ANDREW .T. McCOP.MA.CK, Auctioneer. (REGULAR AUCTION- SALE STOCKS AND BONDS Bt ADRIAN H. MULLER ? SOX, OFFICE. 55 WILLIAM STREBT. . ?WEDNESDAY. MARCH 17, 1920, * at 12:30 o'clocx. at the EXCHANC-K SALESROOM. NOS. 14 ANO 1?3 VESEY STKEST. For Account of Executors: 8 phs. Pacific C'ir?sT Co. Iht prefd. $5,000 Schenectady Ry. Co. Is-, Mtg. "A" 5% Bonds, 1946. $30.000 Nov.- York Investors Corpn. Guar. 1st Mtgr. 4%% Regstd. Bonds, 13::. $S0,000 Xmv York Investors Corpn. Guar. 1st Mtir. i'-,"' Regstd. Bonds, Hit $4,000 Detroit & Macklnao Ry. 4"? litg. B<.n<Js. 1995. $4.000 Automobil" Club of America 41 Bondn. Ji?30. $3,000 Indiana Lighting Co. 1st Mtg. 45 Bunds, 1958. $7,000 Long Island R. R. l?e Deb. Bond?. $1.000 .Mobile <Sr Birmingham R. R. 1? Mt?. 4f? Bond. 1945. $2,000 The Pinewald Co. 1st Mtg. 5% Bonds, due 1915. $3,000 Pittsburgh, Wheeling <C- Lake Erie Coal Co. 4^ MtK. B..r,ds, 1931. $S,000 Peoria & Pek?n Union Ry. <_< Bond.?, 1^21. $3,000 Peorta Ry. Terminal 1st Mtg. 4* Bonds, 1937. $S,000 Wabash R. R. Omaha DIv. 1st Mtg. :?'-rr Bonds, 1941. $4,000 Western New York Farms 1st Jit? <\r; Bonds, 1926. $11,000 Sioux Falls Traction System 1? Mtg. r.'*r Bonds, 1930. 19V? 8hs. Chateauguay Ore &- Iron Co. 1st prefd. 37Vj shs. Chateauguay Ore & Iron Co. 2d prefd. 5 3-5 shs. Denver Union Water Co. com? mun. 1 2-5 shs. Denver Union 'Water Co. pretil 2 shs. llrw-n Bay & Western R. R. 7 shs. International Pulp Co. 1 sh. IntTborough Rapid Transit Co. 7 sha International Postal Supply (Jo. 4 shs. Keokuk <fc Des Muir.cs Ry. common. 4 shs. Keokuk &. Des Moire? Ry. prefd. 5 shs. Manhattan B?ach To. 6 slit?. New Central Coal ' o. 1 sh. Toi.. M. Louis \- Western R. R. prefd. Ctf. of ! >ep isit. 7 shs. Th>- Saryan ? ? $1.000 Manila;;.an Beach Hotel ?- Land Co. Geni. Mtg. i% Bond, 1910. $5.000 Slate of Alabama S% Eds., 190?. July, :>72. Coup. $0,500 City or Aberdeen. Miss., SO Bds. 1890. Nov., 1882, C ?up $47,000 City o? Topeka rfo Bds.. lSJt Aupust, 1874, Coupn. $5,000 State of Illinois-Town of Ottawa ? 10C? Bds., ]!i7',i. July, 187:1, Coupn $2,000 .State of Illinois, County ot Doub? las, Township o? Bourbon, 10* Bds.. 1882. Jan'y, 1876, Coupn. $1,000 State of Tennessee Vk B?l. 1891 July, 1S71. Coup. For Account of Trustee: .3877644 (per cent) of iS.000 Suitepee Electric Li?ht & Power Co. lit Cons. Mtge. 6% Bis, du? May. 195S. Nov., 1917, Coupon on (un? divided interest). For Account of Whom It May Concera: 235 shs. Rincer Manufacturing Co. 20 shs. Texas Pacific Coal <fc Oil Co. 10 shs. Metropolitan Casualty Co. 20 shs. Fidelity Bond & Mortgage Co. 10 shs. Importers & Traders Nat'I Bit 60 sh?. Seaboard National Bank 1 sh. New York Law Institute. 1,000 shs. City & .Suburban Homes Co. $10,00'.? U. S. & M. Petroleum Co. ?* Notes, 1927. 1,000 shs. U. S. & M. Petroleum Co. 20 ordinary shs. Boston .'.? Mexico Pe troleum Trustees. $2,000 United States 4 ** Victor}' L?in Bonds: 20 shs. Erie R. R. common. 8,935 shs. Alaska United Gold Mining Co. 20 shs. United Cigar Stores Co. prefd. All the right, title and interest. If any, of the registered holder In and to Ctf. No. 14 of the Ultramare? Corpn. for 70 shs, of common stock. 600 shs. Snows Fountain Holding Corpn. common. 600 shr. General Tractors Inc. Common $1,800 New Orleans Ry. & Light Co. OenL Mtg. 6f. "B" Rond* 194?. $30,000 City of Sao Paulo, Brazil, 6fo Bda. 1943. $100 1"niTed States 4 *? Victory L?*n Bond. $200 United States 2d Liberty Loan 4?* Bonds. ?L. $200 United States 2d Llborty Loan 41i* Bonds. DIVIDEND NOTICES The Merchants Bank of the City of New York. M^rch 11th, 19??' The Board of Directors h.is 'h.s day declared a dividend of three per cent (3%) payable March 27th. 1920, tj stock? holders of record at 11 o'clock A. ??> un that date. OWEN E. PAYXTEK. Cashier. William FarreM Son, Inc. New York, February 26, 1920. DIVIDEND NO. 3 At a meeting of the Board of tHractora >f William Farrell & Son, Inc., held F?>> ?uary^e, 1920, a quarterly dividend ot U.75 per share was declared on th* PJ"*" ferred stock of the comptjy, payaD.? Vprll 1. 1920, to shareholders of record *? hey appear at the close of busto?? ?larch 20, 1920. JAMES T. WOODWARD, TresWtter. Railway 8te<eI-Sprinx rompan/. 30 Church Street. New York City. February 2Tth, 152?-, A quarterly dividend of ONE ?Ug FHREE-QUAItTERS PER CENT i\*??? las this day been declared on the PBJf* "ERRED STOCK of this Company. p?y?"'? ?larch 20, 1320, to Stockholders" of recot* dare h 6, 1920. The Transfer Books will not be closed Checks will be mailed by tbo Ban? "rust Company. H. & BANG HART, Treasure.