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W. F. Udd & Co. Investment Securities New York .,,.. S Montgomery ? Ward & Co. t ica'ar on request. 1 H. HENTZ & CO. | ESTABLISHED 1SD6 1 I 22 William Street New "iork |f 35 Congress Street Boston ? .Wir York Stock Frchance .Veri- Forte Co?fon K.cchanoe ? y??o Fi>rfc I 'offee oiici Suaar Exchange Kev York Produce Exchange Chicago Board of Trade u FOREIGN EXCHANGE Profit? possibl? of l.">0 to 1500?i m?T he made by buying FOREIGN BONDS. ALL FOREIGN C1TSES GOVERNMENT BONDS $tvd for Sprnal Circular Full Description and Prii es GIRGULAR NO. W-1000 Farson,Son&Co. MemWs New York Stock Exchange 115 Broadway, New York MILLER & CO. Members New York Stock Exchange The 1920 Edition Trader's Companion may now be obtained at our main office EQUITABLE BUILDING 120 Broadway or at our branch offices 212 FIFTH AVENUE 8. w Cor. 26th Street LONGACRE BUILDING N- E. Cor. 4:u.? St. ?- T?roadway NEW YORK F= HELLWIG & REUTTER Members /Vc_ York Stock Exchange INVESTMENT SECURSTIES *5 Broad Street, New York Telephone Broad 6230 THOMSON AND McKlNNON J?? Broadway, New York ?***S.US?_ St, Chicago ""??Mb. JUtl B*k Bldg., Inditoapolit ?... , Durir* the Season ?W?v/ew ftotel BeUea?r Fla u Jtf!_ v__ S,ocfc Change *?>>?* KmZ lork Cotton Exchange ^* ChlVork Produce Exchange nu??0 ^rKk Exchanga WZ?}0 ^ourd of Trade ?lRKr?^ZL" Grain ?change ?J^CT PRIVATE WIRES ite*1^??,?/011*"*? National Bank fl* SratarrmA rc*s"r?"- of the oom W?m*I5_ Bt?c><? of the Aeeo gpi?? Retrlseratln? Company. In U. S. Government Transactions Sale?. Liberty 3Vis. 1947. $319,000 do lut 4s, 1947. 78,000 do 2d 4s, 1942. 166,000 do 1st 4 Vis, 1947 do 2d 4 ft?, 1942 do !!<1 4 ft s, 1928 do 41 h Ifts, 1038 Victory 4%?. 1923. do 3%s, 192;? Liberty 3fts do 1st 4s. do 2d 4s... do 1st 4*4?. do 2d 4fts. do 3d 4 Vts. do 4th 4 ft?. Victory 4%s.. do 39.8..., Bid and Asked Quotations Closing; Yesterday. 96.98<S> 97.00 90.40? 90.56 89.10f<"i 89.20 90.70? 90.76 89.56(a) 89.60 92.54? 92.58 89.C2? 89.66 97.42? 97.44 97.40ft. 97.44 Closing: Saturday. 97.00? 97.20 90.40? 90.60 89.00? 89.10 9U.70I?. 90.80 89.36? 89.40 92.44? 92.48 89.64? 89.68 97.00? 97.50 97.50? ?? ?&* Liberty bonds. 3%S. 19.7 .... 1st Is. 1947_ 2d 4s. 1942. 1st 4 '-?s, 1947.. 2d 4fts, 1942... 3d 4.4s, 1928... 4th -!ft?. 1938.. Vic 4%8. 1923. do 3%s, 1923 Pre-war issues 2s reg, 1930_ 2s coup, 1930. .. 3s i-eg. 1946_ Os ctiup, 1946... 4s reg. 1925. .. . 4s coup, 1925. .. 2a Pan, c, 1936. 1 2s Pan, r. 1936. 2s Pan. c. 1938. ; 2s Pan, r, 1938. .'is Pan. reg. . . . 3s Pan. coup. . . Phil 4s, 1934. .. Phil 4s, 1935. . . Phil 4s. 1036. .. ?? D. Col 3s, 1965. Foreign Govt. and Municipal Bonds (Interest To Be Added) Bid. Anglo-French Extern 5s, 1920.. 97% Argentino Intern 5s, 1946. 72% Canada, Doni of, notes, 1921... 98 do 5s, 1921. 97.4 do 1926 . 91% do 1921'. 94 ft do 1931 . 91 Chinese Gv Hu Kug Ry 5s, 1951 45 ? Cuba Extern 5s, 1944. 90% do Extern 5s, Series A, 1949. . 83'-a do Extern 4 fts. 1949. 73ft Dominican Rep 5s. 1958. 79 City of Lyons 15-yr 6s. 1934_ 89ft .' City of Marseilles 15-yr 6?, 1934 89V* ! City of Bordeaux 15-yr 6s, 1934. 89V* ' City of Copenh 25-yr 5 fts, 1944 79ft ! City of Paris 6s, 1921. 90 i Jap Gov 4>-s string loan. 1925. 77 do 4fts, '2d series, 1925. 76 ! do 4s. string loan. 1931. fl ! City of Tokio 5s, 1952. 58 ' U K Gt Br & I 5-yr 5fts, 1921. 95% do 30-yr 5fts, 1937. 87% do 10-yr 5fts, 1929. 89ft do 20-yr Bfts, 1937. 87.* Mex Extern strl 5s of '99. 1945. 31 do Extern gold 4s of '04, 1954 23 Asked. 97% 73 ft 9 8 ft 97 ft 92ft 94 ft 91% 4 5'i. 91ft 92^ 74 81 89% *!'% 89% T9ft 90 ft 77 ft 76 ft 61ft 68 ft 96 88 ft 90 89 ft 39 29 Anglo-French 5s 8,000. 97 ft 25,000. 97? S.00O. 97% 97* 97A 97 ft 97% 97 ft 46,000 26,000. 1 000....'. 3?000. I 56,000. 1,000. - Argentine G 5s 1.000. City of Bordeaux 6s 18 000. Soft: City of Lyons 6s 00. 89ftj City - f Marseilles 6s 25.000. S3 ft | City of Paris 6s :. ? City of Tokio 5s 4,000. Dom t a?ada ?1-1 notes 1921 do 5fta 1929 LOOQ,... ! 1 000. . . . do 5a 1921 . mm_ 5.000_ do 5s 1926 10 000. 32 1,000.92V; do 5s 1931 i.oon. 3,000. Jap 1st ser 41 .! 2,000. 25 ooo. 4,000.s30f 1.000. .,000. 1.000. 77%.N 5.000.s30f. 76ft; do 2d ser 41'-. 2.000. 76ft 5,000. 76 2 000. 76 ft 2?0O0. 77 12,000. 76 ft 2.000. 76 ? 000 .... 76% 4,000. 76ft (S&les) 31.000. 76ft 3,000.s30f. 76% do stlg loan 4s 17.000. 61ft 45,000.s20f. 61 1.000. 61% 20.000.s30f. 60% 5,000.s30f. 60ft 20.000.s30f. 60% 97;V 500. 61ft 7.000. 6.1 72ft Rep of Cuba 5s 1904 73ft 1.000. 90% U K of Great Britain & I 5fts 1921 10.000. 96 15,000. 95ft 1,000. 95% 2.000. 95ft 6.000. 96 do 5 ft? 1922 2.000. 92% f..000. 92*-o 17.000. 92ft 3,000. 92% 7,000.92 ft 5.000. 92ft 6,000. 92% do 5fts 1929 13,000. 90 ft 11.000.90 1,000. 90ft 1,000. 90ft 2,000.90 ft 500. 89ft do Bfts 1937 30,000. 88ft 1,000. 88ft 20,onn. 88 5,000. 88ft 2,000. 88 1.000. 88ft S of Mexico 53 4.000. 31% Y Canal 4s I960 7.000. 95ft N Y City 4'-s 1967 90 ft 58% 94 ft 94 ft 97 ft 98 91**i 91 77'. 77 77 77ft U 77ft 3 000. 96ft do 4fts 1960 2 000.90ft 6 000. 90% do 4 fts 1964 10.000. 90% do 4fts 1966 15,000. 90ft Railway, Other Corporations Am Ag Ch deb 5s 2,000. 95 do cvt 5s 1,000. 95 Adams Express 4s 3.000. 56 Am Smelting 5s 5,000.s30f. 81ft 8.000. 82V* 2.000. 82% 5,000. 82 T & T cvt Cs Am lo.noo. 1.000. 1.000. 1.000. do col 5s 1,000. do col 4s 13,000. 78 4.000. 77 1,000. 78 Ann Arbor 4s 3.000. Armour Co 4fts l.OOO.82 10,000. 83 A T & S F gen 4s 8.000. 77ftiC 8.000. 77" 98 V* 98 98 ft 97 ft 82 56ft 73% 74% 73 ft 35% 35% Ches & Ohio cvt 5s 12.000.79ft do gen 4 fts 4,000.75 10.000.76 do cvt 4 fts 2,000.T_ 1,000. 1,000. 5.000. C & Alton 3fts 4.000. ..... 4,000. 4.000. 36 1.000.35ft B & Q gen 4s 4.000. 77ft do Illinois 3V.s 6,000.70ft do joint 4s 9,000. 95ft 25,000. 95% 2.000. 95% 10,000.s30f. 95ft 11.000.95ft 21,000.95% 1.000. 95% 13.000. 95% & E III gen 5s 10,000. 70 4 000.77% C Great Western 4s 2,000. 77ft 2,000. 55ft 5.000. 77%! 1,000. 56 11.O00. 77ft C M & St P cvt 5s 70 ft 70ft do adj 4s stamped 20,000. 69 AU C L uni 4>,.s 15.000. 75 do L & N Is L'.OOO. 67% 1,000. 68 Bait & Ohio 6s 12,000. 86 ft 5.000.86 38.000. 86 do cvt 4fts 3,000.64% do rfg 5s 1,000...... 64ft 1,000.65 1.000.64ft 3,000. 64 1,000.64% do p I 3 ft? 2.000. 83% 2,000. 83ft do Pitts L E & W Va 4s 2 000. 56ft do S v.* 3fts 5.000. 73 do T & C 4s 16,0 10.49 3.000. 48ft Beth Steel 1st 5s 1.000. 92ft do rfg 5i 1.000. 84ft 3,000.84% 7,000.84ft do p m 5* 8.000.84ft Braden Copper 6a 2.000. 91ft Calif Gas & B 5s 10.000.86 Canada So 5? 1.000. 83 1.000. 82ft Ccn of Ga By 6s 21,000._90 Central Leather 5. 3.000. 94% Ce:i New England 4s 1,000. 57 Cen Pacific gtd 4s 10.000. 72% " ooo . . . 72^ 2.000. 72U 1.000. 72ft 2,000.72% 1.000...... 72ft 86,000.72 ft do Siiort Una U tOumbwUnd Trf Bj 1,000...... ?7% e,M.m?mm> U SGi* B 18.000. .. 7.000. .. do cvt 4fts 1,000. 72ft 2.000.72 1,000. 72ft do gen 4s ser A 6,000.67 do rfg 4fti 1,000.61ft 3,000.60 ft 1,000.60% do 4s 1925 10,000.78 1,000.77% C ?t N W gen 6f 1.000.94ft do 5s 1921 2.000. 96% Chicago Ry 5s 2.000. 67 C R I & P gen 4.1 2,000. 73 do rfg 4s 17,000. 67 ft 1.000. 67% 3.000.67 ft 2,000. t.7ft 2,000. 67ft C & West Ind 4s 1,000. 59ft Chile Copper 7s 5,000.103ft 10.000.108ft 6,000.103ft do 6s 3,000....*. 79ft 6,000...... 79% 8,000.79 0 C C & St L gen 4s 1.000.67% Col & So 4fts 1.000.72ft 1.000. 72ft Col Industrial 5s 5.000. 74 Con G"?. tern 7. 13.'.mo.101 17 000.100ft 114.000.toi 4 000.101 ft 32.000.101 53.000.101ft 23,000.101% 15,000.101% 21.000.101% Corn Pr 6s 1934 2.040.?.Of. 99% 10,000...^. l._M% Den ARG imp 5a 1,000. 1.000.67%,Penn con 4%s 85 ?9% 90 8!? 89% 1.000., 2,000. do fis 1068 2.000. 5,000..?.., 2.000. do Ken 4%e 3.0i)0. 801.', 5,000. 80 ?4 4,000. 80$ 4,000. 80% P?re Marquette 5s 4.000. 80% 1,000. 86% 1,000.85 Va do 4s 1.000. 69% Phlla Co r>8 1022 000.87% Reading gen 4s 3,000. 78% 10,000.78 0,000. 78% 2.000. 78% 1.000. 78% Republic 1 & S 5? 1,000. 89% R I Ark & L 4'is 1.000. 62 3,000. 61 % 14.000. 62 St L Ir Mt & S 4s 10.000. 74% St L & R F ren Gs . 6.000.<jl% do 4s ser A 2.000. 58% 1,000. 58% 11.000. 58 V> 1,000. 58% 4,000. 58% 8,000. 58% 2,000. 58 ?? 12,000. 58% 12.000. 58% 2.000. 58% do 5s ser B 1.000. 60% 1,000. 69 1,000. 69% 2.000. 60 5,000_ fit. soi- C 1.000_ 3.000.... 5,000 do 69% 879$ 87 VI 87 2.000. 87% - . g7 66 65-% 66% 65% 49% 40 % 8.000.67% 2,000. 67 10,000.s30f. 66% do rfb 5s 4,000. 42%' 25.000.42 Detroit U Rys 4%a 3.000.67% 1,000. 67 Erie prior lien 4s 11,000. 55 do gen lien 4s 10.000.s30f. 40% 2.000. 46% 1,000. 46% 10,000. 46V5 do cvt 4s ser A 3,000. 39% do cvt 4s ser D 3.000.43% 1,000. 43 Gt Falls Power 5s 1,000. 89 Hock Valley 4%s 1,000. 69% Hud & M rfs 5s 2.000. 58% do ine 5? 2,000.18% 4,000. 18% 10,000. 18 1,000. 18% 111 Central 5%s 9.000. 91% do rfg 4 s 1,000. 72% do 4s 1952 1.000.69% do 4s 1953 2,000. 67% do C St h & N O Joint 5s 25.000. 81 Indiana Steel 5s 1,000. 91% Illinois Steel 4%s 1,000. 80% Interboro R T rfg 5s 1.1.000. 55 2.000. 54% 10,000. 55 Intcrboro-Met 4%s 10.000. 18 do ctfs of deposit 10.000. 18% Int Mer Marine 6s 12,000. 89 Int Agricultural 5s 1.000. 81'? 1.000. 80 Iowa Central 4s 1,000. 43% Kansas City So 5s 1,000. 70 do 3s 1.000. 55% K C Ft S & M 6s 2,000. 99% Lad?elo Gas of St L 1st 5s 1.000. 80 Lake Shore gen 3%s 1.000. 67 do if 1031 15,000. 8.1 2.000. 83% 2.000. 83 * Lack Steel 5s 1950 6,000. 89% 10.000. 00 I.ehigh Valley 6s 5.000.100% Lehigh V N Y 4'A s 2.000.86 Liggett & M 5s 9.000. 85"; do 7s 2,000.109 Lorillard Co 7s 1.000.109 do 5s 5.000. 86 12.000.85%. L ?ft N unified 4fl 1.000. 81% do So Ry joint 4s 1.000. 62% 1,000. 64% Manhattan Ry 4s 6.000. 56% Midvale Steel 5s 4,000. 82% 6.000. 82% 1,000. 82% Mian & St L 4s 1,000. 43% 1,000. 43% 1,000..'_43 M St V & S S M 4s 10,000. 78% M K. & T 1st 4s 1.000. 57% do 2d 4s ctfs of deposit 20,000. 32 Mo Pac i lie gen 4s 1,000. 56% 11,000. 56% 1,000. 56% 12.000. 56 Montana Power 5s 1.000. 86 Morris & Essex 3%s 5,000. 69% 20,000. 69 Vi Mor Lou & T 6s 4,000. 99 N Chat & St L 5s 1,000. 97 | New Orl Term 4s 1,000. 61% 2.000. 62 ; N Orl T & Mex 5s 29,000. 54 ?i N Y Central deb 6s 8,000. 02 1 5.000. 91% 5,000. 91% 6,000. 02 do rfg 4%s 8,000. 76% do rfg 3%s 1,000. 66 1,000. 66% do L S 3%s 1,000. 58% N Y C & St L 1st 4s 2.000. 78% N Y Gas B L H & P pur mon 4s 1,000. 64 N Y N H & H 6s 1.000. 75% N Y S Rys con 4%s 1.000. 52 1,000. 53 N Y Tel deb 6s 2 000. 95% 2,000. 95% 10.000. 95% N Y W & Br. 4%s 10 000. 42 Norfolk & W cvt 6? 1.000.101% 4,000.102% do d?v 4s 1.000.76 do con 4s 1,000. 75% 2,000.75% North Pacific 4%s 2,000.75% 1,000.75 do 4s 4,000. 75% do 3s 10,000. 53% 3,000. 53 2.000. 53% l.OC-D. 53,%? 3,000. 53V. 2,000. 53% do Terminal 6s 2,000.106 Ore Short Line 4s _ 3.000. 80% ?West Pacifia .,? Ore W K B 4 N 4s I 2,000. 82 10,000. 68% Wilson Co 1st 6s Pacifie G & E 6s 2.000. 96% 1.000. 79% do cvt 6s Pac of Mo 2d 5s 6.000. 91% 2,000.87 1,000. 92 Pacifie T & T Es 3.000. do adj 6s 16.000. . 12,000.. 5.000. . 6,000.. do inc 6s 9.000. . 1.000.. ? 13,000. 40 7.000. 48V. 18,000. 48% Si L S-.vn con 4s 1.000. 56 do Terminal 5s 1.000. G8 2,000. 67% St P M & M 4%s 1,000. 89% Seaboard A L 4s 1.000. 60% do rfg 4s l.OOO. 44% do adj 5s 8.000. 37% 1,000. 37% 1.000. 37% So Pacifie cvt 5s l.OOO.1033? 1,000.103i? 5,000.104 1.000.103% 13,000.103% 6.000.103% 1,000.103% do cvt 4s 1,000. 78% 10,000. 70 1.O00. 78% 5.000. 70 7.000. 78% do rfg 4s 1,000.74% do col 4s 2.000. 70 So Bell T & T 5s 1,000. 81% 1,000. 81 Southern Ry 5s Memnhis div 1,000. 85 do 5s 4.000. 85% do 4s 15.non./\r>o 1,000. 58% 15.000. 50 Tenn C I & R R 5s 1 000. 8S Tenn Copper 6s 000. 94% Texas Co cvt 6s 10.000.104% 1,000.104% Texas & P 1st 5s 2,000. 63% Third Av adj 5a 1,000. 30 lo.ooo. 20% do rfg 4s 3,000. 471:, 1,000.47% 1.000 . 47% 1,000. 47 Toi St L & West prior lien 3%s 3,000. 74 Union Pacifie 6s 1.000.101% do 1st Is 7,000. 82Vi 1,000. 82% 4,000. 82 do cvt 4s 3.000. 81% 1,000. 34% do rfg 4s 5.000. 72^1 5,000. 72% 2.000. 71% 3.000. 72% Un Rd of S F 4s ctfs of deposit 2,000. 20% 5,000. 20 U 13.000. 29% U S Realty & I 5s 7.000. 80 2.000. 70% U S Rubber 5s 4,000. 84% 10.000. 84% 1.000. S4% U S Smelting 6s 2.O00.102% U S Steel s f 5s 1.000. 96% 1.000. 96% 2.000.06% 2.000. 06% 2,000. 96% 3,000. 96% 1,000. 96% 2,000. 06% 1,000.96% 25.000. 96 Utah Power & L 5s 1,000. 81% Va-Car Chemical " 15.000.... Virginian Ry 1.000_ 10.000_ Wal.-ash 1st 5s 2.000 5.OO0!'.!'... Wiest Maryland 4s 1.000. 53 94% 817? 81%, 88% S? Mar Mar Mar Mtfr Mar Mar M ai Mar Mar ' Mar Mar ' Mar I Mar 1 Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar .M .1 r Mai Mar Mar Mar Mar Mar Stocks Ex Dividend 31?Allls-Chalmers Mfg pf. 28?Associated OH. 27?Atlantic National Bk. ex % & 25?Barnot Leather pf. 81?Central Coal & Coke. 31?Central Coal & Coke pf. 25?Citizen? National Ble of X Y. :?0?C, C, C & St L Ry pf. 26?Computing-Tabu In ting Record, 31?Consolidated Textile. 29?Continental Candy ?'oro Trop. 31?Detroit KiJiao'.i. :!! ? Fifth Avenue Haul;. 31?First National Bank.1 .'U?General Chem ex in com silt, 3 31?Gold und Stock Tel. 22?B F Goodrich, pf. 29?Great Northern Iron Ore Prop. Trust Ctfs. Ben Int. 26?International Harvester. 25?Jollet ?t Chicago R R. 36?Kan City, Ft Scott ?ft Memphis Ry Co Tr Ctf? 4s Gtd pf.... 31?Kansas City Southern pf. 17?Kayser & Co.?..?. 81?Monongahela Val Tr pf..,..M ?1?National Biscuit. 27?N Y, Ontario A West Ry. 31?Niagara Falls Power pf. 31?Otis Elevator. 31? do pf. 31?Pacific Gas and Elec. 31? Pacific Tel and Tel pf. 3?? Public Service of N J. 33?Reading Co 3d pf. 34?Republic Iron and Steel. 34?Seaboard National Bank. 1?U y I nil Alcohol pf. 6?Willys.Overland pf. 1% 1% 2% l?i 1 % 1% 3 1% 1 1% 1% 1% 1% 1 1 2 % 1% 1 IX 1% 1% 1% 1 William A. Read & Co. are forming a syndicate to underwrite and offer $12,000, 000 Canadian Northern Railway three and five year notes. The Canadian Northern Railway is owned by the government of the Dominion of Canada through acquisi? tion at its capital ?took, under authority ?of act? of t_e Dominion Parliament, Investment Information Questions of general interest to investors will be answered in this column, in which ease onl\i initials will be used. Others will be an? swered by mail. Address all in? quiries, inclosing a stamped, ad? dressed envelope, to Financial Editor, The Tribune, 15Jt Nassau Street, New York City. British-American Tobacco Company Question?What can you tell me about tha various British and American Tobacco Com? pany issues from a speculative stnndpoint? Can you give me the range of price? on this stock for severaj years, showing high and low??P. C. G. Answer?The British-American To? bacco Company, Ltd., has outstanding ?4,500,000 of 5 per cent cumulative pre? ferred stock and ?12,715,801 ordinary shares, for ?1. The latter has recently been increased from ?8,477,20,'}. The preferred stock is entitled to a high investment rating, the earnings being several times dividend requirements. The ordinary stock has shown earnings ranging from 26 per cent in 1915 to 52.76 per cent in 1919. Dividends on this issue are irregular. In 1919 they Were 30 per cent. This issue is enti? tled to a good speculative investment rating. Tho high on the ordinary was 32% (1912), and the low 14 (1915). No record of the preferred range. English Marconi i Question--Will you kindly give jiic what information * you can of English Marconi, both preferred and common? How much are the shares selling for, ni.d what is the divi? dend 7--A. IX S. Answer -English Marconi stock is at present, quoted at about. SI2 to $16 for1 the common and about, ??11 to $15 for I 1 the preferred. Dividends last year were : 25 per cent and 20 per cent, re.pec j tively. The company is doing very well, and both issues appear to offer good ! speculative investment opportunities. First Mortgage Certificates Question?Will you be good enough to ? give your opinion regarding the safety, etc., i of first mortgage certificates paying 5ft per I cent, such as issued by the New York Title : and Mortgage Company, in denominations of ! $100 and tip? Do you consider them a good i investment for small amounts ??T. C. Answer?The cert i lien tes issued by j the New York Title and Mortgage Com? ! pany are against funds loaned on real estate in New York City. These are all first mortgage. The company has a good record, and the certificates are entitled to a good investment rating, in our opinion. ! Consumers' Power Debentures j Question?Let me have youi" opinion as an investment for the 7 per cent debenture bonds of the Consumers' Power Company be? ing offered by the National City Company. ?F. W. H. Answer?These debenture bonds are entitled, in our opinion, to a fair in? vestment rating. Earnings of the com? pany at present are ample to care for the interest on this issue. Either a Good Choice Question?Before investing my $1.000 dol? lars 1 want your opinion. In following up your answers to investors I have decided to put my |1,000 in Wabash first gold 5 per cent bond, 193!?, or Atchison General 4s. Which one of the above would you suggest? Or would you invest in some good preferred Etock? Am 1 right in thinking the above bonds a gilt edge?- G. C. S. Answer?We consider both Wabasb first 5 per cent bonds and Atchison gen? eral 4 per cent bonds high grade invest? ments at present. The latter are the better, because the mileage covered is ; greater and the road has better credit i than the Wabash. We believe you would I make no mistake in purchasing either at this time. Eastman Kodak Preferred Question- -Kindly give me your opinion as to the safety of an investment in the pre? ferred stock of the Eastman Kodak Company and also what extra dividend, if any, hau been paid on same recently.?L. It. Answer?Eastman Kodak preferred stock is rated very high as an invest? ment. Earnings on this issue have ris? en from 111 per cent in 1900 to nearly I ?.00 per cent in 1916. The issue is lim I ited to ?i per cent. There are extra j dividends from time to time on the j com m on stock. In 1919 the common i paid 10 per cent and 30 per cent extra. Not So Well Seasoned Question How would you rate as r*.n in? vestment preferred stocks of American Loco motive ami Baldwin Locomotive; aiso how do they comparo with Atchison preferred pnd United States Steel preferred? Cannot cne invest safely in common stocks of com? panies whose preferred stocks you have recommended, if one buys when price is well down and feels reasonably certain that his own money requirements will permit him to hold Euch common stock as an invest men U. nell only at his convenience ?',l pur? chase .fee or higher??H. P. Answer?Both American Locomotive preferred and Baldwin preferred arc entitled, we should say, to be classed as good investments. We do not con? sider them so well seasoned as either Atchison preferred or United States Steel preferred. Investments in com? mon stocks often turn out exceedingly well. It depends, of course, when the purchase is made. One might have bought, United States Steel when it was selling at 135 and paying 17 per cent. This certainly would not have been a good investment. The main trouble with common issues for investment is that earnings quite naturally fluctuate and dividends are thus changed, as a matter of course. Our idea of an in? vestment is the purchase of security for income purposes only. Common Stocks With Merits Question - I would like very much ti> ob I tain your opinion regarding the speculative ! merits of the common stock < f the following i named companies: American Car and Foun 1 dry Company. American Woolen Company, ? Bethlehem Steel Company (either Class A or B), Central Leather Company. National Lead Company, United States Rubber Com? pany, United States Steel Company, Vir? ginia-Carolina Chemical Company, Standard Oil Company of New Jersey, i'ressed Steel Car Company. I fully realize that these are not in the strictly investment class.?R. R. M. Answer?All the stocks you mention have merits. AH have shown larga earning power t?uring the last few years and most of the companies be? hind these issues have taken this op? portunity to strengthen themselves by placing large sums back into the prop? erties. These stocks, of course, are all subject to fluctuations. The earnings vary considerably, thus rendering in? come from them somewhat uncertain. | The purchase of such issues as these ' might 'j-ive you plenty of excitement in ; the market, not because they are not ? substantial stocks, but because they are speculative favorites. This is one reason why we do not as a rule recom? mend the common issues for invest? ment purposes. No Longer Active Question?Would you kindly tell me all you know about Ranger Homer, a stock which wa? quite active on the curb last year??T. T. Answer?In the past year a large number of oil stocks after a few days of activity on the curb have, like the Arab in the night, passed silently on their way to obscurity. Ranger Homer Oil appea'rs to be one of this number. ' The company had no production of oil, I according to our last reports. Its ? principal holdings were said to consist : of leases on eighty acres in the Homer I field of Louisiana. Four full columns of in* vestment questions and an steers are published in The Tribune every Sunday. Prices Irregular On Curb in Active Market Oil Shares Prominent; Re? port Royal Dutch Inter? ests Buying Gen. Asphalt Trading: on the Curb proceeded at an active pace yesterday. All departments : showed a big turn-over. The price ? trend wrs rather irregular, although j the outside list had many points of ! strength. Oil shares were prominent in the' dealings. Dominion Oil showed a turn? over of 20,000 shares, rising from an opening of 14% to a high of 16. Deal? ings in Boone Oil reached a total of 37,000 shares, tho stock holding frac? tionally above 5. In connection with General Asphalt common stock, which reacted to 104 after rising to 107, it was reported that it was being, bought by Royal Dutch in? terests. Texas Company new stock moved in line with the old 3tock on the ex? change, and at the high of the day touched 56%. White Oil jumped from an opening of 28% to 33 and closed at 31%.* It was announced that the com? pany has brought in a new well flowing 5,000 barrels in tho Claiborne field. This well is said to be an important de? velopment, as it extends the Homer pool more than a quarter of a mile to the west. Russian government external bonds were firmer and rallied above 30. Industrials gales. Open. High. Low. Last. 630(1 ?Acme Coal... 2% 2% 2% 2% 3000 ?Aetna Explos. 9% 0% 9% 9% ion ?Alumin Mfg.. 2:1 20 20 29 3000Amalg Lcath.. 9% 0% 9% 9% 400 'Am H S S wi. 75 75 74 H 600 ?Am Radi?t wi. 83 83 82 83 501.) Armour Leath. 17 17 17 1? 600 *Br-Am Cliem.. 8 8 8 8 1000 *Br-AmTobcp. 20 20% 20 20% 3000 ?Bucyrus Co... 2!) 30 29 30 700 ?Butler Bros... 52 54 52 53 100 ?Car Lt & Pwr 2% 2% 2% 2% i 2500",} i c Plow... 21% 22 21 21% ? 3500 ?Clove Auto... 86 90 82 85 900 ?Cu-Am Sug wi 46% 47% 46% 47 2500 ?Farrell Coal... 39 42 38 42 100 Kirer.tone K pf..l7o 170 170 170 SHOO ?Gen Asphalt..104% 107% 104 104% 1600*Goldwyn Pict. 22 23% 22 23% 100 ?Goodyear T pf.410 410 410 410 K.oo Grape-Ola. 1A 1 ft 1ft 1ft 1300 do pf. 2A 2<V 1ft l.ft 5400 ?Here Paper... 15% 16% 15 16% 3000 ?Hoyden Chem. 4% 5% 4% 5% 200 ?Hydraulic Stl. 33 33 33 33 150O Indian Packing 15% 15% 15% 16% 100 ?Kav Co Gas. .2222 550 Keystone Sole.. 13% 13% 13% 13% 400 ?Lib McN & L. 27 27% 27 27% 400 ?Locomobile n. 20% 21 20% 20% 100 ?Mercer Motors 21 21 21 21 30O0 Mont Ward.... 38% 39% 38 38% 500 ?Nat Coal & I. 42 43% 42 43 500 No Am P & P.. 5% 5% 5% 5% 200 ?Orpheum Circ. 30% 30% 30% 30% 400 ?Peerless Mot.. 41 45 41 45 500 Perfection Tire 3% 3% 3% 3 Ti 3200 ?Press T & R.. 4% 5 4% 5 200 ?Rainier Mot.. 42 42% 42 42'', 000 ?Republic- Rub. 4% 4% 4 4M 500 ?Radio Co wi.. ' 2% 2% 2% 2*. 800 ?do pf. 2% 2% 2% 2$ 100 "Root ?6 Vand.. 51 51 51 51 Jon ?Spiecr Mfg pf.115 115 115 115 200 ?Stand (?as & E 38 38 37 38 300 ?do pf. 39% 39% 39% 39V! 20(10 Submarine Boat 16% 16% 16 16 1500 ?Sweets Co Am 5% 5% 4% 4\j 700 ?Swift Inter... 45 46 45 45V 600 ?Tcmt C&K Pr. 40% 41 40% 40% 100T Sq Auto S vt 30 30 30 30 ' 3700 ?Tob Prod Exp 21 21 20 20 V* 225 ?Tod?! Shipyda.175 180 175 180 " 6500 ?Triangle Film. % % % V. 500 ?United Motors 63 64 63 64 2500 Unit Profit Sh. 2% 2% 2% 2V 35oO ?Un Pic Prod. 16 16% 15% 16 8000 ?If Ret St Can. 14% 14% 14 14V 300 ?U S H Sp T.. 31% 31% 31% 31V 20000 U S Steamship. 3 3% 2% 3 500 U S Transport. 10% lo% 10% 10? 400 ?United Zinc.. 2% 2% 2% 2V 500 ?V Vivaud Inc. 19% 20 19% 20 loo ?Warren Bros.. 60 60 60'" 60 100 *W Rock Wat.. 6 K 6 ?J 400 ?William Davies 42% 42% 4?% 4'-'i 800 ?Willys Corp.. 20 " 20% 19 *5 400 ?dolstpf... 95 95% 05 95V 400 ?do 2d pf_71 74 " 72% 74 Standard Oils | Sale?. Open. High. Low. Last. I 35 ?Stand O (Cal) ? 355 354 355 107 ?Stand O (N J) ? 855 842 851 65 ?Stand O(N?)- 47Q 468 470 Other Oils ! Sale-. Open. High. Low. Las j 2400 ?Allen Oil ... 2% 3 2% 3 : 6000 ?Allied Oil . . ft % ft ' : 6500 ?Amal Royalty 40 41 " 58 41 5900 f Anna Bell WO 66 68 66 67 800 "Ark Nut Gas. 32% 32% 32 32 27000 ?Boone Oil ... 5% 5% 5% 5' 5000 ?tBost-Wyo Oil ! ,-, 1% 1 y. 1 800 ?Carib Synd... 32'.. 32% 32 32 300 ?Circle Oil ... 3% 3% 3% 3' 500 ?Cit Ser B T sh 40 40 39% 40 400 ?Colombia Em. 10% 10% !)% 1?) 1000 ?Cosden & Co. 9 0% 9 9' 8200 ?Gushing Pet.. VV % ft : 20000 ?Dominion Oil. 14% 16 15% 16 700 ?Elk Basin Pet 10% 10% 10% 10' 1500 Engineers Pet... 1% 1% 1% V 1000 ?Esmeralda O&G 3% 3% 3% 3' 800 ?Federal Oil .. 3% 3% 3% 3' 300 ?Gilliiand Oil.. 44 45 44 44 200 ?do pf . 97 97 96% 961 j 1500*Glenrock Oil. 3% 3% 3% 3 5000 ?Home OR of T 2% 2% 1% 2 700 tHome P of D. 3% 3% 3% ?? 500 ?Houston Oil.. 118 119 116' 116 ! 4200 ?Hudson Oil... % {s ,*, > ! 1200 ?Internat Pet. 42% 43 42% 42' ? 6000 ?Invincible Oil 39% 41 39',? 40: ? 5000 ?Island Oil & T 4% 6 4% 5 !>00 ?King Pet Corn .". :i 2% 3 100 Livingston Oil. 1% 1% 1 % 1' 400 ?I.ono SlJir Gas 36 36 35 35 600 ?Manhattan Oil 20 23 20 20 500 ?Maracaibo Oil 19% 19% 18% 18' 400 McKenzie Oil.. 6% 6% 6% 6' ?? 1800 ?Merrltt Oil Cp 21% 21% 21% 21 = 3000 ?Metex Pet .. 5 5 5 5 2000 Mex Petroleum. 3 3 2% 2' 1500 ?Midwest Ref.. 173 176 173 174 400 ?Midw-Tex Oil. % % % 3000 ?Mort P of Me 3 3% 2% 2' 2000NAmO&Ref 4% 4% 4% 4 1500 ?Ohio Ranger.. % % % : 700 ?Okla Nat Gas. 42 42% 41% 4L 1900 Omar O & G n 5% 6% 5 5 100 ?Panh Pr & R. 19 19 19 19 100'Panh Pet pf. . 81 81 81 81 100*Pennok Oil .. 7% 7% 7% 7' 2500 ?Phil Pet (x).. 38% 39% 37 39 2500 ?Prod & Ref.. 9% 9% 9 9 1200 ?Red Rock Oil. 1 1 1 1 500 ?Riekd Tex Co. 1% 1%. 1% 1 2500 ?Ryan Pet .... 3% 4 3% 3' 3000 tSalt Crk Prod 52 52% 50 51 1000 ?Sapulpa Rcfg. 5% 5% 5% 5; 200 Savoy Oil . 6 6 _ 6 __ 6 1100 Sequoyah O & R ft ft ft 4000 ?Simms Pet ... 35% 35% 33% 35 800?Skcliy Oil .... 11% 11% 11 11 600 So SUtes CC. 1% 1% 1% 1 1100 Spencer Pet C. 22 22% 22 22 1000 ?Stanton Oil .. % % % _: 100 Steiner Oil .... 6 5 6 5 200 ?Superior Oil.. 18% 18% 18% 18 600 ?Texas Chief O. 20 22% 20 20 10000 ?Texas Co w i. 64 56% 53% 65 2000 Tex & P C ?ft O.107 116 105 113 3000 Tex-Ran P & R 1% 1% 1% 1 9200 ?Texon O & Ld it it % 1000 ?Trinity Oil ... % % ?% ?? 100 ?Tropical Oil... 21% 21% 21% 21 11000 ?Un Texas Pet 1% IV* 1% 1 50o ?Valeerde Oil.. 9 9 9 9 1400 ?Victoria Oil... 1% 138 1% i 500 ?Vulcan Oil ... 7 7 i ' 800 ?Whelan Oil . . I I ',. ?J ?2. ?White Oil _ 28% 32 '-8% 31 Mining Sale?. Open. High. Low. La? 12800 Alaska-BrC M. 1% %'* }ff j 1?00 ?Arizona Silver 1% H? >M j! 3 500 * t Atlanta. 3 % 3 % 3 ? 3 2700?tBelch D (ap) U -J J? 10 4S00 ?Belch E (ap). 12 12 11 1 3500 Big Ledge. % ,9? .ft . 2000?tBooth. 6 6 ? | 8000 tBost ?ft Mont.. 74 75 73 i5 900 Butt?-N York., % % ?% ofl 3300*tCaledonIa... 36 36 3o 86 1000 Canada Copper. 1% 1% 1J4 * 2600 ?Candelaria Sil. % % ?9s 15700 ?tCashboy. 9 10 9 10 ! 7300 Cons Cop Min. 4% 5% 4% 5 200 ?Cons Vir Sil v. 3% R% 3% 3 i 9300 ?Cortez Silver.. 54 56 o3 5;> ' 1500 ?De Beer Con.. 41% 41% 41% 41 I.-,."i0 Dolores Espec. 2% 2% 2% (900 Divide Ext (ap) % % [k , 18000 ?Eureka Cr M.. 1% 1 34 1 ;"8 - 11200 ?tEureka' Holly. 1 i% I ft 1% J 2000 El Salvador Sil. -Va 3 -'? ' ? 700 Emma Silver... 14 15 H 1? ! 41.0 "Forty-nine M. 1% 1% ' ' 3700''Gold Zone D. 26 26 25 .26 700 ?Golden Gate. .11 % ! 4500 ?tGoldneid Cons 13 13 12 13 4300 ?tGoldfleld Dev 6% 7 6 7 4300 ?tGoldtleld Mer 6% 7 6 7 2000 ?tGreat Bend.. 3 3 3 3 ' 420 Hecla Mining.. 4% 4% 4% 4 300 ?Hond-Am Syn. 18 18% 18 18 600 ?Howa Sound., 1% 4 3% * 820 ?Iron Blossom?, i* -?t % me Ojrj) HALL OF ReCOWJDS It is given to few Banking Institutions to be so closely identified with the progress of a great City> as the Merchants' Bank and the Bank of the Manhattan Company with the official life of New York through their dis? tinguished founders, directors and stockholders. * Of the Merchants' Bank founders, such notable men as Richard Yarick and Sarau?l Jones held office as Recorder of the City. *- For 108 years, indeed, each successive Recorder was ex-officio a Director of the Bank of the Manhattan Company, by virtue of the 2000 shares of Manhattan stock subscribed in 1799 by "The Mayor, Aldermen and Commonalty of the City of New York." r Wherever one touches the progress of the City for more than one hundred and twenty five years, one finds the inspiration of men connected with one or the other of these Banks ? and often with both at the same time. 1 Perhaps a foreshadowing of this latest step of progress, to take effect on March 29th ? the consolidation of the two Institutions into one great Bank, with capital and surplus of about $20,000,000 ana lotal resources of more than $200,000,000; with an office uptown on Union Square, and offices in Long Island City, Jamaica, and eleven other industrial centers of Queens County; and with greatly increased facilities in every department. / Markinga new era of progressive service to customers, under the personal direction of the same Officers as before the consolidation. Pending this format consolidation with the Bank of the Alannattan Company on March 29th The Merchants* National Bank commencing March 1st, again uses the Corporate Title under which it was organized in 180J? Merchants' Bank of the City g^New York 42 Wall Street New issue / $3,500,000 Province of Quebec B% Gold Bonds Dated March 1, 1920. Due March 1, 1925. Principal and semi-annual interest payabls in gold in New York City or Montreal. $1,000 denomination, coupon bonds. These bonds are direct and primary obligations of the Province of Quebec. The proceeds of this issue are to be used for refunding purposes. Quebec is the largest province in Canada and includes the Cities of Montreal and Quebec. We recommend these bonds for investment Price 95.84 and interest, to yield 7 Per Cent - (For payment in United States funds) Complete circular on request Harris, Forbes & Co New York The National City Co New York 2500 ?tJim Butler.. 23 24 23 24 22000 tJumbo Ext.. 10 11 10 11 2f.00 ?tKnox Divide. 10 11 10 10 100 La Rcee Ltd.. % % % a 8000 "tMacNam Min fg *. * Va i 2500?tMarsh Min.. 18 18 17 18 lOOOMaaon Valley.. 2% 3 2V? 23 600 ?Mothcrlode C. 5 5% 5 &% ?OONipissing Min. 11% 11% H H 200 Ophir SU M Co % % % % 1800 Prince Con.... ?4 % % % 1000 ?Ray Hercules. 1111 ?Oi'OO ?Red Warrior. . A % V* 9s 1000 Rex Consol.... 9 9 9 9 S.'iOO Roper-Gr M Co V? A % t? 700 ?"Silvci Dol M. '?? '_ ?_ % 2000 Silv K of Ariz. .000 ?tSilv King Div 3700 ?tSilver Pick.. B00 SUnd Silv Ld.. 1200 ?t Success Min. 3700 ?Suth Divide.. 1200 ?Tono Belmont. 750 ?Tonopah Div.. 350 Tonopah Ext.. 470?Tonopah Min. 800 United Eastern 3000 ?tU S Con M.. 2500 ?.Vio D (ap). 11000 tWash Gold Q. 3200 tWeat End Con 6500 tWh Caps Min 14 1200 tW C Ex (ap) 2V. 2500Wilbert Min... 10 Bonds Sales ?000 omitted). Open. High. Low. Last. : .20-?Allied Pack ti.i. 77 771- 77 77 B ?Am T & T 1. VI. 85% '.<-!,. u-\ ??55^ 1 "Belg Gov 6i 1921 97% 97% 07% '.17s, '? ? *do 6s 1925- 95.g 95% 95% 95%! 1 ?CCC &. StL26s '29 88V. 8. 88i-.'. 89' 25 ?Gen Elec 6s 1940 99% 99% H9^8 HjV, 1 ?Gov of Swed 6n. 91 91 91 91 25 ?Rua Gov 6V2S.. 30 31 29 30 1 ?Swiss Gov 5%s. 87 87 87 87 90 ?Tex Co 7s note? 99% 99% 99% S9\i ? Unlisted. fSell cents per share. Canadian Bonds Quoted Above Par in Toronto TORONTO, March 22.?Two issues of Canadian government bonds were above par to-day as the result of an advance authorized by Sir Henry Drayton, Minis? ter of Finance, at a conference with bond dealers. One issue is quoted at 102 and at one at IOOV2, while a third is at par. Advances were authorized rang? ing from a quarter of a point to a full point, as the result of indications that there were more buyers than sell? ers and that some issues were scarce. Four issues are below par, ranging from 97 to 99%. s - Bankers Trust Company has been ap rDinted transfer scent and dividend dta ursins; agent for the voting- trustees Class B stock of the MID Factory Corpora? tion. Sound Investments At Attractive Prices Write or call for our pam? phlet describing 17 unusually desirable 7% and 8% pre? ferred stocks protected by high average earnings, large assets and favorable records, John Burnham & Co. 41 South La Salle Street CHICAGO Sale of French Bonds , Here 81,000,000 Francs1 Government May Seek to Have Internals Listed on Stock Exchange The French Financial Commission, at 2 Rector Street, yesterday announced that subscriptions in the United States to the new French internal loan had ex | ceeded 81,000,000 francs. The campaign ? officially closed Saturday, but only tentative totals v.*erc available vester ?dav. It was said at the officer; ol the com? mission that an application would prob? ably be made in the near future to have ' the bonds listed on the New York Stock i Exchange, and that, at any rate, an open j market in the bonds will be encour? aged. The bonds, which wer? sold st par in francs, are redeemable within sixty years at 169. Under this Arrange? ment the cost of the loan to the French LIBERTY BONOS All denominations bougrht fer cask Baaed on tb. riesln* w. par: ?48.4.. for ? $50?3.4.? Bond. 65 Conpone $45.05 for a .30?2d 4%% Bond, 1 Coupon ?45.83 for a $50?Sd *%?/. Bond, No Conpone 85.2? for m $50??th *y4% Bond. S Coapone 8.86 for ? $50??th 4%;? Bond. 7 Coupons PURDY & CO., r?L John *174-?-?-T. $4 ?no Wsm ?. T. Texas Pacific Coal & Oil Stock J.K.Rice, Jr.&Co. ! Phonos 4000 to 4010 John. S ? Wali St.. N.Y. ; government will be slightly, less than 6 per cent. I Subscriptions were taken by bank? ? in various part? ef the country.