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ffTi., ?JJ?- im ' ?lUL *????? SECURITIES OFFERED AND WANTED JJK.RIcc,J?P.&Cc>.Biiy*Scll American ?Cyaaamld ?Com. * Wl Aluminum Co. of America?. Atlas rot-tlam. C?m*nt C-tMM. American Piano Con?, ft M?. American Dirt. Tel*, ?if?. ??. American Chifle Com. ft Pfo IVink of America ? . _, . . ,. , ?xBank of Manhattan Co. "Rights I Continental Irannuie? Chllds <Re?*t.) Com. ft M. , Klsemann Magneto Com. ft PW. Km pire Steel ft Iron Pfd. F.. IV. SUm Com. ft Pfd. Fidelity-Phenix Insurance F-trmeni Ix>an ft Trust Stock Franklin Insurance ???raranly Trust ?tireenwle.h Bank Glens Falls Insurance Great American Insurance Home Insurance B. W. .lolins-Mat-vUle Com. Klrby Lumber Com. ft Pfd. l.ehigh Valley Coal Salea Manning. Maxwell ft Moore Mahoning Coal R. R. Com. Mechanics ft Metals Bank "Right*'* N. Y. State Rys. Com. ft Pfd. ft 4%i North River Insurance Niagara Insurance National Fuel Gas iVmiii. Coal ft Coke Pocahontas Fuel Com. Singer Manufacturing I? Singer Manufacturing ; Texas Paciiic Coal ft Oil V. S. Fire Insurance . Victor Talking Machine j Winchester Co. Stocks J.K.Rice,Jr.&Co. Phcnes 4000 to 4010 John. 36 Wall St., N. Y. I BUY?SELL MIDWEST REFINING CO. MERRITT OIL CORPORATION ELK BASIN PETROLEUM CO. INTERNATIONAL PETROLEUM IMPERIAL OIL CO., LTD. SAPULPA REFINING CO HOUSTON OIL CO. ATLANTIC LOBOS OIL CO. MAGNOL?A PETROLEUM CO. NATIONAL FUEL GAS CO. COSDEN & CO. GULF OIL CORP. HUMBLE OIL & REF. PRODUCERS & REFINERS CORP. CARL H.PF0RZHE1MER & CCX Dealers in Standard OU Securities Phones. 4660-1 -2-3-4 Broad. 25 Broad St.. N. Y. Metropolitan 5 and 50c Stores Kaufman Dept. Stores Manhattan Elec. Supply Godchaux Sugar Com. & Pfd. Central Aguirre Sugar Guantanamo Sugar Mbrt<m lachcribt nch. & Ca dj*2 Er-?i-ul Streets ^.w^tbxlx^a CtUCt?O DETROIT PHILADELPHIA PITTSBURGH We Specialize in WINCHESTER COMPANY Full information on request BAMBERSER, LOEB & CO. 25 Broad St. New York Tesas Pacific Coal & Oil Empire Steel & Iron Central Aguirre Sugar Fajardo Sugar ? Commonwealth Fin. Com. & Pf. Aetna Explosives 6s CC.Kerr&Co. 2 Wall St., N. Y. 'Phone 6780 Rector. Babcock & Wilcox U. S. Worsted Woodward Iron FREDERIC H. HATCH & CO. Established 1888. 1 hone Kector 6340. 74 H'-.vuy, New Vork. WIRE CONNECTIONS. Boston,. Chicago, Philadelphia and Montreal -n-Tri?m? ? ?i??inn ? .,.,mm ,_ Mark A. Noble Theodore C. Corwin MOBLE & CORW?N 25 Broad St. New York Gt. Amer. Ins. Phelps Dodge Lawyers Mtg. Ingersoll-Rand Pfd. Telephone lili Broad > \ner. Cyanamid R. J. Reynold? Tob. .. \V. Eliss Fajardo Sugar ?uar?nty Trust Savannah Sugar Stos;e,Prosser&Doty 52 William St. Hanover 7733 ?kiil Ortler Shoe Trade Good Large sales of shoes are reporteck b' representatives of local mail ordei houses, who declare that business wai never better at this time of the year Sortie of these companies have built am are t**perating factories of their own, in stead of purchasing their supplies from regular manufacturers, and t< Hal?! report that results are entirel? satisfactory. Many of the largest mai orders for shoes are said to be com ing from the Southern agricultura sections. The number of pairs of sample shoe: carried by traveling salesmen ha? beei red need by several manufacturers ant distributors, as a result of the decisiot O-f the New 'tork retailers to cut thei; P'-olits from f> to 10 per cent. Thesi manufacturera do not care to , hav< large numbers of shoes in transit a old prices, believing that if the prict of footwear is reduced they will hav< little difficulty in disposing of their en tire stocks. Financial Items The Guaranty Trust Company of New Tori; has been appointed registrar of the preferred arid common stocks of the Wal? r-?.- Clothing Corporation. \\ ?Uiani II. Devlin has been appointed cashier of tho Cosmopolitan Bank and William B. Chamberlain, assistant cashier. Henry Heirnendlnger anil ?loseph Sullivan WCr* also appointed . assistant cashiers. Stockholders of the company voted to double the capital f.tock. Shai-es are now 'SI25 each, which increases tho surplus In proportion. B. F. Hutton A Co. have discontinued their o?fiee at the Royal Polncl&na, Palm "rtr-irh. Fia., but will continue their office ?At !'he Breakers. Miscellaneous Markets Public Utility Securltte. Steokt \m I.i*ht A T com.lug do pf. 89 \drlonrtack El Power com. 10 do pf. 73 Vmerlcan Gas & Electric com.. 12* do pf.;. 3R km Power & Light com. t* _0 pf. 69 Km Public VtlUtt.8, com. 7 do pf .? A.nier Waterwork Electric. 3 km W W & E participating p?. 5 Inier W XV & B let pf. 46 Carolina Pow & Lgt com. 34 ClUles Service com.388 do pf . ?9 V. do bankers' certificates. 33 li? do 7 p o serles B. 1966.164 do 7 p o s?ri?e C, 1966.100 Colorado Power com . 14 do pf . SO Commonwenlih P R A L, com. 17 do pf .;. 40 Denver Gns & Electric Os. 87 Electric Bond & Share pfd.,.. 89 Empire District Electric pf... 65 Federal Light & Traction com 5 do pf . 42 Oas & Electric Securities, com.300 do pf . 80 Northern Ohio Electric, com... ? do pi .? Northern Ontario _, & P. com. 10 ? do pf . RO Northern States Power com,... B0 d.o pf . 86 Paciilc Gas & Electric pf. 83 Republio Ry & Light Co. com 17 t?o pf . 64 Southern California Edison com 86 do pf . 99 Standard Gas & Electric com. 18 do pf . 39 Tennessee Ry L & P com. 1% do pf. 6 V. United Light & Rys com.24 do 1st pf . 6? Western Power, com . 17 <lo pf. C8 Bonds Appalach Power 1st Cs. 65 Cincinnati Gas & Elec 5s, 3 95G. SO Col Gas & Elue Cs. 1927. 79 Colorado Power, 1953. 75 Dallas Elec 5s, 1922. 99% Enst Texas Electric 5s. 1942.... 75 do 7s, 1921 . 99 El Paso Elec col 5s. 7 9 Asked 193 91 14 ?78 127 Bid. Asked. 40 68 ?72 13 26 5 9 PI 37 395 71 41 103 18 95 20 44 93 93 65 7 47 4 0C 85 20 65 14 55 D5 90 85 10 67 87 103 20 41 3 8 20 65 19 71 67V4 70 81 80 82 100 83 Kl 90 75 73 8? Cosden As Co Cosdcn tt Co new.<. 43 Elk Basin Petroleum Co. 10 Houston Oil Co com. 110 Imperial OH, Ltd. 120 Magnolia Petroleum Co . 430 Merritt Oil Corp . 19 Vi Midwest Refining Co . 169 Northwest Oil Co . 38 Producer? A Refiners Cpn com 8% Bapulpa Pefinlng Co. 6ft New York City Bond? Security, rate, maturity Bid Ank Inter 4%s i<i67. 97 87% do 4 Vis, 1905. 97 97',4 do 4%s. 1963. 97 97% do 4Vi?, 19R7. 97 97Va do 4Vi^. 1966. 91 V4 do 4V?B, 1964. 9114 do 4%s. 1962. 91% do 4%. 1960. OlVi 98 92 SSI 87% 87*4 87 % 87 92% 80 80 ?1.70 91% 86% 86% 80% 86 91 78 78 ?1.80 4.89 5.00 4.60 ? 44 10!; 120 1?5 450 SO 171 45 8 71 6% Yield 4.62 4.04 4.65 4.65 | 4.09 4.69 4.70 4.70 I 4.70 I 4.70 I 4.70 | 4.71 ! 4.75 4.61 4.66 4.66 Security, rate, maturity. Bid Ask Yield Federal Farm Loan 4 Ha, 1938 op 1923. 96Vi Federal iMivm Loan 4%s 1937 op 1922. 06V4 Joint Stock Land Bank 5s, 1933 op 1924. 97V. Joint Stock Land Bank Cs, 193S op 1923. 96% 97% 9.7% 08 % ?8% 4.71 4.71 6.13 6.13? Short Term Securities 94 y 100% 101 101 101 95 Vi i no u 6.00 4.60 4.60 Great West Power Cs. 1946- 79% Midwest Utilities Cs, 1925. 85 Miss River Power 1st Es. 74 North Ont Light &.P 6s. 68 North States Power 6s, 1926.... 83 ?Ex dividend. Sugar Stocks Bid. Asked. Bid. Asked. CardAm.. 18 22 Mat-Am pf 70 do pref. 70 80 Michigan.. 11 C Aguirre. P0M> 92 National .163 Fajardo . .14S 152 Ni Niqueo.250 Gt West..490 f.2() S Cec new 13 do pref.113 117 do pref. 73 Guanta'mo. 7S 92 Savannah.. 46 Mat-Am .. 78 82 do prsi. 92 do 4%s. 1960 op 30 do 4s. 1969. do 4s, 1958. | do 4s, 1967. Reg'.sered 4?, 19CC-1956.. do 4s, 1936. 7ner 3%s, 1964_.*. Coupon 3',4s, 1964.'.. Re? 3%s, 1950-1954 Inc.. ilo 3%s, 1940-1950 Inc. . Reg and coup (serial) 4',4s, 1919-1930 lnc . Reg and coup uerlal) 4%s, 1319-1931 inc. . Reg and coup (serial) 4%s, 1919-1932 lnc. 6.00 New York State Bonds Issued In coupon and registered form; not Interchangeable. Coupon bonds regls terable. Security, rate, maturity Bid Canal Imp 4'?s, 1964-104 Highway Imp 4%s, 1963.104 Canal Imp 4Vis, 1966-99 Highway Imp 4%s, 1966.. 99 Barge Can Ter 4V4s, 1946 99 Highway Imp 4s, 1967- 95 Canal Imp 4s. 1967. 95 Highway Imp 4s, 1960 1962 lnc . 95 Highway Imp 4s, 1958 ... . 95 Canal Imp 4s. 1960-1962 inc . Barge Canal Term 4s, 1942 and 1946. Canal an.l Highway 3s, 196613 9 . Federal and Joint Stock Land Bank Bonds Federal Farm Loan 6s, 1938 op 1923.100% 101 Vi 4--? Federal Farm Loan 4V4s, 1939 op 1924. 96% 97% 4*70 99 T4 95% 86% D5 88% 00% 95% 85 94% 88 98% 100 99% 100% ?in 99r*i 95 96 V4 09 T- 100 % 9 8 <% 09 96% 88% 90% 9H 92 ' 95 95 95 on application. 76 12 167 <: Am Cot Oil Cs. -.924. 05% 06% Am Tel & Tel fis, 1922- 06% 96% do Its, 1921 . 9-J4 Am Thread 6s, 1928. 97% Am Tobacco 7s, 1920-100 do 1921.100 do 1823 .100 do 1923 .100 Anaconda Cupper 6s, 1929 84 An-A O Co, Ltd 7%s, '25.100 Armour Conv 6s, 1920~'24 99% 101 Bethlehem Steel 7s, 1922. 99% 99% do 7s. 1923 . Canad Pacific By 6s, 1924 Cent Arg Ry 6s, 1927. C, B & Q joint 4s, 1921 . . C, C, C & St L 6h, 1929. . Cub A Sug lot lien Cs, '21 Cuilaby Packing 7s. 1923 Delaware _? Hud 6s, 1920 Fed Sug-lief fis, 1924 ?en Electric fis, 1920 Great Northern Ci. 192".. <!ii!f Oil Corn fin, 1921 .... Gulf Oil 0s, 1922. Hock Vai ItR fis, 19 24.. . tnterb Rap T con 7s. 1921 70 74 3 Hold Pack 7s. 1920- 99% 100'. .1 Dold Park 7s. 192!- 99 100% J Dold Pack 7s. 1922. 99 100 .1 Dold Pack is. 1923- 09 100 Kansas City Ter 6s. 1923. 96% 98 Kennecott Copper 7s, 1920 94% Uii Lacledo 1st & Ret 7s, 1929 95 96% Llg & Myers 6s. 1921- 98 98% Molino Plow 7s, 1920. 99 101 Mollne Plow 7s, 1921-98% 101 MoIIne Plow 7a, 1922-98% 101 Mollne Plow 7s. 1923-98% 101 Molino Plow 7s. 1924_ 98% loi N Y Central fis. 1920_ 98% 99% Philadelphia Co 6s. 1922. 94% 95 % Pcnn Co. 4%s. 1921.... 90% 07 Procter & Gamble 7s. 1921 .100 100% do 1922 .100 101% do ?I-.3 .100 100U Public Berv N" .1 c 7s. 1922 86% SS H J Remolds Tub fis, 1922 9.7% 98 Vi .Southern Ry Cs, 1922. 93% 94% St Paul UDep gr 5%s. 1923 96 97 Swift Cs. 1921. 98% 99 Texas Co 7s, 1?-3. 98% 99 XV India Sug Fin 7s, "29. 93 37 Ptah Securities Cs, 1932.. 85 87% West Elec Co conv 7s, 1925 98 98% 7.05 7.96 7.70 6.15 6.90 ti.20 6.70 6.60 6.65 7.45 7.16 7.10 7.30 8.10 7.90 6.00 fi.95 5.90 6.90 5.75 7.10 7?05 7.45 0.40 i' 70 7.00 7.00 6.. 00 7.60 t?.90 5.95 6.20 6.46 6.55 ti.60 7.05 8.80 6.20 0.25 ?.60 1 1.05 fi. 7.'. 9.20 6.45 6.60 Markets in Other Cities Chemical Stocks Am Cyan. 25 30 Hook Elec. 65 Graselli ..155 175 do pref. 65 do pref. 99 100 Ky Solvay. 80 do pref. 55 60 *Mec Co p 91 By-Prod ..93 99 Merrimac. 83% Castsin Co. 45 55 Mulford Co 53 Dow Ch...230 ? Nisg Alk p 95 Du P C p. 8 9 SemetC.175 Fed Chem.100 105 Solv Poe..ISO do pref. ? 99 Steel and Ordnance Stock? Am Brass.221 226 I East Steel. 87 163 87 121 600 205 98 110 Atlas Pw.155 do pref. 84 Bab & W.119 Bliss, EW.450 Can F&F.195 Carb SU.. 94 do 1 pf.100 do 2d pf 70 Colts A... 58 D P Pow.320 Con Foil..25P G W Hmr..l70 do pref. 98 J S Young.130 do pref. 95 Mac A & F.155 P R-A T.135 Emp S & I 25 do pref. 70 ?Here P..220 ?do pref.100 Niles B-P.lll do pref. 98 Scov Mfg.435 Thorn Iron 30 60 |Win Cor. .475 330 ?Woodward. 44 Tobacco Stocks R J Rcy A.560 do ser B.480 ?do pref.105 Weym B..172 do pref. 97 Univ Leaf.140 70 70 110 96 87% 56 100 89 35 75 230 105 115 101 455 35 500 48 i.3% 24% 43% 8% 99 S2% 09% 9% 89 80 83% 127% 73% 24% 43% 8% 98% 73% 24% 43% 8% 98% Baltimore Sales. Open. High. Low. Last. 70 Atla Pet. 3% 3% _?% _o*i!* 25 Ala Co pf. 73% JOIJComl Credit... 24% 40 do pf. 43Vi 50 Cosden . 8% 45 Con Power_ 99 85 Corr Coal. 82 265 Davison Chem. 39% 60 Equitable Tr..l61% 161 200 Ky Oil. 5% 6 225 do pf. 4 738 Indlahoma - 9% 6 Mt Vernon pf. S9 20 Md Cas. 80 210 Pa Water. 83% 30 U S Fid.127% Bonds $12000 Cosden 6s. B. 93% 93% 1000 Con Pw 4%s. . 78 78 8000 United'Ry 4s.. 62% 62% 4000 do income... 43% 43% 39% 39 Va 1G1 % 1 fil % 5% 6% 9% 89 79% 83% n'A so 79% 83% 127% 1 93% 93% C2% 43 Open. Hieh. Low. Last Sales. 1140 Ohio Fuel Oil 33 34% 33 500 Ohio Fuel Sup 62% 52% 62 260 Okla Gas _ 40 40% 40 20Pgh Brew pf. 14% 14 V? 14% 16700 Pgh .Teromo.. 15 15 12 500 Pgh Mt Shasta 48 48 48 lOFgh Plato G1.170 170 170 100 West Elec ... 54% 54% 54% lOWest Air B..115 115 115 100 West Penn W P 13 13 13 70 do pf . 73% 73% 73% 34V5 52 40 14 Vi 12 48 170 64 V; 115 13 73% 325 180 102 13S 100 165 140 Miscellaneous Stock? Am Chicle 73 do pref. 75 ?Am Loath 55 65 ?do pref 91.V4 26 Am Mfg..l6f> 172 do pref. 87% 90 Am M&F.100 Am Tb pf. 31; Am Typ F 42 A D T NJ ?5 A W c pf 94 Atlas P C 65 BB&S 1 p 80 do 2d pf 9". Bor C Mk.lOS Bush T pf 72 Celluloid .150 Childs Co. 86 do pref. 95 City Inves 70 Crk W pf. 95 D L & W.168 Draper C.141 F R lstpf 95 7 S 78 4 46 35 99 70 90 111 77 155 91 100 75 99 175 145 99 In'. Sil pf. 94 Nat Cash. 120 Lima L pf 90 N J Z wst.285 N Co 1 pf.100 O'Neill pf. 98 Phelps D.200 P & W pf 95 R Reis & C 17 ?do pref 84 Ry Bak p.130 do pref. S5 Singer Mg.150 S L 1M&S 43 Stoll S pf.100 S D F pf.100 ? Stern B p.105 T&PC&On.llO Valvol pf.100 V Raalt In. 40 do pref. SO W & B pf.100 Yale & T.265 600 510 107 180 100 98 130 95 295 103 99V 235 20 88 140 88 155 47 105 302 107 114 104 45 85 105 275 *Ex dividend. New York Bank Stocke America Atlanta ..605 ,.2ir Am Exch...295 205 ,420 .150 ? ?Garfield N..230 ? Gotham .. . .200 305;Grcenwich .275 215[Harriman ..360 ? 'Hanover ...805 160 Industrial ..205 160 Im & Trad.550 160.?Irving Nat.390 -Liberty _400 455!Lincoln .. . .275 305?Manhat Co..250 ? |Mech & M. .400 --Metrop'tan .340 ? Mutual _490 395jMerchants ..235 ?;New Neth. .200 ?;N Y N B A.400 231 Park .730 ? Pacific _135 ? ? Produce Ex. ? ? Public .355 ?Seaboard ...650 230 Second _440 180iState .210 ? 23d Ward.. 150 170 Un States.. 185 950 Union Ex...175 960 W'chester A.200 80. Yori; ville ..375 Trust and Security Companies Battery Bowery .. Bryant P Bway Cent. 150 Bronx Nat. 150 Butch & D. 35 Chase .445 Chat & P..295 Chelsea Ex.125 Chemical ..590 Citz Nat...290 City .385 Coal & I...245 Colonial ...350 Commerce .227 Columbia . .175 Corn Exeh. .440 Cosmop'Uin. 110* ?Com'cial E..415 Com'wealth .-22] Cuba .170 East River. .160 Fifth Nat. .160 Fifth Ave..900 First Nat.. .930 Foreign T B. ? Boston 100 Anaconda .... 64% 80 Ariz Coml. 12% 950 Big Heart. 1"% 25 Bingham . 7 224 Cal & Ariz- 66% 5 Cal & Hecla. .355 3620 Carson . 30 170 Chino . 37% 95 Copper Range. 45% 11% 64% 1 3 % 11 66% 355 31 % 37% 45% 12 15% 60% 10% 17 % 3fi 16% 1% 50% 73 47% 2 % 25% 4% 9 71% 21% 86 10% 17% 36 16% 1% 50 % 48 2% 64 12% 10% 7 66 355 20 3G% 45 11% 15% 60 4fi 34% 4% J l 425 360 210' 480 755 195 185 650 Davis Daly 35 East Butte- 15% 100 Inspn . 60 Vi 105 Islarrd Creek... 46 100 Isle Royale-35% 40Kerr Lake- 4% 200 Mayflower O C 9 80 Mohawk .71 % 625 New Cornelia.. 21% 8 New River pf.. 85 20 Nlpiss;ng .... 495 North Butte. . 15 Old Dominion 20 Seneca . CO Shannon . CO St Marys. 300 Superior Cop. 200 Superior & B. 400 Trinity . 1 255 U S Smelters. CO do pf. 167 5 Utah Metal. . 18 Winona. 1% 1 % 35 Wolverine .... 18 % 18% Railroads 50 Host Elev. ?4 Ci 8 Bost & Maine. 33 33 50 do pf. 45 45 20 N Y N II. . . . 34% 34 Vi 10 Nor & W pf. . . 85 85 415 West End. 42 42 Miscellaneous, 30 Aim Agr nf... 91 % 91 >_ 600 Amn Oil. 0% G% 1 Amoskeag . ... 162 162 61 Amn Sug pf. . .115 115 93 Amn Tel. 96% 97 8 Amn Wool pf.102 102 Ifi Art Metal. 33 33 60 Century . 5 5 100 Eastern Mfg. . 31 31 10 Edison .164 154 1650 Elder . 31% 35% 34 V? 200Falrbfi.nl _ 72 72 71% 10 Gen Ele, -lc.161 ICI 161 1 ? Gorton . 25 % 25 % L'5 % 200 Gray . 37 V? 37 Vi 86% 50 Int Portland.. 17 Vi 17 % 17'i 2.0 Island Oil. 5% 6% 103 Libby . 30 30% 3 Mass Gas. 73% 73% 5 McElw 1st pf. 97 97 Va 35 M ex lnv. 40 40 5 Mullins . 57 97 112 Nat Leather. ..14 14 31 New Eng Tel. .87 87 70 Ohio Body. .. 32 32 SlOOOrphcum . 30% 33 100 Parish . 4 3 C4 13 10% 6?% 355 30% 36% 4 5 11% 1 6 Vi 60 4fi 31% 4% 0 70 21% 85 10% 17 10% 17 36 16 1% 50 6% 1% 1% 17 47% i 2% 2% 1 % t % 18 IS 33% 63% ? ! f. 4 5 14 34 ? 5 8 5 12 -1 90 Vi <; 10 2 115 96% 102 90% fi 162 115 9C% 102 Alliance ... 80 tAm Trust. - - Am Surety. 73 Bankers ...385 Bond &- M.235 Bklyn T Co.500 Cent Union. 400 Columbia . .345 Commercial 150 Empire Tr. .300 Equitable ..300 Farm L & T.430 90 7S 395 245 515 ?110 160 305 440 -.50 260 265 Lawyers T. .120 Lincoln Tr. .175 Manufac'ers.205 Mercantile .310 Metropol ...285 Mtsre Bond.. 87 Mut T of W.105 Nat Surety.200 ?N Y Tille. HO N York T. .625 N Y L1&T.725 Peoples . . . .275 Really Asso.105 Title G&T.380 Un States..S30 U S M & T.405 U S T Guar S0 ;\V es tenes ter. 130 665 W & BT??M.165 135' 70 Root . 1 05 Shawmut . . 960 Slmma . 100 Stewart 11 Swift . 25 do Intl... 23 Torrington 65 Un Drug. . . 147 do 1st pf. .13 4 L'n Fruit. . . 215Un Shoe... 82 do pf_ 700 Ventura ... 670 Waldorf . . . 650 Walworth . 80 Wick Wire. 60% . 26 21% 4C% .122 . 45'i 46 4 5 Vi . 74 74 ,137% W8 . 51 51% .200 202 .. 46% .. 25% .. 17% .. 20% .. 21% . . 29 Bonds 47 25% 17% 2 OU. 21 % 29% and Mortgage. $1000,Am T & T 2000 Miss River 6s. 75 '7 3000 N Y N H 6s. .. 74% 7 ??U00 Western Tel 5s 79% 7 Boston Curb Bid. Ask. Aria Ext ... 7 8 Ariz SUver.96c 1 1-16 Blk Hawk.. 78 80 Bohemia ... 1 % 1 % Bos & Mon.65 75 Calaveras ..? " 1% Chief Con.. 4% 4 u ?Con Copper. 4 Va 6 l2? I Crown Res. .30 4u rystal new.27 80 Denbigh ...28 30 Eagle B B...2T*, 2V4 Fortuna .. 295 I 93 ' 125! 2101 150 i ....i 7?_i 115 ; SCO 415 85 ! 140 i . 175 m ?See New York Titl tlncludes American Trust Company stocks, j Oadsden . .95o Insurance Companfe. ! Hough ton'''50 0 300|Grcat Am...285 ?9K 1 Kousmon "B0 City of NY.175 ?Hanover ... 80 Com'w'lth .300 325 Home .B50 80 Nat Liberty.lSO 610 Niagara ...230 OOlStuyvcsatit.. 50 Mex Metals.15 Mid Moss. ..60 Mo.i 'Fungs.. 8 Monarch . .? Nat L .i- Z, 3 New Biilti.;. 3 Nov Doug. . 1 "1 Nixon.20 Onondaga ..20 Orpheum . .31 ' Pilgrim .... 19 Pioneer . .. soc Ranger Pet.? LOOlRalnier. I Continental j Fid & Phoe, I Franklin . . 85 Globe & R.800 75 295 j irou Bloss., _? ! Iron Cap. . .11 560 i Jer Verde. ? ; La Roso . .. ! Majestic .. 35 260 75 Standard Oil Stocks Anglo-American Oil Co, Ltd. Atlantic Retlnlng Co. do pf Bid. Asked. 26 V- 27 1475 162? 112% 113% 475 ) ! Borne-Scrymser C f j Buckeye Pipe Line. 1 ' Chesebrough Mfg. Co. for.:.... 225 I do pf . 106 ' ; Continental Oil Co. O?,-, 1 ' Crescent Pipe Line Co. 32 Cumberland Pipe Lino Co. 140 ..Eureka Pip* Line Co. 138 '[Galena signal Oil Co of new.. 93 1 ! do pf, old. 100 \ ! do corn . SO 1 ; Illinois Pipe Lin? Co. 174 ! Indiana Pipe Line Co. 100 r ) Interntl P?trl Co Ltd. ? 42 3 j National Transit Co . 31% ?j New York Transit Co. 'lX:i ..Northern Pipe Lino Co. *01 1 ; Ohio Oil CO . 355 3 I Penn-Mex Fuel Co. 58 5 I Pralrl? Oil & Gas Co. 650 . I Prairie Pipe Line Co. 255 Solar Refining Co . 405 Southern Pipe Line Co. 146 South Penn Oil Co. 320 Southwest Ponna Pipe Lines.. 85 Standard OH Co of California. 840 Standard Oil Co of Indiana... 840 ?Standard Oil Co of Kansas... 600 Standard Oil Co of Kcntuckv. 420 : .Standard Oil Co of Nebraska. 610 \ Standard Oil Co of Now Jersdy S06 I do pf. 112 % ? Standard Oil Co of New York. 440 i Standard Oil Co of Ohio. 490 do pf . 107 Rn an & Finch Co. 95 Union Tank Car Co. 124 do pf . 99 Vacuum Oil Co. 420 Washington OH Co. 37 Miscellaneous Oil Companies Atlantic Lobos Oil Co com... FO do pf. 116 500 100 240 108 660 3i 150 142 9 S 105 85 178 102 43 32% 187 105 365 62 675 260 425 150 ?89 348 855 625 410 635 820 113% 4 ir, 615 JOS 100 128 101 430 42 65 IS? Bvn Metals..18 S W Ml f p.4'? Silver Reef. 10 Texana _2! Un Ver Ext.3? Yukon . 1 '.i I Cities Service Earns $39 a Share On Common in 1919 President Doherty Predicts Largest Public Utility Earnings in Company's History in Current Yeai On a total volumo of' business amounting to $19,977,551, the Citie: Service Compay in the year er.ced De cember 81, 1919, returned a surplus af ter preferred dividends of $13,135,590 the equivalent of $39.09 a share on th( average common stock outstanding This compares with $61.67 a shan earned in 1918, $60.73 a share in 191' and $36.74 a share in 1916. Operating expenses last year aggre gated $703,835, which compares witl $521,486 in the preceding year."Holden of the preferred stock received $4,215, 264 in dividends during the year, com? pared with $4,034,275 in 1918. After al charges, the balance available for the common stock was $13,135,590, or $4, 316,138 les than in the preceding year Of the total earnings $4,655,945 \va: derived from the public utility divisior of the company and $15,321,005 fron oil operations. Reviewing the oil, division of th< company in 1919, Henry L. Doherty president, in his report to stockhold ers, said: "The year was largely t transition period from the intensive operations arising from the company'! full cooperation in the war activitiet of the government to the normal activ ities of peace. The preceding year o 1918 was a period in which the demanc for oil and oil products taxed severely the productive abilities of the petro leum indust_*y. It was not, therefore, ? time in which methodical developmen of proved oil lands could be carrict out. With the signing of the armistici these demands for oil and oil pi * luct: subsided, and for a brief time ther. came a lull in the petroleum industry owing to the passing of business from t war to a peace basis. The return o the regular development of the prop erties entailed many delays and read justments, but the company durinj 1919 extended producing properties.de veloped several new fields, and, withii the latter months of the year, brough in satisfactory new production in Kan sas, Oklahoma and Texas. "The outlook for the Mexican prop erties in which the company is asso 17Vi 17% ! eiated is exceedingly bright, in view o 21V 21% ? tne c'omPletion of No. 1 well on th : gi?H Barrigati property in the Panuco dis trict of the Tampico field. This wel 8 has a rated production of approximate 4% I ly 50.000 barrels daily, and the excen and character of these properties us sure enormous potential oil reserves. Because of the largely increasedjeos of all items entering into productior transportation, refining and distribu tion of oil and the excess of deman over supply, Mr. Doherty stated, price of all grades of crude oil have been ad vanced materially. The report say that a definite program for the mor rapid development of the extensive re serve acreage, now aggregating ove i "0 4,000,000 acres, is under way. Or; February 15, 1920, there wer 29,667 stockholders, an increase of al most 19,000 in three years. The nurr ber of security holders of the compan and its subsidaries now exeded 59,00( 4% 4% 30 V, 30% 154 154 34% 71% 161 25% 36% 17V-J 6 29% 73% 97 % 40 07 14 87 31 Vt 32 !, ?13 '? ?'. 29% 73% 97 40 97 14 S 6% 31 30% 5 0 25 ?U 21% 4614 46 ' 4 5 4 5 7 4 7 4 I3714 138 51 51 200 201 4?% 4?: % 28*4 78 74% 79 Blil. As IS Detroit Open. Hieh. Low. Last 4% 18% 11% 415 11% 49% 21 ? 4% 18% 11% ?15 11% 49% 4% 18<3 1 1 % 41f, 11% 49% 11! 64' 24 Bales. 6 00 Charcoal Iron 4% 80 folum Sugar . 18% S00 Cont Motors . 11 % 15 Ford of Can .415 100 Mich Sugar . . H% 150 Lincoln Mot . 49% 300 Pack Mo Car 27', 2 300 Reo Motor Car 27'? 2 Philadelphia 6 Alliance Ins . 21 % 65 Am Stores ... 4'J 40 Klec Storage. 115 200 Ins Co of N A. 29% 200 Lausten . SI '?_? 220 Lalte Superior 19 % 8S1 I.ehigh Xav . 64% 81 Pli C 6 p c pel 34% 157 Th Rap Tr t c 24 285 Phil Elec ... 25 25 26 25 3 2d & 3d Pg R.192% 192% 192'/. 193?i 2 13 & 15 P R.1S. % 187% 187% 187>.j 450 Tono Bel .... 2% 2% 2 2 20 Tonopah Ming.: 2 - 2 ? 876 Union Trac . 33% S3% 431 Uni Gas Imp. 60% 50% 20 War Ir & Stl 8% 8% Bonds $1000 Le Val 4%s.. 79 79 7000 do 6s .100* 100 1000 Pa Con 4%s. 90 90 3000 Ph Eleo 1st 5s 90% 90% 1000 Reading 4.x... 7S% 78% 2000 Uni Ry gold 4s 45 45 2000 Weis col tr 5s 98% 9S% Pittsburgh 60 Am Vit Prod. 14% 14% 10 Am Win GI pf.100 110 Am Win Gl Ma. 125 35 do pf . 90 395 Ark Nat Gas. 31 10 Gurfey Gil ... 31% 50 Harbison W pf.100 226 Ind Brew ... 41% 40 do pf . 14 1?20 Marland Ref.. 6ft 5% fi% 5?? 170 N'at Fireproof " 79 100 90 89% 78% 45 9S 'i 14% 100 100 125% 125 90 90 31 30 31% 31% 100 100 4% 4% J4 14 5% fi% S S 33 50% 8% 79 100 90 98% 14 >_ 100 126 9C 30% 31% 100 4% Stimulate Silk Trade by Accepting Canadian Fund By accepting payment in Canadia currency, and allowing it to remai on deposit in Canadian banks await ing a strengthening in exchang rates, one lartjo silk commissio house in this citv has almost, do.uble its. sales to Canadian retailers with i the last month. The commissio house i;; strong financially and wa quick to seize the opportunity to in crease its business when other si! selling Bgencies demanded payment o the Canadians in American funds. An official of the house, who recen! ly returned from a trip to Canadia retailing centers, is enthusiastic con cerning the prospects for future trad there. Retail trade in the Dominio is said to be brisk and high price silks are selling well. The high dut on ready-made apparel enterin Canada has boomed the trade in sil goods over the counter, as th Canadian women have found it mor economical to purchase silks at re tail and to make their own dresses o have them made by a custom dress maker, than to buy them ready mad* This trend is *?iore noticeable i Canada, said the silk commission mai thau it is in this country. __-?-,? Cleve., ?in., Chi. & St. L. Uebruary gross.. $6.743,754 Tnc. $1,773 2' Bal. after taxes. 1,721.699 Inc. 1,026.0' Xet oper. income. 1,564,916 Inc. 952.if Two mos. gross. 14,121,014 Inc. 3.802.6f Bal. after taxes. 3,750,240 Inc. 2.471,1' Net oper. income. 3,:?02,132 Inc. 2.202,5'' _ Investment . Information Questions of general interest to investors will bo answered in this column, in which case only initials will bo used. Others will be an? swered by mail. Address all in? quiries, inclosing a stamped, ad? dressed c}ni*lopo, to Financial Editor, The Tribttn?, 154 Nassau Street, New York City, Fares Badly in Erie Common Question?About four and a linlf years airo T bought fifty shares of Krie common at 48, last year bought twenty-five more nt 18 to nveragc somewhat. I feel I made the same mistake twice. Would you advine me to sell mil and invest in a Bafc dividend-paying bond or hold for a rise, which perhaps will never come? Will appreciate your very kind advice.?-L. H. Answer -The fear of losing money is a great torment and it is quite pos? sible that the peace of mind that would como with possession of high class bonds or preferred stocks yielding an assured income might compensate for the loss you would have- to take on your Erie common if sold now. How? ever, your problem is one of specula? tion rather than investment and wc cannot undertake to assume the re? sponsibility of advising which course to pursue. In the past Erie common has been known actually to earn some? thing at times, but only at rare inter? vals. What the road will be able to accomplish under the new operating conditions remains to be seen. If the earnings increase materially'the hold? ers of Erie common may get a thrill. It occurs to us, however, that Erie junior lien bonds offer better specula? tive opportunities than the stocks. American Can's Surplus Larger Question?Please advine your opinion as to the reason American Cotton Oil common paying 4 per cent should not sell much higher than Americnn Can common, paying no divi? dend. Would you consider Maxwell Motors common a good speculation at this time for an up swing??H. C. D. Answer?American Can Company for the last five years has placed aside a total surplus of $21,634/421, while American Cotton Ojl has placed aside in that period $2,809,929. On Decem? ber 31, 1919, the net tangible assets ap? plicable to American Can common stock were equal to $76.64 per share, while the. amount on August 31, 1919, for American Cotton Oil common was equal to $49 a share. Wc do not pretend to know what is in store for Maxwell Motors stockholders. Ready to Make First Plunge Question?Will you kindly give me your opinion as to whetner you consider an in I vestment in the following named stocks ad? visable both from a speculative and invest I ment standpoint, also what dividends, if any, i i are being paid or have been paid in the past. I the standing of the companies and such ? j other information as you may deem advisable to furnish a young man who has never dealt ' in stocks before, but has several bundled , I dollars which he desires to invest to yield a j substantial return with comparative safety and at the same time the possibility of en I hancing in value? Would you consider.these ? | stocks, which are quoted at very low figures S | on the Curb, a good buy at this time. ? namely. Triangle Film, Allied Oil, Sweats " I Company? Also. American International . Corporation, whicn is listed on the exchange? ; ?O. S. G. J j Answer?If you contemplate specu 1 ! lating, you probably have chosen the . | proper class of stocks. They certainly ; : are not investment issues. Allied Oil ? ! pays at the rate of 8 per cent per ' : annum; the others pay nothing and ! never rmve. Reports on the operations - ' of these companies for the last year i are not available, so it is difficult to i'\ form an intelligent opinion as to their - ; value. It would appear wiser if you ? i would buy substantial dividend paying I securities. ?American International ? Corporation pays $6 per annum. The - company is earning well at prissent. . ] You probably will get plenty of action i , if you choose this stock for speculative i purposes. Pennsylvania's Dividend Looks Stable Question?I own twenty shares of Penn - i sylvania Railroad common, lieught at 43's. l ! What are the possibilities of the continuance ? ; of the 3 per cent dividend, and what is your ' j opinion of my holding this stock for a long i pull for a fair advance? Could you let me 3 i know the range of this stock for the .'ast six - ? years??J. J. D. j: Answer?If railroad earnings ma ? i ter'alize under new operating e.ondi 1 | tions in accordance with expectations " we do not see why \ho Pennsylvania ? j should not be able to maintain it?- divi ?i dend. It pays 6 per cent, not 3 per ? ! cent. This is equal to $3 a shan, $50 2 ] par value. During the last six years s ; the high price was 60, in 1916, and e ! low 39%, in 1919. F Not ?\11 in Same Class - ! Question?Will you be so very kind to tell mo whether the German, Italian, French. Beltriun city or government bonds are good investments? If so, which city is the best? Also please tell me a good stock broker's ad -1 ! dross with whom it is sale to deal. ? !. S. | Answer?Foreign securities are move j or less speculative on account of the _ i uncertainty of the situation abroad. " ! Nevertheless, we believe obligations of A i France, Belgium and Italv are far less ? speculative than those of Germany. I The former countries, in our opinion, -J I will be able to work out of this period " | of uncertainty on to a sound ta;'is. '". i Germany, on the other hand, has a far , i more difficult task to perform.. For ',", that reason we regard her obligations . j as having a much ?.-renter speculative risk. Consult the advertising columns VI of The Tribune for the names of reli? able brokers. Not Far from the Rails Question -Would you be so kind a? to name over some fair grade railroad bonds, not too far from rails, but which can be purchased at a price to net. an unusually large return just at present on account of general cre?lt of railroad conditions? I would be especially interested in railroads traversing the South. as it would seem that that section has made great strides on the road to prosperity dur : ing the last few years.?W. M. F. ), I Answer ? The following railroad i bonds, all fairly well secured (first j mortgages in some cases), offer large j yields at present prices. While there is g jan element of speculation here, it is our n j opinion that when the general railroad n ! situation has become more settled it . ? will be found that these bonds were Q i selling under their value: Kansas City n i Southern refunding 5 per cent, 1950; ,1 ? Missouri, Kansas & Texas first 4 per tl j cent, 1990; Central of Georgia consoli n '' dated 5 per cent, 1945; St. Louis South s western consolidated 4 per cent, 193.'; . ] Southern Railway general 4 per cent, ?,. ? I9.a6; Denver & Rio Grande first 4s and f !!.:s, 1906, and Denver & Rio Grande : improvement 5 per cent, 1928. Interest Earned by Fair Margin Question?Msv I trouble you for an opin? ion on the New Vork, New Haven .& Hart? ford 0 per cent bonds as an investment.?? A. B. R. Answer?We are of the opinion that the New Haven road under the new operating conditions will be able to earn sufficient to pay interest on its funded debt with, perhaps, a fair mar? gin besides. The 6 Der cent bonds are not high grade, not being secured by mortgage. On account of the high yield at present they appear to offer a rather attractive speculative invest? ment opportunity. Four full columns of in> vestment questions and an? swers are published in The Tribune every Sunday. To Security Owners April ist-*?is this an interest date for any of your securities ? Have you cut your April coupons, made out your income tax certificates of ownership, and deposited the coupons for collection? There is no reason why you should burden yourself with such details, nor why you should periodically risk loss of interest, either through overlooking maturity dates, or because you may be temporarily out of town. Service with Safety A Custody Service Account with us will relieve you of this burden entirely, and place your funds at your disposal without delay or loss of in? terest. At the same time the securities are always available and subject to your written or tele?graphic orders. When you deposit securities with our Trust Department in a Custody Service Account, their physical safety becomes our responsibility. We collect for you all interest and the principal of matured or called bonds, and prepare and execute the required income tax ownership certificates. We place at y?0/ur disposal the opinion of trained bond spec? ialists regarding the condition of your present or contem? plated i/ivestments. We submit, at ?specified peri? ods, a detailed statement of your holdings; assist you in preparing your annual income tax returns; endeavor to advise you of published information concerning your holdings;and, if you desire, pay taxes, insur? ance premiums, allowances, etc., as you may direct. We shall be pleased to send you our booklet, The Care of Securities* which describes this service in detail. Guaranty Trust of New York FirTH Avenue Optic**?. Fifth Avenue & 43 rd Street 140 Broadway Madison Avenoe Ornes Madison Avenue Sc 60th Street Geand Stkeet Ofttci 26S Grand Street Capital&Surplus$50,000,000 Resourcesover?8co,ooo,ooo HUGHES & DIER investment Securities Bonds?Grain MEMBERS Philadelphia Stock Exchange Pittsburgh Stock Exchange Chicago Board of Trade i Three New York * Offices DOWNTOWN 50 Broad Street Telephone Broad S140 UPTOWN 509 Fifth Avenue Between 42nd and 43rd Streets Telephone Vanderbilt 93S3 HARLEM 67 West 125th Street Chatham & Phenlx Nat. Bank Bldg. Telephone Harlem 5651 Located geographically to | serve three of the most active I business districts of '.Le city, i these offices afford the investor | every convenience and facility. J FINANCIAL MEETINGS SOUTIIEKN PACIFIC COMl'AICT. NOTICE OF MEETING. 165 Broadway. New York, N. T. January 2, 1320. The Annual Meeting of tho Stockholder? of the'Southern l'acide ComDany will be held at the otneo of thia Company In An? chorage, Jefferson County, Kentucky, oi Wednesday, April 7, 1?20, a.t twelv? o'clock noon, standard time, for tho fol? lowing purpose?, */!z: 1. To elect fifteen Directors. 2. To consider and act upon all ques? tions and mailers which they legally c?ma before the meeting relating to Federal con? trol of tho Company's properties ?inder the act of Congress of March 21, 1918, or any agreement or settlement with the Govern? ment In respect thereto or relating to th?i termination of such Federal control by the return of the. properties or otherwise, and/ or relating to conditions reaulting from or succeeding such Federal control, and gen? erally all Questions and matters growing out of or incident to such control, ter mination thereof, or following conditions. 3. To transact ail such other business a* . may legally co'ne before the meeting, in eluding the approval and ratification of ail action of the Board cf Directors and of the Executive Committee since tho last annual meeting of the Stockholders of thlsf Com? pany. For the purpose of tho meeting, th? books for the transfer of stock wfll bo closed at 3 o'clock P. M., Tuesday, March 23, 1B20. and will be reopened at 10 o'clock A. M., Thursday, April 8, 1920. i By order of the Board of Directors. HUGH NEILL. Secretary. | WESTERN E?.ECTltlC COMPANY, INCORl'OR.VTED I Notice Is hereby given that tho Annual : Meeting of the Stockholder?* of Western Blei trie Company, Incorporated, will be held at the principal office of the company, N'o. 195 Broadway, Borough of Manhattan, New York City, on the Cth day of April, ? 1920, at 11 o'clock a. m., for tho purpose. i of electing directors and inspectors of election, and for the transaction of such other business as may properly come be? fore the meeting. Dated. New York. March 23. 1920. GEORGE C. PRATT, Secretary. IRVING SAVING Q INSTITUTION O 115 Chambers St., New York Assets Over $20,000,000 Deposits made on or before April 3rd will draw interest from April 1st. FINANCIAL TO HOLDERS O? CERTIFICATES OF DEPOSIT FOR EVANSVIIXK & IN? DIANAPOLIS RAILROAD COMPANY FIRST MORTGAGE SIX PER CENT BONDS, DUE JULY 1. 1921. AND EV.VNSYILI.H & INDIANAPOLIS RAIL? ROAD COMPANY FIRST CONSOLI? DATED MORTGAGE SIX PER CENT BONDS, DIE JANUARY 1. 1986, ISSUED UNDER AGREEMENT DATED JULY !), 1014, BETWEEN THE COM? MITTEE THEREIN NAMED AND THE HOLDERS OF SAID BONDS Vt HO SHOULD BECOME PARTIES THERE? TO: NOTICE Is herehy given that a Plan and Agreement, dated ?March l?J, 1920, for the re? organization of Evansvllle & Indianapolis Railroad Company has been prepared an;l adopted and approved by the undersigned Committee under said Agreement dated July 9, 1914, as modified and amended, and that a copy of faaid Plan and Agreement has been r?le.l with The Farmers' Loan and Trust Company,' (he Depositary under said Agree? ment dated July 9, 1914. Any holder of a Certificate of Deposit Issued under-sa Id Agreement of July 9. 191-5. may. within the thirty day period prescribed by said A tibe nient (w?i.eh thirty days will expire on^Spril SO, 1920), tile 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 dale or dates and the number or num? bers of the Certifica tea, of Deposit held by him. I'nless holders of outstanding Certif? icates of Deposit issued under sai?j Agree? ment of July 9. 1.914, representing more than one-third In amount of said Evansville ?v Indianapolis Railroad Company J^irst Mort? gage Bonds or more than one-third in amount of said Evansvllle & Indianapolis Railroad Company. First Consolidated Mortgage Bonds deposited under said Agreement sha'.l (He sut h written notice of dissent from said Plan and Agreement in the manner and within the period in said Agreement of July ?, 1914, prescribed, said Plan and Agreement shall be effective and binding on all holders of Certificates of Deposit issued and out Btandlng under said Agreement of July 9, 1914, and all such holders will become parties to said Plan and Agreement without the issua of now Certificate.? of Deposit. Holders ol sard First Mortgage Bonds or i First Consolidated Mortgage Bonds not here- I toforo deposited under sai'l Agreement of ! I July 9, 1914. may deposit the samo with the '? I Depositary thereunder on or befare April 30, I ! 1920, together with tlie coupons maturing ! July 1, 1914, and all subsequent coupons, ; and receive therefor Certificates of Deposit I 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 .\greeriient. at Its office, No. 22 William Street, New York City, for appropriate stamping, und must, on or before May 10, 1920, pay to said Depositar?-, for account of the Committee, tho sums required in the The Committee will act as Reorganization Managers. Copies of said Plan and Agreement, to which reference .s hereby made for a full staiement of the terms, conditions and provi? sions thereof, may be obtained from tho said La positary. Dated, New York. March 16. 1920. HAROLD PALAGANO. Chairman. WILLIAM B. CAKDOZO, ELLIS W. GlaDWIN, EDWARD H. l.ADD. JR., RAYMOND M. SMITH, G. T. TOWNSEND, Cemmittee. FINANCIAL MEETINGS CHICAGO. SAINT PACE, MINNEArOU? AND OMAHA RAILWAY COMPANY. NOTICE OF ANNUAL MEETING. The Annual Meeting of the Stockholder? of the Chicago. Saint Paul, Minneapolis and Omaha Railway Company will be held it the ofUce of the compara.. In the city of Hudson, Wisconsin, on Wednesday. April 14, 1920. at nine o'clock A.' M.. for the election of directors and the trans? action of sucn otner business as may com? before said meeting. Transfer books will be closed on Fri? day. March 12. 1920, at the clos? of busi? ness on that day, and will be reopenad oa Thursday, April IB. 1920. Dated, February 28, 1926. ?TAMES T. CLARK. PresldsaC JOHN C. CALDWELL. Secretary. DIVIDENDtNOTICES ARIZONA SILVER Mir DIVIDEND NOTICE (, A monthly dividend of 3 per (?cent will be mailed April 15 to 20, 1920, to stockholders of record April 1, 1920. ARIZONA SILVER MINES CO. EDW. S. VAN DYCK, President FINANCIAL MEETINGS_ CHICAGO ?AND NORTH WESTERN RAILWAY COMPANY. NOTICE OF SPECIAL AND ANNUAL ?MEETING. Notice Is hereby g.ven that a eP*^'*' n?.?et.ng of the stockholders of the enl? oso and North Western Railway Compan''. duly called by its Board of Din itors, an? he annual meeting of said stockholder? will be bald a? the General Offices ?>f '?'? Company a' No. 22?* West Jackson Boule? vard, in the City of Chi-ago. IlHnoU, on Tuesday, lite ISth day o? April, IM?. ? il o'clock A. M. for tii- purpose of con si-.--r ag ana deciding: (1) Whether tn? stockholders of the Companv -a ill concur in and authorize the creation of a Iwn?* Indebtedness, bv the iscue, ut su?-ii amas and in such am tunta as from time to tim? Its Board of Directors or Es rutlve com? mittee may de? ermine, cf bonds, peyaoi?* In gold coin of the United States of Amer? ica Of or equal to the present standard o I weight and fineness, an.." limited so in? the amount ther?=jol at any one time ont standing, together with all ouMtanaiaj prior debt of the Railway Company. *'-??' deducf.r.s therefrom th? amount of all bondi reserved to renie prloi debt M or beiore raaturity. shall never exceed tare? limas the outstanding capital stock or in? Company, or of ?t sa-".-???>???.- ?ru!.P?;raV"J? Maturing May 1. A. D. 2037, and bearin? a rate of Interest, not exceeding the ????i rate, to be determined by the Boar?! ? Directors or Executive Committee at ">? time of issv. >, paya;?'- semi-annuallyi ?** the execution and dellverj by the Com? pany of a. First ?uid Refunding Gold ??""?? Mortgage to Trustees t.. be d.-.?:gna.e<.i nj the Board of Directors, dated May l,i"*j conveying in trust the corporate F;?Pf;,:i and franchises described it??rein, \' ".-'-"IT the payment of all sucn benus wnicn?? to be issued for lue purpose or pur< ??"*?? redeeming or refunding, befort?. at or a??" maturity, the outstanding obligations ,0' the Company, and of Other r?mpanle*. ?vhota propert.es. no**, are or hereafter it.??' be owri-'d or acquired by the Chicago si? North Western Hail way Company by ?o? so-.idatlon, purchase or otherwise; 1er i**? purpose of the f'tute enlargement, n?. provement, extension and equipment ? the properties of the Company aad ot sue? other companies; for the cons iruci ton. purchase or acquisition of other >??'?. ways aun property, or fot t?e purpos? " reimbursing the Company for in0"'-.: which at any time may be or may n??" been expended for any of tho PW3'" aforesa.d: and ?-s ill approve such m*r;4 gage In the form to be submitted at ???? meeting, and will ratify the action ot i? Board of Directors authorising tlie or" tlon oi Buch Indebtedness. a...i til?'?; . tion of auch mortgage, and t-) ^i1'-.,,; the Stockholders of tho Company wni au thoiiiie the purchase of all the proP?''' Including all Iran ciasen, rights. P?"^! and immunities pertaining thereto ana * appurtenances thereof whatsoever, of <**? of the following named piopn??** companies: Wolf River Valley Railway Company. Belle Fourche Valley Railway Compaq. .lames River Valley and North W ?*-???? Railway ConiDany. ,,%y?al Macoupln county Extejurton Rai.??*' Companv, Iowa Southern Hallway Con-pa*?**- . Missouri Valley and Blair Railway ?**? Bridge Compr.ny. ?. .. Wvomiag and Northwestern liar-??* Pierre. ' Rapid City and North-Wettiri RalUvav Company, . . Pierre and Fort Pierre Bridgo Ra.IfW Company. ,,.*.? The De Pue. Ladd and Eastern Rallro?? Company, and _ _?_ The Albany Rail Road Brid?e. Company. In consideration of the payment t0, ,.,i of ??aid companies of the ?urn of one aou?*, and the assumption by this Cornpan) ??; sll the .debts, liabilities and obliga';?-''? ** each of said companies: and ?will [A?w the action of its Board of Directo? ?J? thorlzing such purchases upen suet, terra? and conditions. tli The further purpose, of said meeting **'?* be the ei??ct!on of Direct is and the tr?;L* action of such other business as may co"*? befoie said meeting*. ., ,v Tra.isfer books will be closed on ?*J**5 March 12. 1920. at the close of busl.-"? on that day and ?rill be reopened <?? Wednesday. April 14, 1920 By order of the Board of Director*. . 'Dater. Chicago. Hi'-ois. January 3?. ?y"* i WILLIAM H. Ft.NLEY. Presld*?". i JOHN D. CALDWELU So? mary.