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A NEW BANK IN THE INDUSTRIAL DISTRICT TO-DAY, DECEMBER 22nd, the Industrial Bank of New York opens for business at FOURTH AVENUE and TWENTY-FOURTH STREET. It will make a specialty of commercial banking service, and will be prepared to meet the particular retirements of the business interests of that part of the city. INDUSTRIAL BANK OF NEW YORK Capital $1,000,000.00 * Surplus $500,000.00 OFFICERS STAUGHTON B. LYND, President RALPH A. STEPHENSON, Vice-President JUNIUS B. CLOSE, Cashier HARROD C. NEWLAND, Asst. Cashier DIRECTORS PAUL MOORE, Taylor, Bates 6C Company PERLEY H. NOYES, White ac Case RICHARD E. REEVES, , President, Hunter Mfg. ?Si Commission Co. SAMUEL W. REYBURN, President, Lord &i Taylor FRANK MORSE SMITH, H. J. Baker 6C Brother PAUL STURTEVANT, Harris, Forbes fl? Company EVERETT B. SWEEZY, Vice-President, First National Bank^of New York MELVIN A. TRAYLOR, President, First Trust ?C Savings Bank, Chicago STEPHEN H. TYNG, President Stephen H. Tyng 6? Co. ROY ALL VICTOR, Sullivan &. Cromwell JOHN J. WATSON, Jr. Vice-President, International Agricultural Corporation RIDLEY WATTS, Watts, Stebbins ?C Company MALCOLM D. WHITMAN, Vice-President, William Whitman Company, Inc. GEORGE WHITNEY THOMAS B. YUILLE, President, Universal Leaf Tobacco Company BERTRAM H. BORDEN, ?^^^^^^^ President, American Printing Company FRANK N. B. CLOSE, Vice-President, Bankers Trust Company WILLIAMS COCHRAN, Luke, Banks &C Weeks PHILIP DERONDE, President, Oriental Navigation Company J. FLETCHER FARRELL, Vice- President &Treas.. Sinclair Con?. Oil Corporation DONALD G. GEDDES, Clark, Dodge 6? Co. THOMAS HILDT, Vice- President, Bankers Trust Company ARTHUR ISELIN, William IseIin-&: Company PERCY H. JOHNSTON, Vice-President, Chemical National Bank FREDERIC A. JUILLLARD. A. D. Juilliard &: Company DARWIN P. KINGSLEY, President, New York Life Insurance Co. STAUGHTON B. LYND, President CHAS. M. MACFARLANE. J Morns Sc Company, Chicago The National Provincial and Union Bank of England, Ltd. Subscribed Capital_$191,070,000 Paid-up Capital. 27,384,420 Reserve Fund. 24,250,000 Head Office: 1 5, Bishopsgate, London, E. C. 2 PRINCES STREET OFFICE (L7MCN) 2 Princes Stieet, E. C. 2 LOMBARD STREET OFFICE CSMITHS? 1 LormWd Street, E. C. 3 CORNHILL OFFICE CPRESCOTT'S) 50 Cornh:!?, E. C. 3 with numerous Br?nchrs in England and Wales Auxiliary: LLOYDS AND NATIONAL PROVINCIAL FOREIGN BANK LIMITED FEDERAL OIL CO. Common Stock Dividend No. 1 Ihr. 191h. 1?M?). The Board of Directors of this company has tlii* <laj declared a qtmrter'ly dividend on its Innrmmi Stork of '?'o, payiibl? ?, Feh, 15th. 1921). to stockholders Il ? f record ?)nn%. 16th, 1920. f t. J. FORWARD, Treas f FEDERAL OIL CO. M Common Stock-Extra Dividend ?i Ver. 19th. 1*119. The Board of Directors of tills romjianv has thlt day declared an extra dividend ?>f 3?o, payable Fob, 1Mb, 192!? to stockholders of record on ?Janj. 17.Hi, 1920. AU 1 ders of ? ertificates n?r>t regliter? ? ?;.im s ai ur'g?-? have i transi rn ?: >?? I ?? ?? i ? closing r! the hooks on Jany. 15th, ? ? .ri a* ? .?? maj be !? a ns farrcd a Reg??; rar * Transfer Co. - Broadway, New York. Neglect to have your c< rtiflcates registered in j/0141 naine may reu.'.; in Jos,? of your ?in ??i? nd. A complet? ? ? port of your coin parry's operations will he ?nall?1?! to aii alockbolders a? soon as p isslble. K. J. FORWARD, Treas. "RIGHTS" Chase National Equitable Trust Bankers Trust CLINTON GILBERT! 2 Wall St., N. Y. Tel. 4848 Rector HENRY CLEWS & CO. Member? of N i Stock i-Jx. i.tnit, II. 13, 15. 17 * 19 ?ROAD ST. Deposits received subject to cheque. btock, bond t* Note Issues of Kailrwad & Industrial Companies Bought and Sold ? nd conservative advance? made thereon. Dealer? in LIBERTY BONOS k. :ri ?i?, ??..s?MO , ,;.? Ave.. }f I dIod ?Square, l<6 Warren St., MS Third Atr., 16 Court St., Urookly?. LIBERTY BONDS All ?Vnorr.inntlona bought for r-aah Baaed on the elosliift we pay ??S ior ? WO?3Vt?7. Bond, 53 Coupon* Ittai ?ur u *?*)?''J ?*,/i% Bond. 1 Coupon ?ttai. ?WO? :id*%;. Bond. 1 Coupon ?TS-? Y>r ?*.-,()?t, |, ,i4% Bond, 2 Coupons -"?a* ter a ?so??it h ?%?'? Bond. 7 Coupons . PURDY & CO., Curb Market Industrials Net High. Low. Lust. Chge. A?^tna Exp'.os . 9% 8V? 8%? % Air Rd?uction. 51% 50 " 50 ~? 1 % Allied Packing . 30 27 28 ? 2' A I^F Eng. 13% 12% 13 ? % Am Leather. 85 82% 85?2 do pi . 97 Va 96 >??> 97 ? 1 Am T re --"tores. 14% 14 14 ? % Am Marconi . 5% 5% 5% -2 Am Tob Sec. C7 62% 66% ? 4 '?? Am Safe Rar;. 17% 17 17%+ % Beaver B.l pf. 92 90 90 ? 3 Briseoe Mo'ors . 65 63 63 B-A Tob reg. 25% "1 25%+ 3% do coup. 25% 24 25%-f-3 Buddy Buds . 5 5 5 + % " Car Light . 3 2% 2%? % ? Central Teresa . 9 9 9 + % ; Col Emera.d . 22% 20% 21 ? % C'nley Tin Foil. 29% 29% 29%? % Colonial Tire. 10 9 9 - Curtiss Aero . 11% 11 11 ? 1 Dafoe Funtice . 11 % H 11 % - Davies Won . 52 48 49 ? V, Durh Hos B. 60 60 60 Parrell Coal . 55 48 55 J- 5 Firestone Tire.i:?8 190 190 Gen Asphalt .117 VI I 12 + 7% ?General A-phalt pr.,15.8 155 l?.") - Gillette Saf Razor..189 185 189 General Motors .... 35 32 34%+ 1% Go? ??;.:? .4 1?> 400 40?i ' ? " Grai e-Ola . 1% 1% lft f- % do pr . 2 l?t 1%+ % Goldwyn Film . 32 29 29 ? 1% [ Heyden Chem . 6% 5% 6 + % Hav Tobacco . 2% 1% 1%? 2' do pr. 12 10 12 ? 2 Hendee Mfg . 49 45 48 + 4 Hupp Motors . 14% 14% 14%+ % inter Motor .128 128 128 - do M pr. 96 95 96 ? ?rio 2?i pr. 73 72 73 - ' Indian Packing .... 21% 17% 20%+ 4 Inter Prod . 41 42 43 ?2 Kay Co Gas. 2% 2% 2% - Lake Torp Boat. 2 2 2 -f % , Libby McNeil . SO 29 29 ? 1 Loew's lue . 31 28% 29%+ % I .oft Inc . 26% 23 26%+ 3?,2 Madison Tire . 50 49 49 ? 1 Maibohm Mot . 13% 12 L>% + % Mont Ward . 4 5 40% 42%? 2% Mercer Mot . 36 3?( 33 ? 2'.?> Nat Fireproof . 8% 8% 8% - do pr. 16 15% 1C - Nat Ice. 50 % 50 50 - N V Shipbuilding... 48 46 46 ? 4 North Amer Paper.. 4% 4 4 + % . na?y Candy ... 23% 22% 22%? V?? Ohio Blower . 36 28 36 + % Overland Tire. 29% 28 28%? % Packard Mot . 27 25% 26 i'atchogue Ply . 41 40 40 ? 1 Perfection Tire _ 6% 6 6 ? % Kepotti . 5% 4 4 ? 1% Bolls Royce ...76 75 76 - do pf. 94 80 92%+ 9% Rep Tire Rub. 4% 4 4 ? % Ro kaway Mills .... 9 9 9 Hoot Vnnderv . 53% 53% 53%-I- 1 1 ?avoid Tire . 9 7 7?2 ?now? Fount. l.i 12 12%+ % ? Solar Light . 16% 13% 15 + 2% .-picer Mfg. 98 95 97 -f 4 Standanl Mot . 19 18% 18%} % ! Submar Boat . 15% 13 13%? 2 Swift Intern'] . C3 59 62 -4 5 weel 1 Co . [0% 10V4 10% ? V* Teroptor Corn . ?IS 4S 48 ? 1 j Ti?!> I've I Kxp. 32 29 20 + 1 I Todd Ship .200 197 200 + 3 Triangle Film . % % %? % U S Distribu? . 50 49 49 - U S H Spd TI. 27% 27% 27% 4 % '. " !? ? II. 3 2% 2%- % l S Steam. 4% 3% 4 -4- % Un Piel Prod. 17% 15% 16% + 1% 1'n Profit Shar. 2% 2% 2% United Mot . 62 60 60 - 1 n Kot Can. 18% 15 18+3 I nion Carbide . 75% 74% 75 ? 2 ??';'' Tire . 4% 4% 4%? % V Vivaudou Inc. 22% 20% 22 Warren Bros. 18% 15 18+3 Wayne Coal . 4% 4% 4% White lio.-k . 8% 7% 8%2. 114 World Film . % \ %? 'n do 2d pf. % % % Wright-Martin . 4 4 4 - Standard Oil issues ?Anglo-Am Oil . 30 29 29%+ % Indiana P L. 91 91 91 - Ohio Oil . 372 368 372 -4 14 Prairie P L.274 274 274 - So Penn Oil.327 327, 325 ?6 St Oil of Cal.305 270 305 +13 St Oil of N J.733 723 725 ? 7 St O of N Y.435 428 435 +? Un Tank Line.120 120 120 - Independent Oils Alliance. 16* 16 16% - Allied Oil. \\ \k \\ - Alto Gas. 4 % 4 4 - A mal R?>ya!ty. 1% 1 1 - ? , '.-d Oil. 2 !% 2 - Atlantic Pet...'. 3% 3% 3%-j % Arkansas Nat Ga?. . 43 3.S 4! ? 1% Boon* Oil. 8 7 7%-" Boston-Mexico . 3% 2% 2%+ % Bouton- Wyoming ...1.00 .95 .97 -.06 Brazos Oil. 21 20 21?1 Burknett, Van C... 2% 2% 2%? % Carib ijynd.57% 48 52+1 do old..M00 6300 6600 - Osrib Trad...?..,....870 826 826 ?10 Cities Service.400 400 400 - uo B ctfs. 42% 41% 41%? % Net High. Low. Last. Cligs do prcf. Tl'?2 71 71 ?2 do B pref. 7% 7% 7%? % Commonwealth . 4 1 41% 4.'!' ? 1 Cosden ?ft Co....... 9% !? 9% ----- Dominion Oil. 34'j 33% 33%+ % Elk Basin Pet. 8% 7% 8%+ % Ertel Oil . 2% 2 21- % Esmeralda Oil . % % %* - Federal Oil . 6 % 4% 5 ' ? % Gilliland Oil. 49 , 47?.? 48 ! ??. do pr.100 98 " 99%+ 2% Glcnrock Oil . 3% 3% 3?%? % Guffey-Gillespie - 37 35% 36%+ 1% L'orne Oil . 8% 6* 6 ? 1% Houston Oil.160 155 160 -" Hughe* Petroleum.. 10% 10% 10%+ % Indiahoma Rcf. 10% 10 111%? % lut Petroleum ..... 66 57% 61 + 9 Invincible . 36 34% 30 - Inland Oil. 6% 5% 6% - Lance Creek . % % . %? % Livingston . 2% 2% 2%+ 1% Magna Oil . 9% 8% 8%+ % Manhattan Oil _ 39 34% 33 -J- 5 Maracaibo Oil . 27 25 27 + 2% Alargay Oil . 8% 8% 8%? % Merritt Oil . 20% 17% 19 ? 1 Mitro Petroleum .. 3 2% 3 - Mex Panuco . 17 14 16 ? 2 Midwest R. f .163 160 162 + 5 Morton Petroleum .. 3% 3% 3%? % National Oil . 7% 7% 7% - Osage Nat . % % %? % Ohio Ranger . 1 % % - Okmulgee Oil . 1% 1 1 %? % Omar Oil . 10 8% 8%? % Pennok Oil . 10% 9',--, 9%? % Phillips Petroleum.. 78 72 7.S + 7% Prod & Ref. 10% 10% 10%+ % Rang-T Oil . % ft ft Ryan Oil . 5% 4% 5%? % Savoy Oil . 7 6% 6% 2% Salt Creek Pr. 40_ 43 43 ? 3 Sapulpa R? f . 6% 6% 6%? % Sequoyah Oil . % % ft? ft Simras Petroleum .. 66% 59% 65 -:- 5% Skelly Oil . 11% 11% 11%+ hi Southern States- 1% 1% 1%? M Spencer Petroleum.. 19% 19 19% ? '?< Star Texas . 13% 1'.% 13% - Texai Pacific .140 140 140 T<xh- Kentucky .... 3% 3 3% - Texas Ranger . 1% 1% 1 % r :S Texa? Co w i. 62 68 59%+ VA Texas Chief . 45% 35 44%-M'?.?, Thraman Oil . 3 3 2% Trinity Oil . 1 % %+ M Tr? pical Oil . 20 18% 19%+ 3 Victoria Oil (new).. 1% 1% 1% ? Vulcan Oil . 7% 6% 6%? l5i Western States _ 1 % 1% 1%? V. White Oil . 42% 41 % 42 - White Eagle . 24 28% 23% Woodburn . 9 8 9 + '.. "Y" Oil . % % % Mining ? Alaska-Br Columbia. 1% 1 1ft j liitr Ledge . ft ft % Canada Copper .... 1% 1 1% ?.'??ns Arir'.ona. % % '?? - '. Cons Cop M. 5% 4% 5% ? Cresson Gold . 2% 2 2%? \ Dais-Daly . 11 11 11 - , E! Salvador'. 3% 3% 3% - Golden G Exp. 1% 1% 1%? ;! ? Gold Con.,.14 .12 .13 I Hec'a Mining. 4ft 3% 4ft? -, I K rr Lake. 4% 4 4% + 1 . Rose Min'ng_ % % % - ! McKinley-Dar.67 .64 .65 _ - Mason Valley. 3 2% 2% 4- : M??therlode .57 .52 .55 ?.03 National Tin. 10 9% 9% Nipissing . 12% 1214 12%? Ohio Copper. ft % % Kay Hercules. 1% l*'g 1% ? Seneca Copper. 16 14 15%+ 3 So Am P & G. 8 7 7%? Fnopnh Belmont... 2)} 2 ,TT 2ft - fonopah Divide. 4 2% 3% - Tonopah Ext. 2% 1 }J 2% ? ronopah Min. 2j| 2ft 2% Unity G?)ld. 8% 8 8 ? United Eastern. 4 3% 4 West End C. 1% 1% 1% White Knob pf. 1% '1% 1'/4 - Bonds Allied Pack 6a. 81 77 7S>2.? Am Tel 6s 1922_ 96 V? 90 96%" do 68 1924. 96% 95% 96 ? Anaconda Cop 0s... 96 95% 90 ? Can Gov 5V;?s 1921.. 98% 98% 98'.. - do 5%h 1929. 95 " 91 94%? 1 C C C & St L 6s_ 80 85% SO Copenhagen 5%s.... 83% S2 83%4 Interboro R T 7s... 72 OS 71'. 4 Kuss Gov 6'?s. 28 22 22 "? 4 d<> 5%s. 20% 23 23 ? 2 i;wed.sh Gov 6s. 91% 88 89 -- 2 Swiss Gov 5%s. 87% 87 87 - i Cereal Imports Cost Allies Tenth More in Six Weeks Falling Exchange Raines Price From America, but Former Neutrals Are Exempt ROME, Dec. 21.?The December bul? letin of the International Instituto of Agriculture shows that the further dis? location of exchange rates has added during the last six weeks 10 per cent to the cost of cereals which the Allies im ort from North and South America. uropean neutrais are exempt from this, as the exchange situation has not affected them. The outlook for the cereal crops of the coming season is generally pro? pitious, says the bulletin. The rice crops in Spain, Italy, the United States, Guatemala, the Dutch East Indies, Japan, Corea and Formosa form an aggregate of 217,000,000 quintals (a quittai is 220.43 pounds), ad against 204.000,000 quintals last year. The statement of available export able surplus wheat in the United States on November 8 showed 7,S,000,- j 000 quintals, as against 60,000 000 quin- ; tais a year ago. The stock of rye in ? American elevators indlcntes an in- j crease from les.? than 1,000,000 quintals ; a year ago to 4.000,000 quintals on No vember 29 of this year. The bulletin says the production of j beet sugar in Belgium, Denmark and the Netherlands indicates a satis? factory increase during the current season. It adds that a telegram re? ceived from Canada indicates that the number of livestock there hat been fully ?maintained. The Week's Bond Market Government and Municipal Bonds Vterk'H r- 1919-?' Salea (000 omitted). close. High. Low. 4670 U S Liberty 3%?. 99.00 101.00 98 20 327 do 1st 4s. 98.2? 96.00 92.50 ; 2425 do 2d 4s. 91.26 95.00 91.00 847 do 1st 4%s_ 9.1.60 96.64 93.32 1 do l?t-2d 4%s..l00.9?T.02.00 93.40 1-19715 do 2d 4%s. 91.4 1 95.36 91.40 . 2:{04() do 3.1 4%s. 93.08 90.60 93.3? '39475 do 4th 4%?_91.52 95.72 91.30 : 13802 ? S Victory 4%s.. 98.96 100.02 .'8.82 S990 do 3%? . 98.90 10(1.18 98 8t 3U S 4.< 1925 coup...105% 106% 104% 849 Anglo-French 5-yr 5s 95A 97% 95% 3 Arg.'ntine Gov 5s ... 73% 93% 72 6 Chine?* Gov Ry 5s.. 46 72% 45 41 City of Bordeaux 6a. 9294 92% 92% 60 City of Lyons 6s_ 92% 92% 92% 41 City of Marseilles 6s. 92% 92% 92% 112 City of Purls 6l_ 92% 100% 92 133 City of Tokio 5?_ 57% 83 55 22 Dom o? Can C* 1921. 97 99% 90% "0 do 6a 192?. 92 98% 92 102 do 6a 1931. 91% 98% 91 8 Imp Jap 1st ser 4'xs. 77% 92% 77% 4 do 1st 4>48 Fr stp. 78 78 78 2 do 1st 4%s Eng: stp 77 91% 77 28 do 2d 4%s Ger stp. 76% 89 75 4 <!o 4b . 66% 80% 64 4 do Is Knar stp. 63 68 59% 1 do 4s French stp.. 63% 65 50% 2 Rep of Cuba 4%?.... 75 85 75 330 IJ K Gt lir & I 5s '21 95% 99% 95 1551 do 6'*.s 1922. 96% 98% 96% 1135 do 6%8 1929. 95 96% 95 972 do 5%s 1937. 88 101% 86% 6U S of Mexico 4s... 40 02 40 2 N Y C 4%s 1957 May 98% 102% 98% 6 do4%a 1957 Nov.. 98% 102% 98% 20 do 4%s 1963. 98 102% 98 3 do 4%a 1965. 99% 102% 99% 5 do 4%? 1967. 99% 103% 99% 4 do 4V,s I960. 94% 98 94% 10 do 4%? 1964. 95 98 95 3 do 4s 1958. 91 93% 90% 1 do 4s 1959. 90% 93% 90% Railway, Industrial, Etc. 3 Adams Exp col tr 4s.. 56 OS 58 13 A! G M cvt deb 6s s A 16% 35 14% 87 do cvt deb 0b ser B. . lt% 34 ,14% 12 Albany & Sus?i 3%s... 71% 79% 70% 17 Am Ag? Ch 1st cvt 5s. 99 102% 90% 70 Am Smelting 5s. 84% 93 81 302 Am T & T col tr 5s... 79% 91 79% 90 do cvt 0s. 99 lu 1 % 97% 24 do cvt 4%s. 83 91 80% 6'5 do col 4s. 77% 86 77 1 Am W Taper 7s. 83% 90% 83% 89 Armour & Co rlcst4%8 82% SS% 81 027 A T & S F ?en 4s_ 77 85% ."?'?.. 2o do adj 4s stamped.. 69 7->% 67% 1 do cvt 4s 1955. 00% 77 05% 36 do cvt 4s 1960. 8S 102% SS 13 do Tr Sh L Is. 7:',% M 72% 2 Atl & C A L 5s ser B. -?7 97% 86% 79 At! C L 1st con 4s.... 77% 89% '?5% 20 do L & N col tr 4s. 69% 7S'?.. 08 615" Bait & O rfg 5s. 59 82% 55% 1210 do cvt 4 ',2s. 58 % 8?) 53 % 490 do gold is. 02 82% 59% 00 do prior lien 3%s... 81% 89% M 92 do 0s. 8.7 i.t 96% 82% 84 do 4s P L E&WV div 53 78 51% 99 do 3%8 Swn div_ 71 86% 7" 7 do Toi & Cm 48_ 49% ,!S 49% 10 Beth Steel 1st ext 5s.. 97 93 95% 35 do rfg 5s. 86 % 92 H % 52 do p m f?s. M% 89% 80 13 Braden Copper 6s.... 89% 97 89% 25 Bway ?t 7th Av con 5s. 46 85 45% 8 Bklyn Rap Tr 4s. 27% 53 16 do con 5s.??_ 33% 76 30 127 do 7s. 48 84% 39 48 do 7s ctfs. 49% 79 2,7 37 do stpd. 43% 78' j 33 1000 Bklyn Ln El 1st 5s.. 60% 79% 60 17 Bush Terminal 5s. 75 85% 75 2 Bush Term Bklg 5s. . . 72 S4 75% 22 Cal Gas ,'.'? Elec 5s_ 88 '.'? % 88 23 Crinada Southern 5s... 85% 95% 84% 10C of Ga Kv.-y 6a. 93% 93% ?? 57 Cent Leather fren 5s.. 96% 9S% 95% 223 Central Pac ?.:'<! 4s,... 75 S3 72% 3 ?1 i Sh? -! Line Is_ 7"% 80 70% 34 C R R of N .1 5s. . . .109 m', 1"?, 3 do 5s rep.100% 102 100 7170 Ches & Oho cvt 5s... 77 % 91% 76% 3 do ref 5s. SI 83% 79% 92 ?lo ?ron 4%s. 71 83% 70 290 do evt I' s. 72% S5 ?? rO 0 ?1?, 5s Cra'ig Val_ 73% 78% 78% - 7 Che <v Alton 3s. 46% 53 46% 58 do 3%s. 301.4 |0 29% 95 Chic I) & Q gen 4s... 78% S : ' ... 7?; 2 do 4s III div. Rl% 85% 80% 5 do 3%s 111 ?liv. 72' 76% 71% 10 do ext Is Neb div... 90% 94% 90% 329 do joint 4s. 95% 90% 93% 60 C <fc E III ref & imp Is 21 36 21 89 do r-g 4s Tr Co ctfs 21 37% 20% ! 1 Chic & Erie 1st 5s_ 82 96% 82 99 Chic Gt Western Is.. 52 63% 51 201 C M ?X- St P cvt 5s s B 63% 81% 62 72 dosten 4'23. 71 84% 71% 330 do cvt 1'-s. 64 SI 62 89 do rfr.; 4%s. 56 71V* 55 I35 (I gen 4s ser A_ 65 70% 64% 11 do Is 1925. 70 85 70 5 do Is C M &. P S div 65% 71 65 17 do 5s C & P W d v. 96 99% 96 16 Chic & Nwn gen 5s... 96% 100% 95% 33 do gen 4s. 77% S !% 75_ 13 do ?en 3%fi. 67% 72% 02% 14 do 4s M S;, & N div 7 7' . 78V4 T3% 22 Chic Rwys Co 5s. 63% >? 1 63% 92 C R 1 ,':- P Ry gen Is.. 72 79% 69 246 do rfg 4s . 66% 7" 64% I" C St L & N O Is M div 73% 77 71 1 C St P lV & O con 6s. i 7 in: in! 12 Chic Tn St 4%s ser A. 79% 89 .8'? 97 Chic & \V lnd Is. 56' , 65 50'.. 157 Chile Copper cvt 7s. . .10512, |2S 1"' '.. .19 do 6s. 81% 91% 75 7 C C C ?6 St L deb 4%s. 75% - 12 do gen 4". 60 <- 0 "?, 2 Cleve S!, L 4%s. 83 89 " S3 4 Col Industrial r?s. 74% 81 73' 14 Col & So 1st is. R3% 89% 82 135 do rfg 4%s. 72'-'. 81 '.. 70' 155 Consol (irr? cvt 0s. . . . 99% 105?% 98' 1 Corn Prod s f 5s 1934 . I1' ?% L0 1% 99' 11 Cumb Tel & Tel 5s. . . R6 "1 " R57 42 Del ?S: ?Uu\ cvt 5s. 81% 95% 81' 12 ?1 riV Is. 80 85 ^ If 1 Denv .'? Ro G imp 5s.. 72 79% ro :: do I ' ?s,. ?7s 76' , 05 45 do r:n 4s. 64 75V, 62 1 Det Ed Co col 5s 1933. 96 96% 94 1 do rfg 5s 1940. 87 9 1 87 30 Ilet River Tun 4%s.. 74 81% 72 in net I'n Rwy 4%s..... os st% 68 10 E T V & G con 5s... 92% 97 " 89% 141 Erie prior lien 4s. 52% 70% 51 17?; do gen lien 4s. 42 " 57% 39% 88 tl) cvt 4s series A?. 35 52 33% 105 do cvt 4r series R... 30 52 33% 93 do cvt 4s series D.. 38 55 r"!77, 42C,r-n E!ee deb 5s. 94% 101 93% 4 Great Falls Power 5s., 93 96 93 34 Great Northern 1%s.. 82 89 81 1 Gr B!v ? VV deb B. . . 8 15% 6% MH, ck Val 1st c..n 4%8. 69% 82 OS'. 5 11 E & W T 1st 5s... 84% 92'% 84-.. 1 H & T (' 1st 5s. 92 " 9S% 92 20?; H ?: M rfs 5s ser A?. 57% 65 52 202 do adj inc 5s. 15% 19% ||?tj 69 Illinois Cent ref 4s.... 76 " S4% 72 2 do 3'-',a "'71. 72 7?', " 09 10 d.i 4s 1952. 72 79 71 r? 20 do 4a 1953. ?SU 77% 67 ' 9" ??.-, 5%r . 'r r ' . 97V, R1 ? ' 25 Illinois Cen 4s. 75% 75% 75% 3 do 4s Cairo B div.. 78'i-, 7'1 78% 12 Illinois Steel deb 4'..=?. 83% 86% 82% 25 Indiana St-el 5s . 93?% 9SV, 97"7 5 K Citv Ft Scott & M 6s.l00% 103% 90% 605 Interboro-Met 4 Us ... I o ! . |3?% 13 217 do 4%s ctfs. 16% 45% 13 2020 Interboro R T ref 5s. 57 ? ? 75'? 13V 10 internat Agricul 6s... v'"7., 85% 7?'?'?. 147 Intnat Mer Mar s f 6s. 9. % 105% 92V? 22 Iowa Central rfg 4s.. 36% 48% 25 38 do 4s . 63% 76% 09% L'Knn City & Pac 1st 4s 521, 53 52% 4 (Kan City South 1st 3s. 54 64% 54 77 do 5s . 72'.? so., 71'.. 53 Kan Citv Term? 1st 4s 71 SI 70 20 Kcokuk & Dei M 5s... 65 70% 65 2 Kings Co El Lt & P 5s 84% 91 84% 3 Kings Co Elev 4s. 50 OS 50 1 Knoxville ? Ohio 1st 6a 97% 97% 97% f? Lack Steil 5s 1950. 95% 197 86 6 Lac Gas of St I. 1st 5s. 81 '."% 81 ,'i do rfg 5s . So 97 80 20 Lake S & M S gen 3%s 69% 71 6S 47 do cieb 4s 1928. 85 90 80 56 do deb 4s 1931. 81% 89% 81% 30 Lebigh Valley con 4%a 83 90 77% 14 do 6s . 99% 103% 99% 1 do of Penn g n 4s.. 69% 80% 69 10 Lex & Eastern Ry 5s.. 84% 95% 81% 8 Liggett & Myers 7s_109% 114% 199 C do 5s . 85% 96% 85% 1 Long Island ref 4s.... 65% 78 65% 15 do unified 4s. 00 7.2% 65% 4 Lorillard Co 7s.108% 113% 108% 14 do 5s . 86 93 4 85% 6S Louis & Na = h unified 4s 80% 88'., 80% 7 do So Ry Monon jt 4s 61 73 60% 3 do 6s St L div. 99 101% 99 26 Manhattan Ry con 4s.. 58% 72% 54% 11 ?io 4-? tax exempt... 68% 74'2 55 3 M i?-h Central 3%a.... 73% 74% 70% 149 Mldvale Steel cvt 5s... 82% 91 80% 7 Milwau El Ry & Lt 5s 96 96 96 1 Milwau ?t Nor con 4'-?s 78 89 78 4 Minn & St. Louis con 5s 74% 80 71 12 do 1st rfg Is. 35% 40 36% 10 Mo Kan & T 1st cvt 5s 22% 30 20% 20 do gen s f 4%s. 20% 34 26 62 do 1st 4s . ?r>8 Va 69 Is 35 do 2d 4s . 29 37% 29 10 do rfg 4s . 37 48 37 1 do rfg 4s Tr Co ctfs. 36 46% 36 7 Mo Pac rfg 6s 1923... 91% 94% 90 14 do rfg 5s 1926../.. 86 92 Pl% 4 do 5s 1965. 76 87% 75% 743 do gen 4s . 57 63% 51 16 Mont Pwr Co 5s ?ser A 81% 95 8 4 1 Morris & Essex 3%8.. 70% 73 70 15 Nassau Electric 4s.... 22% 55 22% 5 National Tube 5s. 94 99% 93% 8 New Orleans Term 4*.. 63% 79 63 7 N O Tex & M 6s ser A. 95 97% 94 229 do inc 5s . 51 62% 60 5N V Air Brake cvt 6s. ?9% 103 97% 233 N Y C & H R deb 6s.. 90% 100% 90 60 do rfg & imp 4%s.. 79% 86 74 51 do deb 4s 1934. 7R 8? 11 do ?ton ?%.? 68% 77 S&? Weck'?,-?1919?-, *?tes (000 omitted), dos? Hieh. Low. 39 do rfg 3%' . ?8 73 66% 12 do L S col Ir 3%s.. ?1 eg 5914 2 ?lo M C col tr 3*t,s.. 60% 70 60 ION Y Chic A St L 1st Is 80% 84 78 23 do deh 4s . 6?'-,. 76% 61% 63 N Y G EL H & P col 5s 82 ' 94 80% ?/> do pur m 1s . 61% 74 69% 06 NY NU & H cvt 6s '48 66% 88 65 5 do deb 4? 1955. 45 58% 45 7 N Y On ... W 1st ref 4s 56% 70 50% 21 N Y Rya rfg 4s ctfs.. 31 " 45 29?, r 82 do n?lj .6? ctfs. 7 16% 6 36 do rfg J?. 31% 46 30% ;>1 do adj tjs. 7 16% 0% i 1 N Y & Rockaway B 5s 8? 92 86 , 5N Y Stat? Rys 4 %s. . . 48% 02 49% ! 20 N Y Tel 6s. 96 101% 95% ?LIO do.ffcn 4%r. 80 9l'A 79% : 1"9N Y West.-h & B 4%s. 34% 54 " 34 152 Norf & Wcr.t cvt. 6s. . .102% 110% 102% ? 10 do con 4?. 77% 86U. 76% 5 do div| 4s. 77 82 70 ^?5 Nor Pacifie pr lien 4s. 76% 86 76% ''? (logras?. 53% 61% 52% 10 Nor States Pwr 1st 5s. S3 91 82 4 1 Oregon & Cal 1st 5s... 93% 99% 92% 9 O reg Ry & Nav con 4s 77% 85% 76% 3 Oregon Sbort L I?t 6s. 99% 101% 99% 65 do rfg 4s. 81 % 88 77% 32 Oreg-Wash RR & N 4s 69 79% 68% 02 Pacifie Gas & Elec 5s.. 81% 83 82 1 2 Pacifie of Mo 1st ext 4a 80% 82 80 24 Pacifi.- Tel & Tel 5s... 86% 95V, 85"A l99Penn RR con 4 %s_ 89% 90% 88% 467 do gen 4 %s. 81% 89% 77'?. 217 do con 5s 1963. 90 98% 88% I 38 do 4s 1948. 83 89U 82' I lOPeoria & Eastern 1st 4s 51 60% 50 ' 18 P?re Marquette gtd 5s. 85 90 82% 5 do rfg 4s. 64 % 72 % 64% 10 Phil Bait & W 1st 4e. 82% 87'- 82% LI Phila Co deb 5a 1922.. 85% 94 " 85% 4 P C C & StL 4'i.s ser I S9 91 89 iOpierco Oil 6s 192.4.104% 112% 8S% 42 Pub Serv of N J 5a... 68% 80 51% 175 Rcadinw gen 4s. 78% 80% 78 10 Rio Grande & W 1st 4s 64 73% 68 2 do col tr 4s. 47 65 47 'O R I Ark & La 4 Us_ 60 72 60 13 St L Ir Mt & So gen 5h 89% 96% 89 iO do rfg 4s. 73 82% 73 36 do 4s. R A G div_ 67% 77% 60 4 70 StL & S F pr 1 4s a A 56% 64 53% 90 do 5a aer B. 69% 79% 00 M 327 do adj 6s. 58 71 55 109 do inc 63. 4 2 50 29-T? 3 St L Swn Terni 5s... 66% 61% 58 52 St L Swn 1st 4s. 60% 71 60 24 do con 4s. 52 65% 50 5 St P & K C S L 4%s. 03 71 63 17 St P M & M con 6s. .105% 109% 104 30 do con 4%s. 90V? 95% 90 7 5 do 4s Mont ext. 84% SS% 84 ?OS A & A P 1st 4a_ 56 68 56 5 Se V & N 1st 48. 74 81 74 155 Sea b Air L adj.5s.... 35% 53% 35 5 do 4s stamped. 59% 74 58 26 do rfg 4s. 38 00 38 1 So Bell T ?& T 5s. 85% 93% 85 205 Southern Pac cvt 5s... 1-6 115 98f* 142 do evt 4s. 78% 88 77:< 0 do col tr 4s. 69% 77 67"? 15 do rfg 4s. 70% 83% 743 5 do S F Term 4s_71 89?% 71 150 Southern Ry c?m 5s... 85 90% 84 160 do gen 4s. 59% 69 59' 10 d?. Is St L div.?_67% 74% 07:' 5 Stand Cas & Er'ec 6s.. 88 9?',% S77 3T C I .<? R R gen 5s.. 90% 93 S7 5 Tenn Ce pper 6s. 94 90 91 1 T RR A of StL 1st 4%S 81 % 91 % M 1 M Texas Co cvt 6s.103% 104% 1011 14 Texas & Pac 1st 5s- 83 92 81 5 Third Ave 1st 5s. 83 93% 83 102 do rfg ?Is. 49 59% 46 ,7 1 do adj 5s. 28 42% 25 1 T StL.vW 50-yr ?U 1950 4 5 50 45 2,"''l"ninn Pac 1st 4s. 83% 89% 82' 12 do Ce.L>2 105 101 > 1 15 do cvt Is. 87, 89% 82 24 ?I?, rfg 4s. 77% 83% 74' PS URR of SF 4s TCo ctfs 2?; 36% 22 21 U S R.'y & Imp 5s... 70 78% 6?' IU S Rubber 7a.103 104% 102' 17,1 do 5s. S0 89% 82 29 U S Sm R & M Os_105 107% 97; T- C S Steel s f 5s. 97% 101% 97 13 Utah Pwr & Lt 5s_ 83 99 81 6 Va-Car Chem 5s. 93% 98% 93 Va 1 C & C 5s. 81 S0 SI 30 Virginian Rwy 5s. 83 94% 82 "0 Wabash 1st, 6s. 89 98% 87 14 d.. 2d 5s. 80 8 1 79 20 Western Electric 5s... 90% 99% 90 41 Western Maryland 4s.. 47% 03 47 50 Western Pacifie 5s- S0 80% 79 6 West Union col tr 5s.. 84% 95% 84 4 do real estate 4%s. . 80% 91 SO 7 2 West. Sh re 4s. 72% 81% 70 0 ' do 4s reg. 69% 7n% 69 5 W ?? L E 4%s ser A.. 56% 59% 56 gales (000 omitted). close. High. Lo 2 1 do con is. 53 66% 52 40 Wilson Co Os. 97% 101% 90 49 do cvt 0s. 95% 10)% 94 10 Wisconsin C'en? gen 1s. 61% 8?) 63 10 do Is Sun & n div.. 07 77 07 1 Wllmar (- So Falls 5s 98 98 95 Buyers Arrived Falrchlld Service ARDMORB, Okla,?-WeMthnlmnr A Daube ; H. B. nernen, suit?, coat?, dresse?, waist?. Children's dresses, coats, muslin and ?Ilk underwear, bathing sult>?. house dresses. 'aprons; 116 West Thirty-second Street, A Fnntt. , . ATLANTA?Emporium World Millinery Co.; J. s. nitirnan, mlllineryi 621 Broad : way. room 623. BALTIMORE?American Wholesale Cor? poration; C. H. Oarrlty, hardware, tool?; 864 Fourth* Avenu?'. RALTIMORH? O. Herbert, men's fur? nishings; York. BOSTON?B. T. Slatfery Company; Miss Lohnes, ladles' eoata and skirls; 2? West Thirty.thirl Street HUSTON'?Houghton & Dutton Co.: M Mill? r. millinery; care 404 Fourth Avenue. Bl ?TON?Columbia Suit & Skirt Co.; M. .1 hnelder, manufacturers cloaks, suit?, skirt? Pennsylvania. BOUTON?Star Raincoat Co.; L. P'"ln, mnriiifnrturorn raincoats; Herald Siiuare. 1! HADDOCK. Pa.?H. Fromme, men l furnishings, etc.; Herald Square. BUFFALO?Olven's; Miss ciohessy. Job.? ????its. ,ir?-sn?s. Bhlrtwalsts; 37 West Twen Sl reot lien l.evls. CHICAGO?Emporium Worrtl Millinery Co. A. K. Stumor and Miss F. Snyder. millinery; 121 Broadway, room 623. CHICAGO?L. Kline Co.; Mr. Nichol? son, silks, dress gooils; 1133 Broa?! way; Fellows. CHICAGO?Boston Store; I. Friend; dr> gooils, etc.; care 404 East Twcnt v-thlni Street. CHICAGO?J. Orensteln A Co.: J. Oren stein, rnfrs. furs; Pennsylvania. CHICAOO?Lowensteln Bros.; M. Lowen stein, Jobs of dry goods specialties; Penn? sylvania. C H I C A G O? L. Koufman, furnishln? goods; Walllck. CHICAGO?I. Cohn, piece goods; Broad way Central. COLUMBUS, Ohio?F. & R. Lazarus Co.; George Doyle, Jobs coats, dresses, 22? Fifth Avenue. DETROIT?Emporium World Milliner} Co.; ?S. Kaufmann, millinery; 621 Broad? way, room 623. DETROIT?La Mode Dress Shop; S Kraus, jobs, ?liesses coats; J. F. Ginsberg Jobs, dressea, coats; McAlpln. ELMIRA, .V. Y.? N. Kubin. second han? goods: Walllck FORT WAYNE, Ind.?J. Lyons, furs Grand. GRAND RAPIDS, Ml.rh. ? Empnrlun World Millinery Co ; A. C. Marsh, mil llnery; 021 Broadway, room 623. HARTFOBD, Conn.?Emporium Worb Millinery Co.; J. L. t sen berg, millinery 621 Broadway, room 023. HOUSTON, Tex.?Hamilton Bros.; E Hamilton, men's hats, furnishings; renn sylvan la. HOL'STON, Tex.?Hubb-ll. Slack ?v Co. W. Weatherford, general merchandise Imperial. HOUSTON, Tex.?Levy Bros. Drv Good Co.. .Mr-. Rothschild, ready to wear; 11.7 Broadway; Baer Ltllcnthal. JACKSONVILLE. Fla. ?T?arvey's; ti Harvey, men's furnishings; York. KENOSHA, Wis.?Cooper Underwea Co.; II. O. Glassmuck, hosiery; Pennsyi vania. DOS ANGELES?Mnller & Haas; A. . Johnson, millinery; 62*1 Broadway, rooi 62S. NEW HAVEN, Conn.?Emporium Worl ?Millinery Co.; A. H. Smith, milliner) 021 Broadway, room 623. .NEW ORLEANS?Emporium World Ml linery Co. ; .1. B. Cohen, millinery; <ir. Broadway, room 623. NORFOLK, Va. ? D. Samler, milliner; eloalcH. suits; Pennsylvania. PHILADELPHIA^? M. Waldman. nous? furnishing goods; Gregorian. PHILADELPHIA ? L. Folkman, di iroo'is; Herald Siiuare. PHILADELPHIA?Handel Bros.: M. Mandel, wholesale clothing; Breslin. PHILADELPHIA.H. Friedman & Cc Harry Friedman, millinery; Broztell. PHILADELPHIA?M. Katz, dry good Broad way ?'? nti ;?? I. PHILADELPHIA?M. Weisberg Co.; : Welsberg, general merchandise; Broadwi Central. PORTLAND, Ore.?M?ller & Raas; P. Blair, millinery; 621 Broadway, roo 02*. PROVIDENCE?DImonrd Co.; E. Ryan, sweaters, petticoats, house dress? aprons; Breslln. READING. Fa.?S. J. Kotzen, dry good Bl ... .-ay ? entrai. RICHMOND, Va.?Dreyfus & Co.; i\ Siv.yti.tr and Miss Jones, Jobs. ilr?-??s?. 1270 Broadway; Stanley C. Macrae. RICHMOND, V?.?Emporium Wor Millinery Co.; S. Sllverman, millinery; 0 Broa I way, room 623. RICHMOND, Va.?Kaufmann & C? Miss K M. Merrltt, ribbons, dresses; 3 Fifth Avenu,., room 603. RICHMOND, Va.?Miller & Rhoa.ls; O. Long, rugs; 432 Fourth Avenue, D Iloor. ROCHESTER, N. Y.?Emporium AVo? Millinery Co.: L. C. Nance, millinery; ( Broadway, room 623. SCRANTON, Pa.?Emporium World M linery Co. ; F. AV. Conklin, millinery; t Broadway, room 62:;. Executor Trustee Chartered 1822 The Farmers' Loan and Trust Company Nos. 16, 18, 20 & 22 William Street Branch Office, 475 Fifth Avenue At Forty-first Street New York London Paris ? Foreign Exchange Administrator < Guardian Member Federal Reserve System and flew Tor!: Olearine House Transactions in Listed Stocks Continued from Page 14 Date. Mar 7 July 28 July 29 Apr 7 Oct 30 July 1 July 1 Oct 11 Aup 7 July 7 Oct 1 May 27 May 23 Juno 5 Nov 6 July 10 Nov 28 May 3 July 14 July 17 July 15 June 11 Dec 11 July 14 Oct 7 Oct 24 Oct 23 Oct 23 July 23 Mav 19 July 9 May 23 July 29 July 9 J.:|y 14 Jan 9 Mav 26 July 3 June 9 July 2 June 16 Sept 24 Sept 23 Oct 20 Dec 15 June 2 May 9 May 16 July 25 Jan 17 Oct 7 Oct 8 Low 1919. 63 37% 90' 2 50'/i 157 VA 15 80' 2* 14 42?2 49 97'/a 96 '4 17y? 73 109 43!/4 45 B8'/4 1 1 1 ' 2; 65's 8% 55 51 110 54 12 40 7:4 20/2 14 51'/4 9% 13 17 52i>e 82 94'/2 40'2 65' 2 95!/4 7?4 17 45 1-8 23I/4 873* 30 120 114 50 66 Date Dec Jan Jan Jan Peb Jan Jan Aue 20 Jan 15 Jan Jan Dec Jan Jan Jan Jan Jan Jan Feb Dec Feb Dec Dec Feb Jan Apr Jan Jan Dec Dec Dec 11 11 6 3 10 10 9 ? 13 ? 3 Div. in %. 4 do pr. 4 Uni'ed ARloy Steel. 7 Unite?! Drug . 31/2 rio 1st i?r. Sale? liiert. . 2600 66^4 1300 52'a 800 142 4C0 51 "2 Low. 64' 50 139 6I3 Close. 66'2 5c;., 142 51?s ch?;e. United Krcit . 4500 203</2 199'/2 201% United Bwy Inv.... 778CO do pr. 12500 16 2 5 2 3 21 20 21 18 10 12 7 16 ? 15 ? 10 4 11 25^t 92', 22 54 s Uni'ed Ket Str CI A 8"80C V S C 1 Pipe & Kdy 4000 do pr. 300 U S Pood Products 166 20 81 V S lud A?cohol.... 13300 1C6 do pr. 600 "C2 V 8 Realty & Imp . 800 40 U S Rubber. 62000 126% do 1st pr. 1900 114Vt U S Smelting ?2- Ref. 6800 7538 do pr. 600 47' 2 U S Steel.309100 '05' - 10 22' 7 87'( 21 53 73 101 100 38' 120 112' 4?3 10-' IH do pr. 6-00 113' 2 112 Apr Dec Feb Feb 20 Sept 22 Jan 15 Jan Jan N?,v Mar Jan Jan De* Jan Jan Sept F?b Dec Ffb Jan 16 ? 3 ? 20 4 7 7 20 4 20 5 14 7 5 ? 30 ? 3 4 15 ? 22 1 7 7 18 ? 7 8 18 7 13 ? 3 6 Utah Copper . 13500 75'3 Utah Securities Corp. 8400 10 Vanadium Corp . 22400 59^8 Va-Car Chemical ... 44CC 67 do pr. 400 172 Virrinia Ir?>n C & C. 900 82' 2 Vulcan Detinning- ... 200 20' ? do pr. 300 89 Waba.h. ?900 8'4 do pr A. 18400 23' j. do pr B. 2000 15 Wells Fargro Express 2700 54 Western Maryland... 6 00 11~S do 2d pr. 2200 1?3,4 Western Pacific . 27r0 21'2 do pr. 500 56'. 2 Western Union Tel . 1300 80 3 Westinchouse Air B. 2000 1:2' 2 West.njjhouse Mfg... 10500 5"H Wilson Company .... 7000 82' 2 do pr. 100 Wheel & Lake Erie. 6220 do pr. 6100 White M?,tors . 22800 60 834 55 66 112 76 20' 2 85 52 10' . 16 20 56 307; 112 52 , 76' 97' H do rights . Willjs-Overland _ do pr. Wisconsin Central. . Woolworth . do pr. Worth Pump & Mach do pr. 97' 12' 183 ?62| 2' 29 90 30 700 12334 121 400 114 1123 6400 87'/2 833 600 75 72 35500 35500 1900 1C0 17 573 17 28 89 30 10' . 25' * 9138 22 57 - 106 - Z'/z 102?2 J0 125'-g - ?% 113 75 4 3 47 - % I04rr8 - 113 72' , 10 57 = 8 67 112 - 80 - 20' g ? 85 ? 23 4 '5 - 52's? 11%+ 17% ? 20: a? 56 ? 87 j ? 53 , - 8"' 2 - 97' , 12% ? 1834 60 - 2% f 89 %? 30 ? 123'4 - 112%? 87 ? 4 *Es dividend. tEx rights. SEATTLE, Wash.?B. Stone, piece goods; I Herald Square. SIOUX CITY, Iowa?Emporium World Millinery Co.; C. W. Smith, millinery, 621 Broadway, room 623. SOUTH RIVER. NT. J.?H. Frank Co.: H. Frank, dry Roods: Pennsylvania. SPRINGFIELD, Mass.?David Brodin sUy, ?vholesal? dry k.-"???ls. Latham. TOLEDO, Ohio S. H. Wineburgh, women's elothlng; Brealin. TOLEDO, Ohio?Emporium World Mil linery ?To.: n. IV Key, mlllinerv; ?721 ?r-.: ? Iw ly, room I . 3. T' iLEDi ?, ? ' lo? M .T. Loo: G W ? >s born, millinery; 122 Broadway, 1Kb ?lor.r. WASHINGTON?Goldenberg Co.: H. C Ko?-h. milliner: care il m n?-.?n?1 way. WASHINGTON?H. Goldberg. Jewelry; ?r. adwaj ntral ". ? iLF '?'7 . . E ?? >n Bros ; Eat ri. dry goods and general merchan? dise; Gram!. Analytic Survey of the Oil Industry j HE part played by petroleum in the development of American industries to their present magni? tude is realized by comparatively few people. A new book, issued by the undersigned entitled "Analytic Survey of the Oil Industry and Statis? tical Handbook," deals with the subject under the following headings: The Present-day Petroleum Industry Nearly five billions of American capital are invest? ed in the oil industry. Oil is a vital necessity of modern life ?it provides light, heat and power, valuable drags and chemicals. All the great nations are seeking new sources of petroleum. A Five-year Growth in the Oil Industry The rapid increase in the production of automo? biles has created an enormousdemand forgasoiine. Kerosene is finding new uses, and is an important factor in export trade. Rapid industrial expansion has increased the demand for lubricating oil. Fuel oil is rapidly being adopted tor manne and rail? road service. What Can Happen in the Next Five Tears The next five years' developments will far exceed those of the last five. Kerosene will attain increas? ing prominence as a motor fuel. Fuel oil will find still wider use for heating and power ashore, and will probably be the universal fuel at sea. Standard Oil Expansion Since 1912, earnings of the principal companies bave increased from 1 ?DO to 400 per cent., and net assets have appreciated from 50 to ioo per cent. The combined surplus as of January 1, 1919 was ?906,851,553, or $266,843,685 in ?exc?s? of the present combined capitalization. Growth of Independent Oil Industry 1 he independent oil mdustrv has passed thnrwifth three phases, of which the present is the combina? tion of interests into great homogeneous organiza? tions embracing all branches of die oil business* Competition in tins h-ld was never more healthy. Discoverers of Great North Texas Fields The bringing in of the McClesky well in 191 7 was the signal tor the greatest drilling activity ever known in the history ofoil,stabilized the market at a time when price tendencies were on the verge of a stampede,andaverted a world shortage of light oil American Capital tn Foreign Oil Fields Oil underground in this country is equal to only about 16 years' supply. A great oil industry has already been developed in Mexico and Roumama, and Colombia is attaining prominence as a new source of high-grade oil. Petroleum Statistics In 191 7 this country produced 66. t 7 per cent. of the world's petroleum. Stocks ot crude petro? leum in storage in the United States were reduced by 16,909,779 barrels in 1^17. The price of crude, which was $20.00 per barrel in 1859 ?tnd $.10 per barrel in 1864, has been stabilized. In 1918 we imported over eight times as ?much petroleum as we exponed. Tie iurw mattem eenrmntd in rUi <Wi trr/V ?V femnd mery maihaht* iy tmvtmert m*o ?ahm m ?up tmformed et m ?M eu mtm ?f? COPIES OU REQUEST 60 BROADWAY PRICHITT & CO. Members New York S?tock Exchange NEW YORK