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W. F. ladd & C?. Investment ?Securities N?w York Curb Market from p-. cil ng r i?je. ? : SO ? . ; - so . ; -'. 614 : ?Vi 7 : H 2 S 81 2? - '-: : : ? : -? 5 : ' 1 ?: : ? : "''? mal Bonds per s har?s. Monthly Earnings ?l?-T?.lai?! ? lt|_ riilriifro * St. T.onl? ;.?,/: '7' ? ? ' - S* trou . ^B_ ? ? ? ... *r (!Uf'X st. ?? - ):/???:?? ? N?t ' ? 4( ??? ' l Contrai ? Ino. 1.81 I ?. - . 7 ? . I Inc. 7,847.1 7' Ino. Inc. 194.154 -, : ' 1 Ino ?2.600.O25 Ino. 7 ; . - I Inc. 2 l'uni, Minneapolis & <? ' . - I ^^^ l.S -4. j6??^^^ Chicago Great Woicrn Ine. fctt .?.!htf !'r ?a 10,671 401 In 47-e 053 ?*. *? ?Ur. a? $97.36?! 49?.4? 410.2U0 1,169,336 834 8?0 935,144 8i*o?vrick.Ba%>CoU^d42r J^clatea i 5$ P. <1 Dividend : ?<*.".' ?Hender Company I ?clart 1 -, sto? j,: .. : nd o? : : ? terday. It i B. 1 - terly divi *? ., *''?? per cent on the common e ft-*o declared. ?-i??T Sa "S for ;h" f:rst half of t!;i': i?0wi ere said to ho at a record rate, S-Vie !? ?n ?"?TeaEij of 60 per cent. ii?*f?'"oenda will be paid from the Wti "uthorized last April. Ir. the eos:""19 the compan?/ sold $:5,000,000 ;.-,;jri stock to its stockholders at ?*todiJ,rc*s"?g the amount actually out ^""??? to ??,000,000. The Day's Bond Market U. S, Government Transactions Salo?. Yield. Utxarty 7!%g, 1947.ll.2i'1.0<?0 4.OS do 1st 4?. 1947. fi.nOO 4.97 do 2.1 4s 1943. S89 .? 6.1r' ???i l?t ?'??ji. lt?47. 101,000 6.S6 ?'?> Id 4v,a. 1942. 838,000 SU 3d ??,!?. 1929.1.1 JS.ooo 6.02 do 4th 4% s, 1938. 1,3(11,000 6.6? Victory 4\s. 192:!. 5?ii>.ooo 6.16 ?Jo 3-%?, 1923. 620,009 ti.37 Quotations Not High. I.ow\ Bast, chpf?. ; Mbflrty SU?. ?3100 90.90 91.00 -4-.02 ?V> 1st 43. 85.60 85.40 88.40 -f.10 <io 2d 4R. 84.?S 84.??0 84.80 +.04 do 1st 4%s_ 8 5 ?0 85.36 85.49 4-04 i ilo 3d 4 H?. 85.10 84.80 84.80 ?.16 (loM 4??4J. ?8 90 88.60 88.60 ?.10 do 4th 4%s_85.06 86.20 85.24 ?.06 Victory 4%a.... 95.73 95.66 96.88 ?0" il o 3 ?H s. 95.6.8 96.64 95.06 ?.12 Bid and Asked Quotations Closing (Mos'ng Liberty Bonds. Vrst??r?3ay. Thursday. "'?jH. 1947 .... 90.98? 91.00 90.94? 91.00 1st 4s, 1947.... 85.40? 86.60 86.60? 86.60 2d 4.??. 1942..., 84.70? 84.80 S4.8' - 8 0 7 ' 4%s, 1947. . 85 36? 86.40 S 7. 10 ? - 2d -i . ??. 1942.. 84.82? 84.88 84.86? 84.94 3d 4 '.s. .in24 . , 88.60? 88.68 88.70? 88.76 4th 4%s, 1938 85.23? 86.28 B6.30 '?? 86.36 \ ? 4'?4??. 1933. 95.66? 96.68 96.66? 96.70 Vic :;?v4a, 1923. 95.60 ii 93.70 95.66? 95.70 17 i -war issu? s : 2s re?*. 1930_100%{?101% 1 00% ? 101% 2s coup.. 1930.. .100*4 S 101% 100%?101% ?? reg., 1946... 89 @ 92 89 ? 92 -- coup., 1946... 89 ? 92 S 9 O P2 4s reff., '25....105 ?105% 105 ?105% 4s coup., '26...106 i.fl05% 105 <sjl05% 2s. Pan. c. ?36.100%?10l?a 100%?101% 2s, Pan. r. '36.100%?101% 100%@101% 2s, Pan. c, '38.100%?101% 100 ?a ? 101 % 2s, Pan. r. '38.100%?101%. 100% ? 101 % reg..... 77 '.?: 80 77 ? 80 '.' tl . p. . 77 '?.?' 80 77 ? 80 Phil. 4s. '34. ... 78 ? 85 78 <??> 85 Phil. 4s. 7.7,. ... 7? @ So 74 @ 85 Phil 4s, "36 ...78 ixt 85 7? ? Si .. 3s, '65. . 95 ? ? 9 5 ? ? Foreign Govt. and Municipal Bond-* (Interest To Be Added) Bid. Asked. Anglo-Trenrh Kx'.??rn !?s. 1920.. 09V? 99% Province of Alberta 4%s. s7 % ? ?? Ino In;? rn 5s, 1945. .. . 69 ??.. 70 m i?f Belgium C,s, 1921. 98% !???% d ? I -, 1925 . 91 ?4 ?:: do 7%s. 1945. ?7 Va ?'"% Canada, Dominion of, 5s. 1921. 97% 97% do notes, 2921 . 9? 97% do 1926 . 89 89% do 1929 . 90% 90% do ' ? ! . h6 86% . - Gvt IIu Kug Rv 5s, '61 47"? 4 li a External 6s, ::?44. 88% 90 rlos A, 1949 . 80% 82 do ?1 ?. 1949 . 71% 72% '- public 6s, 19" ? - . 85 86% :- 6s, 1934. . S3% M % les 15 ?. r ? a, 19 4 . ' 7. M % ?. iux 15-yr 6s 193 4 83% 84% '/is, '44 74% 75% . Paris City 6s, 1921 ... . 91 ..-.:?? .: ? 194 '. . '% 103 '?? ? j string In, ...... 71% 72% do 4 %s, 2d series, ". 92 7,. 7 1 7. - . - ig In, 1931 5 % 54 1952. ... , : ': '? j 74 7 :. K <J B & I 6-J r 7 ?_.-. 1921 ?36 V? : ?'. 1922 . . ? ......... ?. Soft i a .......82% - - ? ? ' 194: ?' '?? . t "? . ,.- of . i. 1954.27% 30 King. . ; .- 5-yr G% i . g b ? 7- '?2 (Sales) French 5s M ser 4 '???? .?% . 70? '...:?' : >'.'.'.'.'.'. 71% . .... Tl-H Chlm ?j? By 5s 10 ?. 71% .43 .... 71 H . - 4 do stlg lo ?: 'V . . . 4,. . 53% f . is '7?. 10,0 . 3% ; ? 33%;K of B? tlum ? : ? ? . enhagi n 7 "?a J [?* M rets 1,000 ...97% I.' ???? 75% - . ?7% ? 9 ? is 7 7 .7 , ..*?". .97% . g , 21,001.'?: -, ? ris 6s 5.000 ... . .. 91%jK 6%s ser ,...91% ' . S1 UK .. it Britain .?1 Va ?'? - 96 : ..... 96% : ... 96 6 s30f.. 84% 31,i . I 5%s 2,000. 96 notes! 7 : : 96 ?% , ... 97% l . 96 U 1929 do '. : . . 90% 29,1 . !"T, ? ? ' ; ? l.oo . ? . 60% 2.000 ...:,.. r, 1921 do 6%s 1929 .7,7-:. _ ... 85% _ 89 do 5%s 1 ; l ; ..83% . B 6 % , . f ...? ?7 2 rland ? ? . ? . ' ?, rets ..82% 1.000 . - 7 ' ? ? ...103% II 82% .102 N" T City 4%s 1! Railway, Oilier Corporations . Gold 77 6a Centr il Bi ather 5s si r a ; I. ..... 90 : ' . 11 Cen Pa flc gtd 4s i deb 6s ' .71% .'-% . 71 '??, 1.00 .. ? .71% Am :- ? ng ? ; . . 7 ' 7,000.71 % 7 . 7 ????? l.'OOO.i -.-: ! . ? . ' - . 2.000.s30f.. 71 % . . . 71% ? 7 ?? ?-. 1' I if 77 J f.; .... . Ihes con 6s ; ' . ?;?. n 6 a 7'" :. S do : ?n -l Vs ?:? " 4; : ? "* doe ? I 4 : . m v ' IV : J f 73 ? ? 70% j*55 ? CO 4 '?? ... . A T & ? P pen 4 , ? 17 0 - . 8,0 ' . C & Alton '?Via --../ ). -?ri/ C B & i.' gen 4? 7.7. ?? - - '?* 4 I 00. 7 . -' do 1 Inois 4s 78 W --, r ?so ? : oo. : I?) . :.,: 5.oon. ? ? . ? <*.0 .. : ...66 Atl ?7' !. 1st con 4- C Or,.,: Western 4a ... 73% 2.0C. I . . 72% C M & St P gen 4 %? '. 73% ij.noo. 70 ?10.000. 72% do cvt 4 VjS . 73 ? 4.000.66 ''. . I..S ?a? rig 4%a .1% 8 000. 57% . ,;"?i-? 2,o,.<j. 58% . 5-? /,;-,,?? 7' ** - ;"''. 63% do is J P M rers I do 4s : 925 : ? .....98% L 300. 76 - . ?" Chic <t N W 7s temp * - 97% clf;, , . . 93 1.000.100 ?^ '? ?'?' NT *s 1. 99% . . e.i'.j , Bait a Ohio fis ao ....;;' 1.86% . ?4 do 3^s - ? 0. 66% do Alilw S * N 4s ,Jo ' 2,000.... .. 72 . 61 Chicago ?ty Es '?' .....60% ... 60 , "' .t; C Ft I ,t I' gen 4s do t vt 4 %s 1 00,1 . . . C'lr?, ?. "n "s 9,000. 69% 15.000. f, ?, i ??0 j-fg 4_^ 1 ?00. 6 1 j 2i?00. fi7l, . 61% 2 onO ... 67V 1 '. fil%i ? 8?f... 67 . r- 000. 67% . ?1% ? 010. 67 ? do g'?? I 4s 5 coo. 67% S.000. 60% g000. 67)* 7 '. '"O \ ic St I. ?- N Orl P? ' ' !. ro ' 8.000. 85% . hI C & West Ind 4s no p 1 7)%a 10.000. 64 ... ?bile Copper 7a .... 91 d ?" 7 ? CCc'i St' 1. g'on 7? ? T? * 1.000...... 67 ? ; do 4s Cairo div .? r .?,- c 4s 2.000. CO 46% 4 0 . 40 Col i ^o 4 %S Beth Steel p m 5s 1,000. 67"% . 80 2.000. 63 o'ooo . 79*, Con Gas tern 7s Brooklyn Bap T 6s 4,000. 96% 1.000. 24 \ 9,000. 964?, do 4s 1.000. 9-Jfl?. 100?.:*\i 2.000. 9C% Canada So 7s 2 000. 96% 1 000. 79 I 1.000. 36% Cuba (?an?, Sufiar cvt del? 7s 10,000. 91% ! ii.000. 91 Bel & H te in 7s 8,000.100-M J 000.1 00% Oro-W B B .t N 4? E.noii. 65% 2 lien. 66% 1.1 00. 66% Pacifie ?I & 13 5k 1 000.. 76% l.Ooo. 7.', 1,000.100% Penn ten 1.000.10? do eu, 4 4? 1,000. 04 ?%, do cvt 6s 2,000. 80% Den & K G Imp 6s 10,000. 71 do rfp 6s 8,000. ?5% do con 4s 1.000. ?8 Detroit B?lson col 6? 1933 1,000. SB V* Detroit U Rys 4%s 1,000. 60 Erie 1st eon 7s 1,000. 99 H do prior lien 4a 11,000. 50% ^o nen lien 4s 2,000. 42% 50.000. 5,000 ?M,'. I 1,000. 3,000. 1,000, 8,000. 8,000, 600. 3,000. 1930 ...108% ...102 . . .102'? ...102 ...102% ...102 V, ...102 ...102% ...102% do cvt is ser A 1.000. 35% 7: 000. 30 <ri do cvl 4:4 ser I? 7.?. 38 Gen Elec tern 6a 1.000. 1,000. do deb 5s 2,000. 85% 4,000. 8 5 O Bay & W deb B 10.000. 8 ! Hocking VaMov 4HS 4,000. 67 1,000. 67% ; .. 10. 07 Hud * M rfg 5s 1.000. 56% 6.00.1. 65% 2,000. 55 '?, 2.000. do In s 1.000.102 4.000.102% do 58 1968 8,000. 84% 1.000.84% do 4%s 1921 2.000. 9? do gen 4 Mi s f..ono. 75% 4.000. 75% 17,000. 75% 4.010. 76% Peorln A B 1st 4:> Lin. 67% 1,000. 57% Pore Marquette 6s : ,000. 76% 1,000. 76% Philu Co 6a 1922 h.000. .?G% 111 Ci rural rfg i do 4 y 9? ?Pub Ser of X J 5? '?'? ! lo.ooo. 6 0 Reading ?en 4s 12,000. 79 ' 2,001). 79% R I Ark & L 4'-?s 40.ooo.s:iof.. or,% St h Ir Mt & S 4s 7.010. 72 2.000. 70% St B & S V 4s ser A 88,000. 66 20.0OD. 66% 1C.i. 56 i I 00. 56% 600. 7 7 : 0 0. 66% ' 0 i . 56 1.000 ...'.'?. do 5s ? "r i ; do 4.s : ? 1,000. 66% 13,1.,s30f.. 66 ' 11.011. 66 . 66%| Indiana Steel 6s 2.101. 85% i 2.000. 86% Interboro-M.? 4 >-?, s 6,000. 11 ; 1,000. 11% do ctfs of deposit 1,000. 11% 8,000. '!\ ! nterbi ro R T rf,~ 6s 60,1 0. 4. ? . 00. 43 Int Agricultural 5s 1 ? 000. 70 Int Mer Marine 6s : ?...... 83% 5.1 ??. 1 0 ' do ino 6a 22.? 0 0 . 48t/, 00. 49% 3,000. 43 % I. 4 ? 3,000. 48% . 4 S 0. 4 S \ . 4 ?. : ? 26.00(1. 48 ?i . 4S% ?. 4? : . 16,000 . 4 ? .' " : 4 j !.. K C Ft s & M 4 s : i . r, 4 Kansas City So 5s 7 0 00.66 6,000. 66% do ; s l'i.ioo. 53 ??. 20 - )...... ; St i. Swn : - ? 4 s .. 100. do con is lo T do Inal :,: )0 F Ter:a 4s 1,1 ?. 65 % 5oa bo - : A I. rip- is 1,000. 4 0% Lehig h V N Y 4 : s 1,000... ? Liggett & M 5s i . : s Borlllard Co 7?? do 4"?-, 7 \ 1 .'? Louis & N'nsh 7s J P M rets 5,000. . . .101 ?' 1.000.. ,.] 1,001 . .101 ! do So Ry loi nt ; ...? 7 Midvali Bteel ; ?? i . 95% I I do rfg 43 7 10,' ... :: Minn ?7 i i T? 4s do "7 ' T 2d 4? :. d - s f 1 %s dor? : 3 M S: P & S s'il 4s 41 ? ' M i. 0 0 ? South n 7 ?s 1? 1 ? ". 51 Vt s l ? i Mi blli ft i ' gen 4? Mo Pa ? Tfnn C ? ?' i Montana ; iwi r . 80% do ad New ? ???; Term 4s : 00 . s8 N Y Centra] dob 6 - ? 000. ??? ?. Uni m .? ? : . ' ?. . : ???? : do 1.? : d . n 4s 1.00 t-'o 7, .5 3 : - do L S M - : 79% . Un r. : f s F la :,s '?.- 0 . t deposil N Y V 1! & M 6e Unit? Pitt do 7 b Is : 17 48% '-' do cvt leb 3%s . 43% N Y O cv W 1st 4 s B Rul - T i 1.000. d . . '::? r:7 4S ct'fa :' 5\'. " "'"' Ga 79 % 93 ??!? 20 IU S SI I s f 5a 1 )0fl. 91 aj 40% Utah i 11 3.001 1 ! Waba ?h lat : ? .?:;. W? -? M N - Pa Ific 4s ,000 '?! ? ????-. ?> ? : 7 7 Wesl rs 1 1.000. 78% 63 ??; Wh< el ?'? :. E cou Js Dre Sh n ' T.' ? e 1,000 s30f do Ps 1.000. do la 4.190. 1,000..... . 56 ! do cvt Ga : 100. 8 4 VVis C S & Bul 4s 3,000. ?34 Th Financial Items Ite?l States M ri ?age ft Trust . '. ? ; ? .?. ! ?:..?? appointed fia 1 agent ??-!!.?: m e n I I ; pal n nd 1 n t e rest of bond Issui s aggregating $931 Homesl ' Lynn Haver an I la, . ; Caawell Count; and '. ? -? ington, N7 ('. and Batesburg, P C. These Issues, as well bs $5,842,000, In du ling Jersey City, $3 696,. Huds ,. i lunty, X. J., $795,0 0, are being j prepan : and certified as : ? genuineness by the United States Mortgage ?fc Trust Company. Application has been rr.ad? to the Now York Stock Exchange to Mat, Cosden & Co., 51 881 shares of additional com-| mon stock; Guantanamo Sugar Company, I ) capital stock, no par; Atlantic Fruit Company, 596,000 shar s common stock, no par, and $10,000,000 7 per cent, ? sinking fur:?! con?, rtib del pries A. I ue 7 .???'??? I, ?? ? .: . '.,;;.:. Inc., (349,61! c ? :?.. n stock. . ? ?. s v rk Trust Coi pan-, h s b n a npoinl. registrar of ti pltal ( of !he 7 ut ! ,? st 7!, -.ils Con: pa ny. l?a Trust Co::?.par?.y lias be??n api lnt< dividend disbursing agent by ti ? Santa Cecilia Sugar Oorp ration. j The Mechanics A Metals National Bank of the City of New York has be n ap- ? pointed i ho New York rep-istrar for the elass A stock of the Lucey .Manufacturing j Corporation. Waldo S. Beed has been elected treas? urer e? the American Cotton OH Company t bu eed Lyman X. Unie, who re?-.?::.? I as treasurer but ntlll huida the off ? i I first vice-president. ??,... , n securities of the New v ?., :-? ick Exchange has ruled that the v : nal Cloak & Suit Company coi ? s . be not quoted >x rights on August; : 7 and nol until further notice. On an -.-,-'? the trust re ci ?p?a for :!:?? Norf ilW & Wi ste n R Company 4-year 6 pel ? : notea 1 exchanj tl :? flnltive notes at :ho trust di partmi nt of the Gun: - anty Trust Company of New York, 140 17: ?a :\. .... The Interim receipts for the Lucey Manufacturing Corporation class A stock and also the interim receipts for tho ten year S per cent convertible sinking fund note?, series A, of the said corporation, may now be exchanged at the trust de? partment of the Guaranty Trust Company of Now York, for the temporary certlfi cat-js of s;ock and notes in temporary form. resp?4??vely. , Investment Information Questions -of general interest to investors will be answered in this column, in which case o"!?i initials will be used. Other* will be an swered by mai!. Address all in~ quiries, inclosing a stamped, ad? dressed envelope, to Financial Editor, The Tribune, 15i Nassau Street, New York City. Smelting Earning: Less Question?Bast December I purchased American Smelters preferred, paying 7 per cent dividends at. 95. Is this stock to be considered .i.i ? good Investment, when it Is selling at 90 now and often below? Rumor has It thai the American Smelting <v. Refining Company ?ire not actually earn? ing enough I" pay dividends. Is this a fact? I also purchasi 1 recently some Gen eral < liga i ??? 7 : er cen? di boni un preferred stock, whli h, I notii ? . had ti il Mu? i al all. Is this a g.1 Investment 7 Wh.il are the poi : 111 les for this stoclt '.' What do you think of the following ?i?j Invest? ments for one with a limited e. pita SwIbs Oovernmenl s per ? nl bonds, Amer i, m Sumatra Tobo ? o, United Htati -.-? Stei I preferred and Chandler Motors? Kindly Hat th>?in In the order of the preference and Indicate their Investment rating.? U R. Answer?American Smelting and Re? fining Company did not earn ?ta com? mon dividend during 1919 and was forced to go into surplus account to pay tho -I per cent. However, this sur? plus is large and this was the first time ! that tho company has been in such ?? i position for many years, if indeed il ? has ??ver had to do so before. The pre? ferred dividend was earned by a fair margin. The General "Cigar Company has shown satisfactory earnings. Dur ing 1919 the surplus after payment of 7 per cent on the prefi rred si i two payments of 1% per cent each on the debenture preferred stock and 5 per rent on the common stock was $1, 384,845, the largest in tho company's i history. We regard the debenture stock i as a very fair investment. The other i issues you mention are of varying de j grees of safety. Wo do not advise the ; purchase of American Sumatra or of I Chandler Motors for Investment. The : Swiss bonds and United States Steel : preferred are entitled to good rating at present. Two Safe Railroad Bonds Question?Kindly let me know what you think of Long Island Railroad r ige 4 r cent 1949 bonds, gu i rn nti ?'? : . ? ' : ? ? vania Rallro ?I. at I Atlant ii i ? ; ?.?.. .? -?- ivilli i pel cenl : . 1952, at 61 %.?W. K Answer?We regard both T.ong isl and Railroad refunding bonds and At? lantic Coast Lim Louisville & Nash j ville ?1 p.-r cents as safe investments. Steel and Tube Preferred Question?In recommending Steel and Tub ' pany 7 per cen p : ,- ; ... do you take Idei tion the very poor i i . :: you .'. : ". ?? ' ? as ' . . , ? , m, ? ...... .... .. . . . heaj bul .- h. ? ? he drav ba -.. : 7- Ing r .... ...e,: 7 : : I ? ? United S tat Rubber '? . - .,. . ; , - | . >. for (he that il . . . . . ? not . ? ib - A. i 7 I.'. I Answer For May. 1920, Steel and :' 7? Company earnings after interesl and tax s were S1,205,878. Preferred dividends amounted to but $102,083, ? g a surplu of $1,103,795. ?A u coi idei this a good - . -. The not led, to be sure, but ? ,.?'??: i. fair invi ? t oppor ? - "?? ??' ?1 callable al 5115a ' ? ' Id cau I i ited States Rubber preferred is :?. b tei nt, ? it is more sea Good 1% Per Cent Bond at 60 Qui ' ?. What dc you think of St [?' ?. !. is City SI ?? Line ? . em Ij nds of 19411 they are , should p i lu Iso w h a t do ? ' . :'-:?;?? . . I. ? Lbout 22?- VV.H ?7. A -. :? St. Paul & Kansas City - Line -i 7: per cent, 19J '. are : by 7!st lien on 133 m les from i h ir Lake Junction to Des Moines, Iowa, and from Carlisle to Alle Iowa, ! :7e;- are : o : : ? lien o . : erm?nal prop rt; a1 tanlj Juncti : City and East Des M ? g ranteed thi ? [ si a n d & P . the recent Rock 1 r isturl 1. '?'??'? n .-. ?? t as a \ . ? . : ? ? - . ? il MotOl ; e. Il ven to 1 n y's earnii g ? and f dlows, as n rule. Il 7 trend. W do :. ad\ i s? its ] 7:7-7 hase foi mont. Beginner Hankers for Oils Quesl cons] r I 7 fol , th . ? . ... pun 1 . . - : ??.?.. ??'? ?' .- 7 I/nit. - tes 1 ? I at C : ? ? II at 24 7 . lo you think of ?Sin Gil at 2 : ' ? '?'. ? ? . ? . . ' ?.s I am n't much 1 would i 1 very 1 luch ;. ou . ? . O. C. C. Ai wer pi ? ilativo oil e lock ; of the i.:i ?? you nn.deci I dly nol . for s tiner or any one , in our opin on. If you havi ? inuch !:? n ??;., .-..- . ou say, v. not b ? thai ;? iu :. Id spei late, Buy ? of the 7 .-...?? :. ? ? -.??.. a 1 ten m< nl ?oned in " iu can afford to fli ?r or two in oil. Money lost in speculation is often hard to repli Money won is frequently lost on the ; c_?xt cambie. Has Two Investment Plans Question ?I have ? ; ? ?? ?. Ins? al ? ' bet? ? ? ? ? ? ? ' . : '?"?? : .. ' ...' 1 ?. ? mon ? ? .... ? ? Ihe ? : ? . ? Ono i ?, ? ? .'?:?: 1947. and ?enver R Is, of 1 .. . . ? .-. : American 1 '-..?':: It Ion 7 3, of 1922 ; It. !?'. 1 ? Iricl Com] ?. rt .::.? 7a, of 1925, and K an as minal 3, of 1923. i ha\ ?? b ? a ad? vised ?? 1 in th ? rt t rra s ? iri tii ;? ai d also City of 1 iris 6s, of 1921, 1 !?? lii \ that by investing In the shorter toi m a ?i urlti s 1 can turn n r?oi ey o\ ? r realize m ?? : ? 11 tho loi curltles ! ass : ? ?? me whi h ? m.,; Ion Is the 1 :.. ? wha ' you . aslder ? ? ? short term si '? r 111 e - ': I a my 1 st t hrough my bank, ? ? ? oft mai .?:!;.." the ban! r ? on ' : unpaid b*j :.. ? ! : . u 1 d pa y o m e 0 f I ? : Im ... er this a good ach t ta bel : ..:.:.... s . J': ?gl ? '? T. M. !.. Answer- Your scheme appears to [though it is our o] that while : r1 m 'is ues muy be purchased at attractive yields, such in? vestments are temporary and when they rail due we believe you will find it difficult to acquire good long term bonds at such attractive figures as at present. You should not expect to be able to invest your funds in good se? curities to yield 10 per cent to 1 I? per cent. The money and credit situations are somewhat tense at present, and for that reason short term note- mu I form to such conditions, if your bank ?? Hing 7.1 lend ? ? 1 money a1 ?' ? cent perhaps ?I would be of advantage : to purcha -? in this way. The secured and wo have faith in th ?. . of Paris <j per cent bonds. Four full columns of in vestment questions and an? swers are published in The Tribune every Sunday. Miscellaneous Markets 16 30 275 130 0 4 11 Public Utility Securities Stocks T.I I. Askei American Light * Trno com..114 111 'lo Pf . SO Adln i, 7m e ).;i.,. Power com.. . 1? ?Jo of . 71 American Gas ?- Bleotrto com 7.1 *do pf . .11'', American Powor & Light com.. 47, 'lo pf.;. 65 American Public rumies com.. ? do Pf. ? Ani'-r Waterworks Electric .... 2 do I'urtl'-lpiUlng pf . 8 do 1st of. 37 Carolina Tower <& Tight com.. 25 ('IM"H Service com.268 do pf . 64 ?lo bankers' eertlflentes .... 710 do 7.1, serles H, 1968.125 do 7s, serles C, 1966. 90 Colorado Power com . S do pf. bo Comwealth Tr By <fc L com... 16 do vf . 88 ? Gn . .?:? Electric gen 5a. . 71 HI? oti Ic Bond & Hh ires pf. .. . 80 ' ??!'.-; 7 : Elect rid pf.5 Fi ?'? ?! il Light & Ti action com 8 tlo pf . to Gas El ctrli urll es c im .:. U do 1"' . 67 : u ' 'hi , Electrlo com. .. ? do pf . ? rn ' 'ntarlo Lt ,?;? I'oiv com. 10 'lo pf. ?U Northern States Power cum.... ? do pf . 77, Gas <?- Electrlo pf. 78 Republic Ity & i,t Co ?join. ? : i pf. -72 Southern California Edition com 12 11 " pf. 9 :t Standard Gas it Electrio com.. 12 *do pf. 35 Tennessee liy, Tt <?- Power com. 1 do pf. 2 United Light & Railways com., " do 1st pf .a?.. Western Power conr. ? Pf. 55 96 . ;- value, S>50. Honda ' :h P( wer 7 it 6s. 59 Elec 5s, 1915.. 79 1 ' ?? Oaa ? :. . ? .... i....;. 7.. 1 y 2 2. 99% : . 09 Kl Paso 1 ?'.?... col 5s. . . . 79 Great ?,\ ? ??? p..- ist 5s. 73 . S 5 Miss ftlvi .' Power 1st 6s. 70K North Ont Lt & Powor Gs. Hl ' : Nor State I Pe? ??r 6s, 1325. 82 Miscellaneous Stock? Bid. Ask.I Bid. 6 2 ?A 86 Am Chicle '?? > lit'. . . 63 65 ?AmLeath 28 50 ' do pf.. 7 7 B9 , Am Mfg.. m 153 do ?pf . . .1 . 89 Am M & 17 . i ; so Am Td pf .; ", 3 Am Tx ?, !?? ? 4:; A I ? T 771 25 ?,; ?Vtlas P C. 62 69 ; : :: .?. .' : : 30 8 6 do 2d pf 65 Bor C M.. 96 99 :? !3h T pf 67 7 . . id 150 Childs Co. i?; do pf . . 9 2 Cit; ' nves ?' ; Crk W pf, 90 As?s. 160 132 93 95 117, 1S8 1 'J 3 89 70 ID L & tV.15 |Draper C.130 ilnt Sll pf. S.I ? . ? : '? ; N'ai L'a t.] i .'?.' .1 55 w, ,183 N Co 1 pf. 3i''A ?00 77?7; h ??.17.? 200 !' & W ?.f. 95 17 ,: . Ll| in. 7 7 i d? :?:... ?. 5 Ry Bl P 120 di : . . i 2 Slngei Mfg " ?S I. I7M&S 43 toll s pf. 95 ri D W i 7 95 '? .... pf. 95 , W .'.- 1 !. . . 9 2 l'aie & T.275 1 ?? Sugar Stock? Card Am. 19 : . . . : ? lar Su?. . 54 ?' Aguirr.,1 1 7 ? ? ?.. ? w ! 1 5 i ?i . 77. r, :.:; 1 i West. 415 do pf . .?. 13 7 - 12 i: o Gtananew 7 0 7.7. -Am. . 2 ) * > [Michigan. 11 ?,'ational 157 XI Niqueo 10 Sa ? a nna li. 56 pf 88 Tobacco Stocks G W Hmel65 165 'it J Rey A600 , : ... ..5 93 | do s B I I .11,7 insl23 136 do i. 98 do pf. . . 85 : . ... : B...1C 5 fcF.100 ' 7''. I do pf. . . 5 P R-A T..116 I-. [L'nlv Leai.140 ?Ex dividen : 50' ?. Chemical Stocks Am Cyan. 25 ? ' ? ::'... 75 B : . . '? 7 21 102 15 71 loo : i ? ? ,v I . :? . ?? . . ; : .. 50 K'??? Solvay 10 " ic ' ... ??i '. > : . . do ; ; . I Steel and Ordnance Stocks Am Br ? l'w.155 do i :' . . 78 T.:....' CnPSF.I ? ? .-. . ? I . . ; : 62 V.... 4 5 . ? '??.?. . 5 do ;:... 7 i : i2 East Steel 7 o 162 Em S & 1 36 lo pf . 77 ! 12 "Here P. .210 77' , 'do ? . i B-P. 93 ,? Ml ? 68 ["horn iron : 3 ? ? '.m Cor. . 425 275 \\ oodwarrt .0 t.o 100 Ex divide n 1. New York Bank Stocks Id .... : 5 o ... . . . 190 . h . '.' _' 5 .26 Amer! i ... Am Ex :h .... 195 .... 4 J 0 Bryant P. : ?' nt.150 ' I i :. i ? ... 20 I : Ch. .?.. l '. . ., Ex.1 7 . : . , rn Ej Cos! ???.: . E .425 ,7'lth .220 ? ba .180 River.165 .. : N'at. .160 1 ' 7 .\ .?. .900 . .895 lien T B CO : ? .... ?, , ? : . . '? Im & Tr " ? ; . ? . > ? - ' .. '. ? ?. : : I .190 Val Am_150 'i ? mty.135 m v N :. a ... i Park.460 i ? leab ? : ? ?: ; .125 Stat .7 715 . : W : .150 LTntd : tates ? ? x... 17 5 -? :? A. 200 ? ? ...775 Trust and Surety Companies 851 Lawyers T.. 1 10 I':-. .145 iUt'ao'rs .? ? ?.He .500 Mel ropol .260 .:? Bond. 85 Mu T ? f '.\ .105 \,i- riuret; : - ?. -7 if J, l&T 7, ,\ 7" 'J : 7: . 7- . .... - 7 5 : \- . ? . : : ?. .' ..325 . l| s. . S i) j M & '17 405 - r Guar ?.O . ? ?ester 135 W ?S: BT&' 1.166 270 30 1 2 5 610 . 2 3 0 ll? New York Ti les .'? . . ar.i! Mortgage. Trust Company ? Insurance Companl-es Am AlU'nce.270 300IGreat Am. 255 ? ; ; : . ver ... 80 325 Home ? 'o? ' ?. . - 63 73 Nat 1 berty 170 Kid & Phoe igara . . .120 70 ? i ant.. 50 & R-1100 ? Standard Oil Stocks 265 6 i 5 160 Oil '' ? Ltd. i - . ng Co. i B :. rymser Co. 420 . Pipe Line. 34 . ! ? brouf a M le cons. 220 . 100 Conl ? : OII Co. Il11 Crescent Pip?.? Lin ?. 27 i I? Line Ci. 140 Eureka Pipe Line. 96 lignai Oil pf, new. .. S* : . com . i Pipe Line. a Co. int' ruai ionai Petrol ' lo Ltd . 7ational 7 insil <. ?Ic 1 . : ?.. Pipe Lin . I Co . Fuel i ?. .?. . l'i-Rlrl l'i ? <t ...... ? ?,.??:? . : : I Lin . . . I ... i Pi pe I Standard Oil Co ' 1 .-t., -<., ? -i Oil i' i of Kansas.. . St mdard ? '11 Co .7 K -, ? : i OH Co "7 Nebraska 1150 too 460 S ; : i ? 105 12 i 33 1! 86 25 'j 2 I 1 -: 0 120 ? C 3 5 7 ' 5 125 42 >? Standard '7.1 Co of New Jersey 620 155 7 7 ? ? ? 6 I 50 4 ' ? : . 106?4 : ?4 Btai lard OH Co of New York. 365 i ? ,; Oil ' o of Ohio. 415 440 pf . ' ? ' 1 Swan & Finch Co. ' ? Union Tank Car Co. 315 11 S do if . '?"? '?' ' ? ? ? : ? ' . ? . .. :..: .-.- n OH C. 7. Miscellaneous Oil <ompunie* Atlant ?1 Co 30 40 . ? ? '-' ? i t Co., ?, ', ? ?. too P o....... 340 ?????> . 7 7 '. : .. Co. 143 7 i ! lu rs . Il 7 7 . 25 SO . . Refiners Corp com ','.'?% 6% Salt Creek Pi iducers row... 10 12 Sapulpa Refining Co. & 6Vi New York City Bond? Form, r.??n an#Maturlty. Bid. Ask. Yield. Interchangeable 4 Vis. 1367 91 03 4.96 do 4-?3S, 1365. 91 S3 4.86 do 4??,<?. 196 1. 91 33 4.95 da I Vis, I '57. 31 93 4.96 | do 4 *s, 19?5?..'85 So 6.04 Form, ITat* nnd Maturity. Bid. Auk. YIMd. ?'" 4%n, 1904. i?r, If, 5.01 do i Vs. 1982. 86 86 b 05 ','? ?I ' t s, 7 960 . . 86 88 6.08 do 4%?, 11 <10 op 30. 85 88 6.08 do 4s. J0B9. SI 12% 6.05) do 4s, 1958. 11 82% 6.06 do 4s. 1957. 81 82% 6.06 Her.-i.si? red 4s, 1355-1956 . . 11 82% 6.?0 do 4s, 18.1(1. 85 81 6.06 Tnt??rch:ing??nlile 3%s. 1954 71% 7.'! 6.18 ?'?'Upon 3 Vas, 1354 . 71',?, 73 5.18 Retr?Btered 3%?. 1950-54 ine 71 Mi 73 6.18 ?lo 3%fi, 1940-1950 Inc.. 5.50 6.10 - Registered and coupon serial 4%?, 1320-1930 Inc. 8.00 5.28 - 'lo 4%s 1920-1931 Inc.. 6.00 5.25 - do 4%s, 1920-1932 Inc.. 6.00 6.25 ? New York State Bonda issued in coupon and reglsterefl form : "???? ?nferehangeable. Coupon bonds regla- ! Form, Rate nnd Maturity. Bid. Ask. Yield, i r"?nil Imp 4 >i,s, 1964.100 102% 4.40 Highway Imp 4%s. 1963..100 102% 4.40 ' ' ,::' ;!? ?r"P 4 7,s, 1966. 0 4 97 4 40 Highway (mo 4%a 19?5 34 37 4 in ';'.?'";?'?' ''?'""' Ter 4?V4s, 1345 94 37 4.40 Highway Imp 4s, 1367.... 90% 9214 4.38 ,." .'? '"IP '?'. 1967. 904 92% 4.88 11 B" Lnp 4s, 1960-1962 inc 90% 92% 4.39 _ " ' "?s? 1551. 90% 92% 4 73 Canal Imp 4s. 1960-1962 Ine 90% 92% 4 53 1 illsades I s Parle 4s. 1981 90% 92% 4.33 Barge Can Ter 4s, 1942-'46 90% 94 4.40 Federal and Joint Stock Land Bank Bonds F-.ieral Farm Loan 5s. 1938 op 1923. 94% 95% B.40 Federal Farm Loan 4% 3, 1939 op'1924. 87 88% 8.47 Federal Farm Loan 4%s, 1938 op11923. 86% 88 6.57 Federal farm Loan 4%s, _ ! ?'-7 OP 1822. 86% 88 5.50 ? Joint Stock Land Bank 5s. I 1939 op 1924 . 83% 86% 6.25 Joint Mock Land Bank 6s. I"? ^P 1923. 13% 88% 6.27 Short Term Securities Bid. Ask. Yield. Am Cotton Oil 6s, 1924... 89% 91 ? 75 Arn ' ' li.cl . 6s, 1321-22 .... 98 6f % 7.60 do Bs, 1923-26. 91 3 5 7 75 do 6s, 1926-27. 88% 92*4 7.50 Tel S Tel 6s, i 122 . . " i . '? 1 -, 9.00 ! ?'. 92% 92% Am Thread 6e, 1528. 52 95 0.80 Ain Tobacco 7s, 1920. 99% 100% 6.00 do 7s, 192J. ?. -, 100% 6.76 do 7s, 1922. 99% 99% 7.15 do 7s, 151'-,. 9314 993^ 7.113 tida I topper 8s, 192 ? 88 % Ang-Am 1 HI Ltd 7%s. '25 98 % 98% 7.90 iVrmour Conv 6s, 1920-24.. 53 98 'I ? conv 7s, 1930. 96% 96% 7 45 Bethlehem Steel 7s, 1322. OS 98% 7.80 do 7s, 1325. 97% 97% 7.80 Can Pacific Ry 6s, 1924... 92% 93% 8.25 Cen Argentine Ry 6s, 1927 Si 82% 9.70 C. }', .?.- Q lolnt' 4s, 1921.. , 93% 94 1" 60 Chi Pneu Tool 6s, 1921... 93 100 6.00 do 6s, 1922. 98 100 6.00 ?'? ?. 1923. 97 100 6."O C, C, C & SI I, 6s, 1329... 11 85 8.40 C-A Sug, 1st 7-n '7s, 1921 99% 99% 6. ) 5 ' U I ihj Pai king 7s, 1923. 97 % ST"* 7.86 Federal Sogar '7s. 1324.. 92 91 : ; 7.75 it Ni rth Ry 5s, 1920 9 ?', '?'?% '?5 7.' '? h con 7s, 1 925 '? : 93 ??? 8.65 Gulf Oil C rp 6s, 1921. . . 96% 98 7 30 do 6a 1922. 95 97 7.65 do 6s, ! 23. 93 95 4 7 i ? S ?. ilicy "s. 1924. . ??7 90 900 t Rap Tran con 7s, 1921 60 ',5 - -p.mai Ry ??s. 1323. 93% 94% S 70 Ken C, - ? rp 7s : ? I 91 . 92% 8.05 7 ?; 7. ist ,?".- Ref 7s, '59. si 89 8.65 ' .-? M ' 8s, 1921 97% 97% 7 65 N V Cenl 63, 1920 .99% 99% 7.60 ' lphln 8s, 1322. 91% 93 9.95 " nnsyl' inla 4%s, 1921.. 96 '-'j 97% ?? Pro ter fi Gamble 7s, 1921 99% 100 7 00 do 7s 1923. ? ? :. 100 7.70 do 7s, 1.99% 100 6.90 Pu ? S? iv N J con 7s, '22 82 84 15 89 P. J Reynolds Tob 6s, 1922 7?? ~? 96% 8.00 il :n Ry 6s, 1322.... 92??, 92% 11.30 . St Paul U D guar 7 ' -, '23 92 93 % 7 55 ? ' ' 6s, 1921. 97% 97% 8.50 LOfi .98 98% 7.60 !" s Rubber 7 ' ?s, 1930. . . 97% 98 >4 7.7? : tah uritles 6s, 1923. . S3 Si 14.80 / 7s. 1925. 97 37 T, 7.65 Markets in Other Cities Baltimore SI oeil s 3ales. 1 ip?.?n. High Low T ? I ? ??? ?':??? 7 . Banl M . 39% ' ? ': C esl tic .... .140 ' : ? : . . 140 ? ? ? Power. . . 96 96 ' . ???' : 1 ia /?son . 33% ? '. % 33% ! Houston pf. . 7?i 7" 7?i 70 M - 1 Cas. T.'- 72% 72% 72% 16 N -? na Gas.. 22% 23 22 % 23 l" United Ry. ! ' % 11% Il %. 1 i % 7 7 -? 1 on pf 66% 66% 66% 66% Bonds ? C ms Power 6s. 95 % 55% 93% 93% ns Coal 6s 96 96 16 96 1 ; nited Ry 4s. 52 52 -.2 62 ; 1 -, 44% ?. 4 ?! 44% .'. a & A 5s. .69 69 69 0 3 Boston 7 ? Am '?'. ne pfd . . 43 'i 43% 43% 43% ire . . ?5 0 5 0 50 .57% . 71 .j 774 57% ; 7 An ai nda .... 7?'', 50 % 50 , 50% 125 Ariz Cml ..... 74 ??? . 9% Heart .... 9 9% 3 9% Ll & Ariz . . 5 ; 5 7 5' -, 52% 2?, Cal ,?.? Hecla. .294 2 M 2 1 2'." Carson . 23 23% - - . ??? Ci pi ? r Rangi !?j 36 , ? ?'? '??? 36 % 340 D.ivia - 1 7% 7% Butte ..10 I' 7. % 11 ? : 1 ..... 70 75 2: tile '... ale ..28 2- 7? 2? ' ?- Mayfl'r O C. .. 4% 4% 4% 1% 5 9 % 1 1 % 1 form 1 % 1 16% ,? i. v pfd. SG 50 S5% 85% : 14% 14% 7 % 14% 1% 1% 1 ?i ! ;L 20 Ion. 23 23 77 7 22 10 O.e, ,1a . 36 36 3 : ', Sen ? ? ..14% 14% 14% 14% innon . T.* 1 % 1% 1% : St. Marys , . 38 5? 38 38 ? :?? . Bos..., : % 3% 3% 3% : inity . 1% 1% 1% 1% 1200 '!" 1 ilumne .... 60 60 6 ) 60 7 7 ..- : Iting. . 62% 53 52 62 ', do pf . 43 4 4 43 44 ?".. :?) a; ex .... 1% 1% 1 % 1% tah Metal_ 1% 1% 1% 1% etoria . 1 % 1 % 1 % 1 % : .1 . 511 " ? 50 50 I 1 Wolverine .. , 13% 13% 7.. % . ILi.il s ?- ' ? ? All ny.l2;1 125 125 125 i: (on Ele?. . ?1 \ 62 61% 62 i M : i . 1 - . 7 1 Sub pf. ..77 % 7 ?" . -? 5 N'HtH, % ? '? 1 ? End.1 j, 39% 39% .. . Miscellaneous to Am Agr . 78 78 T? 79 ; 2 do pf. - % - ?'?? S3% - . : > Am Oil . ;. % ' . % as .... 75% 7 5% 75% 75 Va Pneu. . . . 1% 1% i '?a 1% 10 . 7 U 7 Vi 7 % 7 % ? Am Sugar pf.. 107 % 107% 107% 1 7 % 463 Am . . 30 96% 95% 96 145 Am W01 I pf.. MS 93 92 ?j "2 % <? 1 ?Ul is Tacl. - "? '* 27 % 2 1% 24 ', 85 ? ' ... 7% 7% 7% ' \ 50 C ?:.' . Steel.. . ? L 3% ' ?. 6JO L Boston. . 5 5 7, 5 195 East :rn Mi's. . 30 30 I 3 ? 14 E liso 11 .146 3 '7 146 146 . 26 26 2 i 26 16 Fairbanks ... . 48 is 48 1 : . ' n El trie, ill 141 111 141 : ' ray . 21 % 21 % 21 : .33% 5% 38% 38% t. Cement .?. 28 25 21 24 51 ; 7 ' . . 20% 21 19% 19% do pi. 43 i : ?5 I 4 : - I ind Oil . . 5% 5% 7 % 5% : .... ..?. ir Co. 13 7 ?. 7" 13 1 : Llbb-y . 11% 7 2 11% 12 ,1 . 3S. Gas. 78 7?.% 77% 78% Mex In ...... 33 33% 33 3:1% IT'?; Nat Leather... 10% 10% 10% 10% 72 N E Tel. 86% 86 ?-, B5% 86 % 2 > < ihio Body. . . . 25 25 25 25 ?.a ?.v nr.it - 20% 20% 20% 20% ?. . s mms Mag. . . 15% 15% 15 1'. % 892 Swift & Co_106% 106% 108 10''% 4 7 ?: do Tnter- 30% ! 0% 3 ? % 30 4 S Torrlngton ... 65% 65% 66 65 10 Un Lrug 1st p? 46 4 5 4 5 : ', ?. ' n te I Fruit. .184 771 189% 191% -r.??-. . . 40 40 39% 40 : 0 do Pf. 25 25 24% 24 ?4 Steel..... 85% 8?!% Ic 86% ntura. 15% 15% 15% Waldorf . 19% ' . . v rth . . 17% 17% i . 7 - . :. . . w in .29 23 28 2 > Bonds V )0 Am T & T 4?. 75 '?'? 7 5 7 5 : E Tel 5s... 79 79 7 ) 73 ...,.? River 6s. 7 3 7.1 7 3 7 3 Boston Curb Market Bid. Ask ' Bid Ask. Ariz Ext ... 2 2%'Majesfic ...10 15 -, . ,- Ivor..16 17 Mex Metals.50 7? Bik H iwk. 50 65 Mid M sss...? 60 U?a & Mon. 64 65 MoJ Tung... 6 10 Calaveras .. 1 l%|Monarch ...10 20 Chief Con... 3% 3% Nat L & Z.. 3 10 Crown RSV..10 20 New Baltic. 3 4 Cr; tal new.26 2.4 Nev Doug?..15 18 ... 15 17 Nixon.4 3 i. B B 2 1-16 2% ?Rang Pet... 16 20 , ...? 5 Rainier .... 1% 1% Gadsden .. 50 70 3vn Metalal2 14 ;? 1 OH .. 6% 7%,-? V7 Ml f p.. ::% 1% I ISS..?0 30 [Silver Reef. 4 5 Ji . 5'. - le.. 26 L .... 7 8 ? '. ? Cn Ver Ext.29% 30 La Rose ...20 4" ?ukoi.1% : % Chicago 7*'. h. 7. ? :. ist 7 r.ir. S B pf... 70 To 70 70 i ? : - r pf... 31 % 91% 91 '?.??. 1908 Armour Leath. 15% 16 15% 15% do pf . 93 % 94 93% 94 loo Case Plow. 11 11 11 11 ; Chic ( y C Ry?. 1111 70 Com EdUon...l01% 101% 101% 101% 225 ?"on: Motors... 8% 8% 8% 8% 200 Elder C.irp...- 25 25 25 25 36 Ptam Match..103 108 108 108 100 Gt L D & D... 68 63 63 62 350 Hupp Motor?.. 14 It 14 14 ; >?> Hartman Corp. 74 74 74 74 25 Holland .Sugar. 15% 15% !'? % . \ Il j j ? ! Executor Trustee j Chartered 1822 \ I j The Fanners' Loan and Trust Company Nos. 16, 18, 20 & 22 W?iiam Street Branch Office, 475 Fifth Avenue At Porty-first Street New York London Paris Foreign Exchange Administrator Guardian Member Federal Eeserve System and New York dealing I: Sales. Open. High. Low. Last. 2765 L, McN & L... 11% 12 11% 11 % 25 do warrants. 11% 11% 11% 11% 1125 Mont-Ward ... 30 30% 20 30 27 5 Midwest Util.. 11% 11% 11 11 26 do pf. 2?! 25 26 2?; ?216Nat Leather... 10% 10% 10% 10% 100 Orphoum . 25 25 25 25 440 Plggly Wlggly. 33% 34 83% 34 loo Peoi les Gas. . . 29 29 29 29 50 Reo Motors.... 21% 21% 21% 2!-% 6 I Sears-Roi b ...715 135 134% 134% 135 Shaw . 54 64 ?? ; 7 160 Stew-Warn ... 54% 24% : 1290 S? ift Int .0 -2 80% 30 72?. Swift & Co 106 106% 105% 106 ' ? - i ->'- ?? ter ?. : '?? ? ' 26 : I '':??. n Carl 1.' %? 59% 50 Un Paperb iard - ? 1 ? 2 ? 1945 I'nion Iron \V. 16 IS 15% 200 "W ?ilil . 19 19% If . :?? 2? ' West Knit.... 15% 16 : % 16 25 Wrigley . 7!% 74% 7J% 74% 100 Wilson . 53 7 ; 53 55 Boniis ?5000 Armour 7s.... 96% 95% P5% 96?% ; 1000 Com Ed 1st 5a 78 74 7S 73 Detroit ; 3400 Cont Motor .. . B% 8% S% g% 275 Dot Edison .. 96% 05% 96 05 24 Ford .352 353 5 15 3 4-3 180 Lincoln . 40% 40% 40% 40% 200 Pack Motor ..17% 17% 17% 17% 50 do pfd . 84% 84% 84% 84% 850 Reo Motor ... 21% 21% 21% 21% 200 Timken . 88% :,' % 3S% . - . Philadelphia 226 Amer Stores., t % 43% 43% 43 75 An er Ry pfd. 30 : :? B ildwln pi 1 97 97 97 97 15 8 E Storag : ' -? 17 5 114 1 1 '? '?. 20 Ins Co N A 2 7-, 27% 27% 193 J .":::.':! N'av 68 % 58% Lake Su Corp. 12% 12% 7 2 214 Phil ? l .: : 184 Phi la E 2 2 22 27 % 2 2 172 Phila !:.? Tran li 15% 75 15 % 'ono Mining 7 % : % 1% 156 Union Tracl n 25 , 2 7 ? 2 CIS Uni Gas Im] ? . & 40% i . Bonds 5)6,000 El ?t P T : 52% 5 2 61 1,000 Le V gn c 4 - 62 62 62 ? ' i N Pro Co 4-6s . .7 ' 1,000 Phi! Bl 1st 5s 80% 50% '? i - % j 1,000 W R & P s 4s 60 Pittsburgh 10 Am Vitr ? I ?70 10; :'?'. Ark Gas. . '?<:?%% ' ?: . Stl pf 95 '?". 0 7 : " ' ? -:? . ?' % - . l llarb-W . . R :' ? ,90 I do pf 97 0 7 97 97 20 I? d Bn .v . m 13 1 3 25 Lor Star Gas. 26% 27 2 ' . 2 7 '." M ? ind 7 f I 7 ! % ; t i % ? ? Mfrs Lt & Ht.. 51% 51% 51 50 Nal Pireproi f.. 5% r. ', 5% ' ', do pf .. 11 7 : ? : li K'l Oil 21% .2 21% 22 14'' Ohl i Fuel Sui : 16% 4 4 : 155 ? t Gas... l 66% 7. 0 Pltl ? .Ten me . ? ? " 7 Sti ? '. 85% ??;% - % <? % 1 I W Pa ; . ? 71 7 . 7 VVes1 h'si A B.103 103 7 47o do Eli c. 16% 47 46% 47 Montreal Bid. Ask j r:,>. ? .;? A P & F . 70% 70% C M & S 25 Ames N'ldn 59 60 Dt U 1 105 do pf... 66 68 Dom i 60% Ar Sug R.136% 137 Don Txtl 7 2% - - lo pf I 7 57?. !'i':i - 7 51% BrTL&P.. . 39% '? i N'tl Brew, 61% 62 B. ".. p 63% 6. ? F .52 ? i.r In Pa] do pf... 90 55 si .i n-ngn. 106 ? Can ? ? at. 7 7 ? - Spn Rvi 108 : - , : : . - ' - do pi 112% 113 ? '? Sti ?7 67 V: Stl Co i '::. 67 ? Crg Fac.. 24 3 Toronto Bid. A . Bid. As't. .'? lanac ....? 4 Mclntyre.... i% 1% a p .? 3 Mng Crp On 1 2 Al ? - . 5 20 '-..??.'.:? ty .... 2 6 . 2 5 I" ::-? Lake. 7 13 ? '..n.. % ?%!'?:' ??, ft Chmb Frld.. 5 10 : 'sdl...? 3 ' ? ' : S . 1 % . Crown Rsv.. % % f'rs H Dom<? 3 Dome La ce. 2 5 7'. Hugh s. 5 10 Gold Reel - img "i % ilrr Nrthn. .? 3 ... , ? Krist 2 5 ives. ? ; 5 ? ? ? < ? ? ? % % riser .4 5% '?'?? ? -? Dome.. 3 S La.:; Shore . % 1% Southern Railway's Net Shows Decline in 1919 Earnings on Common Drop From S2.2."> !o SI.78 a Share. Report Reveals Corporate net income of the I ?rn Railway declined in the year ended ber II, according to the annual ent issued yesterday.. With the gbvernment's guaranteed return the I had a net income of $5,; 4 I ,56 7. cnt, a fter pi eferred divi ',' $1.7S a share earned on ? . wil :i ?5.708,! 13, or "77 727 a . hare, in the pn cedin I'he railroad admin tral return was $18.653,893, whi come was $2,230,127. Surplus, preferred dividends and an allowance ?, f $4,308,000 for improvements, was $2, 137,259, a decrease of $562,946. -.-?.?.?. Central Aguirre Sugar Plans 100 Per Cent Stock Dividend Director? of the Central A - Sugar Company are expe'cti . ?tockl to authorize doubl This ? ill be the I'vrst step to? 100 pe r cen? tock d i 7 : ] itstanding . value, and it i t increase the ', capita! fri : . to 0,000. Tank Note?* Oversubscribed The Equitable Trust Company and I Blair & Co., syndicate managers, an? nounced that the $12,500,000 equip? ment trust 7 per cent ten-year gold note? of the Union Tank Car Company had been heavily over/subscribed. A.1 ! lotments to the larger subscribers were in reduced amounts. Butter, Clsce?e and Eggs Bntter.- I: I . ? - ? I score, 54 ? ' ?? 52'2 ', 88 1 ? . - 1 - III lower grades li ?? ??? I ?. '. 57c; firsts i. 4 . ? . ; rim ' . fair, 4! trrenf . : : graden, 4 tock. current 1. 44c; 77 . 43c; lower srr id ?a . ? ? I - flife?? I boxea. State whole milk, fresh flats, col n I. lb .'.'?: 28c; whil :? rtl ored or whites, 25%@26%?; loi - ' ? ?' a*, er ige run, whl . ?'.?...:...? . -2 7 -...? dou , - . . ?? . Kjjtks Fr< ah gathi red. exi ? V. extra it . 17c; dirt lea, No : ? ?. I irby Weatern hennery whites, ex tras, 6 5 If 5 7c; firsts, 60 ,, 64c; fathered ?.. hit? a firsts to extra ?7 dersrad ? "- e; Pacific Coast, white, extraa, 67<?.'7')c; extra llrst*. 634965c; firsts, l?e: undergradea. S4?5gc; Petaluma, small, 5 5c; other Western and Southern gathered white?, 50@32c; state, Pennsyl? vania and nearby V."%ntcrn browns, BIO 6?c; brown and mixed co'nra, git?iered. extras, ? 4 ?? 5 - o ; flrsta ???o' extra ?mta, ?a?c. s Wheat Prices Drop Suddenly on Peace RumorFroni Europe Market Collapses on Heavy Selling After *Ve*w Ris?* ?Carries Values Up Ei:rh? Cents; ?Cash Po-ilion Firm Gains of ; ?.? ? e;en ing j quer tly and 1 weak at 3% 1 net ne. War run. most of fi mied . the ope:..- - effect oi thi -?? . ? ? by r - ports that Europi ? armistice ? ... I ?r'.y j-ave way rapidly un r of : ports ;?? .-*S ? ' ? and canada, I ? rumi rs. and as 1 11 cents from tl ? to f? How any r at ? nt. A de ncrea ? in - ! , - ported ' ? market, tithoug i to be ? ? ? having 1 s ' -; ' '. -- ? riflu ? In New ': ... Crop News Sends Corn Higher; Drop on Selling Pry weatl 5 I et, bu ' lo* ?:. with Decemb? r o ? ? j ported ;:i ? . re was nothing in the i .' : movem ! corn, and this i ?? A pro? ?inent ( tor was [UOl ? e found I ? t and York, ten daj - >:. ?? v ? .;. . s. ' ? Si e?:?... 17 1.4 7 . 4 Oats ? ? f ? i . ? ? -, . ? ? . nut unchanged - j > to $1.073 rear 7 . - ? 2 $ ???.?? ... I Rj e Jfesterday'i : . -- i Year ' . 1'lour and M??,i! jTesti Tear " a.? ';' ago. Vlini 5 $12.1 7 . 4.00 ? '1 4.90 11.5011 Liv? ito< . ?. ? , ? .77. ?? ewi -. i . ? Live la fair ' ; 7 s. : ? 50 11 1 ? DIVIDEND * NATIONAL BISCUIT COMPANY 90th Preferred Dividend THE ?Board of Directors has ?JecLared a quanxriy dividend of one and thn7?c-qi;:irtrr= (IV) percent on the Pre? ferred Opiu! s;?k of the Company, payable August Jlst, 19.1 '. to sta>ck holdet ? August loth, 1920. Transfer books wili not ix- l!. led. _ G. P. WELLS. Tr FINAN?! 1 VI. the: first national bank o// ii.iuni Carroll, ?j???-,-._! at Kount CancsU, in th? Htate of ?lUtcota, is elociag it? ?f. ?alra. AU noie balder* ml othar er?..?.lore o? tit QMOctatlon *-? ttuarefor? hereby na tlfl?i?l present lb? nut?:? and ota*l claims r-jr payment. WJd j! WILI1*:?. Prende?*? iDaied June SO. I?I0,