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W. F. Ladd & Co. investment Securities New York $8 a Bale Decline In August Cotton In Shaky Market ?Weakness of Near3Ionths in Fare of Small Notices Is Feature of Trading; Later Deliveries Are Stronger ire in a nervous and unset- ' . * ?terday was tho - u : August notices were re ; n, but the price the liquidai ion of 172 ] of Thursday, or ; :. . r tat ?y ;. j some of t! h y ? c October 1 :'? ' a- at 31.31, 7 yesterday. L . ; r y ; ral i cl i r and D ? r and .. '. ? ? j more Poland were consiJ ? is : oil the end 1 - - ? i i t to les of . ( f rt at 700 poi ?-. but the 3 of August might ': . of far this ? al .... the aft r ? : , coupled f a very : ? ffi c ed to 50 I ? tton was 50 for r. ? rted. Th iraday'B - r : ? . y j ? . ? -. . ,t Mark? s - ! ."? ? .- : f ?? : : I : . ?! . ? ? ; ?s 1 *' ' uiet, u:. I - .. - '? ? Port Ex; j -. '- ?:? . -. .. : I : Y .-?, ' ? . . : ; ? ? j ? - i ? ? ? . :?? ?' ?ehester: 1 arns '-?? ? apart. ( ottonseed Oil mar . u . . 18 l: i - ? ? i poll ' de J ' ? of i j Hows: Thurs - ? '?? ? - : ? . ' 03 1 : * ? - , y-i ? ? 13 13.30 ?fltr Sugar Steadier, Bat Buyers Hold Off ? i rrent a, - at;o. i . lb. ..17. :. ? ? . ?There wei developments in . rday, and s were r? ported. It *';is <?' . ed late that upward of 50,- , raw sugar were of 12c cos! x . but buyers were dia pos?..: . the week amounted to ?bout . ??8tly I ..-. Arbuckle Brothers "r" refiners to reduce list P^c-ss and their quotation at 17.10? ?es -j per ,,i,,n eafjiea with it assurance o? J?r<? ent .-.', refiners have been Sa g x" 'ntere8* European buyers in ''?"ne,! sugar, but no business of im grtancahaa so far resulted. It I *???* Europe is keeping a close watch *a *k? raw sugar liiarkct, but present The Day's Bond Market U. S. Government Transactions Sal?n. Triol?. l.lhprty S?, U?7. $626.000 4.09 ?lo l?t 4s, 1947. JY ? 5.01 >>?> l'.l 4-<. I&43. S.OOO 5.18 do 1st ??i?, 1847_? 110,000 5.S1 ?i?"- M 4?,n. 191?. (.?>! i>???l tk.48 ?1?-) 8?5 4 ?i s. 1928. 1,309,000 6.1? ?lo 4th 4',s, 1938.... 1,394,000 6.89 Victory i%a, 1923. 768,000 ?.-14 <lo ? i*a, 1923. 1(6,009 ' 6.39 Quotations Not '-?'-'i. T .-,\v. l?'t. ch??. t.lbor?v 34?. 90.58 90.2(1 90.34 ?.1? ?i" i ??: ??-.. - ? 84.70 B4.70 ?. ?0 ?I? JJ.l 4?. >?',.: 84.10 84.12 ?.84 ?'? 1st 4*4?_? 08 * ; I 84. S3 ?.l? i!?) 8<1 4tt8.... 84.44 S? 28 84.34 ?.08 <!o ?,i 4',.?.... 88 18 8? ' 88.08 ?.34 do tth 4jilS_ 84.90 84.80 84.78 ?.08 Victory 4%h. 96.1 I 9 ? ?8 ?.02 Uo r.\w. 95.69 96.6a 96.58 ?.04 Bid and Asked Quotations i ("JosiniT Uboi-tv Bonds V?-;-: in-. Thursday. 3'as. lf>47 .... 90.8019 90,34 90.50 ? 90.64 1st 4a, 1947 .. . S5.70 V S5 90 85.01 ?? J 0 2d 4?. 1942.?. .. ?4.12? -84.40 84 I .' s 1.40 1st t Via, 1947.. 84.760 84.90 85.00 9 85 10 " i -s -, a, 1"? il1 .. <? s. ? - i ? 8 i 42 i 8 1.49 3d 4',m. 1928 .. SS 00 y 88.08 88.3d il 88 10 4th 4\s, 1938.. 84.74<?9 84.76 84.84 ? B4.86 Vie. 4 95.58 S 6? P 95.62 95.64(0 95.56 96.6( ? 95.62 1" ? ?A .?!? 2s reg., J :? ,100%?103 1 in \ Tr : n? 2s coup., 1930. . 100% ??: 103 1 - % 102 3a ?? ?g . 1946. ... S!) fi 03 89 s s' 92 ip., 1946. . 89 (S) 93 89 4s, rrg., 1925 . . 105 @106 105 6>106 : j 06 1 <?>r. - 106 2s Pan c. 19 ? y, ? :i'. ?? 100% '/4 2s Pan. r., 19 .? . J 0 101*4 J c, 193S H*4 Js Pa i. i- . 1938.100V4 ??:??! j 100 ? : 3s Pan n g. 77 # 80 77 3s Pan. coup... 77 i T," ?80 Phil, -in, U?:;?... 7-i ',: 85 78 s.' 85 Phit. 4s, 1935... 78 '?:' 85 7S @ B5 Phil (s 1936... 78 ?> 85 JJi @ S5 D. Col. 3s, ! . - 95 ??> ? Foreign ?f?ovt. and Municipal Bonds (Interest To Be Added) ? : Asked, h Ext - i, 1920 99 ? of Albei ta 4*4s. 85*4 ? Intern .68 i'^'-< Kingd? m of Belgium 6s, 1921.. 9S ',4 9SV4 ... . I??? 91 do 7 .s 1946. 97% 97% Cana . of, 6s, 1921. 97 *4 97 % - ? s 1921. 96% 96 "9 . - - ? . 89 . 90 'Y, 1931.84*4 J- J -. G vl Hu Km: IJv 5s, '51. -; :J "^ ??.: : ?? Bxteri Y 5a, 1944. 88*4 85*4 -.. 1949. 81 '? 1 8 2 % 4 s, 1949. ? 7J! ?-.:??-.. 84 55 City of Lyons 15-yr 6s, 1934... 8J1V4 53% do Marseill a 15-yr 6s, ' ? s. S3 ?a s- s % r ?s : 1. 83*4 53% - 25-yr :. ?4s, 'l '.. 7 J. -, 76 % 3 C , . , 91 91 *i ? : - ??'-11 J-',. 1 ? - _?; - . 7: 71 '-2 ? . . .7 : '-j 71 % J I 195: . . . : 1 y j. s- 4 ?, ???. : ?G 96% ? " ? 1922 .??' :-j I ! Vas, 1929. 55 85V4 ? 5*28, 1 :?.. 7. SI \ E ? 5s '99. 1945_ 33% 34*4 ? of '04, 1 I.27 29V4 . Italy 6-yr .92 & 93 (Sales) French Es ,Jap 2 ! ser 4Vas . 99 _ .70 '--.. 1 Ety 5a do si ? . ?an 4s 1 ...42% ' ...... 53% . 1 . en jj . 53 ?'??. . J, irri s I I.-. .sis 6a . r P il reta ' . ??'. '?; . ... : . : : Y s . : . 91 1. ..... 84 . 91 D 1 I'?3 J . 9 7 - , _! ; . 96 y : .j ...??. . 97sjj s . . 89 J ? . :? . do If? . J- . J 86? do 1 Gov of Switzi 1,000. 85 H . ? " ' . : . : . ; . . . . ? -: ... .85% ? J -. c ? ", I 1.000_ 1 1st ?4 a J : Y : 71 ' J ...... 8 3 ' - . .... 71?- 34 71%; N* Y C 4%s 1967 .91 ; . 70% j Va B B & : . ? 2 Railway, Other Corporations \ :? ,? Bait ?- Chic Am Pnu-lting 5s ?' ? - I , 3,0i " :'? ' ? E & V." .... 70 7 6 Va ' ' ?* -' Armour Co 4 V4s 7". ,..74% .46% fi 000 7 t s TJ. t Y I p m . ... 78% Bklyn Ksii Tr 7s 38 1st JJ i0 ... . 87*4 ? '?-!:? . Cent : ? ... R9% ! . .s30f 1 I .89% S.OOi ... 70 1 . 80 Clr. CVt 5s . . 76 % A T & S F gi si 4s j : ? 0. c 5: <J?, stami ed do ? : ? . -j 1 > a ,. . si Atl 1 J y n 4s ?. X 4s . . 63% ?: J P Yi rci ? ... :. 1 2. n ?10 ... '? " 0.7 Y', d ... 7 : s'-, . . 73 , 7 3 Vi . S 6 \i do -. 71 . -? . . .... 70*4 . ?? '. 2 70 J ?. 86% Chic ?u \ s ..-, : ? : . sb?? : B ?s .... 86% . . 77 . se '. do ?JJ " : -h j. . SCTs '. fi8 do cvl do joint 4s 15 000 '"s 1 '.'..'. Il!o00. 93" . J 1 . j? ?: . J' .s '' Chic Ct Wont 4a ?no. 84 l.ooo. 58% 1.000. 68% C M & st P evt 6a ?erl?s 1.1 4,000. 64 do CVt 4%s 6,000. 67 f?.o ?it.,_ 8,000. 68 N Y TM deb 6s S.000. 86% do 4 '?. s 2,000. 75 ?4 2,000. 75Vi 18,000. .s30f 7"> 6,000. 75 V4 20,OOO..s30f 75 1,000. 75% 07% N Y W & B 4?4s 3.000. 41% 8,000. 87% Norf ."i- W cvt 6s 68 66 % do g.?n 4s ser A 6,000. 64%| 1,000, 1.P00. ?9 do ccn 4fl 1.9'jo. 74?4 9,000. 74 ' Xor Pacific 3b 1.000. 63% C & Nwn go n 6a 2,0011. 93 1.000,. 9;t do 5s 1933 -.000. 8.1 % C R I & I' B,.n 4m l.ooo.... 69TI 1.OO0. 70 do vfg 4a 12,000. fi? 3,000. 66% c st r j\r & o 6s 3.000.100 do 5s 5.000. 81 C I'd S1 l V4a sor A 1.000. 76 C & W 1ml 43 l.ooo. 54% Chile Copper Ts l.nii?".. 927?, 2,000. 12% 2.00C-'.'. 93 " C Inri A L Cs ? n.010. 93?A CGC ? St I, 4% s" 1,001. 72 Cleve S r, i V4s l.ooo..."... 77% Col & s.? 4V4s l.ooo. 68% 3.000.... 68 10,000. .s30f OS 1.009. 63 Con Gas n>m 7s 6 5% Oro & Cal Ist 18 86 V? 1.000, F..OilO. Pac G & E 6s 6.000. 75 Pa t<-m 7s 1930 3,000.102% 3. oui..102V4 4,000.102% 2,000.1 02% 1.000.102*4 1.000.102% n.!"1??.102% 10, I '>.102% do 5s 1968 2,00:i., 1.000. do |i?,s 1921 11,000. do ?en 4V43 l.ooo. l.ooo. 10,000. do 4.1 1906 1.O00. 77 u, Phila Co 5s 1922 3,000. 86 Pitts OCA St L, 4 ?4 s ser A 5,000. 74'4 Port Ry 5a 1930 2,000. 59 Reading gen 4s 1,000...... 78?4 1.000. 7!? 6,000. 78% 84% 8 4 lu 97 75% 76% l.?ni?. H7 Rio O W 1st 4 4.00 0. Ofjs? 1.000. ..... 97 I Cuba Cane Sug cvt deb 7s 2,010 ?0 Del & H tem 7a ' 4.000.100 do rfg 4a 1.1 0. 75 Den * R G rfg 6s i0. 4 7 s ; 7.000. ?7% do ctfs .?f depos 2.OO0. -15 do cr.n 4s 00. 113 Det ?' Rys 4%g 3,000...... 60% Distil ?rs 3 C 6s 2.000. 73% Erle 1st con 7s 1,000. 93 % do pr lien 4a 1.000. 49% do ?--? n lien 4s 3.00 63% 1.000. do col 4s 11.000. 45% R 1 A ri: & I, 4?, s 5,000. ,s30f 6 J-1! 8,000. 63% St L i M & S 6s 3.000. S3 St L & S F 4s ser A 67.000. 56 l,Q0 I, 56% : ? 4 0 1,000 1 3,0 0.... 'h 4.00?). do 5i ser B 10 in do 6a ser C J. . . . . : . , do adj Os :'.?.! ? :? ?.ooo. 40'4: -. ? is ser A - do ? ???- Is ser B ?"'. 36 do cvt 4s ser 1 ? J I. :~:i . J' 7 X ' ? Gs ao si: - J ? ? 65% 6 '' ?4 56 56% 07% 67 ?%. 81% Si 61 % 61% 61 % 48% ,48% 4 8% 4 8 4*% Geh E Hud ? M rfg 5s r. ,'J s : 48?<i 48 % 48% m c? :.- i 5?.;.s : .... Y Y ? . 3? I i 0 .' India? 2.000 . n t t 41% a 0. 23,000 . . . i. : ? I 3,000. i.OOO. St L S\v ii 1st 4s 2,000. 63% ? '..-'?? 63 1 000. G3 Y _ J 4s 1.000. 4S do con 4s 5,000. 66 % ? . . 55% 11, J , 'r'.--. St P & K C Sh J. 4 s.,., 2,000. 61% ?o 2,1 (?0 . . 61% S A ?s.- A P 4-? 86 l-oon. 58 >.-a!? Air Line 4a 85 ~, 70 54 69 ?' J U s., ' 1 % 11 ?i . ' ?'.-?:. 1 I 00. 51 So Pac ITrfi ; i 2.000. : I lo b*4s IS.000. . , ? 9; & 95 95 g 7:7 :?..? M : Iowa ? ' ? c p ; ? S ! % '% _ Is 15 000 . . d ? c 1 4s ! do Coast 4e 73% 65% & M 4 Ivan ^^^^^^ do ?. : Term 4 R 4 s 1 9 2 8 7 . ?t. <J r e ?tored J 2.000 80 % d" S F Tetra 4a ...... S utl rn Ry 1s 12,000 ... 58% I I I _ISt ? ? ? . 65% T -x .-, p ist r? Thii . Vve adj 5s 1,01 I . 20 i'nlon Paciflc Cs . 96% do 1st i a L t & M 7a ; oo i .m: Long -.-: rfg 4a 4. I. ..... 63 Lou & >:? sh "s .! P - 1 0 1 % ! ? do cvt 4s ; r i : ?s rfg la _ 96 V4 81 . - % -- ' f. 6 s J 00. . ? Ry Is Midv.ii? l.i 00, . . . ? ?] 3 0,? 10. aiin & do rfg 5s ; do 4s 6.000 M K & : l? Mo I ? . e -i'. 4a : ? ? - . Montan ? Pwr 6s 47 40% 1,000. 74 J'rs R I of S p 4 s ctfs of depos 2,000 . 22 1.000. . 21% CJ S Realty & I rs : ' ?- - . 78% t" s Rubb/r tem 7' ? 1930 : i. 97% 10. 98 d J 00. 98 ?. 98 V4 do J. 10. T 7 -'h ?..). 77% U S St? el a f fs 1.000. .s30f <?! N ? I & Hex S ' i - . Now Or N Y T-nn'<. 'Y % 3,000. ?2 I. 91% 1,00 ' . .s30f 91 Va-Car Chem 5s 00. iil?4 1,000. 91V4 Virginian Ry :7s 2 0 " ?>.7 5 1.; , 1.001 . . . 7" ; , Va Ry & Pwr 5s . 64 83 8 4 i : ? t deb fi? " Waba ah 2d '.....'. 8S.\1 Wl st Eloc '. 881 - J! ? .j 3 N" Y C v SI J. cleli s.. i^^^^^B.. West Mary ?a ml. 4s 88% 1'000. B2% W X Y cv; P 1st Es 3,000. S 2 West Pacific 6s X Y " . :. Co 4? I. 62 N '?' ; ? .' W 1st 4s X Y Rhvs rfg 4sJ ... 20 10. I f 78*4 Wh! & L, B con 4s 5,000. 52% n.O'"'. :,-,\ Wilson Co cvt 6s 4..?. SJJV, prices are too high to Interest them at ment. The local sugar futuros ? s. d< .-!::.?? of 25 tn 15 with Cuban loi.. on the I? - :-... sed market for actual sugar. The market seemed :i little oversold and late months steadied sharply at the close, final prices being 1.". points net lower to 45 points net higher. Coffee Futures - V- iterday's eofl. J. ? vi as ffair it from I he si a weaker Rio tos and later repot ted firm off? rs In I he cost and freight il ? ' ' yet reached, Indicating that shippers in > ts were making ? ?? erj -., sell cofl ?? l. ? ? r to the ports in large ties, s? : d so fa r for tli seaeoi . - i of Just year an?! (?t two ago. The ' . rket hi re ? ? ? ned at deel ? i . , .... lers being ] on the way down, which weakened the ?? : .re s ?t, ? u.?.- active months Inl low ground, or 38 ;?> 4-1 points si.-t lower, by parly ?ft??? w ; s a slight rally at the close on .- of sh ?'-?> : ??? o\ er s h? h ? ? , . showing net lo.ss.-s of 26 to 4J; The ull and prie? 8 lower Rio 7s b Inrg quoi I . ; toa 4s at 15Vic to lu?-'. The range of prices followa: Thursday's Open.High. Low August. - - - " 8.95 Beptemb ir_ 8.1 8 75 ? J i - .?" ??? i JU s 95 . . .toher. ??-8 I \-ov-n:h- ?-_-8.96 ?8.96 J- ?0 . ixy'.'. !'.' ?? .-? ! 9^70 ! March. 9.68 9.68 9.43 9.54 :<j.-9.55 D.80 A] 60 S 86 Wav"' ' 8.80 J' 80 9.66 9.64 ? 68 9.91 JiUiV.V..'"."...-'- 8.6??9.71 8.96 Butter, Cheese and Eggs Putter?Receipts were 4.v":Ji packages. ! Creariiery, higher than extras, per lb.. 55V? Vic : extras, 92 se e, 55%c; firsts, ?'???? ?5>54%c; 88 to 89 score, : -7 score, 4 4 ...;?-? 16 Y y 17%e; I casks. 62 ? ' s :-_.. unsalt ??!. higher than ... Vic j extrf.s, 57?85" . JJi'sl^, J. :,..:. SI .'?>:: Is. 50 j ? ;: flnesi ; ? i ommon to fair, 4 lad ? s. ? ::-? enl make, firsts, 46@46? onda i : - r. Y:.- I 42@42%c; packing stoclc, current make, No Y 44c; No 2, 42@42*4c; lower grades, Juli?1 41M - Cheese?Receipts, 2,623 box s. State, : lilk, fr?>sh flats colon d, Ib., 27V4 whit ? 21 i>28c: averag run, col '????! or whites, 26%?26%c; lower Y t \?. in.-. f:-.-sh specials. 26% average run, white or colored, 25? 26c; gra les - I -.- 25. : Wisconsin, fs-?-sh single Daisies, fresh, , Isles, fresh, . V.'-an.r Americas, fresh, 28%@29? ; fresh specials, I6%@17%c: prime to choice, ;:'?. 14'-...-; lower grades, 5 ?JiOc. Eggs?.. ;?- v re 12,767 cases. Fresh .- ras, ;? r doi? n, 57 g .. -.. ? ?. ,6c. firsts, -i ' ? i Js. 45 S'o l dirties, regular s @44c; checks, fair to choice, ??ry. : refrigerator firsts, 49@52c; se? (So; ss ite, Pennsylvania and ? arbj West em hennery whites, extras, ? J. ; >'xtra s ? ta, ? i i?68c; firsts, 60 ? 6 le : firsts I ? ? x-, tra firsts, 00@6Sc: undergrade?, .? ' Coast, wii?t?. extra firsts, ? ? ? J '?? j firsts, J 8 62 ; under psrades, 54?56c; Petaluma, small, 54 i?!!?.>r Westens and Southern gal whites, ??"-j?'62c: state. Pennsylvania and Western hennery browns, extra. : ststtt', Pennsylvania and nearby bn .?si and mixed colors, gather?.".?'., graii?,! extras, 67?68c; firsts to extra firsts, 4?if S Investment Information Questions of general interest ta investors will bo answered in this column, in which case only initials will be used. Others will be an? swered by mail. Address all in? quiries, inclosing a stamped, ad aresscd envelope, to Financial Editor, Th* Tribune, 151, Nassau Street, New York City. Union Pacific and Atchison Question?I have 100 shares of Union Pacific proferrr-il and. believing the futur?, of good railroad slocks la now assured, I am seriously considering the advisability ..!' Increasing my holding, not only because I consider it would i>?? a safe Investment, hut because of Hi?- speculative possibilities. 1 :il??n Pacific common aella (July :; i i at 116%, Union Pacific preferred Relia at 65; Atchison, Topeka &? Santa Fe common sells ;i! 79%; Atchison, Topuka & Santa Fe pre? ferred sells at 72%. Tims the preferred of Cnlon Pacific pays about 6 i?.-r cent on the Investment and the Atchison, a 5 per cent stock, about 6.90 per cent.?) I Rave traveler! over both the Onion Pacific and Mi.- Santa Fe roads and was greatly impressed with the rollinir stock of the latter as c with that of any other road on > rode, and thus formed a very good ini pr n ?if the management of the com? pany. Notwithstanding the apparent dif? ference In the opinion of financial experts ?if the value of the shares of the Pacli c and the Santa Fe ?as evidenced by ih" prlcos at which their common and preferred sto?rka sell) I em inclined to In? vest some of my v ry hard . arm ?1 ?? ; h In preferred Santa Fe stock, especially as I would receive a better rate on the In? vestment, 6.90 as compared to 'J per cent. I don't care to trust my own man-ln-the stroot (who Is not. in the "street," by the way), and ask your advice, reminding von of the fact that a recent Illness has made me entirely dependent on n .- Income. Atchison, Topeka & Sansa Fe aiJUustraent I i ? r ci nt bonds sell (July :, i | foi 65%, practically the price of the Union Pacific preferred stock. Would you decide on the bends in preference to Union Pacific pre? ferred? 1 want lonir term bonda If I de cltlo to buy bonds. Are the adjustment 4s such? And are they well secured??E. JM. Answer?It is our opinion that Atchi? son is one of the best roads in the country. Its management is efficient and during the period of government ctmtrol of the railroads it was one of th?e few systems able to earn more than the amount of compensation, in spite of increased operating costs with no appreciable advance in rates. Union I Pacific, too, is a well managed system, j and it also earned more than the coi i j pensation. Union Pacific is a large ?holder of stocks of other road-, and j the dividends paid on Union Pacific j stocks arc derived in large part from its own investments. In spite of the fact that Union Pacific preferred sells on a lower basis than Atchiso'n pre? ferred, we do not believe it to be en? titled to any bettor rating. V. sider both among the highest grade of railroad stocks. Atchison adju I . 4 per cent due 1995 are secured by second lien on the proprty coven J I the general mortgage -1 per cen? 1995, about 8,540 miles of road. The Atchi ; son convertible 4 per cent 1955, no longer convertible, are a direct ?Mi gat ion of the company. The indenture provides that no new mortgage except to secure further issues executed prior reto shall be executed against the lines owned January 1, 19l equally securing these bonds. The prisent price is about 63, yielding over 6 per cent. These bonds c me befon the preferred stock, of course. We ; regard all the Atchison issues highly. National Oil Notes Quesi ion?I own $1 Tran port 1 du s: : I 1920 broker off ei in ? :. ' nal Oll Con pany - C N w J ai OS1,-! and Inl ei esl. W liai -, ? ? u sidi r i; a rai Ing ? f : ? ? N'as 'Y - | .; <? ., ?- .--y safe | : ? consider that 1 : ? bu . a: ts presi ??? pi ices?l?J!. D. B. Answer?The National Oil Company vas incorporated August 8,1910, m New . It i;; a holding company, own? ing the outstanding stocks of the fol? lowing concerns: Pfity thousand dollars j National Shipbuilding Company of 'Texas, $50,000 Seaboard Oil sirs! B [ ing Company of Texa . $50 0 I tional Oil Company of >-lu-:. . ational Oil Transport Coi 0 pesos National Oil Company of ico, 25,000 pesos National Oil Term? inal Company of South America and | 25,000 pesos United States '. 1 Banana Company. These \ y panies own acreage in Texas and Lo lis iana, pipe lines, tankers, etc. On? has a charging capacity of 15,000 bar? rels of oil monthly. It owns a terminal at Galveston. The capital is $2,6 - S per cent preferred and $14,700,? ? I common, $10 par. Regular di\ are paid on the senior isuue. There are $5,000,000 7 per cent bon.: from May 1, 1:>S1, to May 1, ; . These are secured, through pledge of subsidiary stocks, and are, we are in? formed, s. firsl liei m all prop? rti -; now owned or acquired from the ceeds of thi ?e bonds. The net incoi e tor 1919 after interest, d depletion and amortization,*but Federal taxes, v.:?.- $1,007,324, < $232,037 in 1918. Interest on this issue will require $350,000 per a mum, io that if the 1919 earnings are ma n tained the margin is ample. However, the oil proiluciriir business is ail tain one, and while these no1 to be safe enough, judging by the earn? ings for 1919 we do not feel j i in giving the note more than a specu- I lative investment rating. We do not attempt to J recast prie . i he Island d Transport appears to be show? ing satisfactory operations at \ r Common and Preferred Defined -. .. tion [have a fi w hur? Ins i .. ? which! . : J . ? s , 1 ' in bonds i\ of ] the :? u name .several h v. 11 ht'-" .- ? . s ??' and i in il ratea, with das - - tur ity? VVi uld you also t ??.--.?' ti 1 lain til? n ? V. li?t !.. ? ? bonds' J ? rai t ? ; i .- i?? for buying 1 ' I ?ras l.v u. friend t.. buy Gei us and hold sever; i.rs till they advi >ub stantlally. What is your opinion ??W. E. Answer?The following bonds yield from i'j per cent to over 7 per cent. All are well secured and in each case the earnings of the issuing company are ample to care for the current charges i y : leave a substantial surplus be? st? es: New York Tele] hoi i refunding 1% per cent, 1839; Vv Union Telegraph real estate 4M? per cent, 1950; "Illinois Steel 4% per cent, 19-10; New York Dock first -1 per cent. 1951; United States Rubber 1st and re? funding 5 per cent, 1947. Communicate with anv members of the New York Stock Exchange whose advertiserm nl a] pear in The Tribune. The usual commission in bonds is $1.25 for $1,000 par value. Preferred stock (the term' pi ef< -red is not applied to bon the issue which enjoys privileges be? fore the common stock benefits. Divi- j df-nds must be paid on preferred stocK , before any may be declared ? common. As a rule, howexer, the divi? d? "...- on preferred atoe? are limited, after which the common stock derives the benefits of the company's eari American Tobacco .preferred, for ex? ample, is limited to 6 per cent per an num. This has been paid for many years The common stock, however.; until lately, paid 20 per cent per an- j num. Here is an illustration ot wny many common stocks sell higher than the senior issue. Four jnll columns of in? vestment questions and an? swers are published in The Tribune every Sunday. | Miscellaneous Markets Public Utility Securities Bonds BM. Ank?d. American Ll?ht & Trac com...ill 115 do i>f _'. no 95 Adirondack Elec Power com... 14 17 do nf . 73 77 American Gaj &. Electrlo com. 96 108 do pf .-. 38 sir, Ameri ,m Power & Light com.. 4r, ?>o do pt .:. or, ?9 American Public rtlltUf? com.. ? rorks Bleotrlo. itinsr pf. _ 25 1 4 86 "litVi Carolina Power ?S- Light com. Cities Service com ex dlv. ?I.? r f ? x dlv. do bankers' certificates >'X dlv Hi do T.., Series li, 1966........185 do 7.?, Series C, 1966. 31 lo Pow er com. " ?In pf . 80 Commonwealth I'r Ry ?t- L com 16 do pi . 37 ' ias & Eleotrlc p?m r.s.. 78 Bond .v- Share i?f. 79 ?-.sir ire District l-JJ- ctrlc pf. . . . 55 Federal Light ,t Traction com. ti do pf. ?to Gas .-.' Electric Securities com..250 do pf . 67 ! ? ??: i Ohio Electric com... ??? do pf . ? Northern i intario Lt & Pow com. 10 do pf. 11 Northern St.-it??? Power com.... ? ?J.? pf . 75 : Gas & El? ctric pf. 71 illc Ry & Lt Co cum. 3 do pf . 2') Southern California Edison com so do |,f . 92 Btandard Usis & Eleotrio com.. 12 do pf . 35 Tennessee Ry, Lt & Power com. 1 ?i" pt . a United Light & Railways coin.. 17 do 1st pf. :. v W? tern Power com. IS do pf. 59 Bonds Appalach Power 1st 5s. 10 natl Gas & Elec 5s. 1015. . 79 Oas & Elec Ys. 1927. 79 El? c 5s, 1922. 9 9% do 7s, 1921 . 99 El Pas . El?c col 5s. 79 Great West Power 1st Bs. 73 LUI . 1st 5s. 8 5 Miss Rh er Power 1st 5??. 7 1 North ? ?nt Lt & Power 6s. 61 Nor States Power 6s. 1926. 32 Miscellaneous Stocks Bid. Ask.i Hid. 6 S 33 130 93 10 SO is 40 85 83 05 9 45 350 77 20 45 14 48 4 5. 7S SO 10 3 4 83 95 14 37 3 4 20 SI too S3 75 ?0 7.1 62Vi Am Chicle 38 'j 4 I do pf. . . 00 65 eath 27 50 ?do pf.. 77 -J. Am Alfg. .1 15 150 i:o pf . . 85 89 Am M & F150 H'.U Am '!'.! pf 3% Jl'Y Am Typ F Ils A I? T NJ 2 5 ?.Has P C. 62 Li is &S lji -.-) do 2d pf 65 B - ?' ;.!.. 95 J' pf 67 . : I . J I Is ?Jo. 5?! do pf .. 92 ? ? y Inves 55 Crk W pi. 90 r> L & w. 1s ! in?.per C.130 ' ? ? Sil ;.-. S 4 Lima I. T-J .s 5 NatCaskt. 105 N J Z w i J y ? Jo : pf. .? J i Phelps D. 17 ) P & W pf. O' R Raalt in. 25 do ; f... ' : Ry IJ : ; . ' J JS i : ?' . . - i Mfel24 S J. IM&S 13 ' i Pf. ? > S D W pf. 95 ' pf. J' ' \Y & B . - '2 ! Vale & T.275 Sugar StocliA Card Am. 19 23 V. it-Am. . 2 0 ?lo pf . . 70 v'> ' ?do pf. . 75 .... . -.'i ' . Mil higan. 11 C Aguin ?? ; : J 117 Si ittuna 36 B0 86 98 7 3 160 S 9 115 n ,vll0 Y.I St Grt VVeat. 4?0 4; , do pf ..113 118 Tobacco Stocks G W Hm? J". 1 " R Y ?J- v A600 <!<? pf. . . 85 J J i do s ' J E Young 130 ! . - i pt... 97 do pf. . - . '5 V. . vi.. ?J ,.155 ?Jl o A.?.-!-' U5 1 ??? lo pf... 85 P R-A T.. J J ' i Js j Univ Leaf.140 1 -7 ? fll) 200 75 ISO ?7 128 ?7 (?1 9 ? 1' i 3.".:) 610 450 ; i H 5 *b:x dividend C0?7i. Chemical Stocks Hoi Y Elec 60 ' pf . . 60 K.. Solvay a ) 97 Am Cvat Y. pf. By-Pi ? Ja ? n Co. . ? h... ? Du P Co p. ' I .. ? do pf. .. "J Steel and Ordnance Stocks J ? . . - ?? ? M.i. I C let G. .11 ? J ISolv Pne,. 2. , Bab .'. Cn F & F. 150 Carb oteel-76 do 1st pf 5 ... 2d pf 02 s ... 15 - 81 100 li i : Jt I I P. . 1J '.' j - j.. pf.. 92 Mlles B-P. - -> II i Iron 3 ? ,r. .42 5 V\ oodward 50 Du P Pw..2 .-i 2 - do pf... V8 41 ?iii dividend, New York Hank Stocks .205 America . . Atlanta ... Asu K a . ry .. . Bo? --s y .. . :.. P. . ? i .v a s % Nat. Butch ?b D .. ..395 & Ph.270 i Ex. I 15 .J. D I .165 ? 1. ..250 s ...350 re a .. :. : ? i .i . . 1 Corn Ex h . p'tan. 1 Con ?. I U. I Ci l'v/'ith Cuba .j -ni !J.? ?I River.165 ? it. .160 ' l A v e. . 9 0 0 S" at Fon ign T B 60 . _ I 27 .195 206 . -J JJ D r .150 16? .150 100 .150 160 7 2 ? ? - . 17 i .J 220 19C ! 7 .? 92 220 190 . 8 ' .". (Garfleld .. . Y :, ?:- . Industrial ..205 .::. .v Tl ! ? ng Nat.202 Liber y _395 .... .JJ 10 ? co a is . Met 120 Metrop'tan . I .190 N it Asa. ... 1 50 . tv .'? -sh. .195 -. \ County.135 JY y N 11 A.460 Park . 5 40 212 405 7 0 .? Seaboard .. ) md .125 State .195 i Wai ; ..... J 7 7? Iti :? A. . 200 i rkvillo ....7 5 360 6 7 7, 475 Insurance Companies Am AlU'nce.270 ' of NY. 2 06 Com'w'lth i ... 68 I id & Phoe.fi ; Franklin. ... 70 Globe & R.l 100 Trust and AJ'.Innee ... 75 i Am Trust. . - - A sa S un ty, 217 ?63 9 0 63 i -Y ' ; ,v :?'. Bklyn T Cent Union. 65 Columbia . .306 'I .165 le ..292 J . ;? ,300 . & . . 7 ? I .200 .li '. 1 ? 5 Law Mtga ..172 .300 .200 ? ;:??? at Am ........ r .. Home.505 Nat Liberty. J 70 Niagara . . . 120 Stuyvesant.. 50 ? Suretj- Companies 85|Lawj ers T. .135 ? Lincoln Tr. .145 7 Vtanufac'rs .? mtlle Metropol . Bond. ? of W.105 lat .-'-..rp?y . ISS X Y !. [&T.525 . . : ? . T... 5 ?T Title .275 Y v.sso.100 T G ?S '.'. .. .j. ;.. 'Y-. :- .. i' S M & T. 405 ? ? .- r a i...: -..i Westi i?- . 5 W & BT&M16S 515 18 5 150 37 JJ. 610 : 7 7. 3 15 - ? 66 ? :: . 125 195 e: i 610 120 290 110 325 SCO 175 fSee New York Title and Mortgage, jlncludes American Trust Company Standard Oil Stocks I I Ask. .?'?. '- \ - Co.J i J J - . . ' i J ' B ??:?;-.C . 420 460 : :. ne. 86 Co i s..?. : JJ i :.. ? ; ?; . ! s 105 Oil Co. 1 ! J 120 PI Ine Co. 26 2S ? . . Llne i.140 145 Line Co. . . ! 00 105 GaLena-Sigjnal Oil Co ... - * 92 J . - 95 do com . -J" U ? i ?pe Line Co. 145 ma Pi| 88 J-JJ 'et Co, Ltd .... '?' l 36 Co . J- j 26 Co . 150 160 n Ti . ' J Js8 01 Oil Co .'275 2?0 . 10 4 4 . ? Oil & Gas Co. !..' Co. ?" 5 550 R ' Co.140 360 Line. 116 121 i H Co. 2'J0 2T0 I ' inn Pipe J.. nes. . 62 65 : - ' ? 300 305 . . 640 650 Stan lai 1 Oil of Kansas.510 530 ... . ird Oil ?Jo ? : . 400 -H) of N J.'?- ' ' '?" do pf . 105 : ? Stand ird Oil Co of M V . . . . I Standard ? )il Co of Ohio. -11' d? i'f : ?? ? wan & Finch Co. 65 ?0 fank Car Co. 119 1 - ; do pf <.? ' 95 n Oil Co . . . ? 3 I :: ', Washin jton ? . Co. 27 32 Miscellaneous Oil Companies Atlantic Lobos ?.'il Co corn.... 30 40 . '-? 5 i & Co . 6 H J. n Pet Co. -J s, . 95 i ? ? . 346 . 1.' -t " Co. I i : I -?:*. 19 '-?i . U 5 554 ' .. ll\i 12 4 Sapulpa Refining Co. ; -? ?? i. New York City Bonds f irttl J Bid. Ask Ylel ! ? - 10S 100 360 2 0 - : . ? do ?<?: ?J ' -> .-. 196? do 4-4 8, 1 ?? ? do 4 :.?s, 198J '.' I ?: "I-, 'J U -, J? 1 I -, S' J ? " 5 ? ? S-iU 8J 4.97 4.97 i '7 - 6.0?J Form. Rato and Maturity. Btd.Ask. Yl-ld do 4 ?4 s, I960 . 8 i ?i - do 4'.s s. I960, op, 1930.. 64 U 11 o 4?, 19 5 9 . 80 4 do 4s, 1988 . SO 4 ?lo 4.1, 3957 _,_... 80 >,3 R'seiBtcrfi.1 4.*, 1955-1956... 804 do 4s. 19.16. 85 Interchangeable 34s, 1954 71 ?"oupon 3 4s. 1954. 71 R?-q-isrprcd 3 4?, 1090-54 Ino 71 do 34s, 1940-1950 Inc.. 5.50 Rc?lst'd & cntifi.in (serial) 4 Hfl, 1920-1930 . ?.00 do l',s, 1920-1981 . 6.00 do 4 4a, 1920-1532 inc .. . 6.00 New York State Bonds Issued In coupon and resist?-red form net Interchangeable. Coupon bonds regis? ters? bin. Form, R-Ue and Maturity. Bid. Ask. Yield. 4.40 4.40 4.40 4.40 4.40 4.40 4.40 4.40 4.-10 4.40 4.40 4.40 form, R.-u? and Maturity. Bid. Ask. canal imp 4 4s, is64. 99 102 Ulirhwny Imn 44s, 1963.. 99 108 Canal Imp 4'-; s, 1965. 94 97 ITlchway T.-np 4'is, 1965 . 94 P,;,lr?0 Can T<vr *%?. 1915 9 4 Highway Imp 4s. 1907_ 90 Canal Imp 4s, 1967. 90 Highway Imp 4s, 1900-62. 904 ? 1958 ?"anal [mp 4s. 13G0-'62 inc 9 ! alisado I S Park Is, 1961 S Barge Can Ter 4s. l942-'46 9 Federal and Joint Stock Land Bank Bonds Federal Farm Loan 6s, 1930 op 192:i. 94 Federal Farm Loan 4M.., 1939 op 1924. 87 Federal Farm Loan 4 4?, 1928 op 1923.'. . . 86 Federal Farm Loan 4<As. 1927 op 1922. . 88 .Tot-.t Stock Land Bank 5s, 1939 ip 1924. S3 Joint stuck Land Bank 5s, 1938 up 1923. 8 3 95 4 83 4 83 5-40 5.47 6.57 6.50 6.28 6.30 ! Short Term Securities Security. Bid. . Am Cotton OH 6s. 1924_ S9"3 Am Chicle 6s, 1321-22 .... 94% do 6s, 1923-25. 90 ??o fis, 1926-27. 874 Am Tel & Tel 6s, 1922. . . 934 ?lo 6s, 1924. 92 ' Am Thread 6s, 1928. 92 Am Tobacco 7s, 1920. 911*4 do 7s, 1921. 99% do 7s, 1922. do 7s, 1923. 994 Anaconda Copper 6s, 1J?29 384 Ang-Atn Oil Ltd 7'-..s. '25 '."?4 Armour conv 6s, 1920-'24. 9 1 ??" conv 7?. 1930. 9H 'i r: ?thlahem Steel 7s. 1922. J-7 ft do 7s, 1923. 9 7 Can Pacific Ry fis, 1924. . . "2 4 Cent Argentine Ry 6s 1327 -1 C, i! & Q joint 4s, 192F. . 934 Chi Pn?>u Tool 6s, 1921... PJ> ?lo 6s, !''.'2. 9H ask. 9" ' 98 ' 6s, 192 r, C, C &? st L 'J? 1929. . . 85 C-A Sug 1st lien ?is, 1921. 994 7a : i . ? 7 Federal Sug Ri f 6s, 1924, 92 ' J ' at Non ?s Ry 6s 1 20. .99 ' x }i F ? ?oodrloh con 7s. '25. 9 I G?lf Oil Corp 6s, 1921... 96% ? (is, 1922. 95 do ? --. 1923. 93 Hock if A allev 6s, 1924. . S7 Int Rap Tr c 'is 7s, ls-J! . K C Ti rmlnal Ry 6s, 1 - J 9 ".? K en ' 'oppi :? i ! >rp 7-. 19 0 '? J : ? Lac ' ' !. 1st & r-f 7s. '29 - i . Ligg tit & All- r 6s, 1921 97 i N V Cent 6s, 1920. l?9 -, i 6s, 1922. 914 Penn ylv mla I " s, 1921. . J". % Proi ter ?fe ? lamble 7s, 1921 99 ., do 7s. 1 ?22. Uo 7s. 1 923. 99 ? I Pub P'-rv N J con 7s, '22 R J Rej nolds Tob 6s, 'JJ2 Southern Rail waj '..-. 1922 Si Paul I' li guar 5 '... '23 Sv ift 6s, L921._ YY cas . -, . . I. U S Rubb' :- 7 i ?s, 1930 . . !Y ih S . uril : -a 6a, 1922. . West Else con 7.H. 1325. 92 4 100 4 1004 99 \ ?'I 9 S % 98 9 6 4 984 974 ?? ' i s:; ?i.; 4 1 ? l- o 100 86 99% 9 7 4 9 1 Tl-M.l. 8.95 7.5 0 7.76 7 7,7? 10.no 8.6(1 6.SO 6.00 6.80 7 15 7.30 7.93 s no 9.6 5 10 7 7, 6.00 6.00 6.00 S. 2 5 6.15 7 77 6 20 ! 80 . 63 95% 96 97 4 . -. , : ? 6.90 11.211 3 ' 8.50 7.60 97% ? Markets in Other Ciiies Baltimore Open. High. il le .135 ? Hug. 74 "4 izeos Bank. 9 V4 J39V4 ; Joal ... 77% 77% 1 7?: :? & M 1 N J! 25% ... % iP una Water. 7< ,Y Low. 120 lion?!* J' ? 3000 ! ' 160 : : I 242 J : i C id? si 6s. "7 St-v 5s. 88 United Ry 4>. 61% Boston Mining lez . : 'l ;.. El irt .... 8% Bui ?? & Bal. . .4 Cal .1- Hecla..300 Carson Hill . . 22 ? :? Range, il 4 '? 4 Davis Dali . . 7% ... 2 ? Cri ... 624 . 7.:? New Cornelia. 1 ?; '? i. New River ... 26 North Butte.. 14% Dorn .... 21 s a Quincy . -l I 11 Last. 1 : 0 JJ ' ' ? ? 1 i ?- \ 61% .9 30 ' 524 16% 2?; 1 : % 384 U S Smelters. 51 ?4 rine .... 124 Railroads Bos .<- AJJiany.125 : s ... ... Main ? 7.J ; ne i '. .;? ral .Y' Y N H & H. 32% : j West End ...40 41 Miscellaneous Am Acr pf. .. 86 \ 86 4 L g ,.. 7 5 4 75 4 1 pf . 7JJ 7 1 igar : J' J ' 107 4 .Am T & T... J"S 9614 Art Metal . .. 154 : Yi Be icon ? ?hoc.. 7% 8 B .v M Pet East -r:i Mf ? - 3 ? ?? ?4 i ?? ;< 21 4 4< J 4 51U 61 4 J. - \ 40 52 4 16 4 26 1 4 Y - '. 4 4 I 1 . ! 14 86% 864 29 4 B? 80 : 1173 I ? ti HO 150 : 3 6 127 II ? E J- - . ? ;? n K ? ctr ? ;... -. Davis . . 2 1 1 Ir ????.? ..1 ... 39 Int *' 'ment . . ::?"? :, Int Products.. 16 4 Island Oil. 5% I T 1 Y.r.nor . ... 134 Libby . 114 M isa Gas. 7? 4 Mex Inv. 32 .Vat !.. ather... 10 % . 29 4 ; . 150 2 4 % 2 5 143% 143% J 1 J' 5 % 15 4 J 0 24?.' 1 ?<? -, :?>=? . 1 2 7 '4 IS s 324 49 320 111 N E Tel. 86% 86% Orpheum . 25 25 Mills..165 1 . Root . 34 34% nut > S. JJJ '?'??. 214 ? rn Phos. JJJ-", 22 4 1 14 114 784 J :?. ? ' ? 5000 - . ?? .-.- Co.. 105 : Sv ?7' Internatl 2:-% JJ- % fton . . 65 65 irug J ? pf 44 :i 45 L7i - : Fruit. .188 190 Unit <i Siso-. . . 40% 4 1 % do pf . 244 244 Waldorf . 19% J % th m W pf 72 72 ', alworth .... 164 174 Bonds Chgo Jet 5s. .. 73 7S j\ k Tel 5s... :;??! 7?:? Boston Cuib Market 214 ?-. ,, 1 " ? ?% 05 4 4 s3 1 ? 40% 24 4 19?4 1074 1 5 : ; 23 4 150 2 5 143% 2| . 27% IS ti 1 '-' >4 7 ? 3 ' ? 10 , J- ; :i 2 7. II ? 3 I ? 1 214 22 % 106 J' % 1 i 4 14 190 41 244 194 : j 1 ; Bid. Ars:: Extn... 2 Arizs Silver..11 Blk Hawk. . 15 Bos ,v Mon.O l ? 'a laveras... 1 Chief Con ... 2 % n Rsv.,10 ? Y--. stal new 2s ?1 ... . 15 Eagl ."? B 2 1-16 ;? 1 ... ? I ... 50 ? Iron Cap... ? :. Jer - ?:'??? 25 Uj. Rose .. .?O Ask Bid. Ask. rajestlc . : > it 13 Mex aietals. 30 70 Mid 7.* as.. - - ;. , Moj Tuni. ?; ? % Monarch ...10 rat L & z. ? 1 ..;..., J 1 Nev Doug..12 17 Nixon. I , 1: mger P t. J 1 Rain :-"? . 1 s Svn y: ? a vv mi f p. 4 Silver Re? t. ; ma .... < ?i';: Ver Ext.29| iTukon. 1 18 Chicago Y . - 345 Armour I. 0 '? 1 110 Chi El pf. 5 5 -, - Cuilahy . 30 80 2 01 j: .101 : ? : : 115 Cont M il o 3% 8% i 100 H ' St ?. Sui; 15?-? I5i-? 1 . 75 ;:'is.-. Motors. J 2502 ... v . 12 : - , 2 1 M nt Ward , 29 29% - J do pf .... .100 J '. at Leather. :? ?:? 10% 20 1 ' irpheum ... -, 325 Albi .'? Pi - Wig . ? . H J. i R | ublic T. . ? - i Gas I2? SU? wart War ?wifl 75 S ? - - pson : ? : Iron : . st rn Kr.it 16 25 Wahl . 50 a00 Wngley rt3. . . 4 ' Bonds Sh. T.o..r. T.a st. '. 15% 154 4 914 9t4 ... 101 ? 4 ?-, 12 1?4 29 _ - S4 10O 10% :?:? 240 21 ! -' -? - 21% 214 '?-?'.' . '? . : . ; 35 36 35 ...J - ' -"j - ? i 7 . 106 7- ?J 105 108 61 4 6 I 4 19% 4 4 1 14 6') 28 ? ; 194 :?; 44 964 $1000 Armour 7s . . . 964 96^J hl Hy ist Sa '.j 62 es t>? lorn Ed 1st 5a 78 ~i 75 73 Detroit 300 Cont Motora... 1% 8% ?4 8% ; Detr :r Edison 96 95 94 94 4 4" F ird .255 353 354 354 n 7.! 'ors 40 4 41 40 4 40% Sugar... 114 114 11 Pa skard . i-L: 18>i 174 18 Reo Motor-... -'-?, ?i?| z\% il% 75Tlmkea ,..37 4 57-:) 81 37 I-? : 1 Executor Trustee Chartered 1822 The Farmers1 Loan and Trust Company Nos. 16, 13, 20 & 22 William Street Branch Office, 475 Fifth Avenue At Forty-first Street Hew York / London Paris Foreign Exchange Administrator Guardian Member Federal Beserve System and New York Clearing Honse I-__?J New Jersey Zinc Stock sand Rights Evans, Stillman & Co. Members of Neva York Stock Exchange Telephone Bowling: Greens l.J-JO. 60 Broiuf?-ay, New York. Philadelphia Sharp?. Opon. Hish. 25 American Gas. 3r, 37 : ' Am Stores. 43 43 60 Ins Co of N A. 27 29') Elec Storage..114 10 Kt-ystone Tel.. 9 >* C9'i Lake Sup Corp 1?4 30 Lehlgh Nav. . . RI 2S7 Phlla Elec_ 21 % : I.? l'hila Rap Tr. 14 4 100 Tonopah Bel.. 1% lu Uni Lia? Imp.. 41 Bonds ?'.nno Am O & B 5s. 71 10 E & P Trao 4s. 53 2000 Lehlgh Val 6s. 964 0 J^hil_El 1st 5s. .804 1000 Uni By gold 4a 34 Last. 3 7, 4 2, 118 1144 116 12 53 21% 14--4 14 41 71 53 984. 804 34 1 0 ?-j 58 214 144 14 41 71 63 964 ? J i 34 Pittsburgh 1040 Arkansas Gas.. 10 15 2S Carbo Hydrp? 44 i% Carnegie L & Z ;?". r?uftey GIUesp_ 26 J abirshaw El. 144 400 :..?? Co Gas... 14 j ? :. s. Star Gas. 26 7 Ma ! ind ?J7 ;... ' rs !. ..- "... 7 j JJ I 01 ? i ' ? J_ 2 7 . F S. 46 275 O la Gas. 20 SO Pitts Crew pf.. JJ 2 s O ?t G... 12 26 144 , 14 I 2^ 10 34 26 144 14 26 4 4 ?K, 10 87 :..; ... Wi atingb A B.10 J Montreal A ik i Bl I. 76 Dt T' H- ? ' . Bdff. S54 1 t ' Y. A P & P. 75% a -y : pf _ A; Sug R.143 ? ' of.... ? Bell Hel...l02 BrTL&P .. 39% I p 6 7 .7:: ; ' ..- F. . 50 '5 Can Cmnt 56 4 pf... - ? Cn On Ele I 4 Cn Suush 674 A i ! a n n c y- -, : 7 1s ? MLM&PCi - 67%?Xat a Y. Urdn l'a] - ?J- S] . Rv: ? I ' . .114 4 Stl Co Cn. 0 7 4 68 Toronto 9 4 12 58 214 14 4 14 41 71 52 9?; 4 f 14 34 19 4 4 3 4 28 144 14 26% i: * ci 4 2- 84 81 ?' ?? ] ; -s : i.". A 11 l ! B - Bvr Con . . . Y Frld.. i g- a s . . Crown ?J-v.. Lake ?J--. f.. ;rt Nrthn. . Hargi aves. Hol?nger.... Lake Shore.. M Mor i , p 'n ! . . 2 Nalce 7 : Pore Crown. ? 3',? Porc Ta 11...? 't :' ?-.- ?s. ; ri. ? ?j ; -.. i-j j s? :; Tk lis y: s. 4 3 Ten Iskamg. : .J Tl n ps K : 3 6 '??? \ acuum G.. ' 1 v? W? si 1 ?orne.. 2 Curb Market (Contl.-sucU front pruecdinfl Dans?) Sales ? ss. High. Low. Last. ? ',:::? -.- Tex. S 10 ?JNat Oil N .T. 64 100 X Am (i & R.. 2% J ?? '?-.i ? Fuel ... 2 i 101 <-? Y, a Y it ?aa 29 100 ?Pan Pel : I 400 ?Pepn k ' i i ?Pitts s? .'.- ' J. J- i 3500 *Prod & Re?. . i . '!:??.i Rock O. % 3400 ?Ryan C w i. 1 * 4 i il Sait Cr'ek C O ? . I i 'Sapulpa Ref. 4 7, ;j' l ?Setl ed ?T?. i. 14 100 * -. Ur 8s p. 8 J ?. 10 ?Shell TS : ri 7000 * 5in sTss Pet. . . J h ; ? o si? .j ?il.. . 9% 1200 ?Superior Oil. 19 T4'"> *T san O & ... ?'* toria Oll.. 1 21 0 ?White ' Hl. . IS 400 ?Woodburn < >il 3 2 :-? 7') 12 4 12 4 12 ? 9 '? 18% 29% : - ; ?? IS 4 82 l'J ?. : ? , :.' % Mining Sa ?? :.. High. Low. Last. 700 Al-Br Col Met 4 ;i 600 ?Alv M & M.. 134 : i '? - : ? . 81 0 Ariz ?1! Cop. . YT ?> : i ?tAtlanta .... 14 14 14 14 27 0 *tB Div (si pr) J! 3 :s. ; Ext (a pr) 34 3 :-i 3 3 1400 Big Ledge- .\ .". % 500 ?1 Booth . 34 JJ;j 34 34 I0 - Bos <t Mont. 04 64 64 64 2i 'i ?-(-Caledonia ..19 19 18 19 1400 Canada Cop... yV t\ 4 4 ] 300 ?Can I. J Silver 4 ? 4 U : ' ?tCashboy _ 7 7 7 7 3900 ?i Jorte : -JJ r. B2 ?.J 6 I 62 2300 Div Kx: (pros) 22 23 22 2 I : 10 El Sal' ad Sil. 14 J "t 1 % 2'J i0 Emma Silver.. 54 6 5 i ?E Cr M Co. .. ft -V -fk 300 ?Forty-nine M. 4 4 4 651 0 ?tOold 7-JJ 1 ilv. 14 13 14 ?Golden Gate. 4 4 17 'i ?fGodfl 1 Dev.. 84 34 :: *-?,? Idfid Merg 4 4 4 : Hi ??: ? Mining. 4 4 4 ? ? -? Sound. 3 34 2 2 100 ?tJim Butler.. 12 12 II fjumbo Ext.. 4S? 5 4 2000 ?fKnox Div. . . 4 4 4 ''?? 4 na M.. 4 4 4 1000 ?tMa? N'.ini M.. Y, Y, ,?? 1500 ?tMarsh Min.. 124 ' " ' 200 Mur-Mog M L. 7?; 8 i *;. 'J Zln J - : ? rights... 11% 11 4 Isslng M. . . 8 4 5 4 - I Roper-G M Co. -, r 14 44 : -...?? : - - J s 74 2 0 ? - 77-lng Dlv, 2 J j ?tSilver Pick.. 6 2 ? 201 Stand Sil ??? ad -V fli 300 ?si .-. ... : i *- .-. . ; 14 300 ?Ton . Bel .... J -V 260 *T :? pah Div.. 1% no] ..ii n-it... .1A j - i ?Tonopah MIn. J J ' " ? k J- ' ! Jont M . I ?-. 6 ? 3200 ?fVic D (a pr) I ' ? J ??\.:.. ~h 4 ? -?. 1 .;* 1 li 6500 ? Wh Capa ?I.. S j Bonds ?All I P 6? .67% 67 4 ? > ?A T&T6a 1922 32% 92 ? ?AT* T 1924 94 94 ' * VA' > 7:-s W ' Y. Ig ? ? : : ?Arm '"'? w >. 96% !"'4 96 . ;.. ?o of Swed Ci . - 10 *? ? ? ? i ; 7a . J . lair 7'-.s oi J.i - ? ! .... Line 7s 96 s- 96% 9 ' : ' ? ?West El : i... 97 ?4 German Internal Bonds Marks. O] ? n. High. Low. : > st B? sJJn 4s.... I , ...... | . li rraan Gov 3s. 154 ?Ha burg U 10 ?Li . Ig Is. . 204 5000 * . :? ? - 19% '. 5? 214 214 ?Unlisted. fSells cent per share - , 1 1 J , l : ". 64 4 4 4 12 4 76 - - I Y J '. ' I ? 1 9 % 20% - . - 9 - i 874 9 I ?i 2 0 154 - . 19 . Spain Demands Gold MADRID. August VI. -All import ai : export iiui.es will after August 15 be payable in sgoid, either Spanish or coins minted by the nations formina the Latin Monetary Union, England, the United States or other nations au? thorized by the Ministry ? according to a royal decree issued to? day by that department. Silver coins from the Spanish mint and bank '-.. j from the Bank cf Spain will, however, be accepted at rate;* i'.xed monthly by the ministry, according to the market rate in London. Decline in Wheat Follows Improve:! European Reports Canadian Crop Estimate of 262 .Million Bushek used by Bears to Depress Quo? tations; Cash Is Weaker The more- favorable turn in the Euro? pean Biti ?growing out of the armistice talk had its effect in the wheat mark.-- yesl rday by c quite general realizing ar?d a ?. in prices, which left ?them finally 'i'z'Ji j!yc net low r. . A- th i opei .-,-". wb a the market was influenced by reports of lighter coun? try pre - i . ,h as a r anee of 2 it the g '.vas ? ' ce news ? found ' easily poi ?Vi? to 'V---C from the . lorning ?gures. : iss wag subsequently ? market all days was ? ' -. -.. ... h v as in exc? : .??' ? ven th*? highest pri . not in harmony-? ing deterioration in the Cai Northwi t. '-. to domestic snring v.-h sat tates, ' ver, little doubt but gone b government : Miller" 'ally un favorabli i . ions, wh ch are likely ': elow t?.?3 .. . predicted by ti..' govern on Yt. For the first tin i, how ever, the i Y . .??. ?. ; ? Y j '. - ' tion was n ? I ? and no ships, ca - I until th i wheat, I, partly be light offeri - ? : ' - hard, $2.70; NTo. ! all c. .. :'. track, New York export, Augu: t IT collier Causes Decline in Corn; Cash Tone Easier Hi ?'.?- 1 ' the day chiefly - C : he belt and - and '.'?'??-. i of 1 md largest . ? y ract3 took I of 1 lg, ' delivery ha i i i ! cents fron I low of Augui :. 1, and many thought - bullish :'<?:.' . iber in the san Ivanced ? " " I ber ! Yc net lower. crop cam? ?? ? belt, , ??nd the . ; Low ? rday r< vived i early irost but ?? buying. Ca re on 1 h a basis low c. i. f. New - . ' ora j Previous Tea? ;itf?>. ? i ? I . IS ?. ber. 1.49 ? ? : . ! Oitfss? ? to 10 ? ! . : - > . ... N ? . ? 5 > SO.* 7 4 . .724 ? .7 ?. .7 j , ; j Kjre? J ? ? ia Tear ' Toi .it,-.). N 1.5 V . SC.47 12 :: ?? ?,i? J-'?i.iir sai 1 y ?~> Tear ?go. ' J :; $::;o ? 1.00 4 f.20 4 10 ? 00 ?S. 40 Bran... .. ?*? Livestock, Meats, Provisions Testerday. Year aro. - ? ' L5.?a 114.2577117 00 Dresse?! i lb. .17^ 25 .ISO .2? L I -. ? ? -. ? Jjroo is.oo?25.oo D r 9 s i isa? .30 .2?? .3? : i 1.0C ? ) 6.50? It US Drewed mutton, 20ft .17 .12$ .29 L.ve , pi lb?. 11.O001S.M 17.Do^i?.g? ? :':??. lb. .36 ? .?1 J - i h o ^ s. lb - ? 7 s , ":4?3i4 ?f. bbl. .IS ?'??t. 10? iba., ?JJ. 23 ?? 13.3? 31.50 331.?0