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$200,000 City of Buffalo NEW YORK Registered 4}??% Bond? Due September, 1938 Exempt from all Federal and New York State In? come Taxes. Local Investment for Savings Hanks and Trust Fund? in Now -\ orlv. Massachusetts and Con lectlcut. Price 93 and Interest Yielding about 5.10% TheNationalCity Company H?? (M?ta: Nitlan?) City Bank BulKltl U?t??n Off??: Fifth Ay?. _ 43rd 8t. omcea In <n?r SO CltlM cochrane Harper &Co. Ill Broadway 60 State St. NEW YORK BOSTON Invincible Oil Corporation Latest circular on request WEEKLY LETTER Clrtat current ikwi and doralWWl ?f INDEPENDENT & STANDARD OILS Furnished upon requeat ?P 64 Millions of surplus and reserve give assurance of safety to notes of a great pack? ing house, one of the three largest in this es? sential industry. MORRIS & CO. 7'2% Ten Year Sinking Fund Gold Notes Price 98^4 and Interest Yielding 7.45% Ask for Folder TF. 7?? Iloll.ster, White & Co, ?a_Mao?Art? 02 Odar St., Cor. Trinity ri. NEW TORR ) Boston Philadelphia ^. An Unusual Short Term Note combining 1?Valuable Conversion Features 2?A Strong Sinking1 Fund 3?Common Stock Rights 4?High Yield 6?Exceptional Security Fully acscribed in Circular NYT-34 H.MByl?esby & Co. Irlt orporafrd III Broadway New York Lhlca<Jo - Providence ? Boston McClure, Jones &Reed f embers New York Stock Exchange Bonds for Investment Listed Securities Carried on Conservative Margin 115 Broadway New York Telephone Rector 7662 ? Ml t ? : 9 PRICHITT&OQ Members NY. Stock Exchange SIXTY BROADWAY NEW YORK CITY i Bonds for Investment Harris, Forbes & Co Pine Street, Corner William NEW YORK National City Bank Rights Bankers Trust Co. Borden Co. Comomn McCLURE, JONES & REED Members .Vrw Xork 8tocU Exchange Hi ?reiMlnay Tlionr 3371 KrrUti Trade and Finance Developments of the Week and Their Bearing on the Outlook Credit problems teonttnue to occupy the at'ent'on of the financial world and developments having to d" with the underlying credit situation are likely to be intensely interesting; and have an extremely important bearing upon the financial markets during the next few weeks. The. movements in stock prices last week demonstrated in in? teresting fashion the degree to which the market is dominated by the credit situation. Wall Street pro-eeded with its speculative operations on the as? sumption that credit conditions have undergone improvement during recent weeks and that the outlook is much more promising than a month ago. This feeling of quiet confidence in the ability of the bankers to solve the pressing problems of the present read? justment period, to which has been added the heavy burden of tho sea? sonal demands for credit for crop moving purposes, seemed plainly to bo back of the better tone displayed throughout the week by the industrial group of stocks. It vac obvious at the same time that this particular section of the market had been oversold by over-zealous bears and was therefore j in a splendid position to mike a quick response to favorable developments. Stock? rose buoyantly for a time and even though the gains were not held to the end of the week the market surprised even the most bullishly in? clined traders, for it offered sturdy resistance to the pressure of bear of? ferings and maintained its strength even when call money went through a series of fluctuations, which finally carried the loaning rate to the highest point of the month. It is needless to say that one week of rising prices does not make a bnll market, and that therefore the sub? stantial recovery registered by many stocks should not be accepted as indi? cating a definite turn for the better. It would be indeed too much to hope at this time of business unsettlement and industrial uncertainty to expect a revival of active speculation for the rise. To attempt to stage a bull cam? paign under present conditions would | be merely inviting trouble. For were | Wall Street to try any such man euver it would quickly bring down ! the wrath of the high banking powers : in the form of a tightening of the ? money bags upon which the stock mar- i ket is dependent for its support. How- ' ever, it is not probable that the banks would interfere with a further quiet j recovery in stocks, in view of the fact ; that a great deal of new and important financing must be arranged in the : course of the next few months. So ' far as the general speculative market ia concerned, however, the best that can be expected apparently is quiet trading, with alternating advances and ! declines and no very definite trend un- \ til the air has cleared of many of the i current uncertainties. By far the most striking feature of! the security market last week was the strength of the railway issues. Rail- , road bonds and stocks both moved up- ? ward in response to a broadening de-' mand that seemed to grow increasingly confident as the week progressed. The buying of the rail stocks represented '. something more substantial than the i repurchases of speculative short sel-1 lers. It rather had the appearance of accumulation by confident investors \ who have come to believe that by virtue ? of recent developments, principally the \ liberal advances granted the roads by the Interstate Commerce Commission ' and now effective for the first time, the railroad outlook is better than at any time in several years. It remains, of course, to be seen how the roads are to fare individually under the new . set of conditions; but, generally speak? ing, it can be said without fear of '. contradiction that the carriers as a* whole have entered upon a period of increasing revenues which cannot help but have a benefrtial effect upon rail? road credit. Six months from now the complexion of rai)i?ad operating state? ments ought to be changed completely for the better. The common banking view of the ' credit situation these days seems to be that there has been real and sub-' stantial improvement and that it is now possible for the first time to look forward to the critical period of thel fall season with equanimity. What tho bankers have been saying with re gard to credit betterment has been ! substantiated by the latest statement: of the Federal Reserve Board, which j calls attention to the fact that credit i expansion has been checked by the measures taken to accomplish this end.! The improvement in transportation has l helped in relieving the strain on bank- \ ink credit by moving goods to market I and thus releasing frozen credits to' the amount of hundreds of millions ; of dollars. As a result, of this and the liquidation that is steadily taking: place in the commodity markets and in industry and business,' tho situation has been improved sufficiently, in the opinion of competent banking authori- '? ties, to make it. reasonably clear that1 the agricultural demands of the fall! months will not be in excess of the ability of the banks to supply. Never? theless it is premature to talk about a lowering of money rates. The fall will likely see high money rates. Any sur? pluses the banks may accumulate as a result of a further liquidation of com- [ mercial loans must be devoted to pay-: ing off indebtedness at the Federal Re-j serve banks, and so will not be avail-, able for lending purposes excepting! for most cssentiaKneeds. Trade reports continue to give evi? dence of further slackening of com? mercial and industrial activity, cancel lations of contracts are on the increase and there is a rising curve in the graph of unemployment. There is no doubt about business ?slowing down, although some lines are feeling the effects of the slump more severely than others. Commodity prices are falling rather rapidly in particular eses, which | keeps consumers out of the market and ? so tends to accelerate the movement toward liquidation and curtailment. How the fall In commodity prices is beginning to affect certain lines is well illustrated in the case of wool and cot? ton. Movements are on foot among the Western wool growers and the Southern cotton planters, it developed last week, to withdraw some of the present crop from tho market and to curtail production next year. In both j cases it is asserted that present prices are below the cost of production. Four thousand cotton planters at a meet? ing in South Carolina are said to have adopted resolutions pledging them? selves to withdraw 25 per cent of the new crop from sale and to curtail planting by one-third next year. Evi? dence is accumulating that there is no marked shortage of merchandise in any lines. France has at last brought to a focus its plans for meeting its obliga? tions in connection with the Anglo French loan of $500,000,000, which matures on October 15. In as much as Great Britain's plans have been completed, observers of the situntion are interested mainly in the steps by which France will meet its share of the largest foreign loan ever made by American investors. Bankers closo to the French treasury give the impres? sion that France could create enough dollars to pay off its half without re? sorting to fresh borrowing in this country. But with tho franc worth only 7 cents, compared with 19.3 nor? mally, the French are of the opinion that it would be profitable to defer the effacement of part of its indebtedness until a future date, when the franc will be worth more in the terms of the dollar. This logic would be the motive for any new loan which France may raise in this country through the negotiations of Jean V. Parmentier, of the French Finance Ministry, with J. P. Morgan & Co. Bond men are con? fident that a new operation will be made next month, and are still In? clined to the view that France could raise $100,000,000 at 8 per cent net. Taxation has driven many men of great wealth from the ordinary invest- j ment market, anj their places have i been filled by a multitude of investors j of relatively smrll means. The new clientele of the investment, bankers has caused a slight change of methods, but not a very radical one. Offerings of new creations in the security world ' are still made pretty much as in the ! pre-war days. The selling campaigns seem too abstract to appeal to the ! imagination of the new investor, who ! is naturally inexpert in the subtleties ! of finance. Interest, in investments on the part of the small buyer, it would ; seem, could be heightened by explain? ing how a particular new bond issue [ contributes to the functioning of the ' nation's economic machine. For ex? ample, a company in the Far West re? cently sold equipment trust certifi? cates to buy new freight cars to help move fruit crops from the prower toward the consumer. The need for the new equipment was fairly obvious, in view of the well known state of the nation's railroad equipment, an?i yet the whole matter would have been brought more clearly within the grasp of the average man if the fact that, the West was producing an unusually large fruit crop this year had been stressed. A few remarks about such ordinary things as apples and oranges often mean more to the small in? vestor than elaborate statements re? garding the financial structure of the borrower. If the small investor con? tinues to play his present important ; r?le in the investment market, it seems inevitable that the wavs of finance must be further popularized. U. S. Certificate Holdings Increase About 50 Millions Government Deposit? Jump 78.6 Millions While De? mands Drop 119.2 Mill? ions, Is Reserve Report From The Tribune's Washington Bureau WASHINGTON, Aug. 29.?Treasury certificate holdings increased by about fifty millions after the issue on August lu of more than 150 millions of twelve ! month 6 per cent certificates. Govern ment deposits increased by 78.6 mill- ! ions, while other demand deposits de- i clined by 119.2 millions. Accommoda- ! tion at Federal Reserve banks increased I by 30.5 millions. Those are the principal changes in condition of 818 member banks in leading cities, as shown in ', the weekly statement of the Federal i Reserve Board for the week ending August 20. Only nominal changes are shown in the holdings of United States bonds and Victory notes. As against a total allot? ment of 157.7 millions of Treasury cer- | tificates of the August 15 issue, all re- ! porting member banks show an in? crease in certificate holdings of 49.9 millions. The allotment for the banks in the New York district was 57.7 millions, j while the increase in the holdings of reporting banks in New York City was I 16.8 millions. Loans obtained by gov- | ernment obligations show a decrease for the week of 4.6 millions for all re? porting banks, but an increase of 8.5 millions for the New York City mem- | bers. Loans obtained by corporate i stocks and bonds increased by 8.1 ? r.iillions (2.6 millions in New York City) and all other loans and invest nients, composed largely of commercial loans and discounts, show an increase of about 2 millions for all reporting '. banks, but a reduction of about 23 millions for the New York City mem bers. As a consequence of the changes in | the different classes of earning assets ; all reporting banks show an increase j of 53.6 millions in total loans and in- j vestments and those in New York City ! an increase of 3.5 millions. Of the in- i crease of 78.6 millions in government ! deposits the share of the New York ! City banks was 30.8 millions, and of; the decline of 119.2 millions in other demand deposits (.net") the share of i the New York members was 60.7 mill- ? icr.s. Time deposits fell off by 3.7 millions. Accommodation of all reporting banks at the Federal Reserve institu? tions shown on the books of the latter increased from about 2.?50 to 2.086.5 millions, while accommodation of the New York City banks at the local re- I serve bank shows a decrease for the week from 780,9 to about 767 millions. \ Reserve balances (all with the Federal i Reserve banks) show a decline of 29.7 \ millions for all reporting banks ancj ? of 24.1 millions for the New York City I members. Cash in vault declined by I 2 4 millions (4.7 millions in New York ' City). Week's Stock Transactions Summary of Stock Exchange Dealings (Copyright. 1S2?, New Tork Tribune Inc.) Slocks La*f week. Railroad stocks - 881,000 Other stocks . 1,764,700 All stocks. 2,645,700 Week before. 419,800 1,677,400 2,097,200 War January 1 to dat?. ?go. 1920. 1919. 1918. 965,600 23,967,400 40.683,700 20,041,300 2 923 100 129,260,900 157.824,300 68,868,100 3888,700 153,218,300 198.508,000 88,909,400 Bonds January 1 to date. Last week. Week before. Year ago. 1920. _ a_.1f42' ? t?. 8. government bond*.$24.839,000 $32,560.000 $47,066,000 $2,020,136,000 ILgJ^-Jg Railroad bond* . 14,770,000 6,033,000 4 759,000 232997 000 240 773.000 Other bond* .... 7,578,000 6,691,000 4.506.000 244,088,000 257,927.000 ah .onda............. 47;i87;0oo 45,284,000 66,321,000 2,497,221,000 2,123,577,000 Record of Stock and Bond Averages (Copyright. 1920. New Tork Tribune Inc.) 20 Railroad? 30 Indnstrlals 50 Stock* . . . Last week High. Low. 65.75 64.70 86.43 84.77 78.12 76.78 10 Railroad?! . 72.63 71.22 10 Industrials .... 83.13 82.97 5 Utilities . 68.10 67.64 25 Bonds . 75.85 75.35 Slocks Year ago High. Low. 69.35 68.00 104.87 101.30 90.46 88.24 Bonds 76.07 '75.65 93.30 93.05 82.00 81.90 84.06 83.98 Range thus far 1920 High. Low. 68.70 58.60 110.30 82.53 92.05 74.46 Range year 1 High! 78.80 119.33 99.54 82.80 95.70 87.75 87.91 fall 919 Low. 63.35 79.20 75.92 High 1920. 46 46% 72 88% 2% 120 3 63% 92 95 48'/a 103-34 12834 60 90 61J4 101 147% 116% 543S 86 15 % 175 30% 122 53% 1191/2 S5 109% 109 44 17% 30% 72 100'4 83 50 93' 2 142% 1?634 105 10034 283 210 9734 95 165' -> 613a 21% 59| 2 66! 2 6?4 67' 4 75 125 86', a 82 8% 93 20'4 176/2 75 1570 114 24 148' 2 102' a 4034 49% 154' a 1% 32' 2 102' 2 114 15 17 13' 4 8'2 70 129 11% 29'4 ?7' 4 28 3 K Date. Mar 31 Mar 29 Jan 12 .1 an 5 Mar 24 Jan 3 Mar 31 Jan 3 Jan 3 Jan 30 Apr 1 Apr 16 Jan 2 July 26 July 16 Jan 3 Jan 2 Apr 9 Jan 5 Jan 3 ??' 2 46 75' 2 69 134 101 IO43-4 61% 164^4 59% 11% 11 10% 27'a 42' 2 61' 2 911,2 120^4 111% 41% 66'2 78 66 21-4 44'4 66 68 1C6 403 4 44' 2 67 27 65' 2 80 89% 93% 20% 46'4 Mar 26 Jan .14 Mar 31 Jan 2 Jan 3 Mar 19 Jan 5 Apr 7 Apr 8 Mar 9 .Inn 2 Juno 15 Jan 5 Jan 3 Jan 13 Mar 30 Mar 22 Jan 10 Apr 15 Mar 22 Apr 12 Mar 18 Jan 5 June 29 Jan 7 Apr Jan Jan Jan Jan Apr Apr Jan Jan Jan Mar Jan Feb Jan Aug 12 Jan 7 Jan Mar Feb May Apr Jan 5 Au? 27 Jan 24 June 19 Jan 2 Apr 9 Jan 3 Jan 5 Jan 10 Mar 15 Mar 15 Mar 26 Apr 19 Apr 7 Jan 9 Jan 12 Jan 5 Jan 5 Jan 28 J a n 3 Jan 6 Mr.r 20 Low 1920. 25 25 57'? 44 1 103 1% 28 70% 75 39 70% 81' 8 53% 86 30% 87 124% 1C6 23 % 61 9'. 2 95 13 72 37 64/2 61% 82 95% 30 11% 1634 523,4 85' ? 70'8 33'a 85 1 11' 4 74', 4 80 92' , 104'^ 1C2 85',. 89' ; 72', 38 11 44' ; 49' - 2 Diy. Date. In 3 Feb 11 ? Aus: 6 ? Auir 18 6 Aug 9 6 Aug 9 ? July 31 7 Aug 6 ? Aug 9 Aug 17 Aug 9 Feb 13 Aug 20 Aur 6 July 16 July 16 Aug 9 ? A UK- 11 7 leb 25 12 May 20 7 Aug 9 ? Aug 26 6 Aug 10 Sale*. High. Low. Close. Adam? Express .... 600 35 Advance Rumely . . . 600 32% do pf . 2800 63 Ajax Rubber ...... 3000 51'/ Alaska Gold Mines. . 3200 1'/? All Amer Cable- 100 105 Alaska Juneau _ 100 1' Allis Chalmers . 2100 323, do pf . 1100 71'/ Am?. Agri Chcm.... 600 78'/ Amer Bank Note- 100 45 Amer Beet Sugar... 4600 75? Amer Bosch Magneto 3500 87'/ Amer Br S & F new 100 55 do pf new. 100 85 Amer Can . 11000 35', do pf . 400 89 Amer Car & Fdy. do pf . Amer Cotlon Oil. do pf . 80 Amer Drug 8yn.. % 89 83 Feb 6 6 Aug 19 ? Aug 18 7 Aug 10 4 Aug 6 6 Aug 8 3 Feb 13 6 May _7 7 Aug 6 ? Apr 15 ? Feb 13 ? Aug 9 4 A ujf 6 7 Aug 23 6 Aug 9 3 June 22 7 Aue 27 7 Aug 10 10 Aug 18 7 May 22 8 Aau 9 12 Aur 9 12 May 20 6 Aug 10 7 Aug 10 7 Apr Aug 500 109 108' 1900 26 24 400 63 61 3300 10% 10 1400 1323? 129 900 14% 14 75 39% 751/2 72% 97% 2300 600 16800 5900 73 731/2? 1% . 38% 38% + % : 70% 73'%+ 1% 68% 69%? 1% 931/2 941/2? 1 100 100% 100% 100%-f- % 1C0 30% 30% 30% +? % 600 13 12% 12%? 38 OOO 22 20% 213/4 000 56 54 66%+ % 100 90'8 90' 8 90% :- 1% 200 70' a 70% 70' a? 1% 400 38% 36% 38 4 1% 100 85% 85% 85% J % 500 115 110% 1103-4? 3% 800 89% 83 87%J- 3% 30 ? 9 ? 3 6 9 4 55 85' g 76 72 4 82'8 19% 7 128'2 7 60 15 1105 27 100 27 20 9 100 5 86' 4 27% 40' e 114 i ,, 5% 68 104 6[ A 9% 6 h 41 ; 60 81 9 24 24 14% 85 105'4 107 43% 64 278% 100 6038 5938 85% 33 3634 9934 250% 9 16% 1C8 13 5% 535 28 29 147 104'8 15% 25'8 17% 95 91% 16' 2 4434 48 36' 2 19% 77 192 75% 100 9434 172 42 89% 85% 93 85% 102% 55' 2 49*4 8434 41% .Ian Jan 5 Jan 3 Mar 29 Aug 27 Mar 22 Mar 15 Feb 20 Feb 28 Mar 1 I Mar Mar Jan Apr leb Mar Feb Mar Jan Jan July Feb Jan Jan Jan Jan Feb Jan Aug Aug- 25 Mar 22 Jan 5 Apt Apr Apr Jan Apr Jan Apr 29 Apr 17 Apr Jan May Apr Jan Aug May Mar Aug Jan Feb Mar 30 Apr 16 Feb 19 Aug 18 Jan ? Jan 2 Jan 6 Jan 12 1 Feb 24 , Mar 10 . Feb 24 Jan 5 Apr 16 Mar 30 May 14 Jan 3 Jan 5 Jan 5 July 30 Mar 11 Jan 3 Jan 6 Jan 5 Jan 2 Mar 26 Jan 3 Jan 6 Mar 29 Jan 6 Jan 3 Jan 3 Jan 5 Mar 13 Mar 19 16 11% lO'/i 63 22' 4 65 52 110 91% 49 33% 79'2 47 Au. Aug Aug Aug May Aug 13 9 Feb 1 I 6 May 20 5 Aug 10 ? June 18 7 Aug 27 ? Aur 20 10 Aug 14 5 Aus 24 20 Aur 9 7 Aug 7 ? Aug 9 7 Aur 24 7 leb 13 ? June 28 4 Mar 3 8 Aur 20 ? Aur 26 ? Aur 9 5 July 27 8 Aur 27 ? Aur 27 ? A MR 12 ? Aur 26 ? June 8 7 Aur 9 10 May 20 ? Aug 9 ? Aug 20 ? Aug 3 ? Ail g AiiR 9 - leb 10 7 Aur 6 4 May 20 10 Aur 12 7 Aur 4 5 Aur 10 4 Aug 9 Amer Expresa . Am Hide & Leather do pf . Amer Ice . Amer Inter Corp . . . Amer Linseed . Amer Loco . 14900 do pf . Amer Malt & Grain. Amer Safety Razor. 2600 Amer Ship & Com. 1000O Amer Smelting .... 5000 do pf . 100 do pf A. 200 Amer Steel Fdy.... 1400 do pf. . 100 Amer Sugar . 3500 Amer-Sumatra Tobac 5800 do pf . 600 Amer Tel & Tel_ 2700 Amer Tobacco . 800 do B . 600 do pf new. 100 Amer Whole Corp pf 225 Amer Woolen . 10500 Amer Writ Paper pf 500 Amer Zinc & Lead. 1100 do pf . 400 Anaconda . 7600 Assets Realization... 400 A.sso Dry Goods. . . . 600 do 1st pf. 100 Asso Oil . 200 At Top & Santa Fe. 12800 83% 81 8 do pf . 1800 74% 74 7 Atl Birm & All_ 800 7% 7 Atlantic Coast Line 700 87% 86' fl f Atlantic Fruit . 700 19% 19'4 1 Atl Gulf & W I S S 1600 142 132 13 Hopf . 300 62 62 t Atlantic Rfg Co.... 10 1105 1105 11 do pf . 100 106 106 1( Austin Nichols ... 100 20 20 ? Baldwin Loco .138100 110% 1043,, -|( do pf . 100 96'4 96% ! Bailo & Ohio. 44500 40% 37% ? do pf . 4400 4834 47 Barrett Co. 1500 136% 134 1: Balopilas Mining . . . 2800 1 ?% Bethlehem Motors . 40800 10% 5'a Beth Steel Class B. . 45400 78% 74% do 8th pf. . Booth Fisheries Brooklyn Rap Tran. 1400 do elf s . 600 Brunswick . 300 Buffalo & Susq. 700 Burns Bros . 1300 Butte Cop & /.inc. . 3800 Bui te & Sup Cop . . . 1500 Bulterick . 100 Caddo Oil . 2900 Calif Packing: . 2900 Calif Petrol . 3400 <lo pf . 2000 Calumet it Arizona. 200 59% : 89 . 500 109' 4 106' a 11 12 13 8 28 1 21 10 3 3 3 I 24 2 3 9 9 19 5 27 26 9 16 2 13 9 7 7 16 14 21 17 27 13 11 3 24 '9% 30', 4 4534 67 98 74| 4 23' 2 54 64' 2 58 12 24% 42 59% 72 30% 28 50 20 193,; 55'/, 76'j 73 10 Feb 13 4 Feb 18 ? Feb 18 ? Feb 13 ? May 20 2 leb 6 ? leb 13 ? June 14 5 Canadian Pacific Case, .1 I pf. 100 Central Feather ... 12500 Cerro de Pasco. 2100 Chandler Motors . . . 10400 Chesapeake & Ohio. 9500 Chic & Kastern 111. . 700 do pf . 600 Chic Gt Western. . . 1800 do pf . 11900 Chic Mil & St Paul 8700 do pf . 2500 Chic & Northwest, 4800 15500 121% 119 11 July Aur Feb Feb ??'eh 13 7 June 26 5 Aur 13 ? Aur 9 Feb 6 ? May 22 4 Aur 10 8 May 20 14 May 20 3 do pf . 100 100% 100% 100',. 8 9% 25 74' 2 10% 68 76' 4 100 30 45' 2 115' 2 92% 36' ? 32' 2 75% 32 27 83'4 165 4 9 91 9% 3 533 18 15' a 62 92 9' 2 17% 12'2 65'8 80 10 25% 20 5% 49 150 58' 8 80? 2 79'4 134 19% 72% 68 78% 49' 2 84 31% 19% 67% 30 May 19 Feb 11 Aug 9 Feb 10 Jan 2 July 28 Aug 9 Feb 25 Aug 6 May 24 Au? fi Feb 1 3 Aur 11 May 24 Aur 9 May 24 June 12 Aug 10 Aug 27 Aur 19 Aug 16 Pneu Tool. 700 Rock Is! & Pac 20500 2500 1700 100 1900 1900 500 200 500 6800 3000 1900 800 8700 ? hic Chic do 6 p c pf. do 7 p c pf. Chic St P M ft O., Chile Copper . Chino Con Copper . C C C & St I. do pf . Cluett Peabody .... Coca Cola Co. Col Fuel & Iron. . Col Gas & Electric Colorado & Southern Columbia Grapho. . . Consol Cigars . 70C0 80 do pf . 2800 89? Consol Gas . 700 79 Con Inter (aliaban 5800 11' Consol Textile . 2000 30' Continental Can .... 200 79 Continental Candy.. 6500 11 Continental Ins .... 100 68' Corn Products .... 13700 90' ?if Pf . 400 101 Cosden & Co. 3000 37' Crex Carpet Co.... 400 60 Crucible Steel ../. 25600 139! do pf . 'J,00 94' Cuba-Am Sugar new 7600 41' Cuba Cane Sugar... 13900 363 do pf . 1200 77 Davidson Chemical.. 2400 35 *ug 5 2.36 De Beers Con. June 29 9 Del? & Hudson. Del Lack & West . .. Den & Rio Grande. do pf . Detroit Edison . Dome Mines . Dululh So Sh & At. Eastman Kodak ... 10 535 Feb 10 10 June 11 ? Feb 10 ? Aug 27 8 May 19 1 May 3 ? Aug 18 10 May 21 ? Aug 23 ? Aug 6 5 Aug 6 7 Feb 13 ? May 19 ? Feb 9 ? Feb 1 I 8 May 20 8 Jan 2 ? Jan 2 7 Aug 3 3 May 19 ? Aug 9 ? June 9 2 June 9 8 Feb 11 6 Aug 20 7 May 25 7 May 20 8 Aug 9 1 Aug 9 6 Aug 20 6 Aug 26 7 Aug 9 6 Aug 9 7 Aug 20 ? June 24 ? July 30 7 Aug 14 4 100 27' 900 98 1200 242 2900 5 3800 107 25 91 600 11' 100 3' Klk Horn Coal. 1000 Fmrrson Brant Endicotl Johnson . . do pf . Erie . do 1st pf. do 2d pf. Famous Players . . do pf . led Min & Smell . do pf . Fi_k Rubber Tire. . Freeport Texas Co. Gaston Williams . . Gen Amer Tank. . 100. 1100 100 19500 76C0 4300 4500 600 332 1062 3500 27C0 1200 500 Gen Chemical . 200 170 Gen Cigar Co. 2700 65 do pf . 40 go do pf deb. 400 81 Gen Electric Co.... 2000 144' Gen Motors . 37100 223 do pf . 2600 75 do 6 p c deb. 700 69 do 7 p c deb. 1100 80 Goodrich, B F. 5100 57 do pf . 2500 85' Granby Mining . . . 500 36' Gray & Davis. 300 20' Gt Northern pf. 6000 73 Gt North Ore *ub.. 7300 32' KIDDER, PEABODY & CO. 115 Devonshire SI. 18 Broad St BOSTON NEW YORK Government Bonds investment Securities Foreign Exchange Letters of Credit .Correspondents of Baring Brothers & Co,, Ltd, LONDON 30 Years in Export Banking TNTIMATE KNOWLEDGE of the needs and habita of the people, acquired by years of experience and ac? tual residence in the coun? tries themselves, is essential when, transacting business abroad. 23 Branches in South America One Branch in Mexico 8 Offices in Europe Direct Connections With India Anglo-South American "BANK,L?fv??TED ?w York Agency, 49 Broadway Insurance Against Losses in Canadian Exchange THE New York Agency of the Union Bank of Canada, through its Foreign Department, is pre? pared, subject to approval of the transaction, to insure American importers and ex? porters against losses result? ing from fluctuations in Cana? dian Exchange. "A Canadian Bank for Canadian Business M?iion B?nkpf Can ad? Newark" Xgen<^H9^??St W J Dawson.F L Appleby. W M rbrffeJj-Agents Stone & Webster INCORPORA TED 147 Milk Streck 120 Broadway 38 So. D**rWa St BOSTON NEW YORK CHICAGO EXAMINATIONS AND STUDIES of Industrial and Public Service Properties REPORTS on Valuation and Operating Efficiency HARRfMAN NATIONAL BANK Fifth Avenue & Forty-fourtb Si. Naw York Banking Hours from 8 A. M. to 8 P. M. Safe Deposit Vaults 8 A. M. to Midnight We Finance K>c*.r!c po^'er an>i light ?rtrrpris?* with records o? osTabitshM rarnings Electric Bond & Share Co. (Paid-up Capital and Surplus $24 000.900) "1 Broadway, Xew York. Date. Jan 3 Aug 17 Apr 14 Jan 8 Aug 27 Jan 19 Apr 14 Apr 19 July 23 Apr 9 Mar 10 Apr 6 Aug 20 Apr 7 Mar 15 Apr 8 Apr 14 Apr 15 Apr 13 Jan 3 Jan 5 Apr 7 Jan 19 Jan 7 Mar 18 Jan 3 July 15 Jan 27 July 9 Jan 9 Jan 10 Aug 3 Mar 1 Jan 5 Jan 21 Apr 9 Apr 7 i-'cb 24 Jan 5 Jan, 5 Mar 11 Mar 16 Jan 6 Mar 10 Jan 10 Apr 12 Jan 3 Jan 3 Jan 19 Jan 2 Jan 8 Jan 5 Jan 30 Mar 22 Apr 14 Mar 19 Jan 5 July 29 Apr 8 Jan 5 Jan 5 Jan 10 Apr 19 Jan 3 Jan 5 Jan 6 Jan 5 Mar 9 Mar 15 t'en 13 Jan 15 Feb 21 Feb 19 Feb 23 Feb 24 Jan r, Mar 25 Jan 5 Low 1920. .?*23 171 g 25'/2 41' 2 15 75 50 2134 75 13 80^8 6' 2 20 13' 2 69 112^4 2153 701 a 39 72 1558 62'4 70 30' 4 36', 5'/4 7?'8 22 13" a 40 71?a 82 50 22 3 13' a ?3 8' 3 16 21 393/4 130 18' ? 11'3 43' a 102 125 98 94 60 591 ? 97' , 38' 4 20' , 29 7?a 10' 4 16 7 70'4. 148 18' > 10'4 37 9 63 80'4 '50 Div. in $. 21 36 95 27? 32 Date, in $. Sales. Aug 6 .50 (?reene Cananeo Cop 8000 Aug 19 ? Guontanamo Sugar. . 2100 Aug 18 ? Culf Mob & North pf 100 Aug 9 ? <.ulf State Steel... 1100 Aug 26 ? Habirshaw Elev . . . 1600 3 7 Hartman Corp . 200 9 4 H as It ell & Bar Car.. 4300 9 ? Hendee Mfg . 800 2 ? Houston Oil . 108C0 13 1 Hupp Motor* . 3900 13 7 Illinois Central _ 1100 6 .60 Indiahoma Refg .... 1300 Indian Refg . 3800 Inspiration Copper.. 1400 Interb Con Corp . . 900 do pf . 3300 Inter Agriculture... 1500 do pf . 700 Inter Harvester ... 200 Inter Mar Marine. . . 9500 do pf . 7400 Inter Motors . 800 do pf . 200 Inter Nickel . 11300 Inter Paper . 9200 do pf stpd. 200 Invincible Oil . 212300 Iron Products Corp. *1600 Island Oil . 22600 Jewel Tea . i00 do pf . 100 Kansas City South.. 6000 do pf . 2400 Net High. Low. Close, chge. Aug Aug Aug 9 Julj 2 Fob 13 Feb 13 Aug 6 Aug 20 ? Aug 9 4 Aug 4 ? July 29 ? Fob 13 ? Feb 1 1 5 Feb 17 7 Aug 9 ? Aug 18 6 Aug 27 ? Mar 4 7 May 20 ? May 20 ? Feb 16 6 24 16 Aug Mar Aug May Aug May 3 May 19 Aug 6 Aug 25 Aug 17 Aug 6 May 19 Aug 9 Feb 24 Feb 13 ? Feb 1 I ? Aug 6 2 May 24 3 Aug 13 12 Aug 27 2 Aug 23 ? Aug 23 ? Aug 27 Aug 13 Aug 25 Aug 9 4 Kelly Springfield... 4800 8 do 8 p c pf. 100 Kelsey Wheel . 100 2 Kenneeott Copper . . . 4400 - Keok & Des Moines 100 1.20 Keystone Tire . 9800 6 Lackawanna Steel.. 4800 Fake Frie & West. . 200 - do pf . 200 2 Fee Rubber & Tire. 600 3' ? Fehigh Valley . 4500 Liggett & Myers... 100 Foews Co Inc. 28000 ? Loft Candy . 3100 ? Loose Wiles Biscuit 300 5.25 do 2d pf. 200 12 Lorillard, Pierre ... 1100 7 do pf . 16 7 Louisville & Nash.. 3600 Aug 9 6 Mackay Cos . 100 July 13 4 do pf . 400 Aug 17 10 Manati Sugar . 100 July 2 7 Manhattan Elev: . . . 100 134 Manhattan Shirt ... 100 Mathison Alk Works 100 Maxwell Motor. 5400 3 ? do ctfs . 1300 10 ? do 1st pf. 3100 1 1 ? do 2d pf ctfs. 800 18 8 May Dept Stores... 800 9 10 Mexican Petrol .... 68300 6 2 Miami Consol Cop . 600 5 1.60 Middle States Oil... 26700 9 4 Midvale Steel . 24200 13 ? Minn & St L new. . 5000 13 7 Minn St P & S S M 300 1 do pf . 95 5 MStP&SSMLL Mo Kan & Texas. . . do pf . 2000 Missouri Pacific . . . 9700 do pf . 6200 Montana Power pf. 200 Mont Ward . 3500 Aug 17 4 Mullins Body . 200 (Continued on next oagoi Aug 17 Mar 4 Aug 10 Aug 3 Aug 10 Aug 1 1 Aug 18 Aug 9 A ug 6 Aug 5 Aug Feb Feb June 23 June 12 May May Feb Feb May Aug 22 ? 24 ? 100 5300 191-2 27 55 1534 80 70^8 20 107 15'a 86 7' 8 20 4634 3' 4 9' 2 17'2 79'8 125 25 77'2 41 77 20'4 81 ' ^ 4534 6?? 83 4 26 1938 46 80' 2 82 57'a 2434 4'2 19' g 70 11 19'2 22 45'4 132 21'8 12^a 45 102 134' 2 98 101 61 60 98' 2 42 201 2 30 13'2 14 2 ?-3 4 75 165 19'i 12'8 40'2 14? 2 74 * 85'4 54 6% 13' 2 26' 4 45'2 9834 3234 33 24' ; 18' 2 27 52' 4 15 79 68 24 98 14' 8 85'-2 7 20 443.4 16' 2 77 124% 23 72 39 75 1934 7814 71'/8 3334 41 534 1 25'4 19 ? 27 ? '2 52' 4? 23 4 15?4+ '8 80 ? 13? 70"/2+ 2.34 24 ? 2' 4 105'-24- 2?4 1434? '4 86 ? '4 7'a- 38 20 - 46 - 3! 4 9' 2 .- '2 17?2 77' 8- '8 125 - 24 ? 1 75 -;-- 1'2 40 ? 2' 2 77 20 - 1 79 ? 1% 72'2? 2'2 36' 4- '2 43 ? 3 26 834 26 + 4 18 19 4 '4 4334 45l/4~ 2 76 78 +? 1 82 82+1 57' 2 67' 2H- 7'a 235-8 24 4. '4 4' 2 4'2t- '2 1634? 1% 68' 2? i2 10 ? 1 19' 2.- 2' a 22 r 34 4478 132 4- 5 21 + sR 1658 67'2 10 19'2 21 44'4 132 18' 1178 43'. 2 102 132 98 99 61 60 98'2 42 20'2 30 9'2 131-2 16 7 12^8? 45 - ? 2 + 3 ? 2 + 3 ? V 102 133 98 101 61 60 98' 42 _ 20'2? 6S 30 - 103g_ 13^ 1334+ 14 19 ? 23B 71 74 f 3 15538 162'2-- 23.4 1914 19%+ % 11%? '4 391 2- 38 H/a* 58 7334*- 134 95 - 54 - 6*8 1- a8 10'8 12'.2f I'-;? 25 2534 f % 45 -r 1 4 98*4-r- 334 315'8 t- 2S8 33 ? 1 11' 2 39'. g 12'2 73?4 85 54 6'8 4334 983 4 30 321; Week's Bond Market Week's ?1924? Seles (000 omittefl) Close !';cii. I.n? 2262 U S I. 3%s. '32-'47.. S9 8 2 100 40 B9.S1 60 doVS%8.'22-'23 reg 81' 60 96.66 94.fi? 63 do 1st 4s, '32-'47... S4.S0 93.4s S3.OO 199 2d 4s, '27-'42 . .. 84 32 92.42 81.40 533 do 1st 4'4" ':.:'-'.47 SS'.OO 94.00 B4.01 4010 do 2d 4';?. >27-'42 R4.50 92.86 81.1" 3982 do 3d 4',s, 1928 . B7 78 96.00 B5 s 10 do 3d 4'4s. 1928r.. B7.76 92.04 56.1 6449 <lo 4th 4%s.'33-'38 54.88 93 00 B2.01 3 do.4th4%8,'33-'38r. 84.68 B6."20 82.44 5162 TJ S V 4%s, ,22-*23. 96 ?2 99 10 94.8? 17 do 4\s, '22-'33 rog 94.40 96.20 95.IS \!>r\?, do 3%8, '22-'23.. . . !"''? 40 97.41 94 ?4 4TJ S 4s. 1925. coup....105 106% !??? 2 do 4s. 1925 rog. 103 106>? 105 297 Anglo-French 6-yr 5s 99% 100 ;' 1 Argentine gov't ;.s . 68s? 76 $J% 2 Chinpse gov't Ry :-s .. 4!', 50 41 27 City of Bordeaux 6s - '? 8J 12 City Copenhagen .'?'< s. 75"? 80% 74 28 City of Lyons fis. 53 92% S * 21 City of Marseilles 6s... B3 9 ?4 83 49 4? it>- of Paris 6s. . ... 90% -l'i SS , 1 ( Dominican B?pub 5s... 83 1>TS1 T1 37 Dom ''ii 5%%nts'2l , 984 98% 95<? L'S do 1929 . 91 97% 89% 13 Lot, Can 5s 1921 . . . 98% "?<"? 99% 14 do 6s 1926. 55 96 87 13 <io 6s 1931.86 92% ?4^ 269 GofSw s f8s tern rects.102 !?S 101*i 143 Imp Jap lst4%s.. . . 73% s-' S? 2X7 do 2d 4 %a.72 .> - : 69 i,?2 no Rtcr loan 4s., .. r.s'., 71 R?S 81 KB 8f T'-as JPM rets 97% 101 do 6s 1921. 98% 88% 98% 36 do 6s 1925.94 98 8"> 5 K of II S'?,? ST A '26. 93 95*4 9? 37 Rep of ?'uba is 1904. 86% i-J'-s 6? 1 do l',s. 70 % 76 70% 167 UK of Gt B&I 6%s '21 96', 97% 9214 ?76 do fi'js 1922. 51'j 9;.'* 89'? 337 do fi % s 1929. 83 9E% ?3 201 do 6 ',s 193 7. 81% SOS Si'* 76 U s of Mexico 5s. :;'l7? M 2?% 3 do?.29 37 26 6 N T City 1V;.h 1963... 30 1?'? 9? 1 do 4 Vo 1967.. . 90 100* 00 10 do 1 ?s I960. B3 95% '" State Bonds 16 Vlr def 6s Kr Hro? ctf? ?4 66 6t Railway and Miscellaneous Bonds 1 Adams Exp col tr 4s.. 65 fS'? 66 ] " AlasGM 1 ctdeb6s,ser \ ! 5 20 11 3 do ser 1?. t? 24 '?" 1 Amer Agr Chem d. b 5a ?1 100 89% 17 Amer Cotton Oil 6s . 7' v.-, 79 130 Amer Smelting 5s.. . '. ; "4 86 V> '"':? 76 Amer Tel A- Tel cvt 6s :? 99% ?2 107 do col tr ?f. . 9 B3?i 72*? do cvt 4?-s. 79% -r' ?*% 30 do col 4s .To 80 1 do cvt 4s. 63?, 63 62% 6 Ann Arbor 4s.50 68 47% 42 Armour & Co r est 4%8 7'.% **'t 73% 6 At T&San Fecvt 4a,'65 66 69% ('" 6 do cm 4s. 1960 . .. 81% H's* H% 247 do gen 4s . 74% 82% t>9 '! do ad) 4k. 66 M % 6! 20 do adj 4s Btp. 67"? 7lT? -J 3 do Tr Short Line 4s. 70% 76', 67 1 do 4'-js. C & Ariz div 77 81 63 1 do Is. K 1 >;.; div. . . 8 ?: '* 88 SI 14 Atlanta * Blrmlng 4s. 62 64'? 62 1 Atlan & Danville 1st 4s 60 t>0% 65 1 Atlantic & radkin 4s. 60% 60% 60% 22 All?; Lint- L&N'col tr 4s 66 72% 60% CI do 7s. .T P M rets.. M% 98% 95 25 do unified t%a .... 74!a 88 6T?i 1 Atlantic Fruit 7s ... 65 65 85 38 At! ?.'oast L 1st <">n 4s 74', 6? 227 Bait ?-, Ohio 6s. 88% 92 81% 21 i do ref 5a. 67 68 67% 538 do cvt 4%a. 69 69 S:.' do gold 4h. 64% 70 ' : 129 do prior lien 3%b. . 80% B4 >k 8 do 3%8 P .r & M div 7r 72% 6?% 49 do 4s IM.KAWV div, 6S% 61 95 do 3%a Southw div. 74 ',7'? *7 ? 128 do 4s Toi & Cln dix 48% 63 44% ISBraden Copper 6s 87% 98 s? 5 H'.ih Steel p u .">:-. 78 Bi '?? 11% Contlnuril on npxt DMol Course of the Bond Market This j^raph shows the weekly fluctuations in the average prices ot. ten ratf? road, ten industrial and five puhlic utility bonds since April 30, 1919.