Newspaper Page Text
Coupons Manning October, 1920, Payable at the Offices of
Fine Street, corner William, New York
Ada. Minn.. Independent S. D. New Kensington, Pa., S. D. 5s
School Building Normal, 111., School
Anderson County. Term., Road Northern States Pr.Co. 1st & Ref. 5s
Auhurn & Syracuse Elec. R. R. 1st Oklahoma Gas & Klcc. Co. 1st
& Ref. 5s Mtge. Gold 5s
Batavia, 111.. Bridge 4' ?s Oakland, Maine
Belton. Texas, 5s Roberts, 111., S. D, No. 116 5s
BerrienSprings.Mich.,Waterworks Rutherford County, Tenn., S. D. 5s
Capron, !1!? H. S. S. D. No. 136 5s Runnells, Iowa, School
Charlotte, Mich.. Sewer Seattle Lighting Co., Seattle. Wash.,
Charleston, 111., Rcf. Rcf. Mtge. 5s
Chickasha, Okla., Sewer Shelby Co.. Tenn.. Court House
Chickasha, Okla.. Water Works Furnishing & Fitting
Cicero. 111., School District No. 99 ! South Bend <& So. Mich. Ry. Co.
Coos Countv, Ore., S. D. No. 41 1st Mtge. Gold 5s
Danville. 111., S. D. South Portland, Me.
Dayton, Iowa, Water Works Sycamore, 111., S. D. No. 51 4V2s
Des Moines City Ry. Co. Ref. 5s Springfield Village. Vt.
Dominion Power & Trans. Co. Ltd., Wellington,"111., High School
Hamilton, Ont.. 5s West Plain, Mo., W. W. & El. Light
Dunmorc, Fa., 41 ?s Wilkes Barre, Pa., S. D. 4'/2s
Du Page Co.. 111., S. D. No. 78 41/?s Wilmington, N. C, Water & Sewer
Elk Point, S. 1)., Elec. Lt. age 4J^s
Fayette, Mo., Water Works Winnetka.Ill., School District No. 36
Ford County,111..School District 102 soomui
Fort Dodge. Iowa, Ref. Fergus Falls, Minn., Independent
frorreston, 111.. School 412s S D Ref 4V-.S
Galesburg, 111., Elec. Lt. Works 4s |poplar' Bluff, Mo., Ref.
Geneva. Til., S. D. 5s sixlh
Grand Haven, Mich. W. W. 4y2s H m Wat? Works
Greeneville.lenn Sch. Series "A 6s u ? c ? M; Jail Ay
Highland Park, 111., fc>. D. No. 107 Tenth
Home Independent Tel. Co. .Fayette, Mo., Water Works
Interurban Railway, Des Moines,?Harris Co., Texas, Road 43%s.
la., 1st Mtge. 5s Hill Co., Texas, Road
Independence, Iowa,School District Morgan County, Ga., Court House
Knoxvillc. Tenn., Market School 4'2s
House 6s Bell Co., Texas, Road Dist. No. 3 5s
Knoxvillc, Tenn.. Public Improve- Bell Co., Texas, Special Road Dis
ment 5s trict Series "E"
Knoxville, Tenn.. Viaduct 41. s McLellan Co., Texas, Road District
Lancaster, Ky.. High School No. 2 5s
Louisiana Port Commission 5s ?Fifteenth
Lamar County. Texas Burlcigh Co., N. D., Ref. 4*%s
Mamarone.k, N. Y., Sewer 4.55s Carroll. Iowa, S. D. School Funding
Madison. So. Dak., Sewer 5s Chippcwa Co., Mich.. Ref. 4^3
Merchants' Heat <ft Light Ref. 5s East Texas, Mich., Ref.
Midland Valley Railroad Co. 1st 5s Islip, N. Y., Union Free School
Mills County, la. District No. 1
Monmouth, 111., Ref. Kaufmann Co., Texas, Road District
Monmouth, 111., Water Works R?f. Pana, 111., High School Bldg.
Mount Airy. N. C, Water Works, Sioux Rapids, la., Ind. S. D.
El. Lt. & St. Imp. 5s Sterling Twp.. 111., Road 4}/2s
Murfrees Borough, Tenn., School Warsaw, 111., Water Works
District Winnesboro. S. C, El. Lt. & Imp. 5s
Murray City, Utah, W. W. Winsor. Mo.
ABOVE COUPONS ALSO PAYABLE AT
Harris, Forbes & Co., Inc., Boston, Mass., and
Harris Trust & Savings Bank, Chicago, Illinois
Coupons and Registered Interest Due October 1st, 1920
Birmingham Railway, Light & New London Gas ?5c Electric Co.,
Power Co., 4' %s 2d Mtge. 5s
Black ?Mountain Railway Co., 1st ^'ew York tSt Stamford Railway
Mtge. 5s Co., 1st Mtge. 5s
r-v r ?j r, j r~ f T%,-.? ? Peekskill Lighting ?5c Railroad
Ulti/.cns Lias & furl Co. ot Icuc ., , ? ?
it ? , -\ -, ,- Co., 1st Altec. _>s
Haute. 1st Mtge. J>s D. p ?
_ . ..... _. , _ i ine Kluft ?Natural Lias Co., 20
Columbia University Club, js yr. 1st Gold 6s
Columbus, London & Springfield Radford Water Power Co., 6s
Ry. Co., 1st Mtge 5s ^ Santa Fe Water & Light Co., 1st
Consolidated Light & Power Co. Mtge. Prior Lien 5s
of Whitehall, 1st Mtge. 5s Santa Fe Water ?N Light Co., 1st
Denver i< Rio Grande Railroad Cons. Mtge. 4s
Co., Cumulative Adj. 7'/, Spring Brook Water Supply Co.,
Gold 1st Mtge. 5s
Erie Electric Motor Co., 1st Ref. Tomkins Cove Stone Co.. 1st
Skg. 1'und Gold Bonds 5s Mtge. 6s
Fonda, Johnstown o* Gloversville The Tri-City Railway & Light
RR. Co., Cons. 6s Co., 1st Lien 5'r Collateral
Fulton Light. Heat & Power Co., Trust
1st Mtge. 5s Union Electric Co., Dillon, Mont.,
Gary Street Railway Co!, 20- | st Mtge. 5s
Year Deb. 3s United Light & Rys. Co.. 7%
Kansas City Southern Railway Secured Gold Notes, Series B
Co., Lt Mtge. 3s ^ United Light & Railways Co.,
Kingsport Utilities, Inc., 3-Yr. /% Secured Gold Notes, Se
6C Gold Notes ries of 1920
Kingsport Utilities, Inc., 1st Mtge. ('i,arles Whittemore Navigation
20-Yr. Gold 6s Corporation, 1st S. F. 7 ?"i
Lincoln Heat, Light ?k Power Co., Cold
1st Mtge. )s DIE OCTOIIKK I5TII, 1920.
Marine Operating Co., Inc., 7'?' City ot Excelsior Spring?, Mo.,
General Gold Notes Funding Bond
Monterey Light & Power Co., 1st French American Steamship Co.,
Gold 6s Inc., 1st S. F. Gold 7s, Scries A
New London Gas ?5c Electric Co., French American Steamship Co.,
1st Mtge. 5s Inc., 1st S. F. Gold 7^, Series B
WinsTow, Lanier & Co.
50 Cedar Street
?r 11 fr pi II.I.OWIN'G COUPON'S ANTi DIV?
IDENDS ARE l'Ai U1I.E AT OCR RANK
IM; ?.M. ; i 'I KING THE M< i.NTH ' >V
i n :t< >BEI!
(?( I'OilER 1ST, 1020.
nul & Mahonlng Valley l: ?
Clevelai fill burgh K i: Co i lei
Tlttsbui ;: h, )'? Wa; & ? htcago Ry < 'o
l ni ni' n , : i : . , Stocl dividend
1 \ '
o< ror.i.i; ..in. into.
Plttsbui gh ?'? W n \ i. .-. ? lili ago i: v i ?
l'i ? . ? : ?
1 \ '?
SOI "I'll EUS ?AXIl I.' M ?:i :?: AND
OOI.ONIZ ''I"' IN CoMl'A N'Y
1 i i ? he State
of M ? A.
TO ' nf S ?>er coot
\pi . '
! ' po under tin
. |. e i
Is.sue of Hoi
Ing tho *ai ? ?
Ited na al i
o: ? n - ' .. lo lht>
?nil ?ui ' ' ''on
no'.\ in. - . 1 Bonds
i i'-, Iding
, ? ! Of
Ri I), i
i"- i; ? .i
ihi ; - ?
S i ' . -. i tig r<>
bv ih- i -
of the uiuounl ? : ,:'-' :
TniM-e on , U-eoulU.
Deteinlw i 919 merest? accrued to
. ? . ? '
t Secretary ,
Regular Decimal ion?
Rate a ml Pa . Holders
period abp . nl rec.
VI vara do M & Mill.. Mlc <! Ocl 15 Del 5
Rol el i l'a "-.i '.' i >ct 15 I let 5
Hush T. r Hid pf ..$1 75 '.? Dot 1 Sopt 30
i ,, i bon Steel . . . . . 2<$ (,' i let 1 ? ( let s
I), 1, .<? W R R. ?? ; '.' i let .ii i " i '?
Mi \ ,v [larlin Mfg 2 V, '.' < >et !
do pf .2 '??? 't i.' i ici 1
L'ni i iriiR Isl pi 1 \ ! Q Nov l Oct 15
h .,. : .',. Isl
pf. '?f S-A Oct 15 Oct 1
do 2d pf ... ? S-A Oct 15 Oct. 1
(Quoted un lu. ..nip percentage ba?is. 1
Name. Rale. Maturity. Hid. Aak.
Hull * Ohio.. 4l* 1920-'27 I.OO 7.?U
Until Stool.... 7 ?921-'30 7.50 7.0?
Bosl .<- Alb... 4", l92a-'27 7.:'id 7.00
Buffalo, R i I' 4 4 5 ; ?.: . .. 7.CO ?.<6
rio . b l921-"33 7.75 ?.7?
Canadian Nat. V :?.;i> 7.20 7.0?
Canadian Nor. 1 i-j ?-6 192U-.2S I.aO 7.60
Canadian Pau 4 >? 192' 2S 7.60 7.00
do , . . . H 920 7.B0 6.7b
C C C & St L 6 1921 '29 7."i*5 V.??
da . ... ? 1921-'27 7.75 . S.
Chea * Ohio.. 1 ', 1920 "27 7.1,0 ?.75
eh R 1 <fc Pac * , 5 '. i20- 27 s.25 72?
?'m .. N W . . 4 a U>20-'2;; 7.75 ?.76
I' S; i. fc N i ) :< I '.:0 24 7,75 7.0?
Del & Huusoii 4 l.a 1922 7.?7 f, ??
Eue . 4.Vi-5 1 l20-'27 H 25 7.00
Frisco Cons... 5 1921 '-J fc.60 7.5?
111 ('entrai ... Pi-? 1920-27 7.60 ".??
Ivan City Su . . 6 l 920- ^4 7.75 7.00
Louis & N'ash 5 1920-'23 7.60 * 75
?lK-li Central " 1921 .:2 7 oO ?.75
1U1 . o ''?-'> '3fi 7.60 6.75
M S I' * SSM 4'?-? 11'je ?:.'.'. 7.6e 7 00
vio . b 1921 .;n 7.6a 7,?0
do .. 7 , ID 21 -' 3 0 7.75 7 0?
N \ Cent. L . 4 '3 I920-'2S 7.60 7.00
N V t'eut 11 11 l'j 1921 . 7.37 7 00
(lo . . 1921 '. .. . 15 ?.00
N Y C A Si i, I j I921-'??' 7.7u 7.?l>
do . 6 1931 7.50 6.75
N ~i N H ? ?l I '2 i-G 1920 . . 8.37 f.Stl
Noif & West., i -j 1920 24 7:5 i 6?
-N : i .0 ll'ic . . 7 0 . 0" 6. 75
Pa. h'v RXp. . 7 ..:., .::, 7 1? ? ,?
Pennsylvania., i t y?, i!'20-'23 7.6? S.75
1 ending Co .. i 1 1921- 27 7 37 S.71
Soaboard . iVi 5-6 1 ?O-'?. 8 26 7.60
Buuthcra Pac, ? 'i li-0-'3t> 7.60 ?.74
do . 7 IS21-'35 7 0? (I*
Sou ': ::i Rj 4V4-5 1920 '26 s 00 7.0?
t nii n !.. I924-'35 7 OU 6 Ht,
11,., n '1 ank . 7 1930 7.50 7.15
Virginian Ry . & 192u-'30 ? 3, . 0?
WabttHh ...? 192! 10.00 7.?9
Dl\ I?END NOTICES
The American Agricultural
V quart' y dtvdi nd of 0.in '. one-half
pill ' ': ' ?; . 1 on the I'ref >rred Pi
panj (No 61), and a qua rterly
d ol t wo pei.il 1 . . ' on the
Common Stock (No, SB), have Den do
. i , payable October 15, 1''2n lo ..to, w
.,: 1 ho 1 ose ,,'? busii
. 1 oci bei Isl 1320
I'll' I.M \.-i \ 1" ?!?"
New York, September 31, 1320.
lu Curb Trading;
Further Selling; in Petro?
leum (*rou|> Brings New
Lows for I he Year; Most
of Business Professional
Irregular tendencies prevailed on
the Curb yesterday, where the same
influences which have been unsettling
sentiment for several days were domi?
nant. Attendance on the outside market
was reduced by the unfavorable
weather conditions, Most of the busi?
ness transacted was of professional
There was further selling of oil
shares, with the result that certain
prominent issues touched new lows
I for the movement Carib Syndicate
, broke to 11, Simms Petroleum held
around 12 White s '. after selling
early at '.:?(%, yielded ? close of 22.
Announcement wan ??le that the
White Oil Corporatl its entered the
! (%t Creek (lela of \ rttana and is en?
gaged in importai I i opmenl work
' in that ?list i!?i
Active trading continued in Hoston
<v Montana mining shares, which closed
slightly higher. Other mining issues
showed no important changes.
The new Pennsylvania Bell Tele
phone 7 per cent bonds were sold on
the Curb nt a range of 95Vt to 95%.
I The new Norway bonds closed at
I Sales. Open. Hlirh. r.ow. Last.
t boo ?Acme ? "onl . . . 2 2 <? 1 % 2
600 ?Aetna Bxp... 1" 1?% ' ? in-*
inn *..\lr Reduction 42 42 42 42
40 ?Alum Mfg l'f. M>, 84% 84?* B4%
inn ?Auto Fuel S.. 65 % B574 55% B:?%
Ron ?Car 1.1 ?- P.. I! % "? % '?'< % :! %
100 ?Caracas Sue. 51 Bl Bl Bl
I roo ?chK.i Nipple.. 974 9 74 '' !*Vi
SOU ?Clevo. V uto. . 45 45 4n (0
10 "lui Pont Po\v.22S 22S 22S 22?
10 ?do l'f.77 77 77 77
700 ?Kniptro T ?- S I 4 'a 11% 11% 14%
300 Fed Tel ?- Tel. 4% 4% 1 % 4%
100 ?Gardner Mot. 21% 21% 21% 21%
4B00 ?Gen Asphalt... B0 B? 47% 49
700 ?Hercules Pap. IMS 24 ?A 2SJ4 2:<%
1500 ?Heyden t'hem 374 :t % ?" % ?' '*
300 ?Hock V Prod. 77? 7% 7 7? 7%
R0O Indian Pack.. ?:ls 4% 4', ?>?
1500 ?Int. Products. 21% 21% 21 21
700 ?Kay Co Gas.. 1% 2 1 7? 2
200 Keystone Solo. 11% 11% 11% 11%
100*1.in? Mo el A. 110% 3974 3974 39%
100 ?Locomobile, n 7 7 7 7
800 ?Nat C Bk rts.10774 IOR'4 104 10R%
3000 No Am P &?? P. ? 6 5% fi
4000 Perfection Tire 95 96 so 89
10 ?Pholpa Dodgc.190 190 TOO 1D0
3000 ?Philip Morris. ?1 674 '"? fil?
1000 ?Radio Co w I. 2% 2'i 2 2
1000 ?do pf w I.. 2% 2% 2% 2 74
500 ?RJRey. n B wi 42% 42U 41% 42
<no ?Rov Fr TP In? 6 %? 6% 5% 5'4
500 Sub Boat. 1 1 'a 11 % 11 1174
16000 ?Sweets Co Am 2 2 % 1% 2
loon ?r n? t st Can. 11% 11 % 10% 11
708 11 S 1 >isl i ?hut . 36V? '?'?* ' ? 35% 3574
400 *U S H Spd T. 30% 30% 30% 34%
1900 *U S l.t & !l! . 1 % 1 % 1 la 1 14
2000 Unit Profit Sh. 11.4 I % ! 1 >s
15000 1' S Steamship 1% 1 % 1% 1 ?%
8000 Wayne Coal... 3Vj 4 3% 3%
100 ?Win Davles.. 35 35 35 35
200 ?Willys 1st pf. 02 82 BO ?30
Sales. Open. High. Low. Last.
100 ?Anglo-Am Oil 21% 2174 '-'I 'a 21 %
100 ?South V Oil..265 265 265 265
Sales, Open. H?Kh Low. Last.
20000 ?tAllled Oil. .. 19 20 19 20
1600 t?nna li W O. % % % %
100 ?Atlantic (1 O. 72% 72% 72% 72%
3600 ?Boono Oil. 2', 2 74 2 2
10000 ?tBos-Wyo ? lil \H 1 % 74
3000 ?Carib Syn. , .. 11 Vj 1114 IP7? 11
2000 ?Gushing Pel.. % % '-j %
19000 ?Denny Oil.. . 1% 1% 1% 1 % '
1000 ?Dominion Oil. 8 % 9% 8% !?
2201 ?fDunn Pet... 1 % 114 17? 1 74
800 ?Elk P. Pet.... S% s7, (ot 8>?
100 Federal Oil . . . 2% 2% 2% 2
1200 ?Fensland Oll. 13V4 It 13 % 13 %
300 ?Ollliland Oil. 2:1 % 29 74 20 29
000 ?do pf. C4 94 p:i 93
300 ?Granada OIL. 9 9 8 % 874
200 ??tuffoy-G 0 c. 31 74 31 ?i 31% Z\ % I
1700 ?Hudson Oil... -\ A % A:
200 ?Maracaibo Oil 1874 I S 7? 18 7* 18%
200 ?Marland OIL, 39% 40 39% in
20000 ?Marland Ref. :: % 1 ?; % <
500 ?Mer (?il Corp. ! I II 13% 13%
500 ?Midwest T. . .. ?! : .; :
1 00 x Am O ?6 R . .", % :'?% :? % 3 %
200 *N ?1 Co of N.T. ?'.-"'8 6% fi% <;.\
100 ?Panhan P pf. CR 68 -6R 6.R
1.00 ?Pennock OIL. 7 7 7 7
200 ?Producers & R 6% 6% C 6
300 ?Rlckard T Co % % % %
COO *R> ?? n C w i.. 18% 1 S :4 I? 18% !
600 ?Settled P Co.. 1 % 1 7, 1 % | 7j
J 200 ?Simms Pel ..12 12 ? 1 7? 12
500 Skelly Oil. "% 9% 9'? ? 9'4
; 00 Sp< ncer PC, 13% 13% 13 % 13% :
700 ?Tex-K Oil. . . . 2% 2% 2% 2%
2000 Texas R P&R. % % 1: v
8600 ?Texon ? ? & I.. % \ ;. a
900 ?Victoria Oil. . I % 1 % 1 i.? ] 4, :
600 ?Vulcan Oil.... 1 1 1 1
2u00 ?White Oil 23'i 23 'i 22
; .Min A last?a Br i ' M 13
200 ?Alvarado.M&M ? ' -?
600 ?Am Minea i
ran' Aii,- Globe ' ??<^
4500 * i Allanta
2800 *t?< Ich D (a 1
;,7'"i *tHelen I-: (a i
::. 00 Die Hedgi
4300 * ? Hu"! li
, I 00 i . Host & Mou
10500 * ICasffbo} S '
::2a i 'mis Vlr Silver t '
. on ? a 'oi to;: Silver. C;
. ' 'i esson Con G.
7500 ?Darwin Silver 2 '
?r,on Divide E (a p) 30
2500 El Salvador SU 1
2500 Bniina Silver. . ' '
500 ? Bui oka l'r M . 25
1325 -tKuii-l.a Holly : :
7500 * -(?..111 Zone D. 3(1
, 00 ?tGoldfd Cons. K ;
2200 * ?' ioldfd I o v .
350 1 locha Mining, 4
100 ? lloiol Am S> n 15 :
400 Howe Sound . .
?? 100 ?TJini Butler.. IK
?i. mi t.l uo.ho Exten S
2300 K'err Hake. ... 3
2. * ?- !-.? wana.s. . .
; 4300 ? IKnox Do. Ide 8
1000 Louisiana < 'ons
3200 ?-..Marsh Min.. 17
1100 ?Moth- rlodu C
2000 tXabob I 'ons . 1 2
1 '. Nlpissing Min li
S00 i iphir Sllvi i M
1000 Pi ince i Ion . .
?I 100 It Verde Cop. . 1
1 G00 Rex Cons. 6
IfiOO Roper ( ?roup M
.-mi seni ca i Nappei
2500 * rSlh er K I ?iv
2. ?fSIH i r Pick.
200 Sil ion Sil v 1. 1
200 Stand Sllv I.
500 1 Slow art M In 1-1
: 000 ?tSuc ? ss Mln . I
2 . 00 ?Sut norland 11
: mi ?Tallapoof-a Sil
:;. 0 ? r,i. .i i:.
3500 ?Tono I '. . di
7,Mi Tono K x t ? 11
;ion ?Tono Mining
1220 Pulled Eastern
7200 ?fC S i'.nit M .
900 L'ntty Gobi M .
3400 *i \ let li (a iO
2:ooi T\v End Cons.
3500 ? W ('a ,,s Min .
2000 i VV C Ex (?1 |.i
2000 U'ilbi : : Mining
Iliod i' ??
10 T*T Hi
' ?' 'A?SI.
Inl li T
1 ?Ohio ' ' c '-'.'
?do 7s '23. .
?do ' . ;
5 ?do 1925
" ?Perm H 7s u
?'? Sinclair 7 '2s
I ??!'? xas 7s 1,
.. "I nion '!' 1, 7i
I -r? ! ' ? 1 A
S 'a > 8
l'? 1 V? I Va
4 '? i 5
High. Low Last,
59 '? i 69 '.t 59Va
95 9t\, 'M\
?'?\ 92'* :':',
, 9 9 \
. 94 1-,
8 5 :,
". 1 ?">'?,. 100?, 100'?
1 ? ?. 95 \
91 S 91 %
9*''a 98 H
New \ ork Metal Market
On the New York Metal Exchange
tin was weak, with Class A quoted at
email@example.com; ("lass B, IL'.n-o 42,75, and
Straits shipments firstname.lastname@example.org. Copper
dull; spot and October, 18.26; Novem?
ber and December, 18.50. al! asked.
Lead quiet; Now York spot, 7.75, and
East St. Louis, 7.?0. Zinc ca?y; N'ew
York spot, 7.75 and hast St. I.ou is, 7.65.
London metal prices follow: Lead, spot,
?34 10s, and futures, ?34 7s od. Zinc,
spot, ?40 15s, and futures. ?41 10s. Cop?
per, standard, spot, ?94 5s, and futures.
?95 5s, with sales of 100 tons spot and
350 tons future?, and electrolytic, spot,
?113, and futures, ?11$. Tin, standard,
spot, ?268, and futures, ?274, with sales
or' H'O tona spot and 450 tons futures.
Questions of general interest to in?
vestors mil he answered in this col?
umn, in which case, only initial? will
be used. Other? will he answered by
moil. Address all inquiries, inclos?
ing a stamped, addressed envelope, to
Financial Editor, The Tribune, ISi
Nassau Street, New York (.ity.
Exc'.ange Rates Against Her
Question Muy I ask you for n llltl?
advice? I have a sister living In Switzer?
land who has read In tho Swiss pa peri
that tlio Swiss government has to pay 8
par cent on a loan, which I believe wag
taken up in this country. No doubt this
has awakened her mind to the fuel that
one would receive much larger returns Tor
bor money if slo- would Invest In ibis
country. I .don't Know how much money
my Bluter has probably 5.000 franca, '1"
posited In n Swiss Buvings bank, paying
perhaps 4 per <n\< Interest. She has
written to mo for advice, whether I could
Invest her money In this country In a safe
\ ay and yielding 7 or S i"-r cent. My
slater Is alono, not married, and could not
afford io take an} chances "f losing part
of h'-r capital. I myself have no experi?
ence In Investments, and am therefore
writing you for your opinion. Are bonds
1 better than preferred stocks, or are slocks
I" m. r than bond? ? A no! her -in.n I
have $2.000 deposited in h savings bank,
receiving ?M4 per cent Interest. I would
like io Invesl $500 or $1,000 where my
money would yield larger returns, what
would you ad viso mo lo buy'.' R. O. B,
Answer?Wo see little advantage in
your sister Bending funds here for in?
vestment. The exchange rate is against
such a transaction at present, and in
the event that she did purchase Swiss
external bonds here it. is very likely
that exchange on Switzerland would
>iEC in price, thus causing her dollar
investment, to depreciate. For your?
self, we suggest. Liberty bonds for a
starter the fourth -His, for instance.
Diversity in $1,000 Investment
Question What do you think of tho fol
lowing Investment for $1,000: ?200 Sinclair
Oil 7', per cent notes, $200 Argent ine C,o\
eminent 5s, $200 Ereneh liuvernnienl 8s.
$200 I'ennsylvania Railroad or Ww Vork
Central or Delaware lV Hudson 7s. $200 St.
l.ouls gr San francisco adiustinent 5s or
Reading Railroad general 4s? T. S. 11.
Answer Your list, is rather well di?
versified, and although the securities
1 are not all of the host. grade We see
! no reason why they do not. form a very
I fair investment. The Sinclair nbtes. !
I while-well enough secured, represent a I
business which is subject to consider- ,
?able changes, and the Frisco adjust-,
j ment bonds aro not, particularly well
I secured. The Readinp; 1 per cent bonds
are too high for your purposes. You
might substitute S200 St. Louis & San
Francisco prior lien -1 per cent, 1950.
I ' '
Likes Westlnghouse Common
| Question Will you kindly give me youi
?opinion as to the feasibility of changing
i 150 shares of Now- Vorl. l'entrai, bought al
110, for Westlnghouse common at present
prices for a long pull? C. K. W.
Answer Ry changing from New York
Central to Westinghouse you would in?
crease your :''ome, based upon pres?
ent dividend ?lowcver, bot h issues;
are speculative, inasmuch as both are
| sensitive to earnings and dividends are
subject to change. The fact that there
is uncertainty regarding the future of
the railroads perhaps renders New York
Central stock the more speculative. The
present dividend rate on Westinghouse,
8 per cent, or $4 a share, is being!
earned by a fair margin, and for that
reason we are inclined to the belief
that your position would be less specu?
lative if you made the change.
No Need to Sell His Ronds
Question- What, In your ?udgmenl, is
liest about holding or selling the follow?
ing: Chicago & Great Western first, mort
*;ago bonds, 1 per cent; Western Light A
I'owor first mortgage bonds, 5 per cent .
Denver Cas & Electric first mortgage
bonds, i per cent; New Vork, Westchester
A- Host.m first mortgage bonds, 4 V? i.
i ? nt "' 1 have some of these bonds and
would like lo have your advice as to sell?
ing at present or nol S. C.
Answer If you hold these bonds for
investment we sec no reason to sell
them at present. The two public utility
issues are well secured, and while the
railroad bonds are not high grade, we
believe the future is brighter for ?such
securities, as the railroads are in a
far better position than at any time
during the last two years. The New
York, Westchester & Boston bonds are
not earning their interest, but the in?
terest has been regularly paid by the
New Haven, and we know of no present
reason why this should not continue.
The Bottom Dropped Out
Que si ?on l 'lea se gi\ ? me info: mal
aboul tin- Golden Cate. Why has il di opp? d
no low? I uaw In ttv_- paper thai the
Golden Gate had a new mill to construe?;.
Wha t has happened ? K ?
Answer (?olden Gate Exploration
stock's decline from a high of $4 a
share to a current price of around
L'5 cents is explained by the fact that
the company has never got far beyond
the prospect stage. Like many mining
shares, the stock was boomed for a
time after the organization of the
company and then allowed to seek its
own level in the market, which it
promptly did by dropping from the
dollar to the cents class. The com?
pany owns a sold mine in the famous
Mother Lode vein of California. A
stamp mill is being' built for handling
His Stocks Arc Speculative
Question Iff? ..- bo ighi fifty shares of
Skelly ? HI ai 9%. Am thinking of bu .;
ttftj more of : he s im ? slock, or pis - fifi y
of riritish-Anieri? n 11 i 'heinlcal at ? '??..
What do } on i hluk of i heso stoi -
A ?'. s.
Answer XXc do not attempt to give
iidvice upon speculation. Both Skelly
Oil and British-American Chemical are,
! speculative. We certainly do not rec?
ommend either for investment.
Long Delay Over Defaulted Bonds
Quest ion I h? \ ? .? r? ;el\ ership coi nil
. ?erl ificatp I'oi ! li. $1.1. 'hi? ago &
I Eastern l Hin? i ? refundli g and improv?
ment bonds Thns? bonds ?.v.-r? ?I? po ted
' in April, 1914. Negotlabl.tincad s were
; issued in August. 1915 Sine? thai time
no Information has l>.? given as io the
reorganization of the eompan; h is now
more t ban si -, yeai s s nee I his i on pa nj
defaulted and v enl nto t ii- han-; ? - i
?.r, and no Inioi-mati? n is obtainable
? us to i?s , ond Itlon or .' s prosp eta Pleas?
advise me.?C. S.
Answer No attempt could be made
during government operation of the
railroads toward a reorganization of a
railroad. Until the new legislation
hud been enacted it would have been
a waste of time to do so. Plans
toward the rehabilitation of the Chi?
cago & Eastern Illinois are now under
way, we understand. We cannot, of
course, tell what, they are, for the
matter has not yet been made public.
The situation in this road appears to
be much bettor and your bonds have
recently shown considerable improve?
ment. 'We think it best for you to
await an announcement.
Would Exchange His liben?, s
Quest ion I have $4.000 ol ,.,,..
Liberty bonds whi? I? l i i ?? II and
real Ize a bout $3.0110 Uy
i i i his amount i eu n buj $ o
American Telephon? and T? leg, ap]
cent oi- United Stat. a Rubber 5 pel
payable i 947, .-.? : ? ? ? ?.. i as ! ,1b? i
By doing this my return will he _<:, .. ,?...
annum, Instead of $1 10 on ; ? . i.,'.
Liberty bonds, and In additlo
?v ii gel ? :,. mor? than maturl ?1 va
Liberty bonds Do you consider i... propo
sli Ion sa'l ?? ' l '. n.. ". I.ibertys are b? n bin
consider the others very nearlj a good
Answer -The bomis you mention have
good ratings. We see no reason why
you should not make the change, x? ou
realize, of course, that in making ?I
your investment position is not so good
Four full columns of in?
vestment questions and an
sicrrs are published in The
Tribune every Sunday.
Exempt from all Federal Income Taxes
City of Milwaukee, Wisconsin
N Direct Obligation Bond*
$4,170,000 6% Bonds $1,200,000 5% Bond.
' Due serially without option as indicated below
Dated Jan. 1, 1920, and July 1, lw?.
,, , , ,,?,?, ],,%. i a, ?he City Treasurer's Office, Milwaukee Wis
PHncipal and semiannual interest payable January ?J^;1 \ filI|lllI1 B*,nd8in denominations of $1,000 and $500.
rrmsin. or in New ^ ",,v ( ''-'' at (>P
cousin, or m
? *?*. cavin? Banks in New York, Massachusetts, Connecticut and
SfS' r"e-es;,a.e?,. Wota " o? opinion .o ?ecure PC.1 Savin,, Depo.1...
Legal opinion will be furnished upon request.
, , . 1Q1Q . $588,556,266
Assassed valuation lyiy...-?.?. 25 164 750
Total bonded debt (incl. these issues).$1539950
Sinking Fund . '....'... 23,624,800
Net bonded debt.
Population 1910 census 373,857
1920 " 457,147
The City of Milwaukee is required by law to levy taxes sufficient to retire its bonds
within twenty years from the date of issuance. The proceeds of these issues are to
be used for various municipal purposes.
$203,500 6 ', Bonds due each year July 1, 1921-1940
20,000 5% Bonds due each year July 1, 1921-1940
40,000 5? Bonds due each year Jan. 1, 1921-1940
^ . (Accrued Interest to be ??Moll
1921-1923 at prices to yield 5.75% 1926-1929 at prices to yield 5.50%
1924-1925 " " " " 5.60% 1930-1931 " " " " 5.25%
1932-1940 at prices to yield 5.15%
Guaranty Company of New York
Halsey, Stuart & Co.,Inc Wm. R. Compton Company
New York New Yorkf
A. B. Leach & Co.,Inc Stacy & Braun
New York New York
Second Ward Securities Co. First Wisconsin Company
Marshall & Ilsley Bank , The Merchants Loan & Trust Co.
The above information is based upon official statements and statistics nn which we have
relied In the purchase of thes?:' Bonds. We do not guarantee but believe it to be corn '.
As thin issue has been fully subsc rihed. the following ad\crtisment is
Inserted as a matter of record
Bell Telephone Company of Pennsylvania
2?-YEAR FIRST AND REFUNDING MORTGAGE 1% SINKING FIND
GOLD BONDS SERIES -A"
Dated October 1. 1920 Dur October I, 1945
?nteres! payable April I and October I in \c\. York City without deduction for
the Pennsylvania four-mills tax.
Coupon Bondi in denominations of $1.000, $500 and $100. registerable as to principal. Registered Bonds in denotm
nations of $1.000, $5,000 and $!0.000. Coupon Bonds and registered Bonds, and
r ?lie several denominations, interchangeable\
Redeemable', at the option oj the Company. as a whole or in part, on any interest date upon 60 days' notice, ??'
t07\'>c,\ and accrued interest.
BASKERS TRUST COMPANY, SEW YORK. TRUSTEE.
I'rom n letter of I.. II. human!. Esq., President of the Company, stating the particulars in regard to the issue,
:c sum mai ize the following :
The proceeds of the Bonds will be used to fund current indebtedness iacurred for construction pur?
poses and to provide funds for construction through the years 1920-1921.
The Bonds wilt be issued under a mortgage to the Bankers Trust Company. Trustee, covering as
a tirsi Hen the entire physical property in Pennsylvania subject, as to a portion of the propertv, to the
existing $9,543,000 Central District Telephone Company First Mortgage 5C, Bonds due in 1943. Addi?
tional bonds may be issued for not more than 75r\ of the cash cost of additional propertv, provided that
the Company's total bonded debt shall not exceed the then fully paid capital stock and surplus; and pro
\ ided, further, thai the net earnings available for interest charges shaU be not less than one and three
quarters times the interest on the Company's bonded debt, including the bonds proposed to be issued.
The Company is to pay to the Trustee $410,000 per annum in semi-annual instalments, beginnina
April I, 1921. This sinking fund is to he applied to the acquisition of Series "A" Bonds bv purchase at
not exceeding the redemption price of I07^? % and accrued interest, or by call, by lot, at that price. The
Bonds so acquired will continue to bear interest, the amount thereof to be added to the sinking fund as
received. This cumulative sinking fund is estimated to be sufficient to retire bv maturity the whole issue
of $25.000.000 Series "A" Bonds.
As part of the proceeds of this issue will be used to retire current indebtedness, interest charges to
that extent will be only slightly Increased by this issue. Disregarding the earnings to come from the ex?
pend,lure oi mote than $15.000.000 now provided, the actual net earnings of the Company from its ex?
isting plant during the last se\ en years have averaged $5.056.029 per annum, while the interest
charges on its debt, including this issue, will aggregate $2,227,000.
During the past ten years the fund required by the Company for the necessarv increase in plant
labilities have been obtained f'tun the sale of stock supplemented bv cash from conversion of invest?
ments. I he Company has now outstanding $60,000,000 in stock. Dividends have been paid at the rate
of at least 6% per annum in every year since I8H0. A total of o\er $19.300.000 ftom earnings has been
invested in the Company's property in the last seven years o\ er and above expenditures for current main?
T1IK ABOVE BONDS ARE OFFERED, SUBJECT TO ISSUE AS PLANNED. FOE SUBSCRIPTION
AT 05% AND INTEREST, TO YIELD ABOUT 745 PER CENT.
J. P. MORCAS & CO. KUHN, LOEB & CO.
KIDDER. PEABODY & CO.
FIRST NATIONAL BASK. Setc York MTIOS 4L CITY COMPANY* Sew York
BANKERS TRIST COMPANY GUARANTY TRIST COMPANY OF SEW YORK
HARRIS. FORBES & CO. LEE, UIGOINSON & CO
Dated. September 30, 1920