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W. F. Ladd & Co. Investment Securities New York Municipal Bonds Wc are offering several choice issues of Municipal Bonds yielding from 5.15 to 5.70'-, . These bonds are legal investments for Sav? ings Banks and Trust Funds and are exempt from all Federal Income Taxes. ?Ve tkall ke pleased to submit cur list to investors on request. Estabrook&Co. % Broad St. 15 State St. New ^ ork Boston Baltimore Providence Springfield. Lackafcanna CHICAGO & of the West NORTHWESTERN inaja I, ? onststent mal famlnji I I I w ee? MARKET OPINION?Ask for ?-(in R. H, MacWASTERS & CO, olidate? Stock ? ' .. .V. V. 3284 Broad St. New York Entire / rst !? loor m k;:m NEW HAVEN" Irregular Price ( lhaiiges on Curb ; Bonds Are Active Asphalt Rallies After Break Below 50; Allied Oil One of Features of Group; Boston - Montana Rises Trading in stocks on the Curb mar? ket yesterday was characterized by a great deal of irregularity and -with few important price changes. Hero and there through the list there was evidence of covering of short commit? ments. One of the features was General Asphalt, which after selling down to 40 rallied at the close to 51. In the oil department, Allied Oil was active and advanced from an opening of 18 to a high of 20, closing at 19. Transactions approximated 20.000 shares. White Oil held firm a fraction above 22. Midwest Refining after opening at 151 eased off and closed at 150. Boston & Montana continued the active leader in the mining list and rose to 45, the highest touched since the break from t>0 to .')0, a week ago. Ronds were extremely active on the curb. The Semet Sohay 8s ?old as high as 100%. The Norwegian 8s went to a new high of 101%. Industrials Sales, upon. High. Low. I.ait. 2800 ?Acme Coal .. 2% ZVi - 'i 2% 6000 ?Aetna Kxp... 30V? 104 to1? lo*? 101 ?Auto Fuel S.. i.J\ 55% 56?i 55*t 10 Borden pf .... 82% 82% 82% 82% 100?Brlscoe Mot.. 20 20 20 20 ?000 ?Br-A T coup. 13 13% 13 13% 2000 ?Hr-A T r.'g.. 12% 11 11'% 13 200 ?Br-A Chem C 5 "> r. 5 300 ?Br Emp Com 18 1!)% IS in1! 300 ?do ",'o pf... o!> -to r;p .".os 1! 00 ?Oar i.? S. P. 3% :: ", 3?. :;7? 1700 ?( lu Nipple. . 9% P:* S 9 200 ?Crude Ch cm i'4 i % 1% t% 30 ?|v,[? Powder,223 224 22:; 224 10 ?do pf . 7>; "6 7 8 76 fiOO ?Knip 'I'u & St IS 15 14s? 14*; 600*Farrell Coal.. 21 21 20 20 100 Fed Tel ?- Tel. 4% 4% 4% 4% B00 ?Oarld Stmsh. 3% 3% 8% 3% 4200 ?Gen Asphalt. (H, 6ls< 4? 61 3800 ?Goldwyn Pic. 7% 7% fi 7 100 ?Croenfld T&T 40 40 40 40 600 ?Hercules Ppr 24% 24% ?4 24 800 Ind 1'noklng.. 4% 4% 4% 4% 700 ?Internat Prod 22% 22% 21V 22 800 ?!nt cont Rub 11 11 11 11 100 ?l.lii McN & 1. 13 12 12 12 100*Ma\w Ch (A) 63 63 63 63 700 ?du (H) .... 19% 19% 19% 19% 1600 Perrer Tire .. 00 99 PO 9D 10?Ph'ps I>oilge.lS? 181 188 1?S 800 ?Philip Morris 6?i 7 6?i 7 1200 ?Radio Co w i. 2% 2?? ?'.i 2% 1400 ?do. pf w i. . 2% ?-'? j 2 !2 ?% ; 0 ?Roi a) Bak P.115 IIS 11- 115 ! ? ?do 6'.' pf . . S2 ?2 8-' 82 f?00 'Roy Fr T I' lu 7 ?"?? 5% ?'?'.* ?% 600 Submarine lit. 11 H % Il il % 2500 ?S>.18 C of v 7 7 I 7? 2 2500 ?Tenn H L, & P ! % 1*4 l1: 1% 900 ?Un Rot S Cd y 11 1 ! 103t 11 200 ?Union Carbide 63% 63% 63% 6:'.% 150 TJ S I.'iatnb. .7,4 .14 34 34 200 ?TJ S Hi Sp Tl 10% 20% S0% 30% S non rn Profit Shar 1 "<. 1 \ 1% 1% 200 r s Ship Corp 3 S s 3 00 U s Stmsh ' '?i. 3 3 S 3 2500 "Wayne Coal... 4 4 3'-i 3 % Standard Oils 400 ?Anglo-Am Oil 21 21?? 21 21% 600 ?S O ot N V 373 370 372 Other Oils 500 ?Ajas Oil. I % 1% 20000 ?tAllied OU. . . 18 20 1? 1? 700 ?Ark Nat Gas 10 10% 10 10% 4300 ?Boone Oil.... 2% 2% - 4700 * lius-SVyn Oil .1 % 1 tS '? ' , 3000 ?Carib Svnd . . ll'a 12% 10 \ 12% 100 ?Cit S B T Sh. 34% 74'.. 34% 34% 1700 ?i 'ushing Pet. 'a :-. % % 3000 ?Denny Oil . . 1 '? 1 *s I U 1% S00 "I ?oiiiinion Oil 8 % ? '"-. S'j '. o *?, :-i luiin Pet . . .7 -r. \ V< 300 ?Elk Basin P. 8% 8-\ 8 % 8% 1500 Engineers Pet i% ii> 1 l 1000 Federal Oil... 2% 2% 2!l? 2% 1800 ?Fensland Oil. 15% 16"* 14\ 15 SttI**- Open. IllgH. t.ow. Last. 800 ?tJiiiiiatifi o i?t on 9" u:: 92? 100 ?Ornnada oil. 9 9 !? ? "oo ?Hereul?? 1'ot. 3 a .1 3 1000 ?Internat Pet. 16'4 16% 1'l 1cft 100 ?Maracalbo Oil 19 19 19 1!? 600 ?Marian?! Oil. 39 2? ill1,* -''?Vi 17.00 ?Marland R?f. 4 4ft 1 4 tj ?60 ?Midwest Ref. 151 151' 149 150 non ?Merritf Oil c 14 11 it 14 UOO ?Mi??wort Tex. t? 7 il 7 7 0i> N Am O & R, 3ft 3Vi 3% ?''?Mi ion ??'imii r ?? n. s * s a BOO ?Prod ??- Tief. .-, r.ft ti ?V4 200 ?Ryan Con w 1 1 <t i <? 1 7 '- 17ft uno ?Salt CrU pr, 20U 30 2D?4 30 700 ?Settled it Co 1% 2 1 ft 2000 ?Himm/, Pet... mi 12ft lift 11 5? 8000 Skelly Ol?... 9*, ?J% ;nt 9*. 87nn ?Texen o 4- I, si ?. Jl ft 4('on Tu Texas V. ft s V i"), i ion ?Victoria OH.. 1 U 1 ft 1 Mi 2600 ?Ynlcttn Ol?.. . 1 ft 1 M 1 1 1500 ?White OU... 22ft 22% 2314 --ft Mining Sales. Open. Hieb. Low. Last. 2?00 Al-Br Col Met. 4? ft ft 4it 4000 ?Alv Min ?- M l? 15ft 15 15 it soo Ar Globo (Vp. ft' ft ft ft 600 ?Arizona. Sllv. ft ft ?, ft 3500 ?t Atlanta, _ 2 2 Ift 1ft 23?0 ?tBelch ? (ap) c 6 r. 6ft 8??* ?tBeleh E <a p) S ft 8ft 7ft 8 4600 Ttlgr Ledge ... ft ft ft rx 3600 ?tUooth . r, 6ft 4ft 6 60000 tBost <t- Mont. 411 4fi 41 4.', 6300 ?tCalcMonla ..IS 18 17 IS ?600 ?Calumet & J. ft ft ft ft 2600 ?Candelaria S. ft 1i ft !4 6200 ?jCashhoy .... ii ?'?? 7ft 8 4G0 Cons Vir Sllv. 6 ?? '9 7, 5ft 3200 ?Corte;-. Silver. C2, 63 61 63 600 Cresson Con (1 ft 1 :? l 600 ?Darwin Silver 2 ?.j 2ft 2?, 2ft 7600 Piv Ext (a v> 31 31 20 29 600 El Salv .Silver ft ft ft ft 3000 Emma Silver. 4 4 4 4 260D ?tEureka Holly 1W 1 V 1*4 'A r,00 ?Kortv-nlne M. ft ft '3 ft 10600 ?tGoltl ?/. Dlv.. 39 ."?9 SSft 38ft 3600*tGoldt Cons.. 9 9 8ft Rft ?00O ?tGoldf Dev. , . 0 ?; 6 6ft 1000 ?tGoldf Mer.. . ft ft ft ft 3800 ?Harmlll Min. '18 22 18 22 760 Hecla Mining:. 4 ft 4ft 4ft 4% 8700 "i.lim Butler.. I? 1 r- ' r? ' '? 2600 {Jumbo Ext. .9 o s 8 2000 ?tKewanaa ... 2 2 3600 ?-i-Kn.is Divide. 7ft 7 '? j 7_ 1 1000 Louisiana Conn ?v ?* iT* A -i'< 200 ?Mont SU K M ft 1 4, 1 400 ?Motherlodo C. T-ft 6ft 6ft ? * 200 Mur-M M Ltd.. 7?; 7?; 76 7?. 1000 1 Nabob ?.'?in?. .13 1 i 13 13 17, *\ .7 Zinc. . . .178 17s 178 1 18 900 OpUir Silver M 45 43 ?7 ! 2000 1'rinco Con .... "a ft 4600 H V'srde Cop. . 1ft 1ft 1 ft ' l-i U'OO Jle\ Cons. 6 6 6 ?'? 3600 Roper-Group M 7>.? -V '? A 1200 St Croix Silver. 1ft- Ift I ft ?'. 1600 ?tSilver K Dlv :< 2 ' 2y 3700 ?tSilver Pick. .6 ? 1 150 Simo-i Silv L. . 1 1 1 1 1800ft t/Stewart Min.. 13 1,'? LI 14 3600 ?tSuceess Mln. 4ft 4ft 4 4 U 2400 ?Sutherland IV 2 2 ; 1 '.< 600 ?Talapoosa SU. A A A "? 350 ?Tono Belmont 1?, 1ft 1 .\ 1 ,', 3600 ?Tono Divide.. 14?} 14? 148 ; "t 460 Tono Exten... 1ft 1'? 1?, I'-, ?700 ?Torro Mining--. 1ft l a? ' s? ] "1 760 Cnlted Eastern 3,1? ?.JK 2}j 8 600 Lnlty Gold M.. 6ft 5ft !? ft on 2600 ?tVlct D (a. p) S 8ft 7?, 8 1600 f\V End Cons.. 1-rV 1-t 1 ft 1 "I 6600 i\V (ftps Mln.. 8 8 7 S ?ooo fw C Bx (a p). ift ift ift n 3600 wilbert Mining 4ft :? ? 6 Bonds Sales <0?0 omit.L Open. Hlfrh. Low Lasi 140 ?Allied Pack 6s.. 60 6S ? 0 >,.: 2 ?A T ? T 6s '22 92 ft 9 2 ft 92 S ?do 1924. 99 ft 09 ft '"'ft 99? 20 ?Armour 7ft \v I 95 05 94ft !T 60 ?U Stl I"',- '35 wi 94ft 9-t >? 04ft 94' 4 ?Bonne Oil 6s '2141 41 4 1 41 :; ?do 7ftft. 6:1 7 r.:i 27 ?C N Ry 7ft '33 99ft 99ft !?:? ft 99! 4 ?CCC&StL 6s '23 88ft SSft hsft 68' in ?Duque*. I,t 6s. Si. ft 85 ft 85 ft 85' 20 ?French 7?. 59ft 59ft 69ft 69' 30*Gdrich 7*tV26 wl 90 90ft 90 91 49 ?Inter R T 7s.. 71 71 69'? 70' 10 ?Mor X. Co 7fts. 98 9S '? 98 98 80 ?X Y X II *H V, s ? , . si 'j 220 ?Norway ?'? wi.ioift loi-ft 101 ;m 5 ?Ohio C G 1922 94 ? 94 '4 "ift 94 5 ?do 7ft 1927, . . 96 ft 96 1., 94 ft 94' 10 ?do 1924. 94ft 94ft 94 ft 94 7 ?do 1925. 9 7. " '?? 95 K ?Rusa i',rv 5fts. 2; 23 23 23 60 ?Seab Air L 6ft "7ft 6!lft .7ft 79 4 0 Sinclair 7 ft r, . . . 9 2 92 ft 91 ?', 91 64 ?Solvav & C Ss.lOOU 100ft 100 mo 25 ?Tex Co 7ri.- nts. 98ft 99 ?S ft :?' s: 10 ?Un Tank 1. 7s. 98 98 ft 97ft 9? 15 ?West Va 3 ft ?T?. 9S 9 OS '? 9Sft 98 (?erman Internal Bonds Marks (OOO-oniil 1. Open. ITiKh. Low Laa 1?1 ?Berlin -is. 15 15ft 15 15 20 ?Dresden 4s .. . 15 15ft 15 IS 327 ?Hamburg 4s 16 p;?2 16 16 ?Unlisted. t.Selft cenln per sha:-. Cotton Contracts Sell Down to 20c On Crop Forecast! _ Report is Disappointment to' Recent Buyers and Offer? ings Increase; Decline Is Checked by Good Buying The last of tho official cotton crop condition reports scheduled for this season was followed by a sharp break in tho cotton market yesterday?all i positions making new low records with i July breaking through and May selling | down to the 20c level. The condition I of 59.1 was about in line with the I averago of private reports published last week, arfd the crop? indication of 12,123,000 hales showed a reduction of approximately 6i?O,000 bales, as com? pared with tho end-August ligures. Jf anything, however, the repent was a disappointment, to recent buyers and its publication removed an uncertainty which had restricted selling for sev? eral days. Its appearance, consequent? ly, proved a signal for increased offer? ings, but after breaking from 21.53 to 20.50 for December the market rallied on covering and trade buying. The final bid for December was 21.23, with the market closing firm net 2 points lower to 13 points higher for all months except November, which was 50 points higher. Active months sold 50 to 75 points net lower, but met a better demand around the 20c level for January and the spring months with Liverpool, Wal! Street and mill interests buyers on the late rally. Southern spot markets as officially reported were unchanged to 100 points lower, the bigger declines being re? poned at centers which have been maintaining relatively high and more or less nominal quotations. The low? est price for middling on the board was 21.30 at Dallas, and while the sales were not officially posted, it was understood that they had reached nearly 50.000 bales. The local'market for spot cotton was quiet and unchanged at 24.25 for mid? dling; no sales were reported. The range of prlcca follows: Saturday's Open. High. Low. rio*??. close. Ocl . . . 22.30 22.50 21.50 22.2 5(3)2 2.5 0 22.27 Nov .? 21.769-21-25 Der 41.50 21.57. 20.50 71.2?, Tr 71.7,2 21.27 ? Inn... 21.15 21.28 20.7.5 20.1%? 21.07, 20.92 Feb... 20.95 20.95 20.90 2O.S0ii - 20.85 Mar 20.90 21.00 20.14 20.70(^20.71 20.ils A).:- 20.78 -70.71 70.73 B0.65<ii 20.60 Ala- 20.80 20.85 70.00 20.55@20.60 20.51 .Tun 2(1.40? 20.30 Jul> 20.25 20.35 19.60 20.25? 20,12 Aug. 19.50 19.50 17.70 19.D5@20.00 17.70 Southern Spot Market?Galveston quiet, m I..,- :?? 'l at 22.50; sales, 1,51 4 bales Now tirlcans quiet, 50 joints lower at 22.50; sales, 1,619 bale?: Mobile nomina un han Red at 23e: sales nil. Savannah nominal '.00 points lower a' 2:l< . sales, 3+3 bales 77urfi.ll; r?\?;-H, 100 points lower at 2"c; sales nil. Au? gusta quiet. S7 points lower n! 2: 18; sa les, 59 bales Memphis nominal, 100 poli ts lower ?t 7'- . sales, 250 bales. Hous? ton su .!?! ?. .' poh - low er Rl 21 .... sali ? D.S2S bales. l.lttla Hoik quiet, 50 points lower ; : 22.50 sales, 150 bales. Dallas stead\ 15 points lower at 21.30 : sali s nil Montgomer> quiet, 50 points lower at .: I sales, 3S2 bales. Cotton Statistic? Vcster- Last Last rial ? week. - ear Poi ' receipts . . . 1 t,483 22,61 : 21,364 Exports . 2.S3" 22,841 Kv.s si as,-:: . 31 ,132 273,988 760,942 \... yol . stock* 21.7.70 22,487 91,43 : p0, t stocks . 820,275 705.147 869,945 Inti.- receipts 36.860 29,632 29,985 Intel nr shipmi nts 25,480 18,263 15.483 Tsew York arrivals. ;.,,4 1.98a 1,762 Liverpool Cables Spot cotton, fair busl nesa doing ai 96 points declino, Middling;, New issue FREE FROM NORMAL FEDERAL INCOME TAX $2,255,000 Greenfield Tap and Die Corporation GREENFIELD, MASSACHUSETTS 8% Cumulative Preferred Stock Par value $100. Preferred as to dividends and assets over the common stock. Dividends payable quarterly on January, April. July and October 1. Callable as a whole or in part at .$105 per share and accrued dividend if called prior to October 1, 1921; thereafter the call figure increases one point each vear until October 1, 1925, after which it remains ?\i S 1 1 0 per share and accrued dividend. American Trust Company, Boston The National Shawmut Bank of Boston Transfer Agent Registrar CAPITALIZATION (.1 pon completion of iire?fnt finan?, in?l 6fc Cumulative Preferred Stock (Par Value $100) $V,500,000 $ .334,90o'4 8% Cumulative Preferred Stock (Par Value $100) 5,000,000 3,420,100 Common Stock (Par Value $25).5,000,000 3,000,000 THE COMPANY HAS NEVER HAD ANY BONDED DEBT. *There has been outstanding SI,500.000 Gc/c Preferred Stock, which is prior to the Srr Preferred Stock, of which amount, as indicated above, all but $334,900 has already been exchanged for a like amount of the S', Pre ferrcd Stock, l!. is expected that this small outstanding balance will be exchanged in tin* near future, which will correspondingly increase the outstanding amount of 8% Preferred Stock. ?t We summarize from a letter of Mr. Frederick H. Payne, President of the (?rc< nfield Tap and Die Corporation, as follows: The Greenfield Tap and Die Corporation, a Massachusetts corporation established in 1912, is the world's largest manufacturer of thread cutting tools, the large scale production of which has been established and developed in Greenfield, Massachusetts, since 1871 by this company and its predeces? sors. The Company owns and operates seven factories employing about 2000 person?. Gross sales have increased from $1,075,810 In 1912 to $4,793,209 in 1919, and for the present year, based on eight months' actual sales, are at the annual rate of approximately $5.?500?000. Net earnings after taxes and depreciation for the past four years have averaged over 2.40 times the preferred dividend requirements on this issue of preferred stock, and it is estimated for, the present year will approximate 4J4 times the dividend requirements. Net tangible assets shown by the Company's Balance Sheet are more than $205 on the outstand? ing preferred stock, of which $128 per share represents net quick assets. A cumulative Sinking Fund commencing 1921 amounting to $100,000 a year is provided for the retirement of this issue by purchase or call at not exceeding the callable figure, varying from 105 to 110. The preferred stock is protected by carefully drawn restrictive provisions, which, among other things, provide that no dividend can be paid on any junior class of stock which will reduce the net quick assets below $115 per share of the 8'? preferred stock outstanding and provide that no mort? gages or notes other than ordinary bank loans can be assumed or issued except with the approval of a two-thirds vote of the preferred stockholders. This issue is prior to $3,000,000 common stock, now paying dividends at the rate of 12', per annum and having a market value based on present quotations of approximately $4,750,000. He offer this stock when, as and if issued and received If tu and subject to approval of legal details by counsel. Price 100 and Accrued Dividend, to Yield 8%> ' The icaality of this issue will he approved by Messrs. Gaston, Snow, Saltonstall L? Hunt of Boston. and by Charles V. S'todd?rd Esq., of Greenfield, the Company's Attorney. The company's accounts are regularly audited by Edwin S. Doubleday, C. P. .!.. of Spr'f.gficlJ, Mass. Tucker, Anthony & Co Members New York and Boston Stock Exchange? INVESTMENT SECURITIES 60 Broadway, New York BOSTON NEW BEDFORD PROVIDENCE , advertisement Is not /fuaran'.??e,l by us. but tins b?en obtained from lo^rcji w? b?liers to b? accu.rs.ts 18.31<1. Sales, 4,000 bales. American. 8,00ft. Imports. 2,000; non? American. Futures opened easy. 44 to 09 points lower, closed easy at ? net decline of 40 to 9$ points. October. !S.25d; December. 15.06d; Janu? ary. 18.93d; March, 16.68d; May, 15.40d. Manchester: Tarns dull and easier; cloth? dull. Cottonseed Oil The market wu dominated by th? pro? nounced weakness In the. grain list, as well aa in the lnrd and hog products In general. There was very h?a.vy selling: throughout tho dpy and price? expert enced a perpendicular drop of about 50 points, closing with net losses of 38 to 4? oolnts. Total sales for the day were ' 15.600 barrels. The rango of prices follow: S&turdav'? Open. High.Low. Close. Close. Spot...- ??-13.00 Oct.... 12.75 12.75 12.76 12.60?P12.85 13.00 Nov_ 12.56 12.5? 12.66 12.50% 17.70 1?001 Dec... 12.?9 12.fi? 12.42 12.54013.66 IT.92 .Ian.... 12.76 12.70 12.40 12.47?12.49 1J.92 Peb-?-12.46?12.60 Mar... 12.70 12.70 12.48 12.66@12.61 13.01 April...-12.66@12.70 13.00 May.... 12.70 12.70 12.70 12.66@12.76 13 10 Refined Sugar Drops Again; Demand Light] Current Tear I pricey. ago. i Sugar, granulated, lb .... 1 ".so?^- ? Coffee, Rio, Xo. 7. '?"it?-IS Coffee, Santos, Xo. 7.229? ? 23"? 25 Raw and refined sugar prices con-j tinue to tumble, and yesterday one! lecal refiner reduced granulated sugar' to 12l2C, less 2 per cent for cash, with other interests expected to follow im? mediately to the 12%c leve!, if not a1 hah" cent lower. Raw sugars have now declined to a basis to ?make it possible for retin?is to sell at ll'/?c, less 2 per cent, and it is thought that before the week is ended this may be the new price. There were sales of full duty sugars at 7'ic c. i. f., Porto Ricos at 8.51c c. i. f. and Cubas at 7%e c, and f., and at the close of the day further small offerings of full duty paying sugars were available at 7V4c c. i. f. without, securing buyers. The demand for rctined sugar con? tinues a disappointment to refiners. Wires from the Middle West state that Michigan-Ohio beet granulated has been reduced to a basis of 12.40c less 2 per cent for cash. Sugar future?. The sugar futures mar ket opened at declines of H Lo z? points, anticipating the break In both raw anl refined BUgar. This was followed by a rally on cover? ing and the takln? . In of hedges acainvt the sales of full-duty sugars. Fi? nal prices were Irregular. 5 points net lower to 10 points net higher, the rela? tive weakness being shown In the spot month. Rangs of prices follows: Saturday's Open. High. Low. Clogs. close. net_-? - 7.40? 7.46 7.4 5 Xov... 7.3 5 7.60 7.26 7.55? 7.?,'. 7.50 1 ec 7.25 7.10 7.25 7.50? 7 7 7. 7.40 Jan... 7.05 7.40 7.05 7.30? 7 40 7.25 Mar. . '. 7.16 7 40 7.1(1 7 30? 7.35 ;.77 Apr 7.16 7.16 7.1fi '. ': . w 7.4(1 7.20 Maj 7.73 7.70 7.77 7.40? '. ; ( ofl'ce Futures l'esterday's coffee mar? ket was reactionary. During the lat< af? ternoon trade interests began to cover and prices rallied, closing al nel losses f.he day of :; io 9 points after showing losses of 10 to 15 points earlier. There was no special feature in connection with market new s n rid I he roi unie of 1-;:--. i. ? light. The local spot demand continues I prove and this feature ?s beginning t attra I ?.le attention on the Ex hi age The i a nge of prices f ? Saturday'. Open, High. I,ow. Close. close Oct ' 19? 7.21 ~ -" Xo\ ? 7 39? 7 41 7.4 I ?ec 7 60 7 70 7.54 7.7:1 -u 7 6 ! \ 6 Jan T.76 7.?0 7.74 7.70? 7.7* 7.S, F>b ? 7.93? 7 94 S.O Mai S 10 8.10 8.02 8.09? 8.10 8.1 A,,, S.I 3(g 8.20 S.7 Ma\ 8.30 8.35 8.23 8.29(? 8.30 S.3 Juiii 8 39<fi v 10 - I i-, S 17 8.50 .?.40 S 19? 8.51 8.5 .... 3.54? R.56 S. 6 x 59 <i 8.01 S 6 ,\nc Wheat Price D?ops i Below $2 a Bushel As Pressure Grows j Futures Sell at New Lew Lev? els of Season and Far Un? der Old Government Min? imum Guaranteed Figure The downward readjustment of val? ues which has been apparent in many commodities has now extended d?fi- i nitely into breadstuffs, and the wheat! market yesterday_ sold at the lowest! point of the season and at the lowest figures since 1917. December and i March wheat in Chicago declined to below tlie $2 mark, selling at $1.95 and: $1.91, respectively, and closed at the lowest, with net losses for the day of 12 U to 12 "?c. At the low point the market was 80 to 85 cents a bushel under the initial quotations registered when trading operations in wheat futures was re? sumed, on July 1."). The price was also 31 to 35 cents under the old govern? ment minimum price in the Chicago market, while in Minneapolis cash prices were 11 to 14^6 cents lower, with No. 1 Northern 19 cents under the government price in that market. There was a universal lack of confidence, and values simply faded in the face of what was considered a Luilish statisti? cal position and also a strong technical situation. Foreign buyers, who have been one of the main supports to the market, ap? peared to have entirely withdrawn, and there was an absence of export inter? est, with some little intimation of a ten? dency to resell in some of the foreign markets. 1 rices have declined so rap? idly of late that the trade is completely demoralized over the situation. Some leading operators believe that the mar? ket will come hack Later, as a vast amount of wheat has been sold fo? shipment to Europe against which pur? chases of futures have been made, but others who have made a study of mar? kets for years declare that prices can go down and stay down in the face of conditions which appear absolutely contrary to the action of the market. In the local cash market No. - red and No. 2 hard were ouoted at $2,528 c. i. f, track New York. Sharp Break in Cash Corn as Crop Improves The corn market was under heavy pressure throughout the day and prices were at the lowest, point, closing with net losses of l"'sc to 5c. (.'ash corn throughout the West broke sharply, and aside from all the bearish theoretical conditions which have In ought about the decline in other commodities, the corn market has to contend with large supplies. The visible supply increased 2,-182, 00(, bushels for the week, and the total is now 7,587,000 bushels, compared with 2,163,000 a year ago, Moreover, the prospects are favorable for a record new crop. B. W. Snow made the condi? tion on October 1 87.6 per cent with an indicated yield of 3,162,000.000 bush? els, or 31,000,000 larger trian the last government figures. He also said frost did only a limited amount of damage and apparently the crop has liatured with only a normal amount of light or soft corn. In the local cash market No. 2 yel? low corn was quoted at $1.20, and Xo. 2 mixed. $1.19 c. i. f. N%w York ten days* shipment. Yesterday s Previous Tear X"w Tork: elose. close. ago. Xo. 2 yellow.$1.20 ?1.27 J '\ Chicago: October.to ?i ?o.lfi ti.35\ December.85"? 90% 122:? Oats--The oats market was easl?r in sympatbr with wheat and com and under scattered ?flhut: on >i bearish era! conditions. The vlsibi- supply In oreased 2,402,000 bushels for the and the Snow estimate placed the crofc at 1,437,000,000 bushels, or only 7. bushels less than the last govei ligures. In the lucal rash mark. t Xo. 1 white -was quoted at 67i-; Xo. 2 white. 87c; Xo. n wi-.it.-, 66c; No. 4 white, ?::,.-; fancy clipped whit", 70 to 71c; ordinary ? white, 66. all elevator. T?st?rday'* Previous T->ar Xew Tork: close. close. ago. Xo. 3 -white.?0 60? ?? .66?.?7 .!-'., Chicago: December.r.4", .57?, .70% May . ?> .?1% 7 . Rye? Market -weak. Yesterday's Previous Tear New Tork: clos? elose. ago. Xo. 2 West.I1.95V4 ?1-99 II Flour and Meal?Quotations were: Yesf-rday's Previous Tear close. close. *go. Spring patent. tll.00?12.00 S11.60?12.60 $12.10? *? Cornmeal. 3.60? 3.70 3.60? 3.70 "SOW Rv? Hour. 9.50@10.00 ?.75010.10 7.25? 7.50 Bran. 62.00? ? - 52 00 <r 4 1.00 g Butter. ( heese and Eggs Butter?Receipts, 6,677 packages. Cream? ery, higher -; . lb, 63?63',4c; ex tras. 92 score, 0J'_. . firsts, 90 : ? 91 score, 77'-. ?? ?? ??-, firsts, *s to s? score, 51*i@54c; seconds, 83 to 87 score, 47%50c; lower grades, I - \. H Danish casks 'i77'-ji , unsalted, higher than extras, 6* ?66c; extras. 63 ? >'? t. . I 61c; sec? onds. 48?51 Stat dairy tube 60?61c; g.'? '?< prime, 54 lommor to fail, '.. .' 53c; i is, E 2c current make, firsts, I3?43,<<>c *. conds, 4" <? 10 v . ?-.-. er gi ades packing st ? ? ., cu rci I ma ??-.-?. Mo 4 Xo. 2. 39c . low er gi ad -a. 36 ??? !8c. Cheese?Receipts, 2,620 boxes. Stat< milk, fresh or held flats,1 colored or whites, Ib, 28V? s*'29>..?c; average run ? : - lo. ... - s, 20? 26 "?c twins fresh specials. 28 U ? 2S '?c; average rui white or i ilored, 27,i>0ZSc; Wisconsin ; wins, _?>, ? ??' -, ? ngle 1 'a-..^:- - ? ? ? ? d luble Daisies fresh, 27'.? ?2SV?c; ?oung \r rica ?9c; -:;;?.?-. he d, ?;.;a;?. lS?j io< fresh specials, 16>-??1?': ? prl .* to choice ::.-'(!',..?; r,ii:- :-i good, 1 7 ?; : 4 ? *c ; lowei - 7 @ 10c. Ear??Receipt*. ?:.15l> cases. Freak rstJi? stras, dosen, ?;7<f?gr; *xtra flratu, 64*66e; first? m-cin^ii, tSUTEic: No. l. 49*?le: check*, fair to ry, 46*47 refrigerator, ?ayeclsl marks, fancy, vests. ???S4'??c; recouds, 41? ii 52c. stuc-, Pennsylvania wl Western hennery whitest entr?is, J' 992c; extra ft rat a, H0Nc; firat?, 62-?*7e. d whit??, firm.? to ?-tira first*. 12 '-/??i'-. u- Coas* ?- ? ? s. ras, 's I ? ?i ?s-*. *7 # SO? : first-?. ??O-iigCc; uri'l-- . 'il^ic: other Western at- r JOc; *t?tr, Pennsylvania an?? Western hennery browns, extra?. gathered brown an?! mixed <jolor?. graded ? ?'.rag, 67@?68c; firsts to extra? firsts, 39??66c. Livestock, Meats, Provision? Testerday. T?ar ??o. Lire be? r rali te lbs ?11 OTJID 75 I?S 25*1? 16 Dressed beef, # b. . .14-ff .21 .14? .26 Liv-s ? ; rim?, .... 14.00S21 i(> 17."0*24.?? D r es s e <i veal, b.7J 1 33 .24* .81 7.1V lbs. 7 ?0*r 70? 4 S?fc !.?? ' . .01* ,1S 0?8 .1* Li ?? " la tq prim? . : 09 ""IT IS.!? Di ? ssed I a ?i b -\ lb.16 .200 2? : .- lOfl :?' l 16.09* l<fc?S . 43. )$} .M.-KS !,?? '. bbi. . i.ard. West. 100 lbs.. 19.2?*l>-35 :v05*.U.U Pitteburgh & West Virginia Stockl lera ? E the Pittsburgh ? West Virginia Railway Company have be.'ii called to a special meeting on No? vember 15 to vote upon the proposed acquisition of the West Side Belt R;u' road, an increase in the capital stock by 7-1,UOO shares an?! a division of th? new issue into 30.000 shares of pre? ferred and 44,000 shares of common. The contemplated ?.".crease of $7.400, 000 in ihr- capital stock of the Pitts? burgh & West Virginia is for the con of the acquired company's lia? bilities, which are in the former's hands. They eon-:,- 0f $1,080,000 cap,tal stock and $6,320,000 in advances. Affirmative .-iction by the stockholders will be foi lowed by application to the Interstate Commerce Commission for authority to put the plat', into effect. FREDERIC H. HATCH & CO. Bond Department Adams Express N. Y., N. H. & Hart. R. R. 4?, 1947 4s, 1922 American Gas &. Electric Oregon & Caiif. R. R. 6s, 2014 Ss, 1927 American Water Work? & E!. Peoria Railway 5s, 1934 5s, 1926 Bioomington, Dec. ?& Cham- Portland General Elee. paign R. R. 5s, 1940 5s, 1935 Denver Gas & Elec. Portland Railway 5s, 1949 5s, 1930 Elmira Water, Lt. & R. R. Providence Securities 5s, 1956 4s, 1957 Great Western Power Sierra & San Fran. Pow. 5s, 1946 5s, 1949 Houston Gas & Fuel Southern Cal. Edison 5s, 1932 5s, 1939 Hudson Navigation Texas Pow. & Light 6s, 1938 5s, 1937 Montreal Tramways Wichita Falls & N. W. R. R. 5s, 1941 5?, 1939 Our comprehensive records and extensive connections enable us to quote promptly a great variety of bond issues. FREDERIC H. HATCH & CO. ESTABLISHED 1888 74 Broadway , New York Telephone Rector 6340 Wire Connections Boston, Chicago, Philadelphia, Montreal Pittsburgh $4,000,000 Massey-Harris Company, Ltd. (Canada) Massey-Harris Harvester Co., Inc. (U.S.) 10-Year 8% Sinking* Fund Gold Debenture Bonds Dated October IS, 1920 Total authorized and issued $4,000,000 Dae October 15, 1930 Principal and interest payable in gold in New York. Interest payable October 15 and April 15. Coupon bonds of $1,000 denomination, with provision for registration of principal. Redeemable as a whole at 107 and interest on any interest date on thirty days' notice. The Companies agree to pay the United States Normal Income Tax up to 2% per annum, if exemption is not claimed A gin king fund of 10% per annum of the total amount issued is provided to purchase bonds in the open market at or below 1021j and interest. If the. full amount to be redeemed cannot be purchased, bonds will be drawn at 102 2 and interest to complete the sinking fund of 10% annually. UNITED STATES MORTGAGE & TRUST COMPANY, NEW YORK, TRUSTEE The following information is contained in a letter to us from Mr. Thomas Findley, President of the Massey-Harris Co., Ltd. The Companies and Their Business ? The business carried on by the Massey-Harris Co.. Ltd (Canada) was established in 1847 and the company is now the largest manufacturer of agricultural implements in the British Empire. The company operates throughout Canada, and has a large business in Great Britain, Australia and other parts of the British Empire, and in Europe, South America and Africa. The business of the Massey-Harris Harvester Company, the United States subsidiary, was established in 1850. Control was acquired by the Canadian company in 1910. The two companies have since been operated under one general management. Combined Sales and Net profits after deducting interest, taxes and depreciation, have been: 3alea Net Profits 1915 $11,529,000 $1,399,000 1916 15,182,000 1.857,000 1917 17,962,000 !. 858,000 1918 17.500,000 2,020,000 1919 22.702.000 ?1.984,000 Interest on these bonds, constituting the only funded debt of the companies, will be only $320,000 per annum. Net Profits for the current year are expected to exceed those of last year. Assets of $7,646 Per Bond?The balance sheet shows net tangible assets of $30.584.696, or $7,646 per $1,000 bond. Net current assets equal $22,912.454, or $5.728 per bond. Restrictions?The Trust Deed under which the bonds are being issued is to provide that the companies shall not authorize any mortgage or issue any bonds or other obligations prior to or equal with this issue, except bank loans maturing within a year and purchase money mortgages, at not exceeding 60% of cost Maintenance of Assets?Net tangible assets as defined in the Trust Deed must be maintained at an amount equal to at least five times the bonds at any time outstanding and current assets, as similarly defined, must equal twice all current liabilities including outstanding bonds. 23' Year Ekviaend Record?Cash dividends have been continuously paid by the Massey-Harria Company, Ltd., since 1897, at not less than the present rate of 6% per annum. We offer these bonds, when, a? and if issuer!, subject to approval of all proceeding by our counsel, Messrs. Cadwalader, Wickersham & Taft, and of audit by Messrs, Price, Waterhouse ?> Co. Price 100 and Interest Win, A. Read & Co. Nassau and Cedar Street? New York Chicago Philadelphia Boston The information cor.tatned in tils ad /ertisemsnt his been obtained frsm sources which we consider re?sble. While not guaranteed, it i? accepted by U-? ?3 accurate.