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W. F. Ladd & Co. Investment Securities New York Write for Booklet 446 A new financial booklet has just been published by S. W. Straus &. Co.- -the House which has a record of 38 years without loss to any in? vestor. This booklet shows how you can secure complete, safety for your hinds?and the best interest rate compatible with such safety?together with a thorough investment service rendered w i t h o u 1 charge, i ou cannot afford to he without this booklet. Write today for BOOKLET B-445 150 Broadvay, New York -..'; 8064 38 years without loss to any investor Hart Oil Corporation CLASS "A" COMMON 8TO Dividend Rate 18% Payable l*/?% Monthly Owns Roya!tles and Oil U mores tha , '. i0 i - - uted over proven 1 ridge a- 1 nest pn ?I TvellH completed; many drilling. I.er<rt> Expansion Program. Civ.-j ?- BT on request. Shares $1.50 Lach L. A. HUGHES & CO 1 0 Broadway PI ? ? Re? tor fin Liberty Bonds Bought?Sold?Quoted John Muir 3 (cl Member-, New York Stock Exchangt 61 Broadway New York ? I "The Oil Industry Iwrotw) to th? lnt*r?*t of I/.-, ??tura hi ell Mcurltl?s, PuhltfbM aioawly. Ft-?? oik itxiutmt R.C.Megargel&Gs :-?Pine Street-No/Y&rk Railroad Credit Must Be Improved, Bankers Are Told Investment Committee As? serts Main Need,la Ability to Borrow Capital Read? ily and Economically BOSTON, Oct. G. The committee on railroad securities of the Investment Hankers' Association of America in its report submitted at the closing session of tho Bankers' annual convention to ony said that tho logic of tho rnilrond situation pointed unmistakably toward consolidation. John E. Oldham, of this city, n mem? ber of the committee, said he believed th? development of a national system ot transportation along tho lines o? consolidation of tho railroads into ? limited number of strong, competing systems to be both practical and de sirable. He expressed the opinion tha with the cooperation of all interest, involved, such a system could be estab id "without disturbing the rela tionships of ownership and contro which now exi.,t." "Such a system once established," h said, "would greatly simplify the prob lems of regulation, and many of th problems which have been the cause o : much misunderstanding und agitatio: | in the past would automatically dis appear." He said the weak railroads phoul I I e made financially strong by re tmenl of their capitalization t ? approximate value of the propcrt rate-making purposes. Add'm ! al f c railroads as a whole were no on their way to prosperity. Allan P. Forbes, of Harris. Forbes . Co., chairman of the railroad commit tee, who signed the report, declare thai the railroad problem cannot I lered solved until it is clear thi ?mIs have re-gained the abilit to raise row capital both readily an - imicnlly. The government bond committee r< I that it has been carrying on m gotiations with the Treasury Depar m ??? and the Attorney General lookir i the adoption of measures to contr activities of scalpers and othe : : ling unfairly with owne: of United States government securitie \ ' '. no (legislation has been s cured to this end. tho association wi the problem had been met by pr poj ilar understanding of tl of Liberty bonds and Victo . and through the Federal Tra> nission's efforts to discourai ? iblo promotions which a ted to cause investors to part wi d ' ngs, ild Stanley, vice-president of t' anty Trust Company of New Yoi report as chairman of the coi - m industrial securities, told t investment bankers there was no que tion "thai as a result of the past e cesses and faults of regulation, a consequently limited character of railroads and pub ta) has preferred to industrial securities." Analysis h shown, hes said, that in a period of a vancing money rates industrial cree cl least in the three class bf t ixabli secrurit ios. In discus ing the different characl trial securities offered for : tment Mr. Stanley said: "Any co panj \ hich speculates in the mark ther r its raw material or its f lucts, and to such an extf olvency, forfeits : to investment capita) regardle . ?real :' : earnings as result 'ortuna i t one is of i '????? char; ter. An investor has every right expeel that a comnany in which be 1 ed i;;s funds will attend strictly its legitimate business of produci ? its products, and thai minimum its forward je ; ; for raw material and its sup of :.: i ihed poods." _ New York Metal Market On the New York Metal Exchai dull ; nd weak, with Class 13 . 13.75? ; Class 13, -11!. . and Straits shipments, 4 .. i ? m , dull; spot, October, and December, .18c asked. L York spot, 7.70c, and T ? 7.1 ic. Zmc dull; > .. spot, 7. i0c, and Ka.st St. Lc -. 7.50c. metal prices follow: dard, sp it, ?269 10s, and futu .:",', 10s, with sales of 100 tons f 100 tons fui un s Copper, Bte I ot, -. '/ 10s, and futures, ?97, \ - 150 spot and 600 tons futu C spot, ?112, anel futu '. . Lead,' spot, ?3 I Ids, and futu 7s 6d. Zinc, spot, i"-10 12s (id, . ?41 15s. The Day's Bond Market U. S. Government Transaction? f?ales. Liberty 3%s, 1047. $928,000 do lut 4s do 2d 4s. 194:t. . do 1st 4'',s, 19(7 do 2d 4V??, 194 do .-1,1 4 Un, 192g do 4th 4 % Vlotory 4%s, 11>21? do 3 94B. 1023. . . 36. 1,000 8,0110 121,000 1,589,000 R 02,000 4,2S7,00l) 697.000 1,Oil,000 Quotations High. Low, East. Liberty 3%?... .92.66 92.00 92 on do 1st 4s.88.B0 88.B0 88.B0 do 2d 4a. ......89.60 89.40 ?9.Ti0 do 1st 4 %rf, . .90.20 89.10 89.20 do 2d 4>,ta-811.80 89.30 89.34 do 3d 4%8. ...91.08 90.66 90.Ml do 4th 4 Vis...89.80 89.32 89.40 Victory 4%n. .. .96.80 96.50 96.64 do 3%s .96.80 96.50 96.80 Bid and Asked Quotations YI-M. 3.94 4,80 4.88 4.S8 5.05 6.6B Not chge ? .50 + .1 -(- .1.0 ?1.00 + .14 Closing Liberty Bonds. Yesterday. 3%s, 1947. 91.90? 92.10 4s, 1947.. 2d 4s, 1942. . . 1st 4>4s. 1947. 2d 4'is. 1942. 3d 4%8, 1928. 4th I',?, 1938 Sn.OCtf 89.40 ..88.10? 88.80 . 89.1 8.'if 89.40 . 89.34? 89.44 . 90.64 ? 90S.) 89.40-?? 89.50 Vic. 4 %s, 1923. 98.60? 9H.84 Vic 8%8, 1923 98.80? 98.SS Pre-war issues: 2.1 reg., 1930_101% ?102 2s coup., 1930. . 101 % SB 103 as reg.. 1946. ... 89 ' ? 92 38 coup., 1946.. . 89 (if 92 4s ret, 1325. . .. 1 05 % ? 1 06 up 192 . II L's l'an 0, 1936.101 HO. 101 l'an c. 1938. 101 Pan r, 1038.101 7 11s Pun reg. . 2s Fan coup.. I'hll. 4s, 1934. Phil. 4s, 1935. Phil 4s, 1936 1>. Col 3.S, 196 77 4? 106 @102 ? 1 n 2 ? 1 (12 @102 ? SO @ 8 0 ?(i S 5 Closing Tuesday, 92.60? 92.70 90.00(if 00 B0 89.00? 89. 90.00? 90.50 89 22 ? 89.30 9o.:?o?(i 90.70 89.20? 8;>.:?0 96.50? 9 6.60 9'6.58@ 96.70 101 %?102 101%?102 ?9 ? 9 2 8 9 ? 02 105'.i ? 106 105% (<i 106 101 ?102 101 101 101 77 ? ? ? 95 Foreign jovt. and '".unicipal (Interest To Be Added) Bid. Anglo French Extern, 5s. 1920.. 99' Argentine Intern Bs, 1945. 69.'.. Kingdom o? Belgium 6s, 1921.. 99',* il> 6s, 1 925. 91 % do : '?-H. 1946. 98% Canada, Dominion of, 5s, 1921. 98% <lo notes, 1921. 98% do 19 2 6. 90% do 1929. 92% do 1931.90% Chinese Govt llu Kug Ry 5s '51 43 Cuba Extern 6a,. 1944. 83 do 5s, Series A, 1949.? do 4%s, 1949. 68% Dominican Roil 5h, 1958. 81% City of Lyons 15-yr f.s, 1934.... 86% do Marseilles 15-yr 6s, 1934.. 86% do Bordeaux lb-yr 6s, 1934.. 86% do Copenhagen 26-yr 5%s, '44 77% French Oovt Ss, 1st Issue.101 French, Parla City 6s. 1921.... 94% Govt of Switzerland 8s, 1921.. 103'4 Jap Govt 4'.ja stlg loan, 1925.. 75% do 4 %s 2d si-r, 1925. 75% do 4s strlg loan. 1931. 58 do Tokio City 5s, 1952. 51 Vn K lit I! & Ir 6-yr 5%s, 1921. 98% do 3-yr 6%s, 1922. 96% do 10-yr 5 %a, 1929. 90 % do 20-yr 5%s, 1937. 88% Mex Extern Btrlg Bs, of '99-1945 43 % do gold 4s of '0 1-195 1. 35 King of Italy 6-yr 6%% gold b. ? ?ioa of 1112 ? 102 ? 80 ? 80 np 8 5 <a> 85 ? 85 ? ? Bonds % 10" >i 4 7 0 A 9?% 92% 99 9 8 % 99 9 1 % ?13 90% 4:i% 69% 82 s 3 7S 101% 35 103% 7 5% 75 ? r>8% 64% 9 B % 95% 90% 8X% 44% ::; % 90% (Sales) Anglo-French 5s 2.000. Argem ? ne 2,000. Chinese Ry 3,000. 69% 8,On". ?1 000. 4:;%. City of Copenhagen 5%s 1.000. 77% :.,.1. 77 'j 5,00". 78 I City of Paris 6s 16,000. 94% 1,000. 94% j 75% 50". 7 5% do st Ik loan 4s 6.000. 58% 13,00.1. 58% 7.O00. 58% 3,000.s30f.. 68% : of Belgium s f 7% s .1 1' M reis 7,000.99 % 12,000. 93% 4,001 10, 10. 94' City of Tokio 5s 10,000. Dom Canada I ' noti 3 1921 96% 3 000. 99% 6,000. 99 1,000. 93% do 6s 1325 3,000. 92 6,000. 91% 2. "00. 93 2.000. ?2% 6,000. 92 4.IMI0. 91% do DO . 10,000 . . . 2,000. . . do 5s 1921 3,000. . . 4,000. . . do 2 6 ?,. IRop of 1 !uba 6a I 904 92% ''. *:! <J3'* 2,000. 84% 5 I 8,000. 84% mi-v U K of < ?reat Britain & T 6%s 1921 40.0011. 98% 1.00C 91 % 5 000. 5.000. 91 ? 2,(id0. 91 Dominican R 5s 10,000. 81 ! Fri nch Rep 8s J P ! M rets 8,000.101 %, 17.""".101 % 28 000.101 % 1 1,000.1"! % 7,000. .... .I'll . :'. 000.101% 17,.1.101 V? 6,000.101% X..1.101 % 1,000.?"1 :; 000.101% ?1 000.101% 1 000.101 6,.101% 1. 000.1 "1 Gov of Switzerland s f 8s temp rets 1,000. 3,000.! 03 ''-, 1 ,000 . 5.000.103??] di 13,000. Jap 1st ser 4%a do 5%s 1922 14,"On. 95% 4,000. 95 % 10.000. 9f % 2,000. 96% do 5%s 1329 15,000. 91 1,00". 91% 1.000. 91% do 6 %s 1337 68.000. Si 5.000. 88% 2,000. 8S 1,000. <>" % 3,000. SX 1 0,000. ^s% 1 uf -Mexico 5s . 43% sen.,. 44 9 000. 43% 4:i% ,001 1.000. 2,000 . ? r 4 Vj s 1 000. 3G \ irglnia dfd Gs B II & Co ctfa 1,000.72% 60,000. 72% 1 n 000. 72% 30,000. 72 % 1 0,000. ',':. % N Y City 4'is I960 ,0i 1,000. 88 Railway, Other Corporation* Allegheny V 4a Am Smelting 6s 1,000. 73% 3,000. 1,000. 5.000. 7,000. 79% 7 '% (hist Contents Adjustment Bonds. Annuity Bonds_.,. ?. Assessment.'.... Blanket Mortgage ........... Car Trusts ...'..:,.., Collateral Trust Bonds. Consolidated Mortgage '..'.. Conversion Privilege .. sjDebentures. Development Bomls . Egu?pme?t Notes or Certificates Extended Bonds.f.\ . Firpt Mortgage. First Refunding. Gold Payment ......v.......... Guaranteed Stocks , >...?>. .Income Mortgage ......>....... Irrigation District. Local Benefit ..?.">. Mining Stocks . .???..?. Mortgage Bond* .....;. Municipal Bonds ... ....>. ?. IV.r Value. Philadelphia Plan ........v. Prior Lien.. %...'.... Protective Features. Purcha.se Monty ,... i. purchased Lines.v... Real Estate Bond? ................ Receiver's Certin*cates '., Refunding or Funding Mortgage ... School District.??*.. Secured Note .................... 'Short Time Nota i....~?......'...., linking Fund ...,. Statistical i Department? f.. t. Stock?Common .<*... Stock?Preferred .*. 'Stock Trust Certificates ....."...... Subsidiaries. Terminal Bonds . Trustee .,??????. Unifying Mortgage... .\\... *?. Unsecured Note .-.-- - TT TELLS in clear, concise, non-tech? nical language what Bonds and Stocks are, and of the different types. MARKED for thor ^* oughness and brevity, it affords a complete resume of the First Principles of Eaf?-j Profitable ?ft* vestments. Send for Copy Razier?-Gx 65 Broadway, New York, N. Y. Bread & Sansom St?. 19 South St. Philadelphia. Baltimore, Md 927 15th St. N. W., Washington, D. C. PitUburg Wilke?-Barre Lebanon r.,ooo. 79Vi l.ono. 78% 6.000. 78 in 19.000. 79 Am T ?- T col 5a 7.000. 80% 3,000. K0 s.ooo. 8 o'-j 17,000. 80 6.000. 80% 1.000. 80'4 do ovt e?H 1.000. 96% 1,000. ?g? I 9.000. 96% 1.000. 96% ?,000. 96 n, 2.00e). i),; i, 4,000. 96% 20,000. 9l; Kj do l '?-, ?. 1.000. SI H do col 4s 4,000. 77 Armour & Co 4%s 2,000. ... 70 1,000. 79% A T & ? K ^n 4s 2,T)00. 77 eu, 1.000. 77 ii? 10.000. 11.000. i.orei.j_ 2,000. 77 3.O00.S30?. . 77 6,000. 77 16,000. do ?fn i 3,000." 77 do ovt 4s 1955 2.000. 74 \l 2.000. 75% 2.000. 75 3.000. 76% 10,000. 75% do rf? 4 Vin 10.000. 65'4 16,000. 85% 11.000. 65% 3.000.... 86U 17.000. 65 % 10.000. 66% Ken Is ir A 77% 77% ??5 4,000. 73^ do ad i 4s stamped 3,000. 73? 2.000. 73 ' 1.000. 7.1 % Atl Coast L 7s J I* ' M rets 4,000.101 % 1,000.101 1,000.101 % 0,000.101 5.000.ion; J.000.101 % 6.000.101 'i do unified 4%s ! ,000. 7S do l.?t )n 4s IS V4 do Halt ft 72 90 M 5,000. 71 do 4s 1925 9.0 00. 79 i 10.000. 7974 31.OO0.s30i.. so' 1.000. so 5,000. go H 1,000. 80% 2.000. 8 0 '-? do deb Is 1934 * 5,000. 66% 8,000. 66% 2.0O0. 66 '?? 16,000. 07 ' 5.O00. 07 % do 8%a 10.000. 61 C & N \V 7s temp rets n.onn.i on i^, 2,.'.103 do gen 5s 3.00O. 95 % C It I ft P gen 4s 5.000. 7 1% do rig 1? 10,000. 70% 1.000. 70% 10.000. 70% 1,000. 70% 1 0,000. 70% 10.000. 70% 10.000. 70% 2,000. 71 2.000. 70% 1.000. 70% 15.000. 70 % l.OOO. 70 Chin 1'n Station f, '?s ser C Interim rtfs l.ooo.104% do 4 %s sor A 5,000. 78% 20.000. 7 8 % C & WpbI In.1 4s 2.000. ?3 Chile Copper 7s 5.000. 96% do 6a 25.000. 73 U, eihlo us 7,000 . . . 18.000. 1,000. 901." 3.000. 90% do i'fg^^H .. 76% 1,000 4 000. 73 fi.OftO. 73% Col 111.] list rial Ga 1.000. 73% Col & Su 1st 4a ^^^^^^^^^^ 4 000. 81 30,000. 77%! do 4'-s 18,000. 76% 4,000. 78% 6,000 1,000.. . . do nvt 4%a 13,000 . . . 1,000. . . . 1.000. . . . 5.O0O. . . . 1,000.... 5,000. . . . 2 5,0 0 0. ... 000. . . . old 4a 1.OO0_ 9.O0O. . , 1.000_ I 3%8]_ ?,000. 33% do Pwn 3%a Comp-Tab-R 63 76% 1,000. 8 0 Con Gas temp 7? do do 7 5 74% 75% 71% 73 * 4.000. 77 do Vllta L E & W Va 4 a 4,000. fiS 1 2,000. OS 83.000. OOO. 99% 26.000.100 |,( 10.100% 10.000.100% Cuba c.i 1 .?? sugai c-vt dob 7s 1.000. 92 2.0(1(1. 92% Del R IT ovt 5s 2.0OO. 87% Den & it e.; 4%? 1,000. 71% do con Is 6,000. 67% do rfg 1,000 . 1.000. 1.0 54 5 ???: 10 000. 53 2,000.s30f.. 53 88 % Detroit I' Rys 4%s I2.OO0"".. 58 L , 1.000...... 61% Bell Toi o? Pa 7s J pErl* '" u ''' llen 4 M rets when issued 45,000. 97?? SO.Otm. 971 1.000. 97. 23,000. . 97: 1 3,000.. 97 j 28.000... 07 3 :.. 0 0*0 .... 961 10.000. 96f 1,000. 69 14 do gen lien 4s 6,0O0,s30i.. l.uoo. 49 4,coo. 1,000. :vl 4s ser A ,000. . . 42,000 . . 15,000'. . 10,000. 0.000..' 25,000. . . 10,000, . . 2,000 . . , 10.(100. . , 9 6 % 96 % ?0,000 . 2,00 I l.Ooo. 60 49% 4 9 % \ 4 0 ?I 6 % ,-t 4s ser H 10,000. 9714 IS.000. 977^ 2,000.97% 10,000. 9S ' 3,000. 97 i? % 1.000 3,000 5,000 21.000 do ovt 4s ser 1,000. El Kin Jei .*i E 5s 7 0 (. (?en El. u deb 6a 1,000. do ni ?j 5s 2,000. : <Jo 3 %s 2.'ju0. 16 '4 46% ? * 5.0 0 0 15.000 ] . 1 o.OOO. , 8,000. 10, 100. . 15.0(10 . . 2 000.. 2,000. , Ui.i.'iO. ,_ 1.0OO. 97 20.000 3.000, . 10,000. . 25,000. . IJH_ 97% Georgia .Mid Ja 97 '-. 1.000. 49% 97 % Great Ni rthern 4 '4s 97% 1".. 84% 97% G 'toy ,'.- w deb 11 97% 1,000. 12% 97 % Havana ISleo 5s 97% 2,000. 7 7 97%'Hud & ?1 rfg 5 s 97%? 2,000. 61% 1,000. 62 3 0 000. 000 . 0 , 97% 9 7 ' ? 97^; 97U 97% 97', lO.f 15.000. 6.000 . 6,000, 1 000 . 3,000 lo.ooo 97 v. 1: 10. 97 V, ??JH 97% 9 7 9 7 Vi 9 7 J. 25V? B.OOO. 25% 18,000. 26 Illinois central 6%a V 5.0U<1^^^^ do 4s 1952 8,000. (10 4 m 1 .. 5 3 1 000. do 3%s 1952 1,000. 65 I. it N O 92% 72% 71% do S 000. fi 2,00.1. I 5,. 97% 12.000.". 83% 6,000. 97% lud 111 & Iowa 4s 2.000. 97% 7.KO0. 72 1,000. 97% [Interboro-Met 4 %a 1,000. 22% 1,000. 22 29,000. 20 6,000. 20% 20,000 . 20 'i 16,. 20 do ii :.-< of depoait 19% 000. 9 7 % 20.000. 97 yf 7,000. 97 .\g O.O00. 1,-,, ! ,000 . 97 % 5.000. 97% 4,niu).' 97 94 1,000. 97 % 5.000. 07 ju, 4,000. Ileth Steel rix ?U>0n. 2\0no. il,000, 19 97%Unterboro U T rfg , I 22.000. 77 7i 32.000. 101). 77% _^^^^^^_- 78 % do p in 5a ?l.Ooo. 77% Bradeti Copper 0? 26.000. 90 Brooklyn Hap T 4a 2 000. 28% do 7s 1.000. 4,2 42% 1,.). 1 0,000. l.Ooo'. 19,.1. 16,000. s!.l! i 1,1 00. 10,.I. 6,000. 2.000. 55 tnt M.i .Marine 6a 15,000.a30f.. 82% 6.O11O. s2% 8 2 % 5,000. 14.000. 4.000. Canada So 5s ' 1.000.. . "0 Cen of Ga Ky 6s l.Ooo. 90% 1.000. 90% 1.000. 90 Cen Pnclnc gtd 4s 21 .1. 75 10,1 (.0. 74i4i 24,000. . 73,ono. 75 , 1.,,-,. 32,000. 74% Iowa c< ntrai la C entrai Leather 5s 2 0 I0. . 5.000. 90% ' ? 7.(100. . 6.000. 90 U, Ches ? uhlo eon M_ . ))>^|})>^|})>^H 23,000. 9i% (Cansas City So do ovt f,s 6 .1 35.000. S7 2.000. . . S7 ! 000 ... 87% 16,000. 87U 1.000. 87i| ' 000. 87% 11.000..., 87% 9,000, . . 8711 6,000...'. do gen 4%s 10.000. ?S 0.0'10.\ 79 dO CVt 4%3 14.000. 77 C & Alton rfg 3s 1.000. 4S ?a 54' I2.O00. l-'l S I - do 3s 82% S 2 l ? 8 2 \ 8 2 % 4 : -, 4S I? % 30, Kati 1 'i 87 .000. .... 5;,% l e r m ?! s 26. '3% ?Lack Steel r,g 192 91% do : Us 1.000. 30% 1.000 40 1.000...;;; S9%i 1.000. 40 c n & Q ?jen 4s ] 0,000 sfif. . . SO1 '1" Illinois 4s '-' n"0. m do Illinois 3%s . . 7 2 % do 14,000, l.no ! 01 I, E _ G.oo'ciiiiiiiiiS do 2d 5s 1 000. 68 Lake ? - : ? gen 3',3i9 ? s.'IOf.. 7-1 1,000. 701 21,000. 70 do 4a 192S 2.000 .... 651 Lehigh Vail ?-.- 6s 0.98 Lehlgh V N Y 4 s s . 72% 1.100. 73 T_ do lint 4s l.OOO . : ) ?( 10. 9fi % l.ox .v East 5.000. 96 tjj^^^^^^^ 23.000 96 4 3.000. 96% I 0.000. '"j ? ? 24,000 . 96 25.?oik. 96 '-? 6 ooc. 96% do lolnt 4a re? 2.000. 95% C A- K 111 rfg 4s S, 0 0 0. 37 do ct fa of depoitt ! 20.000. :: -, v Erl? 1st Ea on .... 8i Gt Western 4s : ?no. :???-.? 2.000. Louis .'.- Nash M rots . 88 s J 1 2,000 3,000, C A Chic do unified 4a 25.oi.il 2.0O0 2.00a Manila;! an Ky 4s 12.000 . Mldvale Steel 6a ..103% .103 .10:;% . 103 83% *3% Minn & Ht I. n 77% ?4% 1.000. 57% 1,1. 5^% l.uoo. 6S%' C M & St I- cvt 5s eer R l.OOO. 76 16.000. 75% 56% ! ' <A 2,000. 49% 8.000.'. 49 1,000. .i>% 1.O00. 75% M St P & S S M 4^ do gen 4%a 2.000. SO 28.000. 79 M K * T lit Is do ovt 4%s S.OOO.a?Of.. K2 1.000. 74%l 2.000. 62 10.000. 71 40.0 lO.aSOf 61% NEW ISSUE $25,000,000 Grand Trunk Railway of Canada (Canadian National Railways System) 20?Year 7% Sinking Fund Gold Debenture Bends The Dominion of Canada Guarantees Principal and Interest by Endorsement Dated October 1, 1920 Due October !, 1910 Principal and interest payable in gold in New York at the Agency of the Bank of Montreal Interest payable April 1 and October 1. In coupon form of $1,000 witb provision for registration of principal. Authorized and Issued $25,000,000. Callable a? a whole after October 1, 1935, at 102% and interest on any interest date after 30 days' notice Central Union Trust Company of New York, Trustee A Sinking Fund of $500,000 per annum, available semi-annually beginning April 1, 1921, is provided for the purchase of Bonds in the market if obtainable at or below par. If Bonds are not so obtainable during the succeeding six months, the unexpended balance reverts to the company. The bonds are not callable for the sinking fund. These Bonds are the direct obligation of the Grand Trunk Railway of Canada, which die Dominion of Canada has agreed to purchase and merge with the Canadian National Rail? ways System owned by the Dominion of Canada. Price Par and Interest Wm. A. Read & Co. The National City Company Guaranty Company of New York Blair &. Co.? Inc. Lee, Higginson & Co. Bankers Trust Company Continental and Commercial Trust & Savings Bank The information contained in this advertisement lias been obtained from sources which wo consider reliable. While not guaranteed, it" is accepted by us as accurate. (??Jeti having been received in excess of the amount of the above issue, this advertisement appears as a matter of record only 10,00n. tu D 2d 4s 15,000. 4: , rtg la 3, ? 0 il. 52 i. ... o , 1 o|o I. 118J fl J n ' ; 82% 8 2 -., 8 1' % to Pacific : 2,000. . do gen Is 1 !>:?:<! . . DO11/! ' ' ' 1,0 1,000. 11.000. 20,000 . 1 0,00 1 . Morris A F 5,000. Nat Rya N 10.000 . Phlla Co 5a 1922 8,1 0.89 PHI C & S t L ser A l,0i 0. 84 ng gen 4s . ? - - ? ' ?i.i). K 1 Ark & 1. I - N Oil T &. Mex : 4,000. 1,0' I. 10.000. R.000. 2! 000 . . ,v S I i & C! \ r. s ' N T Air Rrako 6s 8.00 . 92 N V i '? nti al col Ta ,1 1" ,M Interim i ci h 0 1..H .H 1,0i i .1' 4,000. 92 1,1. ??'-' ; 000. 92 ' do rfg l%3 ! 000. 7Sr do 4s 1934 1,000. 80' do M C 3%a OQi B I. 11 & i> m 4? N'Y N II i II 6s 4,'?O0. 8 5 N T O & W 1st la 6,000. ' X T Kvs ad.1 Ba 11,000. n ' N" Y State Rya con ?*U?. 51 N Y .1 leb adj 6 2. ; ' ? 7 ?'? ' i N Y W & l'.n ?'< 's 0. XI? ga ni L. & O P 5a Norfolk So 5a ser A 3,000.57 Norfolk & W ovt 6a 1,000.10 t 2,000. i n. o o o.. ? 7,000 . ? ? 40,000. . . o con 4s 3.000. . . 104% 104 . 10 i A 104 Vi 104 ih . 55 st 1. S'.' n con la . 66 do 1st Is . 69 do Tei minai 5a . G 6 st r .?;? k es i. t ' . 68 ? 78% ;. 68 & C 4Si<,t p ,, 8 i North Pacific ; '? ? ! 1 000. 7 1 000 .. do la ?? g ' ' Sav T': i W ; A T. 4S d ? ? ? . 89% 'Are Short Line 6a 1.000. 98% Ore-W H R & N 4s 9 000. 74 i Fac of Mo 1st 4s 5.nu.). 73% Paeifir T & T 5s 0.000. '-"?? Venn temp 7s 1930 do ? ?' la ? l 12,0 i . 10. do 5s 1968 20,0i 7.000. 4 . do ron 4 ??s I , ? ; .104% .101 ", .104 % : ' . 104 ?4 .104 104% .104% . 90% ? 91% . 90% A I do ' . ? ? . 15 . M\ . 4 1 ,*101 % .102 10154 . ! ' ! \ .101 \ . 79% . 7 ? . 79% l i - i ? ? ' -, 2 000. 26,000. do i n 4%? ?7% 7'.% 71 71% ? a do S i n F Term 4s ? ,-t 8.0 10. 73 H SO Southern Ry 5a 1.000. SDH do Funding 6% Bends Dated September i, 1920. Due September 1, 1928. Principal and semi-annual interest payable in New York City. Coupon bonds in denomination of ?1,000; exchangeable for fully registered piece? Exempt from Federal income Tax Legal Investment for Savings Banks and Trust Funds In New York, Connecticut, Massachusetts and various other states Cleveland is the largest city in Ohio and the fifth city ol the United State*. The IQ20 census?population of 796,836?shows an increase of 42% in the last ten years. In accordance with the constitution of Ohio the city is required to provide for the levying of taxes in sufficient amount to pa}- off principal and interest on all bonds at maturity precedent, to their issuance. The net indebtedness of the city is less than 4^% of the assessed va!u:t':o . Having sold over #3,000,000 of the above bonds we offer the ba nc ? at 102.50 and accrued interest, yielding 5.60% Harris, Forbes 8s. Co New York Estabrook & Co New York Curtis & S?nger New York The National City Co New York R. L. Day & Co Boston Merrill, Oldham & Co Boston Hayden, SVIiller & Co Cleveland 5 O - (i.. Is ? : ? i ?.ooo. 15,000. 10,1 .non. 1,001 64 e '. % UK 6 4 S eil \ ri I '-.. 65 e>m 65 6 t % 6 I ->, 6 4 S, T.000. 64'-, do 4a Mob & ? dtv ; - . e;.. H -.( 00 .... 62% Von C I & K K 5s . . ? ? ' ? Tenr.ps ? ?? ( ?opper 6? 5 000. 11 . . . -..4 Term R U Assn of St I. Sa S 000. S8 do 4s 1.000. 63 Third Av rfg 4a 10.000. 47% 3.000. 4.3 do adj 5a 27.000 . 29 3,000. 29% ? - ?4 17,0 . - ??'* 5,000. . Toi & e . C 1st 3s 2.000 . 83% L'nlon Pacifie 0s 1 000.100 : ? : do 1st ?s . ?1 H 0. ?1 '-i : . . ? - . do cvt Is t. ? ' \ 1,000 . ? . 1,000 ... i do ri? 4 3 2 10. . .. 77 H 'n R i- ' S P 4.-. Ctfs Of 'It?pOlllt 12 - 00. 2* 1,000.'. . ... 2i ! ? ' . :-.-; 3,000.SU United Ky Inv 5a PUta Issue 1,000. ?7 U 3 Rt-aliy S, I Sa 1.001?. 80% V S Rubber temp 7?.<,a 1330 . ?- S4S 9.00 " ? ' do 7a 2,000 . 97 :i '?-, do 5a ; 000. 79 West Maryland *i : I . 7 8 : J ?'? 6 '. ...... 7- . : 2i,i ? . 7? ?. 4,000... :..; '-4 . 7i '\ 3,{ 00. 56$ C7 S Steel s f 5a West ! ..86 -i , . ? i , ?.'.' >st eli 1.000 -, 00...... 73 2 001 - ?? . Va-Car Cl - : -, 9 - ) '?' ? ' ?)?! 7 ! "? D1VID?.N?) NOTICES MIDVALE STEEL & ORDNANCE CCMPANY DIVIDEN'D NO. 16 At a ? eetlna ..:' the Board of I ( M ale .-;-..'i and Ordnance Company, held W r 6th, 1 120, ?<. quar? terly dividend o? ll.OO per share ? i clared, ?;i><i?ii? November l-t 1320. to stockholders of record at tho dona of busi n'-tM i ?< tober I3;h. 1: 20. Booka will i ? tnaJn pi n. WM. I) DICKSON, Treasurer. Banking H-use of HENRY CLEWS & CO. Member-? of N. X. <4to<:k Eiotmnice. 11, 13, 15, 17 ?nd 19 Broad St., N. Y. Interese allowed on deposit ?< roun > ?alije? t to rheijue. Bl ?? *. Bond ?: I Issues of Railroad and Industriel. roREicx T.rnT.ns or crtKnrr iwicsti* LIBERTY BONDS Br.nr?, ) rtso Fifth Ave. ?t*? F.ion Fqmr? Off lee?: | ira Ilnune St. 148 ?:?u.t ?Ota i> ? I <t Court st., Brookljil. DIVIDEND NOTICES INSPIRATION CONSOLIDATED COPPERCCL The Director? have thU da) dividend of tl '"'0 per share, pi .;ay e ictobsr 2i. II lera < ' record at 3:00 o'clock p. m, Friday. ? >otea b-r I, mo. J Vi- Al.LKNV Treasurer. New York. September 2 3. ! 1)?