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SECURITIES OFFEREI) AM) WANTED Verfall ffirotfara IfttWtt ItUtty ?rrur?ita 1U lima?may. N. $. Republic Railway & Light Company Common Stock PrlT?tr rhone* to Philadelphia * I lout on Kirby Lumber Com. & Pfd. .J.K.R!ce,.?r.&Co. Piones 4400 to 4910 John SO Wall St X Y Satety Car Htg. & Ltg. Singer Manufacturing Gulf Oil FREDERICH. HATCH & CO. 74 ftway NY -{SaABUSitiD J888 f- - T>1 Ridor 6340 BOSTON. CHJCAbQ FHlLVMUsreEAL. PITTSBURGH Mark A. Noble Theodore C. Corwin NOBLE & CORWiSM 25 Itroad St, Now \ork Chase Nati. Phelps Dodge Corp Equitable Tr. Niles-Bemcnt-Pond T>)?nhone 1111 3ron<l New Stock Exchange Listings Listing of the following securities was approved by the governing commit? tee of the Stock Exchange at a meeting yesterday: N'utlonai A:.i;ir.e and Chem cal Company, Inc., additional voting trust certificates for common stock rep? resenting 15o\236 shares without par value; Atlantic Coast Line Railroad, 36,000.000 permanent engraved ton year 7 per cent notes; Manhattan Elec? trical Suppy Company, inc., permanent engraved certificates for 30.000 shares of stock without par value; Seneca Cop? per Corporation, permanent inter? changeable certificates for 200,000 shares without par value; New Orleans and Northeastern Railroad, $7,195,000 refunding and improvement mortgage series A ?!'- per cent gold bonds. Financial Items Th? Gu rani of New York has t.??:.-?;??.' Cairo Chemical Company first mortgage, dat< d Oriol 1. secui n issue of *-'. .."A Oi 0 ; ar value firsl 8 per cent sinking fund convertibh gi d bonds, due t n ? a At the annu i m etini nf I he :-';, Louis Southw* ???:n Kb Iwa; C mpany the di rtct'ji-s ?? ere .?-? ?? ?: ?!. and Frank Miller Gould, Bon ol >: Gou chaii man of the boa rd, ? I to till a At thi ? ' ; he d!n t tors I ho ol I ofi!ri rs were re-elected, and Frank M. Gould was i lei ted asa tanl n tary. I\ Vi". of .'. rmour ??:? Co., h:is 1 een elei 1 direct ;' the Conti? nental and Co!..:.;? r< lal Nat i nal Bank sui reeding [to b' l J Dunham who i :. and James K. Leavell, former vi e-presl dent of the of St. I.outs, has ! i eleel d vi c president, Tlv Equitabli Trus f! announces that It Is i ?;!"?, ' ? ? xchango H a outstanding interim cei I ? ?? ? il ??? connection wl h tin recenl subscrlpi temporary Shell i }< m : any, LI ires. John C. Hoshor, formerly associated with Cob-, Johi ? m S IM tt, .?'.i - oi em d offli es at ? V Exrhtin and d'-al in bonds foi investment. Equipment Bonds (Quott'd on Income perci nl if ?? basis ) Name. Hate. ,M Bait & I Ihlo. . ?) '--j '27 8.1 0 7.50 Beth Steel.... 7 I 0.75 . / i . -i >-j ? ; ?.Ti Buffalo, It & P 4Va-5 ? . I B.6Q du . C i 'anadian N I ?' 7.03 Can idian Nor. ' '??? ?'..;;. ..??'. ? ? , , Canadian L'ac. 4Vj I9:'0-'!S 7.20 6.T? do . 7.110 0.75 CCI' A: St U 5 1921-': 9 '. ' . do . 6 1 ? . ?' '? 7.30 I Ches '. Ohio. . I'-a 1920 A 7 '. I I . Ch K : & Pac 4M,-5 1920-'27 8 2 i 7a:. Chic .V- N U . I'.a 1920-'23 . I 6.7! C St I. * M O 6 24 't Del <? Hudson 4'? 7.50 6 50 Erle . 4(4-5 1921 .7 i Cons. .. r, 1921-"22' K 50 7 50 111 Central .... 4(4-5 19: . 00 Kan City So. .7. 1920-'21 7.70 6.80 fcoul? & Nash. 5 I 6.75 "Stich Ci,:: ai.. 6 ; . ? ' do . 7, 1920 I 6.7 M .i V t ssJl (14-f ' ?? ? ' ?? N Y Oat 1'. H 4 >4 1! 20-'2lF?7 50 '. 00 N .* Con: Il 11 I'i 19.1 ?.20 ( d> . 7 1921-'.?5 7.25 . S V C ? St L 4(4 ? i.j.7, la.". 1 7.7.0 i ?! t N H & Il ! '?? ?* -0 ? : " ' A 7 7.! X.il f * West.. 4'a 192 '? I 0 oi I'uclflc. .. 7 I92t-':tu : 0.5 Pa. Ft Kxp.. 7 I! ? uni , Ivamu . 4-4'? P'OilIni! Co . 4 (4 bt'21 - : 6.76 A aboard ... 4 '-.. -5-0 1920 ; ?. S iith'ir. I'ac . 4(4 ' ? I . . do . 7 ' .; M S ulh.-iii By.., 1(4-5 'i . - r.i'.o T.Of ' I r g i n I n n 1 : ?, Wlhotl . . . Miscellaneous Markets Puhllc Utility Securities Bid. Asked Adirondack Power ft Light.... 11 do pf. 70 American Light ft Traction.... 1 26 do pf. 83 American Gas ft Electric. 87 do pf. 57 Am rlcan Tower ft Light. 47 do pf. OS American Public rtllltles -? do pf. ? American Water Works. 3% do 1st nf . 4 4 do participating rf. 4 Appalachian Power . - do Pf. 13 (""ami:in P U & 1. 2? . 83 Central States Plertrlo . 7 do pf . 42 C i s Service .298 ? in pf . er. l4 (! i 7 p c deb perles C. 91 H do 7 p c den aeries P. 84 do 7 p c pref B. 5 % irado Power . 7 do pf. 80 Commonwealth P R ft U. 14 do pf . 38 Ml.tr. Bond ft Share pf. 78 Empire Olst Elec pf.?& Empire O ft P 1st ft eol fis, '26. 92 do 6 p c conv notes, 1924.... 84 do 8 ? c pf stock. 8 4 Federal Light ft Traction. 6 do pf. 40 I Gas ft K'.ec See, .250 i\o pf . 76 Northern Ont Licht. 10 do pf. 4 4 Northern Ohio Electric Corp... 13 elo pf . 37 Northern States Prod . 20 I do pf . 76 Republic Ky ft Light Co. 7 do pf. 27 I Southern California Edison- 79 do pf . 92 Standard Qas ft Elcc. 13 do pf. 35 Tcnncsee Ky Light ft Power... % do pf . 2 United Light ft Rvs. 2? do 1st pf. Co We stern Power . 18 do new pf. 60 Bonds Appalachian Power 1st 3?. 62 Cincinnati e;.is & Elec Bs, 1915. 7S Col Gas ft Elec 6s, ?:>2T. 7'.' ? 121 " 3s. 1922. 99% i , x, 1921 . 99 El Paso Elec col Bs. 79 Great Western Power 1st 3s.... 73!-? Midwest Utilities 1st 5s. 85 Mis? River Power Is" 5a. 74 North Out Light ft Power 6a.. 61 Nor States Power 6s. 192?...... 82 Miscellaneous Stocks H 75 12? 86 47 802 ?r- '-j 96 Va 88 evi s oo 17 39 350 8 5 14 W Am Chicle 39 do pf.. 82 ?Am Lthr. 18 ?do pf... 64 Am Mf(r..l49 do pf . . 83 Am M ft F150 Am Td pf 3<? Am Typ F 31 A D 1 NJ 25 Atlas I'w C 64 B P ft S lp SO do 2d pf 6 3 Bor C M... 96 Lush T pf 67 Celluloid..150 Child* Co, ?6 do pf... 92 City Inves 60 Cru W pf 9 0 Old per C. 12.4 ?K.t dividend ^^^^^^^ Chemical Stocks V L ft W.ltJO lnt Sll pf. 8? Lima L pf 88 NatCaakt.100 N J Z W.178 NCo lat pf 99 Phelpa P.170 3H!P ft W pf. 90 43 JR Raalt in 18 do pf... 65 Ry Bkg- P 120 do pf... 80 ? C L ft H 63 SlngerMfgl25 St I M ft S 43 Stoll 3 pf. 95 8 IJ W pf. 98 Valvol pi. 95 W ft B. . . 92 Yale? ft T.276 80 71 153 87 160 35 68 86 97 73 160 88 (0 97 131 25 Am Cyan do pf... 55 By-Prod... 94 Casein Co. 40 Dow Ch . . -- Pu Pont P220 Grasolli . . : 3 7 do pf... ? lllook Elec ?8 do pf... 80 Ky Solvay 76 ?Merrlmac. 74 Moc Co rf 85 iMulfd Co. ? [Semet G..165 ISolv Pne.200 64 8 2 81 1(10 83 76% 90 75 62% 85 !?l 82 ?ft 110 178 100 290 95 26 73 180 85 68 123 47 98 98 98 98 285 78 7C 100 78 S3 Tobacco Stocks 17ft G W HmelSO do pf .. . 92 J S Vu.ing 130 do pf. .. 80 ?MacA&P.lO.K ^^^^^^^ 'Ks dividend 60%. Sugar Stocks 140 90 116 P K-A T. .110 118 Weym B..105 172 do pf... 86 90 L'nlvLeafl40 Cnrd Am. elo pf... Car Sug.. C Aguirro. FJrdo new Oodch'x 8 do pf... Irt \\ eat . : 101 ?1 'Ex dividend. Insurance Ort W pf.113 Mat-Am. . 20 *.do pf.. 76 Michigan. 10% ?National 140 Nl NiQiieo300 Savannah. 45 j do pf... 78 Companiw 118 25 102 11*. 145 350 50 Bid. . Am AUrr.ce.C70 City of N Y.200 -omwlth . . SOU Contntl .... 67 Fid ft Phoe.615 Franklin... . 80 Globa ft R.1100 .-.ked.i M^^^ '.'80| 'treat Am...275 210|llanover ... 8? 32 Homo.B25 70|Nat Liberty.170 633 Niagara ...130 9o|stu> vesant.. 69 Bid. Arted 275 285 185 16. 76 .260 .190 .4 20 .160 150 .U0 3 40 .soo .4 90 .150 ISO 355 I 820 j 610 1 210 ; 230 ( New York Rank Stocks Bid. Aakll Bid. Aak ...206 212/Oarneld . ..238 240 ...315 ??Gotham . ..135 105 270 Greenwich 200 Harinean. ? Hanover . 160 Imp ft Trds.500 160 Industrial....206 1C0 Irving Nat...?20 4 0 Liberty . ... ? ? Mnhltn Co.205 ?' 96 Mech&Met...310 276 Mtrpltn . . .350 i 4 ('^Mutual . . 6 0 i Nat A111 n SI 2 New Neth 260 N Y County. 135 V N H A. 460 185 Pacific .270 --'Park.4 8 0 ?3d Public.300 227 Seaboard ...633 II Second . . . .4^5 120 State.195 190 23d Ward ...200 Untd States.170 92J l.'nton Lx . . 175 92511 ash Ills... 325 1 63 Yorkvjlle ..575 Trust and Surety Compart?? Air:erica . . Atlanta ... Am Exch . Battery ... Bowery . . Bryant P . Uway Cent Bronx Nat liotch & D - '? n Mercan 195 l '? ase.380 Chut ft Ph.?65 S -.( Fx . 1 35 Chemical I ?0 City.307 ' oui ft Iron 250 Colonial . . .330 Columbia ..170 Commcl Ex.425 1 lomnwlth. 220 - ' o me rco ..323 Co: n Use . , :,: -i Cosmpltn ...100 Cuba.180 Last River. .163 First Nati . . 900 Fifth Ave...900 Porelen T 15 ?3 ?19 0 S20 67D 4,'6 180 lt>5 Alliar-.ee . . . ?Am trust.. Am Sure L ? ' ft M. Bkiyn T Co490 <'? ni Fnlon. 31 5 e :olumbla . . 310 ...165 Equil ible ...390 Bmpii e Tr. . 300 Pi mrs L ft T285 Pulton .370 Fidelity . luarantv :: Hu !?. in T Kings Co Lave 75 . 67 . : jo .200 ,340 -rs T. . 140 Co .106 .115 .273 3 25 260 123 6 70 6 ! 0 ? 5 .,- 0 ^_ tSee New York Title an {Includes American stocks. y 5 ; La w v_ - Lincoln Tr. ', 2 Manufctrs . 360 Mercntl .... I IS Motropltn . 610 Mtgfc lintl.l. 3 7 3, M u T of W 3 2 01 Na I S u ;? e i v. >N Y 1. ft. T 80i : Y Tr... ? \ Y Tillo.. 896lPeoples. ? Realty Asso.100 ' 211 T ? ft T. . . .305 350 Pn Sealcs...810 :?', u s M ft T.396 r s T Guar. 80 660 Weistchstr ..135 115'W ft. B Tft M150 Mortgage. ust i.'ompany lio : 316 830 405 ? 160 THE ' NATIONAL PAR OF NEW YORK. 214 Broadway Sixty-four years of con? structive co-operation with foreign and domestic commercial enterprise. Established 1856 Steel and Ordnance Stocks Am Brass 190 Atlas Pwdl86 Bab A W.lOiJ Cn F * F.1B0 Carb Steel 0 5 do 1st pf 95 do 2d pf 62 Colt A... 4 9 l>u Pont P.220 do pt 19? 143 ios 170 61 ??fl Knst Steel ? Em SAI. 30 ?do pf.. 73 ?Here Pw.20 3 ?do pf. . 92 Nile? B-P. 88 Soov Mfif.3 70 Thom Iron 33 \V*n Cor. .400 Woodward 50 8? 8 S 210 94 400 450 6.1 , 21 .107,, . 107 . 410 Standard Oil Stocks Hid Anglo-American on Co T.td.. Atlantic Ht fining Co. do pf . Bourne-ScryniHer Co . Buckeye Pipe Line. '?"' Chesebrough Mil,' Co Cons.... 210 do pf. J,'? Continental oil Co. nj> Crescent Pipo I.Ine Co. ?? Cumberland Pipe Lino Co- 138 Eureka Pipe Lino Co. US Galena-Signal Oil Co pf. new. 80 do old . 00 do common . 44 Illinois Pipo Line Co. 168 Indiana Pipe Line Co. 90 International Pet 7"o Ltd. new. 1 ? National Transit i*>. 30 New York Transit Co. 17(1 i Northern Pipe Lino Co. OH Ohio Oil Co. 299 ! Penn-Mex Fuel Co. 49 Prairie Oll A Gas Co. 650 Prairie Pipo Line Co. 220 I Solar Refining Co. 3110 Southern Pipe Lino Co. 120 south Penn (All Co. 265 Southwest Penn Pipe Lines... st a n.lard Oil Co of California .Standard Ol] Co of Indiana. . Standard oil Co of Kansas... Standard Oil Co of Kentucky, Standard Oil Co of Nebraska.. 4'.0 Standard on Co of New Jeraoy. C10 Standard Oil Co of N J pf. 104 Vj Standard Oil Co of New York. .16S Standard Oil Co of Ohio. 400 Standard Oil Co of Ohio pi.. 104 Swan A Finch Co. 60 Union 'lank l'ar Co. 115 do pf. 96 Vacuum Oil Co . S48 Washington oil Co. 30 Miscellaneous Oil Companies Atlantic Loboa Oil Co. 30 313 710 37 6 65 112a 110 100 115 32 144 12:i 90 1)5 47 183 94 ISO 101 302 3 16 71a 535 3 h 5 440 620 106 Va 373 425 107 70 120 98 353 100 340 14-% 152 12 713 12 6% Cosden A Co. 7'4 Elk Basin Cons Pi-t Co. 81a Imperial oil Ltd . 97 Magnolia Petroleum Co. 320 Merritt (.'?I Corporation. l-i'i Midwest Refining Co. 1 r,0 Mountain Producors. lit? Northwest Oil Co. 27 Producors A Refiners Corp. C Vi Salt Creek Producors, now.... 11 V? Sapulpa Refining Co. 6% New York Citv Bonds Form, Rate unci .Maturity. Bid. Ask. field Interchan?*gablo 4V*?, 1967 93V* do 4V6?. 1 ?>?5. 93V4 do 4>?s, 1963. 83% do 4 Vis, 1957. 931? do ?Vie, 19C8. do 4 Vis, 1964. do 4 '4s, I 9l?2. do 4 Vi?, I960. S 7*4 do 4 "?s, 1960 op 1930... S7% do 4s, 1959. <lo 4s, 19T,K. do 4s, 1957. Registered 4?, 1955-1956. do 4s, 1930. Interchangeable 3Vis, 1954 75 Coupon 3 Vis, 1954. 75 Hob 3V4s, 1950-1954 inc.. 75 do 3 Vis, 1940-1950 Inc.. . Ren and ooup (serial) 4 Vi?, 1820-1930 Inc. Reg and coup (serial) ?Vi? 1920-1931 inc. Reu and coup (serial) ?Via, 1920-1932 Inc. 6.00 New York State Bonds Issued In coupon and reKisiered form, not Interchangeable. Coupon bonds rejsia terable. Form, Hate and Maturity. Bid. Asie. Yield Canal Imp. 4''-;?, 1961. 99 102 4.4n Hignway Imp. 4 Vis, 1963.. 9'.) 102 4.4B 4 4? 4.40 4.40 4.3 5 4.3 5 4.36 ; 4.36 4.3'; ; 4.36 Canal Imp, 4'ts, 1965. 94 Highway Imp, 4%s, 1965. 94 Barge C Tona, 4 Vis, 1945. 94 Highway imp 4s, 1967.... 91 Canal Imp 4s, 1967. 91 IP way Imp 4s, 1960-'62 inc. 91 do 4s, 1958. 91 Canal Imp 4s, 1960-'62 ln<A HI Palisades I is Park 4s, 19?1 91 H Canal Term 4s, 1942-'46. 91 Federal and Joint Stock Land Bank Bonds Peder.il Farm Loan 5a, 1938, op 1923. 93Vj Ft deral Farm Loan 4 Via, 1939. op 1924. 86 H Federal Farm Loan 4 Via, 1938, op 1923. 86Va Federal Farm Loan 4'?a, 1937. op 1922. 86 Vs Joint Stock Land Hanu 6a, ? 939, op 1924. 87 Joint Stools Land Hank 5s, 19; 5. op 1923. S7 9 4 H 87% 8 7 ij 87V? 5.50 5.02 5,65 5.C7 5.90 5.92 ?Short-Term Securities Security, rate, dur Bid. Ask. Yield. 8.1! 7.511 8.60 8.50 6.?SO 7.05 7.10 I Amor Oottcn Oil 6s, 1924 91% 92% Amor Cilicio fis. J..21-'?2. 94% 98'? do P.--, 1923-1925. 90 95 do Cs, 1926-1927. 87Vi 91% Amor Tel A Tel t'.s. 1922. 94% 95% do 6s, 192 1. 92% 92% Amer Thread 6s, 1928... 93 95 Am Tobacco Co 7s. 1920.. 99% 100'? do 7s, 1921. 99% 100 V? do 7a, 1922. 97-% 99% do 7s, 1323 . 99% 99% Anaconda Copper 6s, 1929. 91 92 Anglo-Amort oil 7 Vis, 1925 99% 99% Armour conv 6s, 1920-2! 94 98 do 7s, 1930. 95 95 ' , Bethlehem Steel 7s, '22. 97% 98% tlo 7s. 1 923.96 Vi 3 1 Can Pacific Ry 6s, 1924.. 93% 94 Vi Cent Argentine Ry 6s, '27 ?>4 86 C H A Q loint 4s. 1921 . . 96 9U Vi C, H I ,\- P Ry 6s, 1922.. 93Vi 96 Vs C. (', C & St L Ry 0?, '29 SS'i 89V4 7.85 Cuba C .-Au- con 7s, 1920 92 92V: - 1r> Cudahy Packing 7s, 1923 97 Vi 98 Vi tVaeral Sug Iltg 6s. 1924 93 95 B F Goodrlch con 7s, 3925 90% 91 Oulf Oil 6s, 1921 . 97Vi 98 Vi do 6s. 193 2 . 9 5 V? 9 7 V? do Cs, 1323, . 94 V11 95 Vi Ho It Val It It 6s, 1924. . 91 93 In Hap Tr 1 !o con 7s, '21 , 70 72 Kan City Term fis. 1323.. 94% 9ti Kenne Copper 7s, 1930... 93 Vi 93 Vi Lao 1.1 J. Isi A I' 7s. 1923 90 92 Lig <v Myers Tob 6s, 1921 9 7 A, OS V? Philadelphia fis, 19:;' ... 92V? 93Vi Pennsylvania 4Vis, 192!.. 97% 98 Vi Proc .t Gamble 7s, 1921 99% 100 V? do 7s, 1.322 . 93 '?? I1"1 do 7 s, 19 2 3. . 99 4 100 P S C ol N J cn 7s, 1922 85Vi ?7 H ,! Hoy Tot, Cs. 1922. . 96 Vi 97 Vi Sinclair Con Oil 7Vis, '25. 91 ht 9: ? South Ry fis, 1922. 95',? 95' SO W Util T Co 7s, 1925. 9 1 ?111 St P U De g 5V?s, 1923. . 9 J 95 V; Swiff ?- Co fis, 1921. 97% !?8 V? Toxaa Ca 7;-'. 1323. 98 Vi 98% 7.50 Ctah Securities fis, is:;.. 82 st West Elec con 7s. 1925.. 95% 93 7.24 .10 7 70 7.90 8.H5 8.0 0 9.36 7.70 7 5 0 7.411 7.50 8.00 8. 3 j 8.00 a Ii 6.20 (,,80 7.00 7.00 7 7 0 lo 7.20 u.oo Markets in Other Cities Baltimore 10 Halto Eloo pf. 7 7 Cons Cool .... 250 <Ions Power . . 400 Celestino .1 600 Cen Torosa . .. 33o ,1,, ,,f . 500 Cosden pf .... 1 0 1 'avidson . 1? Houston Oil pf. 1 ndianola. 100 Mt Vernon . . 60 Nor 1 A ntral 23 I'm Ry com.. . on. High. Low. Last. 36 36 . 6 % 83% 83% 83% ?Vi 93 Va 93 >i 93 V? 1 120 120 120 6Vi a x % 76% Bonds 1000 City Halto 4? 1000 Cosden 0s 2000 Cona Pow 1 Vi 2000 tlo fis .... ,000 Chicago Ry : 5000 Pub Service '. 5000 Uni Ry 4s. . ?fiuo do Incomes 13'-, S0% 60% 80% Boston Mining 'a 9 ? Vi 93 's t. ? li 3 57 57 63 S 63 48% 48% 82 Ahmeek . 50 Allouez . 120 Arcadian Cons 960 Big Heart . . . L 1 Ca] Ariz .... 7 Cal Hecla ... 255 Carson . 25 Copper Hang? 20 Daly West . . . 146 Mavis Daly . . 145 East Butte . . in 11. Ivetia . SO Island Creek.. 10 do pf . 10 La ko Copper. 200 Mason Valley. 40 Mohawk . 4 5 New Cornelia. 3 5 Niplsslng .... 80 North Hutte . 10 1 >Id Dominion 10 1 lace?la . 6Qulncy . 375 Seneca . 100 Shannon . is I s,,uih i'tah. . . 10 st Marya . 325 Sup ?.- Hosti n 30 ) Tuolumne .... 1 1 r S Smolters. pi 28 ! 22 Vi 57 '-a 18 Vi 8% 14% 2 3 ?'-.: 36% li? li ;i 1A 67Vi lSVi 8% 3 6 Va 44'; 10 53 V4 77 2 % lVi 18 V? 1 1 \ 3 6 Vi 4 4 Vi 15 ?4 ll'd 10 50 Utah 20 Utah 20 Ctah 2?3 Utah K>0 Winunti Apex Cons Coppe Metal 62% 1% :?? 3% 5 0 37% .?7% 43 4 43 2% 2% OV? '. ;j 62% 62% 7 4 l : 93V4 6 3 Vi 48 % 63 Va 77 lVi 6 7 % 18% 8% 15 2 : '., 36 Va 4 4 Vi i 5 % ?A 10 1% 40 1 % 40 K.i uro,itis ?4 Post A Alb. . .1261? 127 126V?127 ??ft Host Elevated. 68% 64 ?3 64 55 Boat A Maine. 38 38 38 38 . Northern N H S3 S3 83 83 A i .s Y N II A IL S5Vi 36% 33% 35% 12 Old Colony... S3V? 83 82 Vi 83 , Prov <t- worc.120 122 120 122 14 West End . ,.40 4'iu 41 40 ;3 JU pf. 4? 49V? 49 43% BROWN BROTHERS & CO. Established 111? Philadelphia NEW YORK Boaton Long Term Bonds of Railroad and Industrial Corporations BROWN, SHIPLEY & COMPANY Established ltlf founders Court, Lothbury ' Office for Travelar? LONDON, E. C 128 Pall Mail. LONDON, 3. W. We advise the purchase at present prices of Long Term Railroad Bonds Our offerings and recommen? dations <will be sent upon request ARTHUR LIPPER & COMPANY Members of Neta York Stock Exchange Corner New Street and Exchange Place New York City Mirtcolliineou? 0 Amor Agrie. . 11 do pf. ?00 American OIL 5 Amer Pneu. . . 10 do pf. 30 Ann r Sugar. 83 88 3% 83 88 3 Vi 2% 10 194% 104% 104% 104% le !*! 32 do pf.106% 106% 106 98" Amer Tel 40 Amer Wool pf 04"-? 100 Anglo-Amer .. 4 r.OO Post Mex Pet. 1*4 102 Eaatern Mfg. . 2C% 60 Eastern S S pf 70% 34 Edison .160 32 Elder . 2 Gen Electric.. . 60 Gray . 200 Greenfield .... f.7n inti Cement. . . 10 inti Cot M |.f 1 50 inti Products.. 1 13 do p? . 3 3 Island ?ill. 10 .1 T Connor.. . 333 Llbby . 10 Loews . 20 Mass Gas. 22 do pf . 15 McEIw 1st pf. 3 430 Mex Invest. . . 135 Nat Leather. . 100 National Oil. ? 147 New Eng Tel., 1 Plant pf J9 94% 4 1% 30 70% 150 23-% 03% 93 4 1% 29% 70% 149% 23% 106% 98% 93% 3 0 70% 150 142% 142% 142% 142% 15 1.5 15 16 38% 3 9 38% 39 83% 60% 36 9% 96 60 '.; 93% 6% 96 90% 1 3 % S3 60 9 2 % 3 3 9% 6% 9 3 9 0 % i 3 : t 11 % 11% 9% 6% 90% 2 02 Swift .105% 105% 10 1% 105% 55 do Inti. 30 80 29 29 13 Torrlngton ... 66% 66% 65% 10 tin Drug 1 pf. 45% 43% 45% 20 United Prult. .203 203 203 79d Cnited Shoe. .. 39 39 38% 21 elo pf. 23% 23% 23% 260 Ventura . 17% 17% 17 3'no Waldorf . 18% 18% 18% f.R Wnlth Watch. 2l si 20% do pf. 78 7R 73 223 Walworth .... IS 18-18 5 Wick Wire... 28% 28% 28% Bonds 05% 45% 203 38% 23% 17 18% 2 S % ?3 7(00 C J ft S 5s_ 77% 77: 90i 'i Miss Rlv P 5n. 74% 74 3000 N Eng Tel 5s.. 82% 82! ? no.i Pond e Ireek fis. 96 96 i-non Seneca Cop Sf. 96 iH) 2000 Western Tel 0s 77% 77 Boston Curb 82% 96 7 4', 82% 96 96 77% Bid. Ariz F.-<tn. . 3 Ariz Silver..30 I'..is & Mon. 46 lili; Hawk. 30 Calaveras.... I Chief Con... 3 i Crown Rsv.,10 Crystal new.36 Denbigh . . .16 Eagle M P. 2 1 ?: Pi rl una ... 3, Gadaden . . .55 IToma "I!. . . 6 Iron Hinss.. lion Cap.. Ask. .20 40 I Bid. Ask jija Poso ... 22 36 Majestic ,...12 15 |Mcx M.tals.30 65 Mid Mos.?.., ?- 40 .Monarch ... 5 13 Nat L & Z. 4 7 New Baltic. 3 I Nev Doug...12 is Nixon.4 Rainier . . . .50 |Svn MotalH. 8 Silver Reef. 7 r Ver Ext. 30 Irukon .... 1 60 1 % Chicago Pales Open. High. Low. Last. 60 Aran Radl ttor. 70 70 70 70 116 Armour Leath. 15% 15% 16% 15% 25 do pf . 92% 92% 92% 92% 680 Armour pf... 91 'j 91% 91% 91% f,2 Be aver Board. 45 <5 46 43 10 1 Bri. . ... 17% 17% ?7% 17% 1 DO 1'rise . 11 11 II 11 60 ? Ihgo El Ry pf. 5 3 5 5 25 Chgo Rys, Ser 1 12 12 12 12 225Cwealth Edls..l02% 103% 102% 103% 375 Oont Motora.. 7% S 7% 7% 3" Hart S & M. . . 75 73 75 75 600 Llbhy . 11% 11% 11% 11% 175 Montgom War. 28 28 27', 27% 100 M W L'tll .... 31 31 30% 30% 776 Mitchell . Il 14 1 t 14 330 Nat Loath ... 9% 9% t1 % 400PiKKly Wlggly. 29 29 29 29 50 Pullman.113 113 11:1 113 34 Public Servi, e. 65 65 65 65 ino Peoples Gas .. 39% 39% 33% 30% 50 Quak ? >;it.- pf. SS% 88% <*>(% 88% ears-Roebuck.116 116 % 115% 115% ; ? 00 --haw . . . . . 75% 78% 7 i 78 i?">Stew Warner - 31% 31% 31% 31% 1 ? Standard Elcc. 15 15 15 13 630 Swift Inti .... 29% 33% 29% 29% 800 Swift & Co.. ..105 105% 104% 105% 1260 Pn Carbide .. 63% *?3?S 62>? 63 379 l n Paperboard 30 '1 445 West Knitting. 13 Bonds $1000 Armour 4%s... 7''% 50on Chgo Ry 1st 5b 66 ' 209(1 Com EdiK 1st 6s 80 5000 ' igden c-ii' 5s. 64 1000 Swift lut G." . . 83% Detroit 20? Charcoal pf. . . 4"m 1 noo Contl Motors.. 7 \ 126 Det Edison. . . 97 3 3 Pord .315 110 1 .?ncoln . 40 ; 50 Mich Sugar. . . 10% 10% 10% lOOONoblo .1.10 1.18 1.16 ?:i 10 Packard . 15 60 Paige . 17*? 375 Rea Motors... 22% ?Z^ 22% 22% 25 Tlmken . 32% 33% 32% 32% Philadelphia 13 4% 98% 315 3 0% 31 12% 12% 75% 79% ?6 66 &0 80 64 fit 83% 83% 4 % 4 % 314 39 \ 10% 1.16 14 II 17% 17 % 5 0U 952 Amer Stores 110 Elec Storage. .123 200 Ins Co of N A. 28% 55 Keystone Tel.. s 580 Lako Sup Corp 1 1 50 Lehlgh Nav.. . 6.1 ". 0 Nor'il Central. 66 115 Till! Co 6% pf 31 100 Phlla Traction 62 2078 Phlla Electric. 21 % 5209 Phlla It T_ 18% 10 Penna Salt. . . 65 'j 330 Union Trac .. 31 1330 Unit Gas Imp. 35% 16 W Jer & Seash 37 Ronds $8000 Elec ft P Tr 4a 63 63 1000 L V cens fis r. 96% 96% 2000 Phlla Ei 1st 6s S3 83 Montreal 61% 123 28% 8 11 63 6 6 31 21% 18% 6-5% % 3 50% 123 28 8 11 63 66 30% 5 2 20% 17% 85 29% % 37 51% 123 6 : 20% 3 '? % Bid AkI? Ams NIdn ? 3 2 At Sub R.119'3 119' Br T \.& P 37% 38 ; Brmp Pap 77 % 7s . anCmt pf 90 Can Stmsh 64 % 65 do pf... 75% ? 82% 82% ?Id Asked C M . 1 it Un Ry 10 ; jiom Bidy ? Toronto Bid. Asked Adanac .... 1 Pom Steel Lk Woods. ? ? 133 LrntdLtd.113 113'<, MLM&PCn 80% _ Rrdn Pap. ? 210 Shawngn. p?6 io7 Spn Rvr.. 113 1.. pf... . - SteelCoCn. 67 114 1 17 Ath !? illey. I.lvr Con ... bra Ferl Coniagas ... Crown Rsv. Line? Lake. Gold Reef.. ? Crt Nrthn., - Hargrave.s... Holllnger... Lake shore. i Bid As! 5 Mclntyre ... 1 % 12 Mng Crp t'n 1% 5 Newray .... 5 ?rV rV Ptrsn Lake. 12 10 [Pore Crown. VV 4% % A Pore Tail. Pore Imp.-l ? Pratn E D.' ? Tie Hughes. 5 Trnskmng .. 1 Thmp Kret.. 6 Vacuum O.. , Went Pome. 6 Pittsburgh 60 Am W Glass. 110 111 20 Ark Nat Q... 10% 101 35 Baltl at Ohio. 47 4? 110 111 10 % 1.- ? 47 47 220B'dall C "B". 33 38 88 38 200 C'negle L & L 6% 6% 6% 6 Va 100 Cons Ico. 4 \ 4 4 lOGuffey Gil.... 30% 30% 20% 30% 100 Habirshaw E. 15% 16% 15% 16% 100 Har Walker R 90 90 90 90 50 lud Brew pf. . 8 8 8 8 2110 Kay Cy Gas.. 1% 2 J% 2 150 Lone S Gas... 30 30 29% 29% 915 Marland Ref.. 4 4 4 4 30 Man L & H... 63% 53% 68% 63% 100 Mld 8 OU. 18% 16% 16% 16% 250 Nat P'proof... 6% 6% 6% b% 10 do pf. 13% 13% 13% 13% 160 Ohio P Sup... 48% 48% 48 48 145 0kla Gas. 31% 31% 31% 31% 500 Paragon Ref.. 27% 27% 27% 27% 385 Pitts Brew... 3% 3% 3% 3% 135 do pf. 9% 9% 9% 9 , 1500 Pitts Jerome.. 7 ? < ' lo Pitts P Glass.155 155 155 15d 10 L'nion N Bank.233 232 252 -i Cotton Continues Recovery, Prices Holding Up Well Stronger Tone Prevails as Southern Selling Pressure Lifts; Covering by Shorts Responsible for Buying Reports of an improvement in spot de- ! mand and assertions that the movement , among Southern growers to hold cotton for higher prices was becoming more general seemed responsible for a sharp advance in the cotton market yester? day. Selling here for Southern account ? was less active than for some days past, but tho main buying on the ad? vance, which carried December con? tracts up from 21.27c to 22.55c, was reported to be for Wall Street account. December closed at 22.44c, with the ; general market closing steady, at a net advance of 22 to 90 points. The Wall j Street buying was accompanied by re- ! ports; that some of the larger operators ' or investors are inclined to feel that the decline in commodity values has : gone lar enough, and that a revival of demand for consumption is not likely to be much longer delayed. The re- ; ports of smaller spot offerings and a ; smaller volume of hedge sellyig, nat- ', tirally tended to promote confidence in . these more bullish views of the mar-! ket, and tended to restrict selling if they diel not encourage a more general I demand. The better spot demand reported in the South was supposed to represent purchases to fill old commitments for October shipment. Southern spot market?, as officially reported, were unchanged to 110 points higher, with a slightly larger volume of business. Tho ?ocal market for spot cotton was quiet and 100 points higher, at 25.25c for middling; no sales were report?e!. The range of primea follows: Tuesday's Op-n. HlK-h. Low. Close i losi Oct ... 22 30 23.60 22.30 23.55 i 22.06 Dec...] 21.30 22.66 21.27 23.14032 47 21 5s ?Ian. ... 3" 95 21.91 3" 85 3, - ... Peb.. . . l-1 66 21 00 Mar. . . 20.70 31 52 ?0.63 21.47(f) 31 12 20 9(1 I Apr.. . . -.-- - 21.35 1 20.80 ?May... 20.55 21.30 20.60 21.20#21.22 20.70 : Juno. . . - 20 -, : ?/ - 20 10 ; ..'uly... 20.10 20.15 19.90 20.401'f 20.45 20.18 Auk.. 20.00 20.00 19.85 20.20@20.30 19.90: Southern Spot Markets?Galveston firm unchanged at 22.50c; sales, 3.332 hales I New Orlenna steady, unchanged at 22.25c; sales, 3,300 bales. Mobile nominal, un? changed at 23c; sales, nil. Savannah steady, 75 points higher nt 21c; sales, 357: I bales. Norfolk quiet, unchanged at 23c; sales, 997 bales. Augusta steady, 38 points : higher at 23. 3c; sal is, 707 bales Me m phls nominal, 100 vont:) lower a?. 23c; sales, 750 bales, Houston steady, 75 points higher at 22.50c; sales, 10,030 bales. Dal ; las steady, 80 points higher at 22.60c sales, 11,703 bales. Montgomery firm, un i changed at 33c: gales, 43 bales. Port ; Worth steady, 110 points higher at 22.60c; I mi lea, 5,7 7.3 bales. Cotton Statistics rester- Last Last I day. week. year. : ?Port receipts. 29.122 21.014 25,314 Exports. 2,675 9,512 -_? Exports season ..515.3(1 398.'247 77C 033 New V'ork stocks. 33.477 25.040 94 572 ?Port stocks .884,118 816,643 909?286 ? Interior receipts.. 31,600 19,631 30 117 Interior shipments 3!.170 15,793 21*27ti N Y arrivals. 2,497 658 1. 5 Liverpool Cables?Spot cotton dull at 43 point? decline middling, 17 80d Sales 3 000; American, 2,000. Imports,'2,000 ; none American. Futures opened .[ui.i a' 20 to 26 points decline. Closed quiet at a net decline of 3 t.. 36 pointa October 1';.42'i, December, I6.35d; January, I6.25d' March, 16.03d; May, 15.si. Manchester '1 arns and cloths dull. Cottonseed Oil Commission houses were good buyers and pri?es were firmer, closing with net gains of 11 to 15 points. The better dr? il and was based largely on the firmer feeling In tl-..- other commodities. Total salea for the day were 10.2" 1 j barrels. The range of prices follows; , Tuesday's Open. Hi?!!. Low. Close. close. Spot...-?.- 12.50? ?? 12.60 Oct....-?-12 6fl 13 70 12.60 Nov... ??~--I2.60egil2.70 13. id Pec... 13.32 12.70 13.32 12.60012.65 12.40 .Ian.... 12 55 12.65 13 31 12.62 tU'12.64 12.49 Peb?... --12.02'(f 12.72 13.45 ' March. 12.05 !3.*2 1303 12.73 @ 12.78 12 33! April . 12.96 12 3 5 12.96 12.80@12.90 12.65 1 Refined Sugar Again Sells Slightly Lower Current Year prices, ago. ?Sugar, granulated, lb... 11.500- 9 Con" cm, Rio, No. 7. 7Vi? - 16 Coffee, Santos, No. 7-22H@23% 25 The expected reduction of refined "tigar to llVa cents was announced by me of the leading refineries yesterday, but the trade seemed to fee! that fur? ther reductions were not imminent. LEATHER FROM THE SEA Only Company in the world manufacturing leather from skins of sharks and other sea creatures. Supply of raw materials inexhaustible and demand for the leather and by-products unlimited. The Ocean Leather Company Incorporated under the Laws of State of Delaware, 1917 7% Cumulative Preferred Stock (Par Value $100) Authorized $1,000,000.Outstanding $225,000 Common Stock (No Par Value) Authorized 400,000 shares - Outstanding 310,000 shares Registrar Transfer Agent Irving National Bank f$Q Bonds National Park Bank New York City New York City BUSINESS The Ocean Leather Company is engaged in producing leather from skins of sharks, rays, porpoise and other creatures of the sea. At present it has two fishing stations and reduction plants in operation, located at Morehcad City, N. C, and Fort Myers, Fla. Arrangements are now completed for fishing in the Bahamas. The skins are shipped to the Company's tannery at Newark, N. J., and tanned into the finest leather, superior in every way to ordinary animal leather and used for every purpose. At the reduction plants the carcasses are converted into oils, high grade fertilizer and animal feed. Fins are sold for shipment to the Orient. Numerous other by-products can also be made. The entire creature is utilized ; nothing is wasted. Years of effort were spent in perfecting the processes for producing sea leather which this Company now owns, fully protected by broad and basic patents. OUTSTANDING FEATURES The Company utilizes raw materials furnished by nature at no cost in inexhaustible quantities?materials that have hitherto been neglected. The demand for sea leather and the various by-products is unlimited. The by-products (oil, fertilizer, etc.) more than pay the cost of'catching the fish and tanning the skins, making the leather clear profit to the company. The Company has a complete monopoly of the sea leather industry protected by basic patents. The business is established on a sound producing basis. But unfilled orders re? quire immediate increase of production facilities. Additional marine equipment is needed and funds are required for new fishing stations and tanneries. The present financing will put the company in position to greatly increase its output. We believe that this is an enterprise of unusual merit and that it offers an ex? cellent opportunity for large returns to investors who have the vision to see its vast possibilities for development into a gigantic business. We offer a limited amount of Preferred Stock, $100 per share, in~ eluding a bonus of one share of Common with each share of preferred purchased and the privilege of purchasing an additional four (4) shares of common at $12.50 per share for each share of preferred. Common Stock at $15 a share Full descriptive circular?authoritative information on the abundance of sharks and sample of leather sent upon request. EYER & COMPANY 45 Pine Street, New York Telephone John 592 V'f.o information and floures used i't the aliovr are faVen from sources we consider truxtworthv, and ich tit not uuarcuitced they have been relied upon by us in the purchase of t/iese securities! for our oum account. PACIFIC BANK New York STATEMENT OF CONDITION September 30, 1920. Resources Bills Discounted.$19,731,620.63 Time and Demand Loans. ..' 3,530,892.62 U. S. Bonds. 35.000.00 U. S. Certificates. 482,500.00 Other Securities. 195,195.36 Cash and Due from Banks.. 9,290.441.36 Acceptances for Customers.. 2,456,860.63 Banking House. 60,000.00 $35,782,510.60 Liabilities Capital Stock. $1,000,000.00 Surplus and Profit. 1.737,488.34 Reserved for Taxes, Etc. ... 1 39,635.43 Unearned Discount. 185,797.21 Deposits . 27.361.263.47 Acceptances, Etc. 2.456.860.63 Rediscounts . 1.614,265.77 Bills Payable (Secured by Government Bonds). ?.287.199.75 $35,782,510.60 William Skinner, Vice-president. OFFICERS O. H. Cheney, President, F. E. Goldmann, Cashier. J. S. Hamilton, Vice-Presidents ASSISTANT CASHIERS J. C. Lawrence E. R. Lawrence John F. Degener William Skinner Herman W. Hoops George Legg H. Van Brunt C. M. Becannon M. F. Bauer A. G. Irvine DIRECTORS Carl Vietor \ James W. Cromwell J. H. Walbridge Daniel G. Tenney Theo. H. Banks O. H. Cheney Lewis L. Clarke James A. Smith W. H. Bennett W. H. Browning E. C. Kern J. W. Konvalinka Frederic C. Buswell John T. Terry Francis R. Masters William R. Rose OFFICES Broadway at Grand Street 49th Street at Seventh Avenue 28th Street at Madison Avenue 57th Street at Madison Avenue Hudson Street at North Moore ?treet The Pacific Bank is seventy years old this month. The character of its service, always confined to commercial lines, has been responsible for its steady growth since its estab? lishment in 1850, until today it: serves 10,000 individuals, business firms and corporations. The'fact that many speculators have been forced to liquidate their holdings to meet loans is believed to have im? parted to the market its greatest weak? ness, and it is felt that the bulk of this pressure has been lifted. It was believed, however, that other refiners were meeting the reduction to ll1*? less 2 per cent for cash. Michigan-Ohio best granulated was reduced to 11.40 cents less 2 per cent. Better inquiry in the raw market was reported, al? though futures continued easy. The rango of prices: The rune.! ol prieta follovs: Tuesday's Open. Hl?h. How. Close. close. . ? .?-7.75@T.80 7.75 Not. ?.00 8.10 7.80 7.8I07.8S 7.?& 1-Vfo . 8.00 Mur . T.?r. ( ofT>e gagging demand f?aii.l 8 10 8.13 7.80 7.82? 7 ?5 *:>:> 7 75 7.7S.'o 7.8-1 7 80 H '.'0 s.56 S?7.60 '? ? 7.H? 7.95 7 65 7 60?7 69 7.66 , ' ,'.:'.. S.00 7.80 7.7807.80 7.85 Futures There was further tendenc) to prices yesterday :is continued llgrat. Local sput de octtnued to ?how slight Improve ment, however, ?uni this soon may bo re-I fleeted in futur-.s Range of prices follows: Oct ,\ov Dec .Ian Feb Mar Open. High. How. 7 42 7.K0 7.43 7.60 7 30 7.60 May . 8.1? June .... - Tuesday'* Clo?e. close 6.97.fll7.00 70S 7.17?7.19 7.37#7 38 7.54? 7.56 7.71(017.73 7.K8ft>7 .89 7 7.4? 7.66 7 1*3 ?.0U 8.00 ?.OS?8.09 ?.1808.1? 8.21 8.3? Lackawanna CHICAGO & of the West NORTHWESTERN Censen s?l*el> mtn??wl. RSBfMsBt dividend p?y?r??xc*p?onsl ntr-'.: t* i iw iip'.U.'.ufJH! SMliiixi 11)U w?0? - cither feat u MARKET oriXIO>? -Ask for B-M R. H. W MASTERS & CO. J/'TObers Consolidated Stock Excn., S t 82-84 Broad St. New York ?'hone Broad 6880 Entire /*<???? Flso* CHICAUU MILWAUKK? N?W HAVEN July . 8.26 8.26 8.11 8 17?S?? IJ' AU?- 8 54*11* 14* ?spt .-?. - - ?.?oil.?* M*