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Chartered 1822 The Farmers' Loan and Trust Company Nos. 16, 18, 20 & 22 William Street Branch Office, 475 Fifth Avenue At Forty-first Street New York j London Paris _ Foreign Exchange | Administrator Guardian Member Federal Reserre System and New York Clearing House $5,000,000 Christiania City Bonds Off eretl Here Kuhn, Locb & Co. announced yester? day that they had completed arrange? ments for the purchase and offering in this market of $5,000,000 City of Chris? tiania. Norway, twenty-five-year 8 per cent sinking fund gold bonds, due Oc? tober 1, 104."). The issue is being of? fered at 99 and accrued interest. Another foreign municipal offering which will be made shortly to Amer? ican investors consists if $6,000,000 i5vcnty-fivc-year 8 per cent bonds of the City of Zurich. Bankers identified with the financing said yesterday that the offering price would probably be somewhere between 01) and 100, in? stead of 96!i, as previously reported. The Christiania bonds, according to Kuhn, Loeb & Co., will be repayable during the life of the issue by the ' operation of a sinking fund, amounting ! to $220,000 annually for the first ten ! years, and $215,000 a year thereafter. During the first five years the bonds j are to be purchased for the sinking fund in the market at not more than 110 per cent and interest, and to the extent not so used, the sinking fund k\vill accumulate and be applied to the redemption of bonds by lot at 110 per cent in 1025. During the next live years the sinking fund will redeem bonds semi-annunlly by lot, at 110 per cent and interest, and during the last fifteen years at 107Vfe per cent and interest. Christiania, which is the capital and principal port of the kingdom of Nor? way, has a population of about 200,000. Its financial standing has always been high rnd there has never been any default on a loan of the city. The proceeds of the new American loan are to be used for productive pur? poses, including electric works, hous? ing facilities and harbor improvements. Miscellaneous Markets Public Utility Securities Bid. Asked. Adirondack Tower ft Light- 13 do rf . 7,) American Light ft Traction. .. 1"6 do pf .c. 80 American Gas K Electric.110 do pf. 37 American Power ft Light. 47 do pf. 85 American Public I'tllitles - ? do pf. ? American Water Works. 3% do 1st Pf. 47 do participating pf. F> Appalachian Power . 2 do pf . 13 Carolina P. P.. & I,. 26 do pf. 85 Central States Electric . 7 do pf . 4.', Cities Service .296 do pf . 65H dp 7 p c deb series C. 94 % do 7 po deb serles D. 84 do 7 p e prof B. 5% Colorado Power . 10 ?In pf . 85 Commonwealth P R & L. 17 do pf . 4" Electric Hund ft Share pr.7s Empire Dlst Elec pf. HO Empire O ft F 1st ft col 6s. '26. 94 do G p c conv notes, 1924.... 83% do 8 p c pf stock. 83% Federal Light ft Traction. 6 do pf. 40 Gas & Elec Sec.250 do pf. 7 5 Northern Ont Light . 10 do pf. 44 Northern Ohio Electric Corp... 12 do pf . 27 Northern Slates Prod . 35 do pf . 78 Republic Ky ft Light Co. ? do pf . 27 Southern California Edison . . . 84 do pf . 92 Ptanila.il Das ft El? ?Uric. 14 16 75 110 88 115 ?39 50 88 20 30 .p.;, 52 8 < 18 2S 95 10 50 301 66% 96 Va 88 6% or, 20 43 82 70 97 8 5 1.4 85% 9 45 360 86 14% 48 18 32 40 8 1 10 31 lo pf 35 1% Tennessee Ky Light ft Power do . United Light ft Rys. do pf . Western Power . do new pf . Honda Appalachian Power 1st 6s... Cincinnati Gas ft Elec 5s, 1915 Col Gas ft Elec 5s, 1927. Dallas E?ec 5s, 1922. do 7s, 1921 . El Paso Elec col 5s. Great Western Power 1st 6s... Mtdw si Utilities 1st 5s. Miss Hiver Power 1st 6s. North Ont Light ft Power 6s. Nor States Power 6s. 1926.... New York Bank Stocks Hid. Ask] Bid. Ask 208 2l2,Qarfteld . .220 248 99% 99 79 82 65% 82 81 100 83 76% 90 75 62% ?15 America . Atlantic . Am Exch . . 360 Battery . ... 190 Bowery ..420 Bryant I' . . 150 Bway Cent i ?0 Bronx Nat .150 Butch ft 1>. . 37 . . Chase.385 Chat & l'h 26? Chelsea Ex..137 :al 5i 0 City . . . " i oal .i- t ron 25<i JlJjOarfleld . i.otham . Ii .?? nwlch Hart inian. Hanover . Imp ft Trds.500 . . ; uil....205 Irving Nat i ilberly . . Mntittn Co Mech&Met Mlrpltn . . Mutuai.490 Nat Ainu .100 New N'eih.. ISO N V County . 135 N Y N H A. 460 a lili . ... 27(1 200 160 Ifi'j 160 13 146 .800 .220 .350 ,210 ..?25 .340 rk .-1th rce 205 S56 820 516 210 2::o 375 216 3 30 195 310 Corn Ex ; ?.tn . 110 Cuba.lot) East River. .165 First Nat ..910 Fifth Ave... 910 Foreign T It ;.:. Trust and Bid As Alliance . ... 75 1Am Trust.. ? Am Surety. . 70 Ha niters . . . 365 3ond ?t Mg.2l0 Bklyn T Co.4X5 Cent UntCu.365 Columbia . . 315 ? il ircl . . . .155 Equitable .290 E nplre 'IT.'. 300 Finns L ?tTS-76 Fulton .270 Fidelity ... Guaranty .. Hamilton . Hudson T. Kings Co. . Law Mtg... 18i> 22C Public.290 ? board ... I?26 .. l. Second . . . 425 .-?.WStute .?.20( is: 2 I Ward...200 Untd Statea.170 -Irniuti Ex . . 170 1;0 ? Wash His...325 ? 63lYurkvillo .375 ? Surety Companies Bid Asked .200 ,34a .255 .165 .6 10 .110 Lawyers T. . 1.inc.In Tl . Manufctra Werentl .300 Metropltn ..250 Mtge Bon... 75 . 130 .155 .195 Mi T of W. 105 Nat Surety.. N V I. K-. T. ???' Y Tr. N V Title... Peoples . ... R< alt y Asso t a ft t ? I'n States .. r S M ft T. 0 S T Guar WfcMclist' 204 810 395 80 135 140 16 5 205 1?F 2 OS 12 5 290 110 315 ?30 4 0 6 W A H T& M 150 liO tSee New York Title and Mortgag*. tlr.cludes American Trust Company stocks. Miscellaneous Stocks Eli. Aaked Am Chicle. 3S Au do pf... 6:1 67 ?Am l.thn 20 30 ?do pf. . 65 71 Am Mtg. .149 do pf . . 83 A m M * F160 Am T.l pf 3 Am Typ P 38 A H ?] N'J 25 AttasPw C 62 H !'? & H lp SO do 2d pf 65 For C M. . 95 Hush T pf 67 Celluloid .150 Chi Ids Co. 8 9 do pf... 92 City luve? 60 Crk W pf 90 JUraper C.128 ?Ex dividend 163 87 160 3 43 35 86 ?7 73 160 92 ?6 70 97 131 92 86 110 Bid. Askod. D L ft W.ltn us int Sll pf. IS Lima L pf 85 NatCaskt. ?oo X J Z W.173 X? ?i 1st pf 9? l'helps 1) 170 P .* W pf. 9 0 R Raalt In 20 no pf... 65 Ky Bkg PI 10 do pf... SO 5 C L ,*. H 63 SlngerMfgl33 St 1 V * S 43 Stoll S pf. 95 h I> W pf. SB Valvol pf. 95 W ft B. . 92 Yal? ft T.275 100 200 95 26 73 120 85 68 138 47 91 ?I 93 98 28? Chemical Stocks Bid Asked! Bid Asked Atn Cyan. 27 32 Hook Elec SO 79 do pf... 66 60 do pf... ?0 By-Prod... 94 99 Ky Solvay 76 Casein Co. 40 60 Merrimac. 74 How Ch... ? 265 Moo Co pf 86 du Pont P 10 11 Mulfd Co. ? nrasell! ..137 139 Semet O. .165 do pf... ? ?5 Solv Pne.200 Tobacco Stocks 1 Bid Asked IP R-AT. .110 112 Weym B. .165 177 do pf... 89 lunlv Leafl40 Bid Ask G W Hmel65 175 do pf... 8S 93 J B YounglSO do pf... 83 ?JlaoAftF.107 ?Ex dividend 60%. Sugar Stocks 140 88 112 70 160 78 93 60 170 240 9 3 Card Am. do pf... 70 Car Rug.. 45 CAgulrre. 87 FJrdo new 9.8 t?odch'x S 47 do pf... 8 7 Grt West. 380 ?Ex dividend. Bid Asked Bid ?5 60 91 10] Grt W pf.113 Mat-Am.. 20 ?do pf.. 76 Michigan. 10*4 ?Natlonul 138 Ni NiqiieoSOO Savannah. 46 do pf... 78 Asked 118 26 192 11*4 142 S50 60 82 Am Alinee.270 City of N Y.200 .Tom with ..300 Contntl . ... ?8 Fid ft Phoe.616 Franklin.... to plots * R.1200 Insurance Companies llld. ?.-J.M.I Old A .'keil 290 Great Am...276 210 Hanover ...81 325 Homa.565 72|Nat Liberty.170 636 Niagara ...130 ?OiStuyvesant.. 6* ?JWest'chester. 33 285 685 186 It? 76 38' Steel and Ordnance Stocks Bid. Asked. Bid. Am Brass.188 193 140 108 170 Atlas Pwdl35 Uab ?t W.106 Cn F & F. 150 Curb Stee! 65 do 1st pf 95 do 2d pf 62 Colt A. 48 du Pont. . 220 'do pt... 75 ?Ex dividend. East Steel Ein SAI. JO ?do pf.. 72 ?Here Pw.200 ?do pf.. 92 Nlles B-P. 88 Seov M fir. 34 7. 49',i W'n Cor. .400 225 Woodward B0 78 Tliom Iron 39 100 Standard Oil Stocks Bid Anglo-Amerlenn Oil Co, Ltd.. 20 'Atlantic Refining Co.1050 do pfd. 106 ' Borne-Scrymser Co. 410 .Buckeye Pipe Line. ss Chesebrough Mfg Co Cons- 210 do pf . 100 Continental Oil Co. 115 Crescent Pipe Lin? Co. 30 I Cumberland Pipe Lino Co.... 138 Eureka Pipe Line. 114 j Galena-Signal Oil Co pf, new.. 86 do old . 90 do common . 43 ! Illinois Pipe Line Co. 160 Indiana Pipe Line Co. 1>0 ! International Pet. Co., Ltd, new 16 National Transit Co. 20 H Now York Transit Co. 170 ! Northern Pipe Line Co. 99 Ohio Oil Co. 298 Penn-Mex Fuel Co. 40 Prairie Oil & Gas Co. 550 I Prairie Pipe Line Co. 220 , Polar Refining Co . 390 Ask. 65 36 78 207 94 00 3S0 450 63 1100 i on 425 144 118 90 16', 31 ISO Co. 119 268 63 320 565 225 410 123 Southern Pipe Line j Sout h Penn Oil Go. j Southwest Pt-nna Pipe Lines. Standard Oil of California... do of Indiana. 700 7o.r. do of Kansas. 520 510 do of Kentucky. 460 480 do of Nebraska . 430 440 do of New Jersey. 6:!5 050 do pfd. 107. lor, do of N^w York. 375 378 do of Ohio..'. 400 420 do pf . 104 106 : Swan A- Finch Co. 60 70 i Union Tank Car Co. 114 118 do pf. 96 08 'Vacuum Oil Co. 348 353 ?Washington Oil Co. 30 33 Miscellaneous Oil Companies ?Atlantic Lobos Oil Co., com.. 28 32 do pf. 6 7. 75 ! Cosden ?t Co. 7 Elk Basin Cons. Pet. Co. 8?; : Imperial Oil Ltd. 97 Magnolia Petroleum Co. 330 Merritt Oil Corporation. 1 4 % ? Midwest Refining . 148 ! Mountain Producers . 11 I Northwest Oil Co. 25 ?0 ! Producers & RefinersCorp.com. 6% 6'..? Salt Crock Producers new.... 11 12 Sapulpa Refining Co?. 5% 5 % New York City Bonds Form. Rate and Maturity. Bid. Ask. Yield. Interchangeable 4 Vas, 1967 95 96% 4.72 8% 100 340 14-4 160 12 do do do do do do do do do do Regist 4 Vis, 196 1963. 1957. If! 66. 1964, 1002. 89V? 89V4 8 9 'I 9 6 % oo Vi S 1 % 4',s. 1060. SOU I Vis, 1960 op 1930. 4s. 19S9. 4s. 196S. K 4 ?'., 4s. 1957. v-! \ (1 4s. 1966-1956. . . 84% do 4s, 1936. 90 1 tri rchangi able 3 1<?B, 1054 . 76 Coupon :'. ' is, 1954. 76 Reg 3V??8, 1950-1954 inc. . . 76 ?!., ;,',..?<, 1940-1950 Inc. . 5.00 Keg and coup (serial) -1V-.9. 1920-1930. ?no. 5.50 Reg and coup (serial) 4%s, 1920-1831. inc. 5.50 Reg and coup (serial) 4V4?. 1920-1032, inc. 5.50 4.79 4.70 4.M 4.82 4.82 4.84 4.80 4.SI 4.' 1 4. SI Issued tn coupon and registered form, i not interchangeable. Coupon bonds regis ;??; able ' Form, Hate and Maturity. Bid. Ask. Yield. Canal Imp 4V?s, 1964....101 103 4.34 Highway Imp 4'?s, 1063..101 103 Canal Imp I Vi s. 19C.7..... 95 Va 96 Vi Highway imp 4',s. 1965.. O.'.'j 96Vi Barge Can Term 4',s, l!?4fi 95 Vi 96Vi ; Highway Imp 4s, 1967 .... 02 04 1 Canal imp 4s, 1067. 92 94 ? Hway Imp 4s, 1960-'62 inc 02 94 do 4s. 1058. 92 94 : Canal Imp 4s. 1960-'C2, inc 02 04 Palisades 1 K Park 4s, 1961 92 04 H. Canal Term4s. 1942-'46 92 ? ; Federal and Joint Stock Land Bank Bonds j Federal Farm Loan 6s, 1938 op 1923. 95 Vi 96 <i 5.40 I Federal Farm Loan 4%a, i 1030. 'op 1924. 88? 89 Federal Farm Loan 4%% 1939. op 1024. 88 89 Federal Farm Loan 4!aH, 1937, op 1022. S8 89 Joint Stock Land Bank 5s. 1030. op 1924. S3 91 Joint Stock Land Bank 5s, 1938. op 1923. S3 89 4.3 4 4.3 1 4.3 1 4.32 4.33 4.32 4.32 5.45 6.45 6.90 5.92 Short Term Securities Security. Rate. Luc Bid. Ask. " 9 ? Vi Amor Cotton Oil 6s, 1924 91 Amer Chicle 6s. lu21-'22 94% do 6s, 1923-1925. 90 do 6s. 1926-1927. 87% Amer Tel & Tel 6s, 1922. 94% do 6s, 1924 . 92 V? Amer Thread 6b. 1928... 93Vi Am Tobacco Co 7s, 1920.. 99% 100 M do 7s. 1921. 9?15. 10OI4 do 7s, 1922 . 90Vi 100 do 7s, 1923. 99?i ]00 (Anaconda Copper 6s, 1929 88 99 Anglo-Am Oil 7Vis, 1925. 99% 100 Armour conv 6s, 1920-'24 94 ?8 do 7s, 1030 . 96 96% Bethlehem Steel 7s, '22. 97% 98 do 7 s, 1923. 96 Can Pac Ky 6s. 1924. 94 Vi Cent Argentine Hy 6a, '27 84 C B ?Si ?..' Joint 4s, 1921., 95% C, R I & V Ry 6s, 1922. . 94 C C C & St L Ry fis, 1929 89 Vi Cuba C'Sug con 7s, 1930. 92 Cudaliy Packing 7s. 1923. 97'-. Federal Sus Rfg 6s, 1924. 93 B F rtoodrich con 7s, 1925 90% Gulf Oil ?a, 1931 . 97V4 do 6s. 1922. 95 Va do 6a. 1923. 94 Vi Hock Val H R 6s, 1924.. . 91 In Rap Tr Co con 7s, '21. 68Vi Kan City Term 6s, 1923.. 95 Kennecott Cop 7s, 1930.. 93 Lac Q Lt 1st * ref 7s. 1929 92 Lig & My era Tob 0s, 1921 97 % Philadelphia 6s. 1922- 93 Pennsylvania 4'ts, 1921 Proc & Gamble "s. 1921. do 7s, 1922 ., do 7s, 1923. Pub Ser of N .1 conv 7?. '22. 87 % R .1 Heyn Tob 6s, 1922.. 96% Sinclair Con Oil 7Vis, '25. 91r>? Southern Ry 6s, 1922.... So W Bell Tel 7s, 1925... . St Paul I' 1> guar 6 Vas, '23. 94 V4 Swift & Co 6s, 1921. 97V? Texas Co, 7s. 1923. 98 Utah Securities 6s, 1S22.. 82 West Blec con 7s, 1925 91% 95V? 96% 9 6 Vi 9 6 9 0 92% 9 S Va 95 91% 98 Vi 97 M, ?SVi 93 70 96 93% 93% 97% 9S Vi 99% 100 % leid. 8.35 7. SO 7.75 7.65 8.60 8 3 0 6^76 6.75 7.00 7.00 7 60 7.6 o 99 W 9 9 *4 96 94 V, 98% 100 100% h-J 97% 92 96 Vi 9 5 95 Vi 98 98% S 4) 98% 8.65 8.10 8.90 8.16 7.70 7.35 9.4 0 7.60 7.40 7.70 8.35 8.00 8.00 S 10 10.60 6.45 6.80 7.00 ; 6.90 7.50 9.7 7, 8.50 ?.35 ; 7.20 ? 8.40 7.60 7.30 World Bankers Siffiti Pact for r . CMeese Loan ? _ Great Things Expected of Consort ??in in Stabilizing Conditions in Far East; More Informal Meetings Two-Year Discussion Ends -_ | Agreement Is Culmination of Long Negotiations; Plan Explained at Luncheon The new international consortium ; for extending financial assistance to China became an accomplished fact ? yesterday, after more than two years ; of discussions and negotiations, when | the official representatives of the four ? great banking: groups interested in the project, comprising Great Britain, France, Japan and the United States affixed their signatures to the final agreement. This action by the delegates marked the closing of the formal sessions of the international delegates and com? pleted the series of conferences which have been going on since the begin? ning of the week. The foreign finan? cial envoys will remain in this coun? try for a time, it was stated yesterday, and it is expected that informal meet? ings will be held during the coming week. Great things nre expected of the consortium in the way of stabilizing conditions in the Far Fast, according to .Sir Charles Addis, heading the British banking group, who declare* at the Chinese luncheon of the Fifth Avenue Association at the Waldorf Astoria, following the forenoon session of the consortium, that the new com? bination will not only be of immense service to China but will end tue inter? national friction that has always ex sted among the great powers with rela tion to Chinese affairs. International Cooperation "China has been the seed of interna tional worriment and intcrnationa friction among the powers of th< world," said Sir Charles. "It is o\v duty through this consortium to sub stitute international cooperation fo: international competition." The new international agreemen was signed on behalf of the Americai banking group by representatives o the managing committee, namely, J. F Morgan & Co., Kuhn, Loeb & Co., tin National City Bank of New Yori the Guaranty Trust Company of Nev York, the Chase National Bank of Nev York, Lee, Hjgginson & Co., New York and the Continental and Com inercia Trust and Savings Bank, Chicago. Sir Charles, as representative of th Hong Kong and Shanghai Banking Coi poration, signed for the British Ban? ing Group, Captain Rene Thion de ! Chaume, of the Banque de l'Inde Chine, for the French Banking Grou and K. Takeuchi, of the Yokaham Specie Bank Ltd., for the Japanes Banking Group. Formal Signing of Agreement Formal execution of the agreemer is the final step in the comprehensh plan undertaken two years ago I I autumn, when the State Departmei ! addressed an identical note to th | British, French and Japanese govert ! monts, with the suggestion that the : encourage in their respective coui tries the establishment of strong haul ing croups, with the purpose of forn ing a consortium for the assistance < China, the establishment of her grei public utilities and the stabilizing i her financial economic situation. meeting was hold in May, 1919, in Par at which delegates from all four c the national groups wore present ft the purpose of funning the intern; lio-nal combination. A tentative orgai ization was effected and a.i agrcemei drawn up, subject to the approval i the governments. Great Britai France and the United States approvi promptly, but the Japanese gover; ment sought certain reservations, ai ! by its stand blocked for a time tl I completion of the consortium agre ment. It was not' until Mr. Lamo ' went to the Far East last spring th I the Japanese government withdr? from its position and became a partie pant in the agreement without rose ! valions of any kind. Bankers in touch with the Chine il ation sai.! yesterday that the. -fir | specific financial project to by unde taken by the consoi iiave to d : will | ro\ id rig [ i ?? llukang Railways, The ?nit ial c ? itructi n this system was mad ? pi ? b c in 1911, when the old consortia which is no li nger in existence flo I y ; 1,000.000 loan. The four pow combination of Great Britain, Frani Germany and the United State! we the active partners in that operatic Will Represent V. S. in Peking Frederick \V. Stevens, the spec: representative of the American ban ing group, is leaving the latfer part this month for Peking, where he \v take charge of matters pertaining the interest of the American bankers In 'outlining the op ira m of t ; consortium at the luncheon of t Fifth Avenue Association Sir Char! i Addis denied the argument made ? sume quarters that the consortium "w : be a sort of an international trust t signed to exploit China." As an e ample of the equitable basis upon whi | the consortium is founded Sir Char! j cited the clause referring to the t ' velopment of the railways of China, "Hitherto," he said, "the railroads China have been constructed in si | tions. This was extremely waste : and impractical. It will be the purpi of the consortium to develop Chini railways in the future as a single s; tern, with certain sections placed the eyre'of the various i,ion.lier- of t consortium. All railroads to be < velopcd will be the property of t Chinese government, and all constri tion work will be supervised by a bo? appointed by. the consortium, with I concurrence of the Chinese govei ment. The powers engaged in t enterprise, however, have agreed tl it is now up to the Chinese people take the initiative. No loan will forced upon China. She will get loc only as she asks for them." I. C. Suez, Chinese Consul in N York, spoke in behalf of the Chini Republic. He pointed out that t week marks the. ninth anniversary the Chinese Republic, and paid a wa tribute to the United States and I American people for the coop?r?t and help they have extended to Ch in the past. Mr. Suez appealed for closer re tions between China and the Uni States, and urged that American s dents go to China (as Chinese stude: are now coming to the United States) order to familiarize themselves nu intimately with Chinese conditions r needs. He said that the Amerit press and the movies are giving tirely erroneous ideas of the nnti and character of the Chinese peoi and advised the United States to und take intensive religious, edueatitS and commercial missionary work .China. Edward B. Bruce, president of Paeiiic Development Corporation, s the consortium will prove a gr constructive factor in the developm of China. Francis H. Sisson, vice-president the Guaranty Trust Company, presid Investment Information Questions of general interest to in? vestors will be answered in thi? col? umn, in which case only initials will be used. Others will be answered by mail. Address all inquiries, inclos? ing a stamped, addressed envelope, to Financial Editor, The Tribune^ 154 Nassau Street, Nero York City. Chooses Speculative Stocks for Woman Question?Would you bo so kind as to advise one of your readers If you consider an Investment (for a woman) of $2,000 to be wisely plactHl when It is divided as fol? lows: Ten shares of Swift & Co. capital stock, ten shares of Baldwin LocomotivoT ?A. G. R. Answer?We do not think you have made a good selection. Common stocks are sensitive to earnings. Dividends, accordingly, are subject to change. Per? haps during times of depression the dividend may be passed entirely. If you are making this purchase for in? come purposes it is best to consider only sound securities. Wc suggest United States Steel 7 per cent preferred and Standard ?il of New Jersey 7 per cent preferred. Here you have two sound issues which are not so sensitive, to earnings. Norfolk & Southern Fives Question?Might I have your valued opinion of Norfolk Southern 5 per cent bonds selling now at 56? Are principal and interest secure??B> A. Answer ? Norfolk & Southern is about 800 miles in length. It traverses a large lumber section in North Caro? lina. The first and refunding 5 per cent bonds, clue ?961, of which there are $ 12,870,000 outstanding?$1,575,000 j to secure t? per cent notes, $438,000 re- j tired by sinking fund, $.182,000 held by company, $3,130,000 reserved for prior ?ions and $o,505,000 reserved for ex? tensions?are a first lien on 334 miles, | a second on 193, a third on 234 and a I fourth on 33. They arc further secured i by first lien on practically the entire equipment of tho company and by de? posit of over $8,000,000 bonds. The road has not been a good earner;, but in? creased rates should mean great im- I provement. We regard the bond ai a very fair business man's investment. Some Speculative Preferred Stock? Question?-Will you kindly advise m? as to the following list of stocks for invest? ment: Allia Chalmer preferred, American Can pr. tcrred, American Hide and Leather preferred, American Zinc, Lead and Smelt? ing preferred, Federal Mining preferred, j International .Mercantile -Marino preferred, American Writing Paper preferred. Cities Service bankers' shares. I understand, of course, that American Hide and Leather ban r. adjusted itself, hut do you think it j will need to have another readjustment be? fore it gets to Oie bottom price? American Writing Paper shows ?i good surprus and ? I should think before long it would pay dlvi- j dends; also it has, I understand, back dlvi-j dends to pay.?B. C. L. Answer?None of the issues you men- j tion is entitled to high rating. The best are American Can preferred, Allis Chai- ] mers preferred and International Mer? cantile Marine preferred. The latter has 42 per cent of arrears. Earnings in each case are ample, we understand, to take care, of preferred payments and leave a good margin. American Hide and Leather preferred is not a good in? vestment. Earnings have shown a fall? ing off and the dividend is by no means certain to be paid regularly. One rea? son why the stock sold so high was be? cause there was hope of a payment of the dividends in arrears, Nothing wnu done, however. American Zinc, Lead and Smelting is not a consistently good earner. The margin of safety in the preferred stock is small and the com? pany has gone into surplus account to pay tho dividend. Federal Mining and Smelting preferred, while paying 7 per cent, is a speculation. The company shows erratic earning power. American Writing Paper preferred pays nothing, what will be done about dividends in arrears is a question; Therefore the stock must be. speculative. Cities Serv? ice bankers' shares are speculative. This is essentially an oil company. We do not advise the purchase of such stocks for investment. Paris Bonds Yields 11.40 Per Cent Question?Suppose one buys a Paris * per cent bond at about 95 and carries It until the bond Is paid In 1921, am I right In thinking that It represents about 11 per cent on the Investment? Do you con? sider Nlplssinir .Mines a safe Investment and with a probability of "extras'' being continued?-?X. Y. Z. Answer?Citv of Paris 6 per cent bonda, due 1921, yield at 95 about 11.40 per cent per annum if held to and paid off at maturity. Nipissing Mines is not a safe investment. The company has a long dividend record, to be sure, but mining stocks are about as specu? lative aa one can find. Woman Seeks 7 Per Cent Question?Wil you advise a safe Invest? ment in stocks bearing, preferably, 7 per cent Interest, for an amount of money not exceeding $3,000? If it Is not in accord? ance with vour poitcy to udvise, will you klndlv tell mo where to go for informa? tion??-MISS D. U. Answer- There are several well se? cured preferred stocks which yield 7 per cent or close to it. We give you a few suggestions. Standard Oil of New Jersey, 7 per cent preferred; Pressed Steel Car, 7 per cent pre? ferred; Virginia-Carolina Chemical, 8 per cent preferred; Bethlehem Steel, 8 per cent rfeferred; Baldwin Locomo? tive, 7 per cent preferred. All these issues are sound at present, and we think you would make no mistake in purchasing any of them. All are listed on the New York Stock Exchange and any member who advertises in The Tribune will be glad to consult with you. U. S. Rubber 7V2 Per Cent Notes Question?Mill you kindly advise me if you consider United States Rubber 7'V4 per cent ifctes, due 1930, a good business man's Investment? Also would like to know the security behind them and when IntereJt is payable.?L. II. B. ' Answer ?- We regard the United States Rubber 7xk per cent notes, I due 1930, as a good business man's investment. The issue is $20,000,000. They aro secured by deposit with the trustee of $25,000,00t> face value of the I company's first and refunding mort? gage (i pe cent gold bonds, due 1947. j These bonds are secured by first lien,j together with the 5 per cent bonds, on practically the entire property. The j interest on the notes is payable Feb? ruary 1 and August 1. Southwestern Bell 7s Question?Kindly advise whether the Southwestern Bell Telephono Company five-year 1 per cent bonds can h? classed as a high grado investment.?M. ft. Answer?Southwestern Bell Tele? phone 7 per cent bonds are entitled to a very good rating, in our opinion. Four fall columns of in? vestment questions and an? swers are published in The Tribune every Surulay. Markets in Other Cities Baltimore Sal ph. ??on fnns Coal .... S4 105 Celestlne .IM 175 Cons Power. ... 93 1 25 Cosden pf. 4 in Mt Vornon. ... 28 12 do pf. ?S 125 Pa W Power... 80 in New Ami Cap. 2 I 182 United Ry. . . . 12 l Maryland Cas.. 7fi !?:)t"d $1000 Cosden 6s. 93 ] fiOOO I'nns Cas 4 'As. 75 70 10 Macon ' l&S 5a, Gl 9000 Pa \V Pwr 5s.. 81 II. fn Ry rfs is., 6 i 4000 do Incomes. . 4S Open. Tllgh. Bow. T.ast. R4 ' 110 93 r.s 8 4 Vk 1 10 911 4 % 2S r.s 93 4% 2S (58 80 *i 80 V? S0% 23 1 2 % 76 % 2,1 12-H 76% 12% 93% 91!% 93! Boston Miiiins 1 0 v hmeelt .. . 20 s laska . . . 50 An iconda , I 0 y i-l -. Coml. 1% 50% r, 11 \ 48% 55% 1% 60% '. rea HT '.; .Heart. 1 ' ,l.'h;llll .1 Hocla. irson . . I?. Bange. : ..'. Da- . I Dutte ? ? :. i".' Indian . , ! ...: Ci ! ' dn pf . ! 0 toisa Cons. . 24 i Maj flower O ' :,;. Sfbhawk . . . . 5 New River pf, 85 XI] Isslng . . . . 155 Noi th Uutte. . ; 0 Old l lominlon : 'i ? isccola . 10 Qulncy . 53% 77% 2% 57 93% SOU r>4H 4 8 % r.5-% i % r. o % 250 21% 77 ' 2% ?113 56 93% 8% It f?4% 4 8 % 2% 93% 8% 14 Si nee Sh mi 101 35% 35% 35% 30% 1 ! .'. S II | ? , 15 U S 107 do 100 Utah 200 Utah Ros. :y It m r.s j.iM Ap 43% 44 ? 3% .MS .12% 15 Wolverine 600 Wyandott ... 15 Railroads Albany. .127 Kiev . . 66% pfd .... STL, Maine.. 35 :: Northern N H 81 95 N Y X If & H 3 4% 4fi l Mil Colony . . 85 30 West Kn.l ... 41 20 do pfd .... 50% 40 Boat 267 Host 90 Boat 12V4 40 66% 87% 6 % 12% 127 . 66% B7% Boston Curb Ail". Extn. . Ariz Silver. . Bus .v Mon. Bl!< Hawk. Calaveras... Chii C Con . . I ':?..?.. ll l\sv. . ( !rj ?tal new Denbigh ... i: ...-,; B.? Eortuna ... (la,Is.l.n ... Homa Oil.., Iron Bloss. . 15 ; i ic Iron Cap.... S I.a Ros?! . . .25 Majestic ....10 Mex Metals.30 Mid Moss...? Monarch ... B N'at \. & V... 4 Nev In,UK.-.12 Nixon.6 Rainier .... 25 127 66% 87% 3 6% 81 35 SI 41 % 50% Svn Metals. S Silver R?ef. 7 Un Ver Ext. 29 % 20 25 Yukon.IV* Misoelli'.neou!? Acr pf?! 8 3 88 83 S Am DO Amn Oil .... 2% r, Amoskeag ... 78 50 Amn Pnou . . 2% 580 Amn Tel .... 99% 120 Am Woo) pfd 92% 600 Atlas Tack . . 24 20 i ',-iitury . 1% stern Mfc. 29% ?! - v? 78 24 1% 45 Rastern S S 4 2 Edison . 40 l Elder . 7 Fairbanks . . 2 Gen . Elec. . . 50 Gorton . 14 120 Gray . 17 lnt Cot M pf 120 lnt Ornent. . . 29 700 lnt Prods. 21 60, Island Oil. 6 100 .1 T Connor. . . 13 IS I.ibby . 11% 130 Loewa. 11% 125 Mass (las. 82% do pf. 00 88 2% 78 2 99% 9 3 23% 1% 29 21 147'-. 150% 147% 150% 22% 221, 22>t 22% 52 52 52 52 139% 139% 139% 139% S? 87% 29% 2L 6 13 11% 11% 82% 60 14 14 87 ? 2S% 20% 6% 13 11% 11 82% 5 9 14% 14% 87% 29% 20% 5 % 13 11% 11% 10 Mergenthaler. .129% 129% 129% 129% 1030 Mex Inv. 37 12? Nat Leather. . . 10 195 New Eng Tel. 97 10 ' ?rpheum . 27 % 176 Pac Mills.155 36> 9% 96% 100 Parish 25 Slmms Mag. i ?? l South I'hoso 48 Swift . 26 Swift Intl. . United l-'ruit 2896 United Shoe 28 11% 20% 106 29% 207 3 a ' ?? 10 U S Steel pf.,10S% 108% 108% 108% 150 Ventura . 16% 16% 16*. is?. 20 Waldorf . 19 19 19 ' 19 150-Walth Watch. 21% 22 21% J? 50 Walworth .... is is ig jjj 5 Wick Wire... 27% ?T% 3T% ??% 3' 10 9 S 27% 155 155 28 23 U'i 11 201-j 20 L 106 4 106 H9Vs 29 2?7 3 3 M 36% 10 27' 135 207 3" 20% lOS'-j 29 V? 207 37% ."?nares. ?. $5000 Carson 7s. 3mm C .1 & S 5s. . . . 1 on no Mass Gas 4 Vis. 1000 Pond Creek 6s 13000 Seneca ks. 1000 Swift Bs. 1000 Western Tel 5s ?n. High. Low. Last. 5 Vi Hi:,'. 105Vi 105?4 Chicago 611 Armour Loa. . . 15% 1!i '? fil) do pfd. 92% 92-1 380 Armour pfd . . .? 91 V? 91 ?'? 160 Briscoo . 15 15 75 Canal & Dock, r.? :.? 300 Cas- Plow. ... 10 10! 134 Chffo rtys, ser 11-' 12 300 Cudahy . <\i~ '?? foi ' 30 Com Edison ... lu 1 'j 104 1 fii'.;. Conll Motors. 7 Va 71 100 Hupp Motors. .14 11 50 Ills Brick. 70 70 1075 Libby . 11% 12 390 Montgy Ward. 26% 201 50 Nat Leather. .10 11) 555 Piggi.v Wlggly. 26% 201 . !'?'.,, Servi. .''i 70 1900 s. ars Ro. bu .. ? ' ? ' . ; 1 ". ' I 50 .-'haw . ,"< '? 7S 530 Stewt Warn? r. 31 \ 12 50 Stewart M fg.. . : 3 1 270 Swift lull. " . ; 29 1 S Vi 15% 92% 92% 91% 91% 12 12 ?(i i ?, 104' 175 H? 300 Cil 1 1700 2 0 n r n 50 Wt rbidi . U0 Bonds $2000 Arm 7s. 90 Vi |5i 0 Ch C ' Cl F. 3f>00 Com Kdi 1st 5s 82% : 0000 N'orw El 1st 5s. 05 : 7000 Ogden Gas 5s 07 % 2000 P O Cas ref Os 1)9', Detroit ion Charcoal pf . . !400 ContntI Motors 70 I ),; roi t Edison n I p.; ', 82 ?i 67% 09 ! i 4*1 70 il '?. I ? . Ha 96 Vi 67% 69% ?'? '? i 7 90% 90 % 35 Ford.': i 6 :: ' 7 315 317 30 Lincoln Motors 39% 39 ?', 39% 39% 325 Mich Sag .... im, io% 10 % i" '.. Ti)". Noble .Lll 1.11 1.10 1.10 590 Parka v.l. 13% 13% 13% 13% 125 3150 It. do pr Motors 2 3 Philadelphia 53 Amn Gas. 38 41 1136 Amn Stores . . 55 56 120 Mrlll. 41 % II '? . 1705 Elcc Storage . 122 127 960 Lake Superior. 12 12 410 I.eh ig h N'iiv . . 68% 71 31 Insur Co N A. 29 29 150 Pha Co 6 pc pf ::i 31 786 Pl.ila Elcc . . . 21% 2 1 % 1280 Phtla ftp Trnst 19% 19 >-j 7 5, Ph i la Trctn . . 52V? 53 393 Union Trctn . . 31 32 10 Cuite.I Co N J.169 169 1062 United G Imp. 39% 39% 10 United G pf. . . 50 50 3 Wst'mrlnd Coal 7e 75 Bonds $1000 Amn X? <fc A 5s 72% 72 '3 4000 Lake S Inc 5s. 17 47 1000 Peo Pass la . . 5 I 5 I 7000 Phlla E 1st :>s s2 82 Pittsburgh 170 Am W Glass M.l 10 110 110 Arkansas lias.. 10% 10% 50 Barnsdall "A." 40 '?, 40% 50 do "B" . 38% 38% . 95 Carnegie L&Z 6% ti'a 720 Cons Ice. 3% 3% .182 do pf. 20 20% 810 Guffey Gllleepie 32V4 32% 200 Harb-W ref l>f. 99 9? 60 Kay Co Gas.. . 1 % 1 % 800 Mfrs L & H. .. 03% 50 fin Marland pf. . . . 4 4 5 Lone Stur Gas.. 30 30 20 Nat Fir. pr pf. 13 Vi 13% 50 Ohio Fuel Oil, 26 1(1 Ohio Fuel Sup. 47% 47% 50 Paragon Ref.. 27% 27% 670 Pitts Brew pf. l)% 9 % 10 Pitts Coal. 07 67 45 W Pa Itys pf. 72 72 10 Westlngh A B.101 101 Montreal Bid Asked Ab P & P 72 72 % Am? Nld.. ??? 65 At Sus R. 93% Br T L &P 35% Hrmp Pap 75 C C Hi F pf ? Can Cmnt. 59 % do pf... 00 Cn Gn Elc ? Can Stmsh 0 3 C M & Sin 24 11 % 1 I % 2 1 Vi 19 Vi 02-, 31 21% 19% 1 10 s o Vi 40 38% 6% 3% 2(1 32 Vi 99 . 4 30 13 % 47% 27% 9% 67 71 101 60 4 30 13% 25 47% 2 . % 9% 67 ?Id Asked Ht Un Ry. 98 99 Dom Steel 54% 64% Dom Txtl 124 126 Lrntdl.td 104 105 MLM&PC. 81 ? Nat Brw.. 63% 63% Rrdn Pap.210 215 Spn Rvr. . 100% 100% do pf...U0 ? 63% .SU Co Cn. 05 ? 1% Toronto Bid. Asked. Bid. Asked. 94 90 9'.i Adanac .... 1 Apex.? Atlas. 5 Bailey. 3 Bvr Con .... Chmbrs Ferl 5 Conlagas ... 1 Crown Rsv.. Dome Lake. 3 Gobi Reef.. 1 Grt Nrthn.. ? Margraves Holllnger. Keora . . . 4% 5% 10 2" Lake Shore. % Mclntyre . . 1% Mng Crp Cn 1 \ ivray .... 4 Ptrsn Lake..10 Pore Crown. % Pore Tsdl. . ? Pore Imprl. ? I'rstn ED.. 1 TU Hughes. 4 Tmskmng .. Vi Thmp Krst.. 4 Vacuum Ga? % West Dome. 5 1 % Business News liolesalers Expect Election ' To Be Market Turning Point insist Next Move of Merchan? dising Game Is Up to Re? tailers, Who Are Waiting for Consumer to Purchase In many quarters of the wholsalc markets yesterday there was a feeling that the era of little or no buying is coming to an end in the near future. ? "After election" is the dnte that the sellers of merchandise now place as the date for the revival in buying ac? tivities. The downward sweep of prices has upset many of the old vnlues and it is certain that a great amount of con? flicting influences on the price situa? tion will be with the markets for some time tD come. Apparently from all that can be gathered from conversa? tions with wholesalers the /iext move in the merchandising game is up to the retailers of the country. In turn the retailers say that their future mer? chandising plans are being held in abeyance pending some show of buy? ing tren on the p of the general public. Retailers admit that the full force of drops in the? wholesale mar? ket have not been reflected in retail prices, but that competition is slowly forcing prices on their downward course. There ?s a strong effort be? ing made to hold back falling prices as ?onjr as possible and to make the process of li' itk.tion as gradual as circumstances - ill \ crmit. Wholesalers arc berating the retail? ers for their lack of confidence in present wholesale prices and for fail? ing to immediately pass on the price reductions that have been made in primary sources. The latter in turn are inclined to feel that the wholesale fraternity "put one over" on them last year by urging greater purchases in view of real or fancied shortages of ?r'"''H?s. A ?-"establishment of good fyith among the various branches of the producing and distributing in? dustries undoubtedly is necessary, in the opinion of trade leaders, for a re? sumption of business on the old time sea!e. Commercial Credit Commercial money for legitimate purposes is being granted to business men with greater facility than has been apparent for some months, but bankers are still insistent that heavy inven? tories be liquidated. A banker yester? day illustrated the present method of operation by citing the following case: The owners of a prominent woolen mill came to the banker for a loan of $1, 000,(100. Inventories were considered too heavy by the banker, who advised liquidation. The woolen men asserted that such was impossible at present be? cause of a fear of breaking the market still further. The woolen men finally obtained $250,000 -on a compromise worked out with the banker. Commercial money rates continue at 8 per cent for choice name paper, which is in plentiful supply. Response to Reductions Cotton Goods Agents Pleased With Buying Inquiry Response yesterday to the now low prices on bleached cotton goods named late Thursday night by the two leading selling agents in this market was re? garded as encouraging in the offices of these houses. Several liberal orders were placed by buyers on the spot and some telegraphic orders also were re? ceived The new payment terms furnished more food for talk than did?, the ex? tremely low prices. With the mer? chant given until "March 10 to pay for his goods, it is realized that this leaves the- speculator some chance to buy goods now and sell them closely, thus turning his stock before he is com? pelled to pay for it. In short, it pro vides a method -of borrowing money, and every merchant admittedly needs money these days, from the selling agents. It is questionable, however, if orders placed'with this intention in mind will get past che credit men for the selling agents. Prices Attract Buyers Shoe retailers m this vicinity are : y y air volume of business by y [del) . d\ er t low pi iced sales, O? i re: ult, accor ling to shoe mer has been the mov? ment of I n ? . .? ' ??-. .' in ir.d low grade shoes. which an th, first to be placed in the cut prie alea and the retention of vear. As one sh ? - tailor ( xpn ???? d the situai ion : "We oes we don't care much [.????\? ? ling and are kei p !:!,.; on our shelves the sort of shoes we should be moving." Ten dollars or at most $12 appears to be the top price that average con? sumers willingly pay for footwear now. in the opinion ox retailers who are making strenuous efforts to provide shoes at these price Raw ?Silk Trade Awaits Developments in Japan Buyers of raw silk arc awaiting de? velopments in Japan from the newly established syndicate's efforts to stabi i y the price of the commodity, according to this week's market re? port issued by II. L. Gwalter & Co. "There is no doubt that the under? lying tone of the market has been considerably strengthened," says the report, "and that any improvement in the fabrics market will find a quick response in freer operations in the raw material market. Sellers here are marking time and have ceased to cut prices, being confronted by the im? possibility of replacing their holdings below the pegged prices at Yokohama. "Advices fro a K?irope report the Milan market unchanged with reelers firmly holding to their limit of 400 lire for extra classical silks. The ac? tivity for Lyons consumption has fallen off somewhat and no business is re? ported for American account. "The Yokohama market is quiet but strong an ! any increase in the demand is expected to advance prices. The situation has been further strength? ened by minimum prices having been fixed for the higher giades on the basis 1,080 yen for double extra and 1,610 for extra, with'est No. 1 at 1,570 yen. Stocks remain unchanged at 41,000 bales, approximately, of which about 8,000 bales consist of the hipher grades from extra up. "Tl Canton market is firmer on account of the. falling off of receipts, and lay down costs for these sorts are above prices ruling on the New York market. It is confirmed that about 70 per cent of the filatures of new style silk have stopped working, the Chinese preferring to wait for orders lather than ko on producing at a loss." Propaganda Fund for Tailors A fund of $500,000 for a national ad? vertising campaign in behalf of the merchant tailoring industry is the im? mediate objective of the recently or? ganized Merchant Tailors' National Service Bureau. The movement is said to be sponsored by a group of business men prominently identified with the wholesale woolen and trimming busi? ness, as well as tailors. Members of the following organiza? tions, it is reported, have thus far joined forces with the bureau: Na 'Readjustment Week* To Bring Bargains A "readjustment week'' of rad? ical price reductions will be held by St. Louis manufacturers and dry good? jobbers during the I week of October 25, according to ? dispatches from St. Louis yester day. The movement was begun 1 by the Ely & Walker Dry Goodn Company and the Rice-Stix Dry Goods Company, two of the lead? ing dry goods wholesalers in the South. "We are confronted with a re adjustment of values," said D. E. Calhoun, president of the former \ concern, in announcing the sell 1 ing event. "Every broad think? ing, fair Blinded merchant should meet this situation cheerfully, and 'take his medicine' without a whimper. That means the sooner he disposes of his high priced merchandise at present value-, just so much sooner will he be able to purchase goods upon which he can make his normal profit. A short period of a loss of profits is much better than a long period of loss of customers." i tional Woolen and Trimming Associa i tion. National Association of Merchant ; Tailors of America, Pacific Coast i Merchant Tailors' Association; Mer i chant Tailors Designers' Association : and several smaller units. Headquar ? ters of the bureau are in the Ward ' Building, Newark, N. J. \ Merchandising Activities Show Decline This Week ! Wholesale merchandising activities | throughout the United States this I week show a decline of 1.5 per cent | compared to the previous week, accord? ing to the weekly report of the Credit Clearing House, indebtedness increased 3.1 per cent, but payments show an improvement over last week to the ex? tent of 1.6 per cent. "Merchandising activities by whole? salers and manufacturers," says the report, ''show no such increase as was hoped when the drop in prices was made general. The lowering of prices has not yet stimulated buying, nor have the orders placed been in quan? tities usually purchased at this time of the year. "Unemployment is noticeable to some extenl in every section and reduction sales by the retailer are not giving the turnover looked for." Leather Demand Still Dull The reported opening of several new shoe factoiies in New England, which will necessitate a new demand for leather, has not had any perceptible ?ffect on the dullness in the leather in? dustry. Marking time until election seems to be the present position in the trade, as many leather men bel'?ve that conditions will be ripe for rapid im? provement early in November. Buyers -Arrived Fnirrhild Service ALBANY?Horton ?- Ware; E. H. Wade, china, nllverws re, ? ' e. a LLEXTOWN Pn Hinterleit r's Depart? ment Store; R. W. Hinterleiter, women's si !a!s ?'? nn . nia ,v:''M> !!.'.;?: N. C. !.. Cad 'ifion. women's Curn ishini! ? I '?'- n ?ylva :i ?' ATLANTA .'. M. High Co.; H. F. George, . ? h n ?..; .i Ifi i Fantl, 110 Wi st Thil "'' -i- i ' nd Sti ?? : BALTIM 'RE v.. i an Wholesale Cor pon ti? n; lien i. .'ltman, coats, suits ami dross? ?: :. '. i Four! h V venue. BALTIMORE?Schloss Bros. .??? Co.; H. : h ' is i, rot' m and 'v ' len piece goods, 230 Fifth Avenue. : ? . : ";??.. a i win bosl ry and no IVnnsyh ania. ? BO; TON ??'.' Hurwitz, cotton piece goods; in yl\ i nia. B( ST IN lun an & Co.; M. Cauman, \ il i ?lineo - 'Ods ? : li islin. B ?>.':'. in !, /?: tin ti Co. : H. E. Hagen, li es; I-Iernld S mare. ' .? '],?>? 11. IJrowi . furnishing goods; 1 iGE N '?.' ?E. Walsh, floor cover M il .-.. i. 11. C : 'AUt.i -.1 11 isin, worn n's ready t.. !'.!!.;.? nia Ci ? [?! Oolil? an, clothing, etc.: m?a. CHICAGO- .1 V. Farwell Co.; A. Lehman, ri, -.'? s; 72 Leon (.'l.K\ ELA N D Hallo Bros Co.; B. 11. Sink ?:. :? or 'ntat 220 Fifth A i ??:. le CLEVELAN D ? I.ittln Folks Shop Co. : C. L. Zorbaugh, children's wear; Arllngt in. CO LU M BUS, ' ihio F & R Laz irus Co. . Mrs, Parker, children's dresses ind coats C in !?'. years; 225 Fifth Avenue CUMBERLAND, Md.?J. P. Barrett, dry goods and general mdse; Jmperial. DETROIT?Crowley-Milner Co.; .Mis;- F Wood, corsets; Alfred Fantl, lie Wesl Thirty-second Street. DETROIT .1 I.. Hudson Co.; R B. Tan nahill, clothing; 22r, Fifth Avenue. EUREKA. Cal. ? I >a!y Bros , (;. orge F. Phreaner, silk and dress goods; Alfred Fa i il, I1C Wi st Thti I .? y icon?! Street. GREENVILLE, Tex. Graham, Fagg Co.; C. A. Fagg. millinery, etc.; 1 East Thir? ty-third Street. HARR1SBURG, Pa.?R. Herman, floor cov? erings; Park Avenu?. HUNTINGTON, W. Va.?G. L. Hannan, general mdse; Aberdeen. IVANHOE, Ga.?E. Cone, general mdse; Pennsylvania. MILWAUKEE?L. Bloch Jewelry Co.; L Bloch, jewelry; Pennsylvania. NEW HAVEN, Conn.?Sharterrberg & Robinson; P. It. Galligan, laces, ribbons Jewelry; W. 1!. Flack, dress goods; j] F. Burns, cotton, domestics, wash goods 4 i?4 Fourth Avenue. NEW HAVEN- -L. Eck. woolen piece goods; Park Avenue. NEW HAVEN M, Cohen, men's and worn en's furnishings; Pennsylvania. NEW ORLEANS?Marks ?6 Isaacs Co.: B M. Isaacs, men's neckwear and nillllnerv 1 160 Broadway. PHILADELPHIA?H. Myers, general mer? chandise; Aberdeen. PHILADELPHIA ?M. Waxman. shoes Pennsylvania. PHILADELPHIA ? L. Schwartz ?- Co.; L. Schwartz, dresses and skirts; Herald Square. PHILADELPHIA?I. Harrison Co.; I. Harrison, furniture. PHILADELPHIA?S. Newman, furniture; liresiin. PHILADELPHIA ?Kahn Waist Co.; S. Cam on, waists; 1123 Broadway PHILADELPHIA?H.'Kahn Co.; H. Kahn, Bilks, satins; 33 West Thirty-fourth Street. PHILADELPHIA ? I. Moses, hosiery; Pennsylvania. PHILADELPHIA?M. Stern, men's cloth? ing and furnishings; Park Avenue. PHILADELPHIA?W. Hofford, men's fur? nishings; Pennsylvania. PITTSBURGH?R. Shapiro & Sons; P. Shapiro, women's ready to wear and muslin underwear; Herald Square. DIVIDEND iSOT?CES OFFICE OF LOCKWOOD, GREENE & CO., MANAGERS Hoston, Miifis. The quarterly dividend of 1%% upon the preferri'd stock of Lancaster Mills has been declared payable November 1, 1920, at the office of the Transfer Agents, the New England Trust Company. Boston, Mass., to all stockholders of record at the close of business October 20, 1920. LANCASTER MILLS. J. DEVEREl X WINSLOW, Treasurer. FINANCIAL MEETINGS" THE HANOVER NATIONAL HANK of the City ?f New York. New York. October 15. 1920. At a regular meeting of the Board of Directors of this Bank held this day Mr. Walter G. Nelson. Mr. Charles B. Camp? bell and Mr. William B. Smith were ap polnteil Assistant ('ashlers. WILLIAM E. CABLE, Jr., Cashier. I PORTLAND. Or*.?Politz Bros.; St. t) p. ntz, men'? ?-lothing exclusively. .' RKAIil.vi. Pa.??H. Hoffman, floor cot?. Ings; Pennsylvania. RocilKSTi'.ii, N Y--B. Forman Co ? Ml? Hirsch, dreaa*?-, 225 Fifth Av?nue ROCHENTKK M Kaplan, women's '?ad? to war; Imperial. SAN FRANCISCO?Th? Emporium; Ml,. RIorb children's wear and neglit;?.?. ,,? Fifth Avenu". ' "* BIO?X CITY. Iowa?Davidson Bros ry. W. W. Oroutt. iruKs. notions and i??' elry: i2fii Broadway. ST. LOUIS?Carleton I> <i *r0 ; W ?r,.),, bertr, lace?, women a n"(-kw(jr, j--, i;; . ,1 way. ST. LOUIS?B. No*yent D. G. r*0 ? , Ahrcns, ladles' coats; 12(1 Broadway. Buyer? Coming BALTIMORE -Anwlcan Wh,,!-sal? Core ? ff K. Messersmlth, renitiarit?, 254 Foartx Avenu? . i ape? ted October l?. BEAUMONT, Te* Mux Felnberg r<? Mux Felnberg-. indies' ready to w.-i millinery, r-iothinjt. furnishing:*, p,.,. goods; Joseph B. Fol?; 1150 Broadwa-, I'xorcteil October V) ,,,., ted ' U toll- r 18. LOS ANOELBS -J. .Tacoby <"o ; J Jacob? i n'H ?rear; Hotel Commodore, ex pec. tel about October 20. SEATTLE. Wash. -- Hon March* Thonw? Otis Elevator Earnings Equal S22.23 a Share in 9 Month? The financial statement of the Ott? ! Elevator Company for the nine months ended September 30 show a net income, after charges and Federal taxes, of $2,400,893, equal, after allowing for | preferred dividends, to $22.28 a share on $9,482,000 common stock. Earnings, after maintenance and ap? preciation, total $3,422,420 for the period. ANDREW T. McCORMACK, Auction??. REOT?LAR A?TCTION PALE STOCK? \M> ROM?? Bv ARRIAN H. MCLLER A NON. O F FI ' ' B 5 5 WILLI A M ST R E ET, WKDNKSDAY. OlTK. 20TH, 1920, at 12 '?) t the EXCHANGE SALESRi M ill, NOS. 14 AM' 16 VESEY STREET. For Account ot Executors: $5,200 ?ith Avenue R. R Co. 8* Ctf. of Indebtedness <iuc Febry., 1319. 70 shs Bth Avenue R. R. Co For Account of Whom It May Concern: 1,000 shs..'Pateraon Brewing Co. 50 sha. Allen Sales Si rvl e. Inc., Com. mon. loo shs. Allen Sales Service, Inc., Prefd 1,000 shs. Acme Phonograph Motor? ( lorpn. $22,000 Green Ray ft Western R. It. ?% Debenture i'iass "A" Hnr.1i. $26,600 Monmoufh County Electric ?"o. 1?'. Mtg-e. r- Bds., 1951. Jan'y, 19U, Coupon (>n. $100,000 Anon HrarMte & St. Louis Tr*r. tion Co. 5% 1st Consld. MtKe. Bds. 3!'44. Febry., 1920, Coupons On. 200 cms. Automatic Weighing Mach?n? Co. Prefd. 400 shs. Poole Engineering & Machine Co. 67 shs. United Gas ft Electric Corpn. 2d Prefd. 22 shs. United Gas ft Electric Corpn. ( ',.::-.: 173 shs. <>.:?'.in Leather Co. Common. 141 13-100 Bhs. Hope Mills Manufa.-tur Ing i lo. Common, 205 28-100 shs. Hope Vllls Manuiactur Ing Co. Prefd. 9 shs. Lenox Motor Car Co. Common. >> shs. Splltdorf Electrical Corpn. Common. 1,000 shs. M> xican Producing ft Refining Co. 1.000 shs. Peruvian Copper Co. 15 shs. Electrollne Co Prefd. 15 shs. Elecfrollne Co. I ommon. 126 shs. Western Maryland R. R. l?t I'rff.l. f>4 shs. Michigan Central R. R. $10,000 Georgia Coast ,<? Piedmont R. R. Co. 1st Mtge. 5 c Skg. Fund Bds. Ctf. of Dep. 60 shs. Railway Storage Battery Car Co. Prefd. 50 sh.- Whe< lo?k Lumber ft Manfg. Cn. $6,000 Texas & Oklahoma R. R. 1st Mtre. hfe Hon.Is Ctf. of Hep,).?:*. To THE IP ?LDERS OF Till-: HOMlNli-\x RKPrBUC .Vo fl'STOM-i ADMINISTRATION SINK ING FIND GOLD LOAN RONDS DUE FEBRUARY 1, NOTICE IS HEREBY GIVEN that Guar? an!-' Trust Company of New v.irk, as su> nessor to Morton Trust Company, Fiscs! Air.'iit under the Fiscal Agency Agreement made by and between tho Dominican Re? public and Morton Trust Company dated 17, 190,?, hereby invites proposals for the s.tlo to the Sinking Fund on Octo? ber 25. 1920, with accrued Interest to that (late, of as many bonds of the above issu? as can be purchased f,,r the sum of Two Hundred Seventy-six Thousand Three Hun? dred Twenty-five Dollars and FIghty-niM Cents (276,325.89). Sealed proposals will be received at the Trust Department of the undersigned, 140 Broadway New Vorit ' " UP to l" tVi loi k A. M. on Friday, bei 22, ; r>2 ? w i n I he same will be opened, and bon Is i IT ? ed at the I wert P " ?not . -, ecding 102'i'v, of par and ' ? ued Interest l , l he i > tent ne essary : will !>?' ., sub.ie t to l tion of the - ' r ?"" " ' - ?? ?' ' ol r In part. ?.'. VTCANTY Tlit ST COMPANY OF M '? YORK, ]'??? ch \::i es u. b vrin Pres ,ent ? Oetobei i TRUST COMPANY STATEMENTS " ?RT OF THE COND] ? the Centra! Union Trim Co. of N. Y. .' ? '? day of RESOURCES SI K-k and bond < ;? : --; -'?; If ?i '"i.l t? Real , . . '?'? i-ni-il . ; y ..:; f.p 1 1 ? i - y- lot.sn u Loans and ,? r -, 7.?6 H ' ? . , ? I not seem | ,74.23 Ml '', Overdrafts ??? ured . 16.S4104 Oui ' . | re '?'?'? less ?uno nt offs . ?.,..;-,5,?4(; s? Duc fr im trust nnipa o" . . i in pri'ccdins item .... 1.705 Pt! 04 -. Kpfil 4M M Rp 1?. _' ;::.260.0? ' ?ther curren i f the ! n-*s '..' the l'nited S '.'U 0?* ?? Dub fr. m Tti, !' , ? ? Reaem :ir.nk of New Ver); less offsets.. . 1;-,.SI!J.73? 10 Custnn - y lai : ?. on ac epl m ?? - ,*.??? lia? bilities, per > o? ' ???' 14.128 "44 "7 I-ess anticipate?! .... B.537.33 Other assets, riz. : Ac,-rue! Interest en? tered on books at close of business on above, date .Jl.700.666 7$ Advances to trusts (secure?*) . 146.539.73 14 11J.5M.M l.?47.2(XJ..'t Total . $282.341.2? 5? MAKII.ITIEM <'H;i!yii stock. $13.500.?00.W Surplus: Surplus fund _$15.000,000.00 IndiWded profita .... 2,655.904.63 Depi sits Preferred, a.? follows: Due New i'ork State Siiviiius Hn:K.? . . 3.9S6.056.05 Due New i'ork SI i ? Sarlngs and !>>an Associations, Credit Unions and Land Bank. ?00 0? Other deyosit? due as exe-utor, adminis? trator, guardian, re? ceiver, trustee, com mitiee or doposltaxy 8.982.?4S.75 DrixMits by tli? State Of New York . 250.000 00 Deposit.., by the Super Intendent of Hanks of Stato of New York S9.123.2* Otli'r ilepixslt? se? cured by a pledge of a.s"U . 8.009.74" 8* Not preferred, hk follows: Deposita subject to check .166.309.518.71 Time deposits, certifi? cates and other ,!?? posits, the payment ?,f ?hic h cannut legally be required within thirty days. 7.934.019 7? Di-mand ccrtiflcates ?>f deposit . 3,201,770,5$ Cashiers' cheelcs out? standing, including similar eheefcs of other offterrs . 602.275 5* Due t ru-st r?mpanle*. banks and bankers 8 738.33? 07 Eitend tota.1 deposits . ^??S'S??? Rediscounts . 13.000.0W ?? Acceptance!? of drafts payaWe at a fu? ture ?lato or authorized b? commer- ,?.hiAm clal letters of credit . H.1D.I?? Other ?abilities, vtx. : fteserre* for taxes... $819,713 4i ii.rum'. interest en? tered on nooks at close of business on above date . 1.158,93$.0? Estimated unearned diai?-JJlU . 624.923.30 ? ^^"^ _ ;.643.??? ? Total ?Ml.Ht?"'