New-York tribune. [volume], October 20, 1920, Page 13, Image 13

About New-York tribune. [volume] (New York [N.Y.]) 1866-1924

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Anaconda Copper
j 7?o Secured Gold Bonds
PCE JAM WRY 1. 1929
An obligation of the largest
copper company in the world.
Secured by a pledge of stock
valued in excess of $10C,000.000.
0r twice the entire authorized
issue. There is approximately
$120,000,001 market value capi?
tal stock of the company over
which these bonds take prece?
dence.
Average annual earnings for
past seven years almost
$25,000,000. or SO^o of entire
authorized issue.
H'e consider these bends one of the
?ron?eft industrial issues on the mar?
ket and recommend their purchase.
Price at the market
to yield about 7.65%
Circular on application.
I Kelley, Drayton & Co.
Kenibe's Sen- Yo-k Stork Exchange
lord's Court Building
40 Exchange Place, Net) YorJr City
T?cthcne Broad 6291
Emp
& Steel
Bought, Sold & Quoted
Company Statement
on Request.
C. W. Pope & Co.
25 Broad Street, New York City.
Telephone Broad 7110
WE SPECIALIZE IN
Argentine 5s
Belgium .%
TlritMi Is ? r>?
( hi?ese 5s
French 4s * .->..
German (iOv?rnm?nt -I* ,t 5s
German Municipal -1? & 5s
Italian .">>?
Japan?"-.. 4h 4 4,<.?
Mexican Is ? 5s
Basslun .V-H A: 6V?-9
Di?? et importers of a'.l
lr. : cstm ent Seairitit
43 Exchange Place, ,N>w York.
Telepl ? .16 Hanover
Evansviile, Indianapolis
& Terre Haute
All Issues
Bought?Sold?Quoted
25 Broad St., N. Y. Phone 7160-1-2 Broad
J.K.RiceJr.&Co.Buy&Sel!
Colorado Power
Com'with Ry. & Lt. & Pow.
East Penn. Rys.
New York State Rys.
Republic Railway & Light
Wisconsin Edison
J.K.Rice,Jr.&?e.
Phc
36 Wall St., N. T.
Amer. Gas & Electric Deb. 6s, 2014
Amer. Power & Light Deb. 6s, 2016
Amer. Typefounders 6s, all issues
Eastern Penn. Rys. 1st 5s, 1936
Havana Tobacco 5s, 1922
New Jersey Sleamboat 5s, 1921
Retsof (Salt) Mining 1st 5s, 1925
J.K.Rice,Jr.&?o.
6 'Wall St . N. Y
BANCO NACIONAL
ULTRAMARINO
?' .. i', ? :i.,iii." i i 'o!i nies
N*w York Ajency, 93 Liberty Street
Head I :',., 1 isbon, Portugal.
Write Dept to.
Members Hev) York Stock Exchan?*
Jj 71 Broidway New York City
**"?"!??I? W IWI Uli?IJ?K??gl
Chandlers Company
????tfflUTU
35 Pinr- Street, New York
phll?<1 B??:os
J8SVE K ISVORMAllOS
?ne Investor's Pocket Manual
*'2-P(MC? i- Issue! Monthly. I
r}\ be I ?I FREE by ?ny Inwetment
h " .' i Investor on ?pplka
t','-; t copy will l>? sent hy
_J^|* *ad St., New York City.
Increase in Canadian Trade
OTTAWA, Oct. Figures issued
to-day by the Department of Customs
J?ow an increase in Canadian trade
i0* the first half of the fiscal year
?nded September 30 amounting " to
^?0,230,0-10, as compared with the
J\?e period in 191S?. The grand total
**? ?1,274,870,502.
Efficiency First Raifp^y
Now, Says Lackawanna Head
Executives, in Co-operation With Interstate Com?
merce Commission, Have Taken Steps to Get
Greatest Service Possible From Limited Facilities
By W. H. Truesdale
President of the Delaware, Lacka
wanna & Western Railroad Co.
"Forward looking" is a popular ?nd
comprehensivo expression current in
these days of reconstruction, which we
think is particularly applicable to the
j railway problem confronting the coun
| try to-day, and must undoubtedly be
l the guiding and directing motivo of
J those in executive charge of our great
| railway transportation companies, as
, well as the spirit that should inspiro
the rank and file of those serving; under
| them, if the service desired and ex
! pcoted of the railways is to be realized.
The first and foremost policy to be
j inaugurated is for the railways to so
i organize and coordinate their activities
j as to got the greatest and most effi
j cient use of the more or less crippled
j and inadequate equipment and other
j facilities which were turned back to
I them six months ago. They have not
| thus far born able to do this, chiefly
, by reason of the strikes that were in
| augtnatod about April I last, and have
continued, with more or less vigor and
Ijvindictivonoss, ever since. The rail
j way employees generally have alac
?loon much disaffected during all this
; period, due to their wage matters
? which wove recently settled to theii
i fair satisfaction by tho Labor Board.
Necessity of Providing Furl
The railway executives, in coopera
? tion with the Interstate Comm?re*
: Commission, have taken unusual am
' effective steps to get the greatest serv
ico possible from the facilities the;
| have, and present indications are tha
' very satisfactory results will be ac
j complishod thereby.
The prime and urgent necessity o
furnishing fuel to those sections o
the country located most remote fror
the mining districts is, very properlj
receiving first attention, and so fa
with satisfactory results.
In pursuance, also, of the same po!
icy, unusual efforts and measures hav
boon inaugurated to interest the shir
pers and receivers of freight in loadin
cars to their capacity und in unlo;u
ing cars and releasing thorn at thei
destinations with greater dispatel
They have, as a rule, found the shir;
ping public appreciative of the neces
sity of doing this, as also coopers
tive in carrying out this policy.
The railway? themselves, as a bod
and individually, have organized to gi
a better movement of their freigl
equipment, i. e., a greater averaj;
movement in miles per car per day, t
also to reduce the average daily nun
bcr of bad order, unserviceable freigl
cars on hand awaiting repairs; and i
accomplishing the latter they have als
taken steps to secure to the owners <
freight cars the early return thereo
-.
I they having been widely scattered all
over the country during Federal con?
trol.
To Get New Freight Cars
The several efforts being made, as
above stated, it is believed will, if suc?
cessful, result in the railways securing
the equivalent of between two and
three hundred thousand freight cars,
thereby going a lang way toward pro?
viding the equipment required for the
movement of the great crops now ma?
turing, as also the large miscellaneous
traffic which the great prosperity of
the country generally promises for the
railways in the immediate future.
The working out of the bigger,
broader and by far the more important
features of the railroad problem must.
necessarily be deferred until the re
; suits of the recent advance in rates
and the increase in wages, cost, of fuel
and other materials and supplies used
in large quantities are developed, in
'order that it may be determined what
' the financial strength and ability ol
the different railways and systems art
thus shown to be.
The credit of the railways as j
whole has unquestionably been great
ly strengthened and bulwarked by th<
transportation act and the policy o
the Interstate Commerce Commission
as indicated by its recent action ii
increasing the standard rates on al
classes of traffic. The change in th
attitude of Congress, the legislature:
the commissions, the press and th
economic writers and experts towar
the railways, and the appreciatio
which seems to be almost universal, c
the fact that the railways in the pai
have not had the treatment they d<
served, are most encouraging an
highly promising of better things ft
them in the future.
Financing Formidable Task
Larger and more modern faciliti
and additional equipment of all kirn
will without doubt be required for ti
prompt and proper handling of t
country's transportation service, a:
must, be provided on a liberal sea
The necessary financing for this is
formidable task which should not
underestimated, especially in view
the fact that investments in all kin
of public utilities have become bac
discredited, owing to the unjust, at
tude which many of the public bodi
vested with the control and reguluti
of these utilities have shown towa
them.
The cost of new facilities and equ
ment at the present time is two
three times more than five or six yei
ago. The cost of everything enteri
into the construction, maintenance a
operation of the railways is on a higl
inflated basis. The all-important qui
tion to the railway managements,
deciding upon large programs of capi?
tal expenditures, is: Will the public
and the regulating bodies to which they
are subject, be willing to have rates
maintained in normal times on a basis
that will yield revenues sufficient to
pay the high rates of interest which
capital now commands for loans nego?
tiated? This is one of the important
questions, the answer to which it is
difficult to forecast, no matter how
great and accurate one's vision of the
future may be.
Another and n hardly less important
and difficult question to forecast is the
extent to which in the future the loy?
alty and efficiency of their subordinate
officials and employees can be reestab?
lished and relied upon by the railways
! in order that their service may meet
the just expectations of the public.
There is a very close analogy be?
tween the nature and character of the
service for the country by the rank and
file in the railways' employ and that o?
the army and navy in dofon.se of the
country. For the same reasons and tc
practically the same extent are loyalty
training and efficiency required am
must discipline be maintained. Th(
analogy fails as respects the pay of tht
two branches of public service, as alsc
the government's policy as respect!
loyalty of service, discipline, etc., re
quired.
Policy Weakens Morale
Beginning in 191R and continued am
enlarged greatly during Federal con
Mol of the railways, a policy was odtab
lished, and has since been pursuer
which has greatly undermined an
\ weakened the efficiency, loyalty an
morale of many railway men; not th
older, conservative element so much a
the younger, which is probably th
larger by reason of the fact that wit
the eight-hour day established durin
Federal control in all branches of th
service many young and more or le?
inexperienced men had to he employr
to moot the twenty-four-hour day n
quircment of railway service.
Very few outside the circles of mi
way management, have any concepts
! of how widespread and serious hi
been, and still is, the disorgaai-.'.ing e
feet of the Federal Administration
policy in handling labor questions,
certainty is impossible now to foret?
with any degree of accuracy what, tl
effect of this situation is going to 1
as respects the proper and satisfaeto
Solution of the railway problems of t
future. Some little idea of what t
situation is has been indicated by t
favor with which the so-called "Plut
plan" has been received and exploit
by railway employees in some branch
of the service, as also by the. "outla
land other strikes that have broken c
! sporadically in different parts of t
country.
Finally, as before stated, i* shot
not be overlooked nor understated ti?
the railway plant of the country, owi
to the war and other conditions pre
ously indicated herein, is not equal
the. requirements of the country as
whole as respects its transport?t!
service. This is equally true as
spects the housing situation and
quirements throughout the country,
is notoriously known. Likewise
same is true as respects the city ?
interurban trolley line service, and
the same reasons.
Cause of High Prices
Prices of everything for human i
or consumption indicate a short!
equal to and in most, cases grea
than the transportation requirements
of our people, all easily traceable back
to the Fame causes.
It is sincerely to be hoped that with
these widespread conditions, which it
must he conceded exist the country
over, if not the world over, it will not
be expected that those in charge of our
railways will accomplish superhuman
tasks during the reconstruction period
through which we are passing, and
that their failure in meeting these ex?
pectations will not result in hasty and
ill-considered action in the direction
urged by certain extremista and radi?
cals whose views and aims have been
exploited widely during the last year
or so.
It is sincerely believed that Che rail?
ways of the country, given a reason?
able and fair show under private man?
agement can and will, as in the last
sixty years, work out the transporta?
tion problems and perforpi the service
required to the satisfaction of our
people as a whole.
(Copyright, ir>20, by the McClure News?
paper Syndicate)
(This is the ninth of a series of twelve
articles on transportation problems hy
railroad presidents and chairmen. \V.
?I. Williams, chairman, of the, board of
directors of the W'nbash Railway Com?
pany,in the tenth article, to-morrow, will
discuss financing future railway develop.
menta.?Financial Editor. )
Plans for Cuban Loan
Here Believed Approved
President of the Bank of Cuba
Says Consent for Issue F?as
Been Obtained
News from Washington yesterday
that tentative plans had been made for
relieving the acute financial situation
in Cuba arising out of the collapse of
the speculation in sugar resulted in a
firmer tone in the sugar market here.
B. IT. Howell, Sons & Co. advanced the
price of refined sugar from 11 cents to
12 cents.
W. A. Merchant, president of the
Hank of Cuba, on his return from the
Washington conference of sugar men
and bankers, said: "It is necessary for
all bond issues of the Cuban govern?
ment to be approved by the United
States, and this approval has been ob?
tained. The only further action neces?
sary is to arrange the details with the
( uban government. Indications are that
about $50,000,000 will be floated in
America by the Cuban government, the
funds to take care of sugars now in
stock and to function as a revolving
credit, fund against the crop next year."
Hankers interested in the proposed
loan for aiding Cuba intimated that,
while they might make temporary ad?
vances to the Cuban government, in the
end the burden of the financing would
have to be borne by American invest?
ors.
Kuhn, Loeb and Read
Get Manila Bond Issue
Kuhn, Loeb & Co., and William A.
Read & Co. were the successful bidders
tor an issue of ?6\000,000 Manila Port
Works f>V? per cent bonds, the bids
for which were opened yesterday in
Washington. The joint bid of these
two banking firms was 101.27.
The Day's Bond Market
lT. S. (?ovcrnment
Transaction?
Sal
Tty S'.js, 1017..
i 1st 4k, 1947. . .
- IM 4s, 1942. . .
? 1st 4\s. 1947.
? 1st C.i 4 Vis, 194
i 2d 4',s, 1942.
) oil 4 Us, 192S. ,
? 4th 4%s, 1936. .
1923.
$ 3 4 ^. o o r>
5,000
ao.ooo
181,000
18,000
1,651,000
S14.000
2, i; :. c. o o o
1,568,000
37,000
Yield.
3.94
4. SO
!- 0 4
5.6 5
0.15
Quotations
1st
2d 4>
1st 4
High.
. 92.50
8 9. 4 0
Low.
92.20
.10
89
1st 2rl U,s 97.50.
2d 4 Vis ... 89.56
3d 4Via, .. 90.80
?lth 4%s . . 89 50
ry 4 \ s ... 96 2 1
;, \ s . it t?. If* 90.10 90. 16
Bid and Asked Quotations
59.42
9 7.50
89.32
90 00
89.24
96.10
90.10
89 20
89.50
97.50
S9.5G
90.SO
89.42
Closing
: Yesterday.
92.40I& 92.50
89,00 ?' R9.5U
?? !.. 10 [i 89.60
89.62 (Ti is 9. 0 0
89.52 (fj 8 9 60
90.72(5 90.SO
89.42 '??? 89 4-;
96.20? 90.24
90.18??) 90.22
101 :
101:
S9
s 9
105 i
10[
101
101
101
101
102
102
f?
?i
?it
"i
(?(
106
100
102
81
81
Closir
M or. elf
92.:?2T(?
89.000
89.30 w 89.E
89'.50 'i 89 :
89.52 (u 89.(
90.72(3 90 k
89.42ft] 89 '
96.08f<i 96.1
90.080 96.1
101 Vi ffP102
101 % ft! 102
89 lifi 92
89 4/1 9 2
105 M S? 106
i fti 10?
40 I
.56
I.lb. it- Bond:
" %s, 19 4 7 ....
1st 4s. 1947. . .
2d 4s, 1942. . . .
1st 4>4s. 1947.
2d 4 '.s, 1942. .
3d 4%s, 1925..
4! h 4'.:s. 1938.
Vic. 4\s, 1923.
Vic, 3 ?is, 1923.
Pre-war lssu<
"k reg., 1930. . .
2m coup.. 1 9r?0..
3s reg.. 19 4.,.. .
3s coup., 194C. .
4s reg.. 1925. . .
4s Coup., 1 925. .
2s Pan. v., 1930
2s Pan. r., 1936
2s Pan. c, 1938
2s Pan. r., 1938
3s Pan. reg. . . .
3s Pan., coup . .
Phil. 4s, 1934. . . 75 t,, 85 75 ? 85
Phil. 4.H, 1935... ::, (a Sf. 7.". ftj) 85
Phil. 4s. 1930... 75 ftf 86 75 @ 85
D. Col. 2.S. 1965. 95 (?J) ? 95 (?i> ?
Foreign Govt. and Municipal Bonds
(Interest To Be Added)
KM Asked.
70%
99 4
92%
10
101
101
101
101
102
((1 102
ft! 102
(jr 102
Province of All" rt a .
Argentino Intern 5s. 1945.
Kingdom of Belgium 0s, 1921.
do 7 %s, 1046
i '.i n ida, I ?ominion
.?.. notes, 1921 .
9?'S
do 1929. 95 'a
do 193 1 . 905*.
Chinese Oov llu Kug Ry 6s 1951. 43%
Cuba Extern 5s. 1944. 7"%
do 5s, S< ries A, 19 4 9.?
do 4%s. 1949. 07%
Dominican Republic ,rs. 19.:.8... 81%
City of Lyons 15-yr Os, 1934 ..84
do Marseilles 15-yr 6s, 1934.. 84
d i Bordi lux 1 ; > r (?s, 1934 . . 8 4
du Copenhagen 25-yr 6%s,'44. 75
French Government 8s, 1st lssuel01% li
Fren h, Paris City 6s, 1921_ 94 % :
Govt of Switzerland 8s, 1040. . .103 V?
Jap Govt 4 Vis, Btrlng loan, 1925. . 7 4 %
do 4%a, 2d sit, 1926. 74
do 4s. string loan, 1931. 57%
do Tokio City 5s, 1952. 52%
Un K 'it Br ?- I r 5 yr 5%s, 1921.. 98%
lo yr 6 Vas, 1922. 9 4 %
do 10-yr 5Mi? 1922. 89%
' i 20-yr 5 %s, 1937, .88%
Mex Extern strl 5s of '99, 1945. 42
il ' gold 4s of '04, 1954.',,
KiiiK of Italy 5-\ r t % '.?? ??old bds 90
100
98%
98%
93
95%
91
4 3 %
80%
8 5
05 *?
8 1 '
8 0
76%
104 i
74% )
74% I
67% ;
53% ?
98 %
94%
8S% :
42 '? ,
(Sales)
Chinero Ry 5s
9,000. 43 s.
i :ity of i lopenhag? n
1.000.
2. o 0 0 .
76%
.000.
70%
of l.vons 6s
4 00". 84 Vi
of Paria 6s
7.000. "H \
5,000. 9-?%
1,000 . 94%
' 0. 9 5
2.000 . 9 4 %
1.0 0 0. .
10. 000. .
94%
94%
2.000.94%
Dominican II 5s
2.00(1. 81 %
Pom Canada 6%s
notes 1 921
?i noo....
! I 10
do 5 >..? 1929
6,000....
do 6a 1921
;.00'>. . . .
98%
98%
05%
l.ooo.
3,000 .
98%
9 S S
98%
do
91 V
91%
2.000. .
8.000 . .
do 5s 1931
3.000. 91
French Hep 8s J P
M rets
15,000.102
1.000.102%
1.000.102
16.000.102%
lo.ono .in;
is ooo. . \. . .102%
000. 101 Tv
57.000.102
500.102%
21.000.102
9.000.101 %
2,000.102%
9.000.101 %
14.000.102
1,000.101%
Gov of Switzerland
s f 8s temp rets
1,000.10.1%
5.Ono.103%
f..000.103 %
1.000.103%
2. 00O.103%
1.00".103%
1,(100.104
2.000.103%
1.000. 104
: ),000 .... l 03 Va
Jap 1st ser 4 Vis
60,000. 7 4 %
. . 7 4 %
11,000.
do 2d ser 4%s
26,000. 74%
1,000. 7 4
16.000. 741,
1.000. 74
do ?tig loan 4s
15.000. 57%
2.000. 67%
K of Belgium ti 1
7%s J P M rots
1 1.000.1 00%
6 000.100
l.ooo ,.. :.i \
1.0 OH....f, U.
3 000 .... 1 00 V?
12.000. 99 %
6.000. 99%
2,000. 99%
1,000. 99%
do 6s 1925
1.000. 92%
2.000. 92%
6.000. 9 2 ! 4
K of Italy 6%s hi
A ?92R
1.00O. oo
P.ep of Cuba 6s 1904
1 ooo . . vn i,
C K of Great Britain
A I 5%s 1921
169.000. 98%
10.000. 98%
11.000. 98%
5MiH 1922
, (l ? ti. 94 ?*? I
.000. 94*1
?,000.
1,000.
J.?O'I.
?.,000.
?.ooo.'. ...
.'.OOn.
'..000.
?Vis 1929
i.000.
).00<i.
?.000.
i.OOO.
l.'HIO.
.'.000.
1,000.
1,000.
7.000 .
94%
9 4',4
1.000. . .
13,uuO._
10,000.
10,000.
.1.000.
) BVis 193 7
3,000. . . .
2,000.
4,000.
45,000.
36.000. . . .
. ?9?
89%
89%
ss%
89
8 ? %
S Si?
8 8 Mi
R .1 ',4
8 8 4
5,000. 88%
4,000. 88 4
4?.000. 88%
U S of Mexico 4s
1.000. 33%
4,non. :m
10,000.H30f. . 33
Virginia dfd 6s li B
<?: Co Ctfs
1.000.
7 ( :
%|X Y City 4 4b 19-13
1.000. y S
1M.00O. .
Railway,
. . 8!?
Oilier
Ain
iltlng
4.one.
2.000.
2.('00.
2,000.
1,000.
12,000.
2,000.
3,000.
1,000.
2.000.
2,000.
10,000.
Am T ?7- T cvt
1,000.
1,000.
3,000.
3.000.
Corporations
rooklyn Kd Co 5a
s-r A 1949
1 2,000. 78
rooklyn Itap T 7s
ctfs of deposit
.000.
,000.
43%
i
90%
90 !?
6 H
96%
97 Mi
col 5s
5,000. . . .
l.OOO.sSf.
1.000. . . .
1.000. . . .
do col 4s
5.000. . . .
3.000. . . .
1,000. . . .
Armour & Co
1.000. . . .
1,000. . . .
2.000. . . ,
A T ?- S F B
1.000. . . .
5.000. V.r.,
5.000. 86 %
5.000. SUS
C Gas Light & C 5s
5.000. 71%
Central Leather 5a
11.000. 91
L'en Tactile 3 Vas
1.000. 77 '??
1,000. 77 ,
3.000. 77 Mi
1.0 00. 77%
do gld 4s
4.00 0. 7 4 V,
12,000. 7 1 '.
4 Ml ?
. . 78%
.. 78 U
. . 7 9 94
;n 4.s
3,000_
6,000, . . .
2,000. . . .
5.000 . . . .
K- Ohio
o.ooo. . . .
2,000
cvt 5s
i'3%
.'4%
4.000 .
?n.OiiO.
1. r, n o .
7, (.
31.000.
10,000.
25,000 .
13.000.
12.000 .
9.000 .
77-Si
do ad.1 4s stampei
1.000. 72-'
3,000. 72'
37.000. 72
tl ('..act I, 7s J P
M rets
1,000.1 o i ?'
1,000.?or
do 1st con 4s
4,000.
3.0 o n.
? a.
do gen 4 4s
2,000. 77
& Alton 3 Mi s
2,000. 39 4
H A; w gen is
?>. 0 0 0. SA
h. 0 0 0. 8 0%
do Illinois 4s
1,000. 80%
do Illinois Ulis
1.000. 72Vi
1. o n 0. 7 3
do Nebraska 4s
1,000. 89%
do joint 4s
1.000. 96
l.ooo. 06 %
1 7,000 . , , . ?)6 .,
1 4,0 10
7?? !
77%
1,000.
96
1,000.
& S F 4s 193
1 000. 69%
cvt 4s 1960
5.U00. 8 9
.00,1
8S4
13.000.
Ball & i >hi
7,000. 9 0
?j.ono.HO
1 0 OOO. 00''|
62,000. O?'-?
& E III ge:i 5s
3,000. 86%
do rfg 4s ctfs of
deposit
2. o o o. 4 0
lo.ooo. 39%
lo.ooo. 40%
8,000. 41
,<i Erie 1st 5s
3,000. '1
4.000 .. 90% Chic (It Western 4s
: 001
I
1 cvt 4'2
8.000. . .
2.00O. . .
1 5/00 I. .
10.0OO. . .
1 ooo. , .
1.0O0.. .
4.000. . .
2.000. . .
a rig 5s
1.0OO. .
9 0 %
90',-i
4s
3 "On.
I ' 000
In.i & So
5 000 .
M ?? St P cvt
5?-1- H
5.000. 7 1
gen 4 4s
1.Q00. 80
5 s
o o
1.000.
??t 4 4
74% i
1.000. 74
4 Mi
i 4 VU !
n r.
?3H
74
7 3 M
?3%
B.000. . . .
3.0O0 . . .
do pold 4s
:'.ooo. . . .
2.000 ....
?i.ooo....
7.000 ....
l.ono....
l.ooo. . . .
do p 1 3 4s
l.ooo. 84%
1.000. 84%
8.000. 85
do Pitta J & M dlv
3 Mis
1.000. SI
do ftwn 3 4s
1 2.000. 78 %
l.ooo. ;f\
1.000. 78%
do T A- C 4s
1.000. 55%
9 000. 56
of l'a. 7s J P
M rois
7.000. 9S%
6.000.100
6.000. 99%
9,000. 9s %
14,000. 99%
21.000.100
.ii.ono. 99%
500.i oo v,
25.000.100
12.000 . ... 99% I
Let h Steel rfg 6s
5.000. 78'>'
3 000.7 9 !
2.000. 78
do p n> 6s
10,000
1.000 .
?,.)
1 o.ooo.
27,000 .
1.000.
7 1-S
10 0 .
7?V
74%
do l'fit -'. 4 s
l.ooo. . . ,
4.OOO. . . .
4 I
1,000 ..
do gen 4s s
15.000 . .
do 4S 1925
3,000. . . .
10 ooo. g
4.000. S
do 5s < ' & V W
1,000.
C *? N W 7s temp
rets
2.000.1 r
t. 3
SI
100
Bell
68%
:::: 7s%b
do gen 4s
4.000.
do 34s
1.000. . . .
Chicago Rv Ss
10.000. 65%
C R I ft P gen 4s
10 0 0 0. 7 3 %
2.000. 73%
1,000. "t
do rfg 4s
6.000. 70
9,000. 60=,
16.000.?.<.'?,
2,000 ... C9 '-?
1.O00. 69%
9.000. 69%
Chic l'n Station 6%s
?er C Interim ctfs
3.000. tM?.101'-,
C & West In.l 4s
5,ouo. c:
Chile Copper 6s
J-i'liifch \ alley Os
5,00ij. 28
m l.ooo .
-'?""". 72 Vi I do con 4 '- s
,. ,, f7'?L00?",'" 7- 1,000..... 71
, ?.'000;. V9 jl.ehlgh Val Coal 5s
1,000 . . . oi
I. E iV West B
1.000....
do 4s ('mru
1.000. . . .
Col ?? So 1st
4.000. S 4
Liggett & M 5s
^^^^^^^^^^^^^B 1. 0 0 U . S 5 ?'
;';0u0. 82%|Lohg Island 6s'l937
4.U0U. 07
lo rfg la
1.000. 74
riliii i,l Co 5s
do 4 _^^^^^^^^^
1.000. 76 ?4
Con Gas tf tu p 7s
1,000.1 00
1 3,000.! 00 V?
10.000.100
3,000.1 -M) ??.
Cuba Cane .Sugar
cvt deb 7s
1. 'J j o. 91'-,
4,ii0 0. 9j j/
1,000. '.1 -,
Bel & H 1. mp 7s
l.ono.10 3%
do cvt 5s
6,000. 86
l?f n <>.? it G 4 Vis
l.ooo. 701.,
1.000. 70%
100.
81
1,000.
'. 82%
6,000. 82%
1,000. 82
I.ouis A: Nash 7s J i>
M reis
2,000.104%
104
ri.
4s
1.000.104'
1" unified 4s
! 4.000. 81"
lu St Bouls 3s
2,000. 51 '
lo So Ry joint 4s
I'.onii. 6?|i
^^^ 1.000. 69 '
67%IManhattan Ry 4s
67 >? 1,000.. 57'
67 Vi
5,000 .
'.,.'.
1 .000.
1 0,00.1,1
3,ouo^^^^^H
l.ooo. 53 Mich Cen deb 4h
5,000. 53 ; 1,000. 81
7.00(1. 62% Mldvnl? Steel 5s
fi.oofl_
Detroit r Rvs I Vi
1,000. t?
1,000. C
DuPont )' 4%s
! .ooo. ?i
ErU
lsi con
7,000. . ?
prior lie
l.ooo. . .
1.000. 59%
1.000. 59
lo gen lien 4s
O.ooo. 40%
lo evi is ser A
1 000 j',l;
3,000. 45%
TV? G eon is
1.000. 90
n Elec deb 6s
4.000. 9 9 ?%
6 5
Great Northen
l.OdO.
O.ooo
Bud ,<? M rfg
3,000.
11,000.
1,000....]
2.000.
1,000. . . . r.'i i7
1.000.?; ; >..
15.0?_
M S S M & Atl 4s
5,01)0. ;il i.\
.Minn A.- St B rfg 5s "
2..JO". 5 1
M K S.- T 1st 4 s
6,000 . s30f. . 62%
1 2,000. 02 %
2,000. 62%
3.000.s30f.. 62%
7.000. 62%
17.00O.s2Of.. 62%
do 2d 4s
6,000. 74
d o r f g 4 s
3,000. 00
do ctfs of depi sit
. 6.000... .. 59%
18.
,n
B 00 '
_? l.ooo.
b Montan? I
-.000 .
1,000 .
1,000 .
^^^^^^^^^^^^^ National I
oc o. '::, i 2.000
Illinois Central 5%s New Orl '?.
-'.ooo. 91% 1 o.-iol_
10.000. 91 \ N Orl T & M. x 5
do rfg 4s
2.000 ... 76 s.; I
4,000., 76 ?
do 4s 1552 '
8,000 7 (
'-' "00 ... . 74%
:: 01 0 . 74 !
do 4s 1 953
1.000 . . 71 %
1,00 0
1 ,000
oo r
1 .0,-1,-1 - ;
d ? . 'airo Bridg? I:
1.000.. ' -,;
Interboro- \\t t I '., .
- ooo : l-i%
: ooo 21'
6,000. "i *
15,000 " " '
5 ooo.. ;?,
? ? i ??'.' of deposit
29,000 . .m
20.000. 20%
?" 000 ... 20 \
Interl.?, u T rfg 5s
57,000 65 '
?. ; 55%
7 ,.,-,
001
Int
1 l.oor,.
6 .ooo
Agrlcull irai
lut Mer Marine
9.000. .
1 1 .ooo slOf
7.000
Iowa Central 4s
2.000 ... . 4g
K C Ft S & M 4s
6, 0 0 O. 6 7 %
Kansas City So is
2.ooo ' 74?
B' ooo. 7 4 ,?
11,000. 74%
K.ooft. 74 %
1 o.ooo] \ \ 7? n
2.000. 74'
1 % N Y
: , Po^
i do d
li ' ' ?
20 . .%
do deb , ' <
4.1 '0 . 4 - %
N Y O * W 1st Is
: ooo . . . . 64 %
N Y Rys rfg !s etfs
of d( po?lt
18 000 ? lOf r 4 Vi 1 000 . 231;
Kan City Term 4s N Y Telephone 6s
2.000. 75%j 5.000. 89%
10.000.74V
3,000. 73%
Kentucky Cen 4a
1,000. 7 5
Kings Co El 4s
l.ono. 53
Back Steel 5s 1950
1.000 ... 40
do 4%sj_
1 r, o o. 8 0
5.000 ,s30f . ?0
2.000. 80
2 0 0 0 ... SO V*
N T W A- lin 4
1.000 . ... 4'. %
1,000. 50
do 8s J^L^L^LH
1 ooo .... 92% Norfolk So 5s ser A
Bake Shore g?n l'^s ! S 000. 60
.".ooo. 71%'Norfolk A- W cm 6s
3.000. 7i%! l.ooo .104%
do 4s 192S l do dlv 4s
?.000.*..?. ?5 1.000.. ^.?u, n
,n ^ ISeaboard A L adj 5
6% 1,000. 4;;:
'j%; do rfg 4s
7 I 6.000. 17
6% i So Bell T & T 5s
L0O0. ... g3
7%|So Pacific cvt 5s
i.ooo...
1.000....
20.?OU....
3,000....
Nor Pa ci lie 43
1.000.
l.ooo. 78 1
32.000. 78
do 4s reg
? ".000. 76%
do 3s
2,000. 58
Ore &? Calif 1st 5s
3.O00. SO
1.000. ?x%
1.000..... 89
Ore P.y ,<? Xav 4*
2.000. 77.v
Ore Short Line 6s
5,000.98 %
do 4s
1.000. ... St !i.
1.000.. s'%
,, . 2.000. 82%
Pacific Coas: 5a
2,000. . . . 73 Li,
Pacific T & T 5s "
4,000.85M
I'emi 7s 1930
12.000.104?
2.000.104% Southern Itv 6s
101 ?
101-'
ion
102
:s%
000.
15,000. .
3,000. .
5,000. .
do cvt 4a
1.000. .
1,000. .
15,000. .
4.000. .
do rfg -is
ILooir. ye?;
7.000. 761*
10,000. 76.-4
3.000. 7,?,
2.000. 7KS.
2.000. 7S
20.0..0. 76?
2.0.10 s30f, . 76
do col 4s
5.000.
2.000. . .
do col 4s reg
l.OOi). .... 701
1%
1.000.,l,4..,
?O.Ooo . ^^^^
5s 1968'
3.000. . .
ll.ooo.
90
3.O00 . . .
do con 4Vis
12.00O. . . .
do gen 443
1 1 .000 . . 8"
1.000. ... ' ,y~
20.000. S3
Perc Marquette 5s
1.000. . ..;
2.00O. . . . 86
do 4s
2.000. ' 69
Phlln Co 5a 1922
l.ooo. y.
63%
Plttf
;r A
& St I.
1,000.
Reading gen 4s
2.000.
0.000
100
000. 80 1,
1 3.000. Sr, 1
9.000. yg.-U
1,000.. 89 H
l.ooo . . . s.,,
2.000...;,.' 89%
. 2,000. S9%
I do 5s Meinphis dlv
; . J.000. 86%
do ^^|
1.000_
l.ooo .s30f
4.000. . " ?3i2
1.000. . ' ' 63 K
, do Is Mob & O dlv
:!-,000. 59%
lenn c r & u it r.s
-.000. S9ij
rcxas ^ Oklah 5s
1.000 17
Texas & p lst'e's
3.000. 84 U
2.000. 83 a?
Third Av adj 5s
! 2.000. 3474
20.000. ;j5
1 0,000. "4 .
1 0.000. S 4
2.000. 83'
! .'.>.o.i
?? I 00. S3'
1 0,000. SI
Republic I ,t- S : s
1 7."oo S6!
20.000 . . S6
Rio G \V 1st 4s
l.ooo. 68
9.000. 6 S 1
! . m 0 0. S 7 :
9.000.
1.000
9,000.
do rfg 4..
1.000 .
3.000
34 <
do
6.S
Toi & O C 1st 5s
4.000 50
Toi Si 1, & v,' ig "
2.00.-,. B5
Cnion Pacifie 6s
4.000. .
do cvt 4s
1,000 .
do rfg 4s
5.000
100%
83 '4
T. 4 '
4s
oof
100
1.000 . ,.;
'. J & Grand I If
7.0 n 0 >;
' L Ir Mt & S 5a
6,000. s
4000. .
2.110 1
1.0 0 0 . . . .
do 4s
10.000
'. L * s r 4 s
4.000..
81
814
8 8
83
ilOf
49.000
l.ooo
?.oooi
I l"n RI) .,f ?j ?.- 4
1 ctfs of deposit
3.000
United itv Inv'r,
1.00?.
\V ? Rubber te
1 0 0 0 .
; 000
I
1 00-.
1 s 1 !
nip
. 0 0 f
63
6,00 n 0 8
1 1,000.
.-:f
do 5s
98 14
9S%
98%
10 0.
a Ij 6s
4.O00. . . 68
2.000 . ... 6<
... 67
I 0.Of .67
1.000. >-? ?
I "00 67 u|
7? %
78
77%
TOl_
3 3.000
2.0 on
Ol
13,001
?
000
1.000
5,000
20,000
3.000. 541
000
3,000
<i 3.000. .
?. 0 0 0.
"?.OOO ..... .
?? 1.000 . . . . '
?.otn.....[
? 2.000.
i U S Steel s t Vi
1 000. 93 s,
I6000 ' n 3 t
1 noo ^4
61 ?'. 7,000 . . [)3%
J\ S. 000. 93 n
l'- ?T 000 .. 93%
54% Utah s. North 5s
54% 2.00.. n;,
54% Va-Car '"hemical 5s
54% lo.ooo. o"v
? I '. 6.000. 92%
'?: ':'" Wabash 1st os 1
-.'V,- 1.000. 00
"?.%|West Electric 5s
11.000. 944
3 000. -ji .... "? ??."1 ?
9 000 ? ,i West Maryland 4s
soon. -. ?; 5-22J.BD'-?
n non . ??v ' n"1.? "'.
,'. ? ? ? ,\- , 10 000
5 4
, 0 0
?04
St L Swn tat 4s
l.ooo..
3.000.' 70
do con is
1 000 6.5%
5.000. . . 65
10.000. 65%
St P M & M con 6s
1.000.103
2 ono.102%
do 4 4 s
! 000. S9%
do c m 4s
1 000.S 5
do Is Montana ext
3 000 . 82%
1.0 00.g J
San An A- A P 4s
2.000. 62
l.OOO.?:%
^Hl 5s
. 1 noo. ??
4 a I West Shore 4a r??
oo(^^^^^^^^^
)00
73
Wheel * L E p.?
?.ooo. 59
r""l.'. 59% j
22,000. 60
do con 4a
2.000. (50
Wilson Co 1st 6s
l.ooo. 86% .
14.000. ... 87
3,000. 86% .
do cx't 6s
15.000 . s<
1.000.g3 .\t
84
3 000. J4V
1.100. 84%
Wisconsin C 4s
6.000. 73%,
Guaranty Company of New York,
acting as Subscrjption Agent
for the French Government,
will receive subscriptio?is for
Republic of France
6% National Loan of 1920
Payable in Francs, free of all French taxes
In appointing us Subscription Agent, the French Finance Comv.ission in the
United States has supplied us with the following information :
The Bonds will be direct obligations of the French Republic. They will be
dated December 16, 1920, and will be in coupon form, in denominations
of 100, 500, 1,000, 2,000, 10,000 and 20,000 francs; in accordance with French
custom the face of each bond will state the denomination in terms of annual
income but not of principal amount.
The Bonds will have no maturity date, but will not be subject to redemp?
tion before January 1, 1931. On and after that date Bonds may, at the
option of the French Government, be redeemed at par or converted into
Bonds bearing a lower rate of interest; if the French Government should
decide so to convert them or to modify the conditions under which they
were issued, the holders will be entitled to receive payment for their Bonds
at par.
QUBSCRIPTION books will be opened October 20, and will
^ be closed at the option of the French Government.
The Bonds offered in the United States are a part of the
National Loan offered in France at the same time.
Subscriptions entered in the United States will be payable
in full, in dollars, at the time of subscription.
Price for October 20
$64.30 per 1,000 Franc Bond
Each day the price in dollars will be based upon the pre?
vailing rate of exchange of the previous day, as fixed by the
Frehch Finance Commission. Bonds of certain previous
French National Loans will be accepted in payment or
part payment of subscriptions; details may be obtained from
the undersigned.
Subscriptions received by
Guaranty Company of New York
140 Broadway
Fifth Avenue & 44TH St. Madison: Avenue & 6dth St.
in order to simplify the collection of all payments arrangements have bc^n
made whereby Bonds may be held in custody at the Paris Office of the
Guaranty Trust Company of New York, and the amounts collected remitted
by check to the holder, in francs or in dollars at the current rate of exchange,
or deposited to the account he may have with the Paris Office. An annual fee
of 30 centimes per 1,000 francs par value will be charged tor the custody of
the Bonds,and a collection fee of,1 ? of l% ol the amo mt of interest collected.
We do not guarantee the statements and figur?* pr-sented herein, but they are taken i'rom source? which wo
believe to be accurate
New Issue
City of Youngstown, Ohio
Funding 6% Bonds
Dated October :f 1020. Due Octobei t 1928. Interest \pril ist aid October ist. Coupon
Bonds in denomination of $i.ooo; i.ichargca: I; for fully :-^isterrd certifi?tes.
Exempt from Federal Income Tas
Legal investment for Savings Banks and Trust Funds In
New York, Connecticut, Massachusetts and various other states
The net indebtedness of 'he city is less than* 3% of the assessed vaiuzt'en z.ni
the 1920 census shows an officia population of 132,358. The Constit^tica of
Ohio requires precedent to the issuance of ail city bond: hat su?hcient
be levied to meet principal and interest at maturity.
Price 103Vg and interest
TC-?
Yielding 5.50
r ?
0
Harris, Forbes & Co. The National City Co.
New York New York
Estabrook & Co. Hayden, Miller & Co.
New York Cleveland
I. M. TAYLOR & CO.
Iae?rpor*t*d
INVESTMENTS
7 Wall Street
???ton CleTeLftB*
fhlUdelph4, rutabarrh
LIBERTY BONDS
All denomination? bought for rash.
Ba.?e.l on the .'losing we pay:
S4fi.3l for a IS?O- fl'-i?. Bond ."> t Coupon?
?4.V19 for u $50?Sd 4%'a lt<ind. No ( nupon?
fU.V 10 for m $."><??3d ?'??. ?on.l.
?-14.?4 fur a $.->f>-lid 41,?, Rond, Noloupon?
$48-40 for a $50?otb4%'. ?ond. 6 Coupon?
PURDY & CO.
t Tel. John 3171-6-6-7. 34 Tlao St.. H. I.
Singer Manufacturing
Babcock &. Wilcox
Phelps Dodge
FREDERIC H. HATCH &CQ
| BOST?N. Ci?CAia *?Xm0nt??1 PlTTxiu^.