New-York tribune. [volume], October 20, 1920, Page 14, Image 14

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BROWN BROTHERS & CO.
Kst:ihll?lird tftlH ?
Philadelphia NEW YORK Boston
Credit Information
In the many years of our business experience we have
compiled valuable credit information concerning individ?
uals, firms and corporations in all parts of the world. We
are in a position to obtain facts of current' credit and
commercial conditions in 'this and other countries and to
advise as to foreign business usage. This service is at the
disposal of our clients.
BROWN, SHIPLEY & COMPANY
Established 1*10
? 1er? Court, Lothbury Office, for Traveler?
LONDON', E. C. 123 Tall Mall, LONDON, S. \V.
To the Holders of Bonds of
The Republic of France
5% Redeemable National Loan of 1920
Guaranty Trust Company of New York lias been in?
formed by the Financial Agency of the French Govern?
ment in the United States that by the drawing of
September 16, 1Q20, bonds of the Republic of France
5',? Redeemable National Loan of 1920, of the follow?
ing Series:?
597 and 617
have been called for payment on NOVEMBER 1,
1920, and will be redeemed on and after that date
at the Office of the Frencli Treasury in Paris, France,
at the rate of 1,500 Francs per 1,000 Franc bond. m
Interest on the bonds so drawn will cease on November
1. 1920.
In order that holders may receive, without delay of
collection, the value of their bonds of the Scries to be
redeemed, the Foreign Department of Guaranty Trust
Company of New York will purchase the bonds at the
current rate for exchange on Paris, if presented at or
shipped to the Main Office of the Company, 140 Broad?
way, New York, on or after November 1, 1920.
Guaranty Trust Company of New York
We Offer
Sears, Roebuck & Company
7% NOTES
Due
October 15, 1921
October 15, 1922
October 15, 1923
NEWBURGER HENDERSON&10EB
MEMBERS Or NEW YORK i. PHIIA. STOCK EXCHANGES
100 BROADWAY
PHONE RECTOR7060
202 FIFTH AVLAT 25"ST. 22 W. WST. 511 FIFTH AVE. AT *J~ST.
Stone & Webster
IMORKmATU)
147 Milk Street 120 Broadway 2* So. D?arbor? St
BOSTON NEW YORK CH1CAG*
EXAMINATIONS AND STUDIES
?f Industrial and Public Service Properties
REPORTS
mn Valuation and Operating Efficiency
Wheat Sells Lower
On Export Oui look;
Receipts Increase
Downward Tendency of Ster?
ling Exchange ami Pres?
sure of Canadian Crop
Responsible for Selling
The wheat market was under heavy
pressure throughout the greater part
of the day anil closing prices were fi
?o 6'a cents net lower. At the low point
of the session values showed net
Josses of 1T!i to 22sic from the high
ypint of the recent rally reached on
fast Saturday.
Tiie December position was 16}?
ftbove the low point of the season, made
ITn October T>, while March was only
T*5c above the lowest. Confidence was
again lacking and the market felt the
influence <>r increased country offers
which were believed to reflect pressure
from the banks. At least, it was said
that the State Hanking Commissioner
in Kansas had warned the banks that
they must urge farinera to sell their
wheat, and it was the. consensus of
opinion that the farmers' holding
movement wiH not be effective.
The disturbed industrial situation in
(ireat Britain and further weakness in
sterling exchange were also factors in
the market and some of the largest
commission houses were the heaviest
sellers.
The December premium over March
was widened about V6c, however, and
there was further switching of in?
terest from March into the latter
month. Exporters reported sales of
about f>00,000 bushels to France and
Belgium, but the demand "?as not suf?
ficient to absorb the offers and cash
premiums were easier.
??la-Lh*-lflml_c.?ii ?...I-.? vft o ?J
and No. 2 hard wheat were quoted at
$2.37, cost and freight, New York.
Corn at Lowest Price
Since 1917 in ISetc Drop
The corn market, sold at new low rec?
ords for the season and the lowest
point since 1917. Cash 'markets were
weak in the V?'est, and values felt the
influence of the accumulating stocks
1 and the poor outlet lor the cash ar
I tide. There was a moderate export in
? quiry. but the outlook was not favor
j able for an extended export business
as Argentina continues to offer corn
i freely abroad, and is not likely to allow
! American shippers to fill the demain;
' there as long as such a large surplus
I remains in the Argentine from the ok
? crop. In the local cash market No. ?
! yellow was quoted at $1.12 and No. I
| mixed $1.13*3 c. i. f. New York, ter
days' shipment.
Testarday's Previous Tea:
New Tork: close. close. ?p.,
[No, i yellow .11.12 $1.16 $1.55?;
Chicago:
October .SS ,i>0', 1.25 -,
. December . S3 SO"? 1.23H
? Oats?The n?t? market was weak undei
I heavj selling and In sympathy w'tl
wheat ami corn, closing with no; losse:
u? ISC Much of the pressure came fron
[cash interests and undoubtedly represent
i fl hedging against purchases In tin
country and th? :iber.il stocks, In tli?
local cash market No. 1 white and No. :
while were <|Uotrd a' 67c; No. 3 whit?
SSi , N'o. 4 white, 6ic; fancy clipped white
70c: ordinary clipped white, sc.'jc al
elevator.
Yesterday's Previous
Now Tor!? : close. close. Toar ?ko
No. t white 68c 6 6 ?T 6 o <-? e 82?82H<
Chicago:
December.. 64*jic .l?e 71 Se
May. ?5V- 60"io 74>,c
Bye?-Market 'asy.
% Teaterday'fl Trevlous
New Tork: close, rlose. Tear ago
No. 2 AVest.. $1.97 $2 00 $1.55
Floor and Meal?Quotations were;
Testerday'a Previous
close. Close. Tear age.
Spring patent:
$11.00#11.59 U.S0Qr>12.76 12.10 3?
Cornmeal:
3.60? 3.70 3.60? ".70 3.SO?
Rye flour:
!?.00? 9.60 9.00? 9.60 7.2S? 75?
Rran 44.00?-46 00?- - 43.50?
? '?' ?
William H. Wood in, president of tn.i
;ji:?rr!Mii lar anil Foundry Company, liai
baen elected a member of the executlv?
committee o$ the American LocomoUvt
More Creditors
Of Mexico
Get Backing
Swiss and Dutch Groups Are
Admitted to International
Group: Definite Propos?
als Are Expected 80011
Step Toward Recovery
Bankers Said to Control All
^ Principal Investment Mar
* kets; Plans Crystallizing
Swiss and Dutch creditors of Mexico
have obtained official representation, it
was learned yesterday, in the Interna?
tional Committee of Bankers on Mex
! ico, formed more than a year ago by
American, British and French bank?
ing interests for protecting the holders
of securities of the Mexican Republic,
of the various railway systems of Mex?
ico and of other such foreign onter
; prises as. have their field in Mexico.
C. E. ter Meulen, of Hope &
Co., of Amsterdam, Holland, lias
' been made a member of the committee
on behalf of the Dutch creditor inter
; ests. G. Pictet, of G. Pictet &
' Co., of Genea, Switzerland, will rep
1 resent the Swiss financial group.
? Their appointments to membership in
the international committee are sub
, ject to the approval of the respective
governments, it was stated yesterday.
; In the future conferences of the sev?
eral groups the Dutch representative
will sit with the British and the Swiss
with the French.
As a result of investigations that
I have been under way for many months
! on behalf of the international com
i mittee, it is understood that the bank
j ers are now in a position where they
are able to make definite proposals to
, the new.r?gime in Mexico vith regard
i to the resumption of interest payments
'. on Mexican securities, and possibly a
? consolidation at an early date of the
i obligations of the Mexican govern?
ments held by foreign investors, it was
intimated yesterday that developments
I along this line might be looked for
after the election in November.
When the international committee
? was formally organized early in 1919
1 it was asserted that the 1 ankers rec
; ognized that they virtually controlled
I the financial markets to which any
j Mexican government in quest of funds
would have to visit. It was indicated
that the formation of an international
' group might be regarded as a step
i toward the rehabilitation cf the Mexi
! can debt. Since then the committee has
? gathered together a great mass of
i data respecting foreign investments in
I Mexico which have been IoospIv esti
? mated at between $1,000,000,000 and
, S2.000,000,000?of which the American
? stake is put ?ft $800,000,000.
I The complete personnel of the in?
ternational committee which is en
! gaged in working upon Mexico's rinaii
| cial problems follows:
American group?J. P. Morgan, chair?
man, J. P. Morgan & Co.; .John ,1.
' Mitchell, president Illinois Trust and
Savings Bank; Walter T. Kosen, La?
denburg, Thalmann & Co.; Charles H.
Sabin. president Guaranty Trust Com?
pany; Mortimer L. Schiff, Kuhn, Loeb
& Co.; James A. Stillman, president
National City Bank; George W. Davi
son, president Central Union Trust;
Albert II. Wiggin, chairman of board,
Chase National Bank; Robert Winsor,
Ki-dder, Peabody & Co., Hoston; Ed?
ward F. Swinney, First. National Hank,
Kansas City, Mo.
i Sub-committees of American group -
? Public debt: .1. P. Morgan, Hubert Win
. sor and James A. Stillman. Railways:
i Albert II. Wiggin, Mortimer I.. Schiff
and Walter T. Posen. Industries:
Charles II. Sabin, George W. Davison
j and John v\ Mitchell.
British group Laurence Currie,
Glyn, Milles, Currie & Co.; Sir Claren
, don Hyde, S. Pearson & Son. Ltd.; E.
R. Peacock, chairman bondholders com
? mittee of the Mexican Tramways and
| the Mexican Light and Power group
of companies; Vivian H. Smith. Mor
; gan, Grenfell & Co.; Vincent W. i'orkc,
chairman Mexican Railway Company.
Ltd. , ,
French group William d'Lichthal,
; Mirabaud & Co.; George Hein.-, di
! rector Banque de l'Union Parisienne;
Andre Honnorat, member of the Com
: mission for the Protection of French
Holders of Mexican Securities; Jacques
: Kulp, auditor Bank de Bans et des
Pays-Bas; Joseph Simon. Inspector of
Finance, general delegate of the Com?
mission for Protection of French Hold
! ers of Mexican Securities.
Swiss' and Dutch group -t.". L. ter
Meulen, Hope & Co.. Amsterdam; G.
? Pictet, G. Pictet, Geneva.
Financial Items
Brown Brothers, th" National Citj Com?
pany and th- First National Ban! ??:
Vori- are jointly offering ?3.000,000 State
of West Virginia sinking fund l'.'.? lier
cent gold bonds, dated January 1. 1013,
ami duo January 1. 1938, with interest
pavable January ? and July 1, at Si's and
interest, at which price the bonds yield
better than 5.05 per cent. They are a
direct obligation ol th" State ol w est \ it -
Kinla, payment cf principal, sinking tuna
and Interest being provided for by special
?>. levies on real and persona! property
i :?! the slut-. During the ?if- of the Issue
'lio state Is legally required t<> retire a '
least $675,000 annually by redemption h:
'..mi and Intercsl or bj purchase In the
market a' not more than 100 and inures;.
i A syndicate consisting of Coffin & Burr.
Of Boston ami New York ; Relll; . Bi ock &
Co., of Philadelphia, ami West .<: Co . of
Philadelphia a; .1 New York, Is r.fl ring
$1,500,000 first mortgage .' per cent gold
1, nds, Sei li s A. of the K< ntuek; and
West Virginia Power Company, Inc., at
31'i and interest, to > ield 7 \ !>?
: Th" bonds mature Augusl 1, 1950, ?,:,????.-;
I being payable February 1 and Augusl !
' and arc rede< i abb ::i v, hob oi in pan
at 10.i and Interest on August !. '??" ,.:
any interest da-" thereafter. Liberal sink
, Ing iutul pi o\ '. dons should retira more
than one-third of the bonds issued under
this mortgage before maturity.
lilMli. Witter & Co., of New Voi and
San Francisco, have purchased $2,600.000
San Joaqu?n Light and Power Corpora
lion fifteen-year S per cent bonds, to bo
secured by San Joaqu?n Light and Power
i.'orp ration llrsl and refunding mortgage
6 per rout bonds. A public offering will
probably be made som< ;.??.? this w
application has been made (o the N'ew
Y. r'.t Stock Exchange to list "' ibaci o
Products Corporation $600,000 additional
? u mon stock.
Manhattan Klectric Supply Company re?
ports pro?* sales for Co- first nine months
i nt this year of $5,752,136, as compared
with $4,976,213 for the corresponding pe
? rlod of 1919. This is an increase of $775,
.?- ?. oi ? oro t In.n ! I i.or cent,
Russell G. Harper, formerly of Pah ock
Rushton & C . Is now associated with the
New York office of Graham, Parsons & Co.
Hallgarten & Co., Bis ?r & '">? [ne . and
Halsej sum ,v Co., Inc., announc< thai
the subscription boi ... of i he J'
[ S per cent tu ?.;??. five-year ?inking fund
gold bond offerings ol the City of Zurich,
Switzerland, bave been closed
William ?t. Compl on Ci pan . .. , ?,,.
ing a new issue .d' $600,000 Little River
?Drainage District of the State of .\! i s>^. uri
,6 per cent bond?, due April 1, 1936 al
j 100 and Interest. ["hey arc exempt from
Federal Income tax, legal investment for
miM est?t,'?. Missouri Insurance com?
panies and Missouri State deposits.
Harris, Forbes & Co., the National Citj
Company, ESstabrook & Co., and Hayden
i Miller & Co., of Cleveland, arc offi ring ?
new Issue id' $l.076,(. City of Youngs
town, Ohio, funding >; per cent bonds .lue
October 1, 1928, <u 103?i and Interest
yielding 5.60 per cent. This issue I? legal
for savings banks and trust funds In New
York, Connecticut, Massachusetts and va?
rious other slates, and the net Indebtedness
of the city Is lass than U per cent of the
assessed valuation.
Al a recent meeting of the board of I
director., of the Superior OH Corporation
the following were appointed members
?.. .'i' n.ewy created executlvi comn ttei
\C M. Irish, vice-president of the Allan
tic Refining Company; J. r J3rown, v(
Brown Bros. ?? Co.: F. M * w .-i,i 0(
White. Weld ft Co.; R. W, Catts, pr?lat m
Ot the Superior oil Corporation, snd E I
Henry, assistant secretary of the Atlantic i
I.'- he.ma Compa ?
Investment
Information
Queutions of general int?r?tt to in
vettort will be answered in this col?
umn, in which case only initials ioul
be used. Others will be answered by
mail. Address all inquiries, inclot
ing a stamped, addressed envelope, to
Financial Editor, The Tribune, 1H
Nassau Street, New York City.
What Assets Realization Co. Is
Question?] have lust two shares of
Chesebrough Manufacturing Co, common
which I purchased several years ago ?<?
>4.''0. Inasmuch as Chesebrough Manu?
facturing i'o. doe? not publish Its reports,
I purchased on faith In Standard Oil, or
gambl-d, as you may see lit to call It, out
I shall hold on to it. AVh.it can you tell
me about it? What Is your opinion of the
business outlook of Swift ?? Co. and Swift
International? What I? the Assets Re
! allzatlon Company? Who aro directoral
I What Is its capitalization and condition?
Will you describo the business and classify
.the stork? 1.? it an Investment? -F. J. E.
! Answer?We can give you little in?
formation of the Chesebrough Mantr
i facturing Company. It published no
; earnings statements. The general bal
| anco sheet for June 30, 1919, showed
?a surplus of $1,683,657. You should
I not expect to see a continuation of large
j earnings in most corporations. They
! enjoyed great prosperity during the
: war period and now we are under
! going a Mriod of deflation. Swift &
' Co. and Compa??a Swift Internacional,
Ltd., are well managed corporations.
l'~ you hold common stocks of such
corporations, you must be prepared for
i changes in accordance with business
] conditions. We do not believe the
sound industries of this country are
in danger, yet such stocks are specula?
tive, for the reason cited above. The
business of the Assets Realization is
to take over the affairs of companies
, which have failed, to liquidate their
assets; also, to undeitake the rehabili?
tation of weak corporations. The com
: pany itself is now in process of liquida?
tion, in 191?I i!. discharged $l0l,0i!8 in
1 principal amounts of indebtedness. In
? March, 19120, it was stated that liquida
? tion was proceeding. On December 31,
! 191SI, it showed a profit and loss deficit
! of Sl.00t5.000. The capital is $999,000
' common and 510,000 7 per cent cumula
; tive preferred, par $10. No dividends
are paid, The directors are H. A. Davis,
W, W. Cunningham, W. S. Hood, New
j York; .7. S. Jenks and C. C. Febiger,
! Philadelphia. The creditors' committee
! consists of Albeit II. Wiggin, Samuel
! M. Roberts, Walter T. Rosen and Evan
1 Randolph.
Investor May He Too Impatient
Question ? Please advise mo through
?your column on the following matter: 1
am thinking oi purchasing ;, Chicago, -Mil?
waukee & St. Paul sold bond paying ! per
cent, of the Issue that matures on June !,
1925. Is this a good Investment and will,
In your opinion, the price appreciate In
accord with the movement of rail stocks?
?1 an; undecided whether to purchase now
! and lose six months' interest on my money
in savings ban!;, or ?'ail until January,
with the consequent possibility thai bond
prices will be higher then, making it nec?
essary to pay more for the bond. -G. K.
Answer?St. Paul 4 per cent 1923 are
secured, together with other issues ag?
gregating $178,775,000, by first lien un
TIM miles; second, on (?.707; third, on
2,483, and by pledge of $154,489,000 of
the $181,640.000 Chicago. Milwaukee &
Puget Sound first 4 per cent bonds,
1949. This is the first maturing obliga?
tion under this mortgage. We regard
: the bond as a very fair one. What the
form of financing will be depends
largely unon the operation of the road
during the next few years. At present
ils credit has been impaired somewhat.
We regard the road as one which should
show considerable improvement. We
cannot forecast bond prices. If money
conditions become easier, practically all
forms of investments should rise. We
do not believe it necessary to be too
impatient. You should have many good
opportunities to invest after January
? next.
Doubtful About Maxwell Common
Question \ f. ?? ears ago I bought soi
doing'
Answt
13 u j
?i s reen ent, ? s advei ' ised
What would you advise
i- stock to even up? -
W
lot believe in pur?
chasing stock of any corporation just
to bring about a lower average, unless
you are convinced that the stock is a
good purchase. The future of the Max?
well Motors Company is uncertain,
therefore the .-tork is speculative. We
cannot attempt to forecast its future.
Some Good, Some Not So Good
Question- Please give roe
West inghouf
answer- The throe stocks you first
mention are entitled to very fair rat?
ings as speculative investments. All
have long dividend records, as though
they may be subject to changes, we
x.rvowl tiinm o^- Foil- Fnv o Kncincc ?, ., n
Would Like to See Them Co l"p Again
Question Would yoti kindly advise mo
your opinion of Jewell T'-a Company? 1
purchased ten of the common ??'. 4L' and
ten preferred at 75. I >o you think th.-ro is
any possibility of the stock recovering in
value? Would you advise ma to sell out
at present prices ? II. W.
Answer- We have no recent report of
operations of the Jewell Tea Company.
The company lost considerable money
in 1919, but sales for the first three
months of 19L!0 showed some improve?
ment. It is doubtful if the stocks will
sell back to their high levels of several
months ago for some time t.o come, in
oui opinion.
Caston, Williams & Wigmore
Question?Kindly give me any informa?
tion you properly can regarding thf1 pres?
ent condition and futuro prospects of Gis
tofi, Williams & Wigmore? 1 own 300
shares of stock in same, bourrht at. ,'jn, arid
am advised to k ?)'. some at present market,
but do not like to do so If there is fair
pros] 'Ct of their pulling .?.it uf the present
situation and increasing the value of the
sto Have they disposed of their steam?
ship lines as well as building??T. M. V.
Answer Apparently Gaston, Williams
& Wigmore are endeavoring to place
themselves in a position where the con?
cern will be free from encumbrances,
for the stockholders recently voted to
empower the directors to sell all or any
par', of the slock of an;.* affiliated com?
pany. We do not know whether the
steamship lines have been sold. We
understand they have been waiting for
? an advantageous offer. Perhaps now
that?the worst is known the stock lias
discounted the situation to a great ex?
tent. We regard it, however, as a pure
speculation.
U. S. Steamship Merger
Question- -Kindly give me some In?
formation regarding United States Steam?
ship and the proposed transfer to t'nit.Mi
States Ship. Ho? would the transfer
effect stock hold on a margin? Would It
bo e.dv isablt? to make the exchange-?>_
J, G. M. '
Answer- We regard United States
Steamship as a pure speculation. We
cannot attempt to say what the recent
merger will do so far as the stock is
concerned.
Four full columns of fn
restment questions and an
steers arc published in The
Tribune every Sunday.
Irregular Trend
In Curb Trading
On Less Activity
Strength of Several Oils Is
One of Features; Indus?
trials Unsettled; Bonds
Arc Generally Steady
A rather noticeable decline in ac?
tivity in trading on the curb market
yesterday caused a slight, reaction in
many industrials, although supporting
orders were placed by insiders just
below prevalent quotations in many
stocks. Continued strong demand for
several oils was one of the features
of the day, and this gave an irregular
trend to prices.
General Asphalt was fairly steady
around 50, while United Retail Candy
was a trifle higher. Aetna Explosives
got down to 10r"s, but rallied to 10%
before the final sale.
Carib Syndicate continued the leader
in activity in the oil group and again
sold un to 17%, holding tne gain this
time. White Oil also was a trifle
stronger. Maracaibo was fractionally
higher, but slight reactions were
noticeable in others.
Bonds weroV steady with the firs'.
dealings in the new Zurich 8 per cent
issue, which was active and advanced
a fraction. The Norway 8s were active.
Industrials
Sales. Open. High. Low. Bast.
700 Aetna, Exp- 10'; 10% 10% 10%
2600 Acme Coal.... 2 4 2 4 14 2 4
50 Amor Chicle pf 64% 61Va 64% 614
15 Am Cigar.1 :i I lui 131 131
300 Autom Fuel S 50 60 50 .".0
50 Borden pf. 84% 84% 84% 84'*
1000 Car Bight & P 3% 3% 3% 3%
1800 Chicago Nipple 9 Vi 9 % 9 9-4
200 l'ontin Motor.". 7 ? ? 74 T ' j .4
200 Crude Chem... l'a 1'? ''i 1 '?
10 Dupont Powd..222 222 222 222
25 do pf. 75% 7614 754 7o'-j
1600 Empire ? & S. 154 1 5 4 15% 16%
2600 ?Gen Asphalt.. 66 56% 0-1 06 ,
200 ?Hare's Mot... 7 Vi 7 4 "4 74
1000 ?d?roules, l'ai). 5 6 448 5
12 Indian Pack'g. 4% 4'; 4 Y, 14
100 ?Inter Prod... 1 9 % 19 4 19% 1 9 S
200 ?lut Con Rub. 11 -11 U 1 '
600 *Kay Co Gas.. 1% 1 Ti 3 4 1%
200 ?B McNeil & B 124 3 2 4 1 - 4 ''-%
tOO ?Max Chai (A) 6 0 6 0 60 60
100 ?Mercer Mot... 10 30 10 30
"00 ?Mun Furn < *o 12% 13 124 13
1100 No Am P &- P. 6% 6.1 ?% "a
100 ? Paigo liet M 18 18 18 18
10" ?Paige D M P' 7 1 7 1 7 3 7 1
1000 Pi rfectlon T. . 1 1 % I Hi
300 ?Phila Ins "W. . 53?,? 68% 63% 53 ?i
38X10 ?Philip Morrls T'a 8 7% 8
2000 ?Radio Co w i 2Va -4 2% " %
600 ?<lo pf w i. 2^ 2% 2 4 2 "t
200 *R .1 R n B W i 42 42 42 42
10 ?Royal R P... 116 116 116 316
10 ?do 6 P '? pf 821.a 82% 824 82?4
COO ?RoycJe FTP I 6 6 % i-'* " 4 ;
700 ?Stanwood R.. 1'-j - 3'j ' 4
1000 Submarine B.. 12 12% 12 124
I 4000 ?Sweets Co of A 2 a? 2% 2 4 2%
100 ?Swift Inter.. 30 CO 30 30
soon ?T Ry I, & P. 24 24 1%
i 0 00 ?do pf. 6 4 6% :.>t 64
300 ?Union Car.... 604 60% 604 BO-*'
100 ?Un G & E. . . 1 % 1 % 1 % 1 4 ,
100 "do 2d. 4 4 I 4
9500Un Profit S... 2% 2% '-'a 2 ?,
400 "I'll R St ?'. . 1 1 11 10% 1 1
;:oo ?i: s m s Tool. 30% 304 304 204
12UI") U S Stmsllip. ! % 1 4 1 % I 4 '
D00 ?Weber & II.. 11 Vi '? 1 4 11% 1'4
100 *\V": Ills Coi p.. 15 15 15 10
Standard Oils
100 ?Anglo-Am O. 21 21 21 21
10 ?Buckeye P L. 90 90 90
::.-, ?St O of N V. 277 376 ."76
10 ?Vacuum Oil.. - 348 34S 348
Other Oils
6000 ?tAllied Oil. . 20 20 . 20 20
:. 1OO Bigheart P&R 4 4 4 4 .
3500 ?Boon.- Oil..-.. 1 "a 14 14
5500 ?tBoa-Wvo O. 1 1 4 ?;?>
?500 ?t'arlb Svn.... 16% 17 4 164 17 4
5 00 ?C S B T Sh.. 2 4 4 :. i \ ?? I -a 3-4 4
10 ?do 7 4? pc <J:;0U 300 300 200
3000 ?Cushlng Pet. 4 4 4 4
3700 ?I ?enny Oil... 14 !.. l 4 1 4
500 ?Dominion O.. 10 10% 10 10%
00 ?Elk 13 Pet ... 8% S% S% S 4
200 Engineers Pet lft lft 14 lft
2000 federal Oil... 11% 2'4 2% 24
l00?Fensland O. , 14 4 14}4 3 4'2 144
?too ?Glenr.oek Oil. 14 1 4 14 ! 4
800 *Guffey-G O.. 224 22-4 324 32'., I
2000 ?Hudson Oil.. 4 ft ft U
2011 ?Imperial O... 16 16 ' 16 10
600 'Mill Pet. i 5% 16 154 16
1000 ?Bone S Gas. ft ft ft ft :
2000 ?Maracaibo O. 20 u 21% 204 214
100 ?Mer i ' Corp.. I i : ? 1< it
! S00 ?Midwi st T. ... 8 S 8 S
I -i" N Am O & Il 11
500 i Mnar i >??< I n . 3 4" : ', 24 ;; ',
200 ?Prod ?? Ref. 6% 64 61? o' ,
5300 ?Salt ' ' P. ... 2.84 2S4 26% 274
1100 ?.Settled P Co. 2% 24 24 24 !
1500 ?Sinims Pet... 104 10% 104 10% ?
1 00 ?S O S p c pf.. 86 S6 86 86
100 Spencer P C. . 12% 12% 12% 124 !
?J00 ?Texon 0 & I, 4 % - 1 4
?loo <i'? T?xas P. ft .;. 4
500 ?Victoria O. .. 14 14 14 14
1M0 ?"West S ' ?il . . 4 L, ' . 4
1 l?iyi Whali n OU. .. 4 4 4
1000 White Oil. . . 21 24% 24 24 ? ,
Mining
?On Ala Br Col Mut 4 1? '.J , ? >
?00 ?AI Min & Mill 1 14 1 14 144 14 v
70o ?Amer Mines... 4 ; 4 1
4600 Arl . Globe 1 'op 4 ?% 4 ?. '
1200 ?Arlu Silver. . :t
2500 ?f Atlanta ... 1 14 1 1 ' ,
2700 ?tBel Di (?1 pi 5 5 * '.j 4 1 '. '
4500 ?fdo Ex (a p) 7 7 64
' 2300 ?1 Booth . .','?> 4 4
20000 -1 Bos .i- Mont, .40 4! 29 41
,500 ?ti ?aledonia . . 16 17 16 16
B 00 ?Candel Silver 4 ft 4 4
3500 ?fCa/hboy .... 7 7 4 7 7
200 1',ms' Vir Silver I'4 4% 1% I 4
2700 ?Cortex Sil' er. 63 6 6 1 63
."?00 fres Con Cold 1 1 % 1 1 4
500 ?Darwin Silver 2% '..'-.. 24 : 4
4600 Div K?t 1 pros) 33 33 3 1 32
1500 El Sal Silver. Il s !
1500 Emma Silver.. 4 1 1 4
2600 ?tEurek Hollv 1 4 1 4 I '<
7500 ?tGold /one Di 38 4 3S4 374 38
3500 ? rGold Cons. . 9 9 4 5 % 9
5000 ?".do Develop 5 5 6 5
2500 ?tdo Merger. % 4 4 %
l.'.on ?tOreat Bend .. '-' 2 '.: 2
500,1 ?tllarmill 1 1 M 27 30 27 30
325 Hecla Mining. 4T$ 5 l}fl 4if
500 'Iron Blososm. 28 2S 28 28
25 )0 ?v.l;p; l?utler. .16 '.7 16 16
< 00 ?.Tumbo Ext . . 5 5 4 "1 B
2000 * tKewanas ... 2 2 2 2
200O ?fKiiox Div Ida 5 ? 6 54 5%
8000 ? Lone s Con M 6 7 6
270,; ?TMarsh Min.. 134 134 13 13
600 ?Motherlode . . 5% 54 ?4 ?4
50 ?New Jer Zinc.170 170 170 170
100 "do rts. 10. 10 ?0 10
1200 Niplsslnff M Co S% 8% S % 8%
000 Ophir Silver. . 4 4 % 4
; 000 Prince Cn. . . ft ft i4 ft
2100 Ray Verde Cop 1ft lft 14 1ft
' 500 Rex 1 'onsol . .. 6 ' 6 6 6
5800 Roper Or II Co 4 ft 4 ft
1000 ?tSil King 1 >iv 2 2 2 2
2000 ? . -.??.-..r Pick. .6 6 1- 6 6
200 Stan Si] Bead. ft w ft .5,
2300 ?^Success Min. 4 4 :(i; 31.,
3i 00 ?Sutherland D. 1 14 1 ;
300 ?Talapoosa Sil ft ft .'^ ,?
, ."7;, ?Tonopah Bi ! . '13 lfj 1% 1 ij?
; 3250 ??Tonopah Div. 1 '$ J1? 1'4 1%
275 Tonopah Bxt.. 1% 1% i;v )?l
2700 'Tuio,pall Min. ?4 14 14 I '..
4 75 United Eastern 2iJ 2 4 2}? 2
1000 ?fnited Zinc. . 14 14 1 t,, 1 .?
25'0 ?tVic I>. 11 p. . S S 4 7'.. s
1700 fWest End C. lft ! ft ? 4 1 f
3600 White C Min. 7 4 > ?j 74 s
1T00 tWhlte C E, ap 1 4 2 1
2800 AVllbert Mining 44 44 4 414
2000 y Yukon Old A 14 1 \
Bonds
Sh.?. '000 omitted). Open Ui?h. Low. Last
30 ?Allied P OS.. 654 6H 65% 66
15 ?A T&T 6.*, '22 954. 95% 0,-, ?:.,
5 ?do 1924 . . . '? ? 93 9 : 9;)
30 ?An C 7s w 1. 9H 96 4 ''' 96 4 1
50 ?Arm 7s w I.., 96% 06% 264 96-\
20 ?B S 7s. '35 944 944 944 94 4
4 fB M 6a '..... 42 42 42 42
? Boone 7 4 -. . 19 49 40 40
5 ?CCC&SB 6s,'29 90% 90% 90 904
100 ? l'un l.iprht ils lio 90 8! 4 S9 4
25 ?E O&F US, '24 SI 4 84% M ?4
5 ?do 6s. '26. . :?;.'.j 054 H54 054
10 ?French 5s. . . 06 4 ?i ;,r, &;
105 ?1 ; Trunk 7s.. 101 4 101 4 J 01 1014
6 ?lut R T ?s... 70 4 71 "Oi.j 7 1
2 ?Kenn Cop 7s. 83 9* 9; 93
15?NTNH&H 4s.. 82 B2 V? '-' 82V4
150 ?Norway 8s wilOl'/s 101% 101 101%
15 ?Ohio ??as 7s '21 954 95% 954 96%
10 ?do ?924 . H5 05 4 95 : .,
20 ?du 1925 . 95 4 96 4 95 4 90
7 ?Pan A P 7"- wl 94 4 94% 91 04% ,
6 Russian Gov 54s 25 25 24 26
30 ?Seabd Air L 6s 60% 60% 60 60^
50 ?Sears R 7s il y) 994 99 4 99% 99% '
50 ?do 7s (2 y)..*9S% 98% 9l-\ s8<?? ,
50 ?do 7s ci y).. 98% 98% 98% 984 I
20 Sinclair 7'vs ... f. 1-\ 91% 91% 914 |
50 ?Solvay & C Ss. .100 4 100 4 100 100 4 |
25 ?Swift&Co Cs '21 974 s74 974 97% I
20 ?Tex C 7% notes. 88% 98% 9*4 'jH\ I
20 ?Union Tnk I. 7S.100 1004 100 loos, 1
10 *Weat Elec 7s.. jc, 9K% 9S?4 SS%
75 ?West Va 3%s.. 81% 8Hi si'-, r 1 -, j
30 ?Zurieh ss .1004 1004 1004 1094;
^crinan Internal Ronds
Marks fOOOBOmlt'd) Open. High. Low. Close
80 ?Berlin 4s . 114 134 13% 134
2 ' ?i oblenj! 4s . IT 17 17 17
15 ?Coldgne 4s . '84' 1? 154 1? ,
600 ?Hamburg 44s t :. 4 ;., . !.. 4 i;i,
?UnlUted. tSclla cent? p? share.
1%
$6,000,000
CITY OF ZURICH
SWITZERLAND
8% Twenty-five Year Sinking Fund Gold Bonds
Dated October 15.1920 , Due October 15, 1945
Principal, premium and interest payable in U.S. gold coin at the offices of the Fiscal Agents,
Hallgarten &. Co. and Blair & Co.. Inc., in New York City, tree of any Swiss Governmental
or Municipal taxes, present or future. Interest payable April 15 and October 15.
BW ??
Coupon Bonds in denominations of $500 and $1,000, may be registered as to principal.
During the first five years of the life interest dates a sum equal to at least
of the loan the bonds are not callable, 2% of the maximum principal amount
but the City has agreed to purchase, of bonds at any time outstanding
through the Fiscal Agents of the taken at 107% of their face value.
Loan, beginning with April 15, 1921, The City reserves the right to in
and up to and including October 15, crease the amount of any such Sink
1925, bonds of this issue at prices not J? *nn* W??* after ?*?b?f 15'
exceeding 107 and interest, if purchas- 192J- A3U bonds so purchased or
,, ? ? zL i_.. u redeemed are to be cancelled.
able m the market at such price, m
semi-annual amounts equal to 2% of Zurich is the largest city in Switrer
the maximum principal amount of land, having an estimated population
bonds at any time outstanding. of over 210,000. In addition to being
Beginning with April 15, .1926, the the banking centre of that country, it
City agrees to pay semi-annually to is its chief industrial and commercial
the Fiscal Agents of the Loan, as a city. In ordinary times it has had
Sinking Fund to be used for the no difficulty in borrowing in the
redemption by lot of the bonds on two home market at prices yielding
weeks' published notice at 107% and approximately from 3*4% to 4*4%
interest, on said date and subsequent interest.
Valvation of property subject to taxation, 1919-1920. $522,000,000
Chy-owued real est?t? and income producing property . . . 54,000,000
Tot?! fundad debt of City, including this ??sue. , . 40,450,000
Income, all source?, 1919 . 8,000,00X1
Income from investments and profits of productive enter?
prises of City-. 2,100,000
(Lest ttesB in 1919 was $180,000 in excess of interest on funded debt; this excess in 1920 should be $125.600")
It Is expected that application will be made in due course to list this issue on the New York
Stock Exchange. The above financial statistics are expressed approximately
in dollars, being computed at the normal rate of exchange.
We are receiving subscriptions, subject to allotment, for the above bonds
? at 991/2% and accrued interest.
Bonds offered when, as and if issued and received by as and subject to approval by coun?
sel. Interim receipts or temporary bonds will be deliverable pending the
preparation of definitive bonds.
Circular on request
Hallgarten & Co. Blair & Co. i?c
New York Chicago New York Chicago
Halsey, Stuart & Co., inc.
Chicago New York
The statement? p:isrnt-<1 ?Hot? are obtained. oertlr bj cable, from oSc-jl or ether sources which ??
believe to be reliable but are not guaranteed br no.
AU the above Bondi having been sold, this advertisement appears as a matter 0/ record only.
October 19, 1920.
ANDREW J. MoCORMACK, Auctioneer.
REOL'LAR AUCTION SALE
STOCKS AND BONDS
lir AltKIAN H. Mil.I.Kit * S0>,
OFFICE. 3." Wll.I.r.S XI STREET.
WEDNESDAY, ()( TH. ?:OTII, I'.r'.D,
at 12:30 o'clock, al the
K\< IHAXGE SAEESR? " >M.
NOS. 14 AND 1? VESE? STREET.
i 'or Vccounl o? Rx< cut ira;
'. 0 sha Sth Avenue R. K. ? 'o,
For Account of Whom II Mal Conceri
50 ahs. Allen Salea s- r\ i< ??. In . < 'om
m. m.
100 ahs. Allen Sa:-s Service li c . Prefd
1,000 ahs. Acme Phonograph Motors
i lorpn.
$22,000 Creen Bav & Western R. R. 5 ?
Debenture Class "A" Bonii ?.
$26,000 Monmout'h Count; Elc ?trie i !o. 1st
Mtfri . ('",? TlUs., 1931. Jan'j . '
i loupon i )n.
$100,000 Alton Granite & St. I.ouis Tri ?
tion Co. 5?6 1st Conslil. Mtge B Is
1944. Febry., 1920, Coupons ( hi.
200 shs. Automatic Weighing Machine
Co. Prefd.
400 sha. Poola Engineering & Machine
Co.
67 shs. United Gas & Electric '
2ti Prefd.
22 shs. United Gas S Elect! ?c C pn.
i 'oin mon. >
: 7 . shs. Oc? an f.eal hr r Co. ? 'omi ton.
141 13-100 shs. Hope Mills Manufa tur
ins Co. Common.
203 2S-100 shs. Hope Mills Manufactur?
ing i o. Pr< ftl.
n shs. Lenox Motor Car Co. Con : oi
S ?hs. SpIltdorE Electrical Corpn.
i 'ornm. m.
1.000 shs. Mexican Producing * Refining
Co.
1.000 shs. Peruvian Copper Cn
13 shs. Electroline Co. Prefd.
I 5 s'a ?. Elec< rollne Co. ( 'oinmon
126 shs. Western Maryland R. R. 1st
Prefd.
94 shs. Michigan Central R. R.
$10,000 Georgia CoasI & Piedmont R. R.
Co. 1st Mtgc. 3 Skg. Fund Bds.
Ctt. of Dep.
60 ahs. Railway Storagi Battery Car
i !o. I'refil.
so shs. Wheeloclc r.un ber & Manfg. Co.
$6,000 Texas & Oklahoma R. R. 1st. Mtge.
6 7? Bonds ' '? f. of i >epi s t.
100 shs. Mct?herr; Manufacturing Co.
? !ommon.
! 'if' shs. United State Oil Con i
lu shs. Indian Ter'riiorj Mineral <??
Mining i '...
'; : : sh;'. RIchile! . ? : <\. i o.
$300 International Sporting Club Corpn.
6 ! '??!., n m<l 1931.
200 shs. Frank Miller Co. Prefd.
1 360 shs. Frank Miller Co. Class \ Com
100 sha. International Electric Protec- !
i ion i '.. i iommon.
$4.000 Brooklyn Rapid Transit 4'~e Refund?
ing Bds. Ctf. of Dep.
100 sha. Grand Rapids Railway Prefd.
1,000 ahs, Anglo-American Oil Co., Inc.
Slate Texas,
120 sh". Potomac on Co. Prefd
4";; shs. Price Hall Petroleum Co.
d 10 shs. Th? Um oln Buy Mining *
Tunneling i !o
30 shs. N'ewlln llalnea Co, S?? Cum
Pfd. Clf. of Dep.
20 shs. , 'askey Va] . - Co.
$3,000 New i'ork & Queens County I'.'way
1 st I 'oirvt. Is, due i ?ctr., ; 9 16.
660 sha. Foreign Trade Banking Corpn
New York Metal Market
On the New York Metal Exchange
'tin was firm with Class A quoted at
38.50(0-10.00, Class B 38.00fe38.00 ?
and Straits shipments 37.00('i-10.00,
with sales of ???le latter oi' 25
tons November-December at 39.50, 25
tons December-January at 3D.75 and
25 tons on steamship W'askamargosa i
(to arrive) at 38 50. Copper weak;
spot, 16.50 asked; October, 16.62^?and
November, lb".75 asked. There were
sold at public auction, for account of
whom it may concern, 1,200,000 pounds;
of electrolytic copper in three lots
of 200 tons each; 200 tons sold at
15.25 cents per pound, 2O0 tons at
15.50 and 200 tons at 15.524, terms
cash, New York funds against docu
London metal prices follow: Leid,
spot, ?35 15s. and futures, ?35 10>;
zinc, spot. ?39, and futures, ?40; tin? i
standard spot, ?241 15s, and futures,.
?247 10s, with ?ales of 100 tons snot
and 2?O tons futures^ copper stund.:"<! '
spot, ?92 15, and futures, ?80 10s, vvith
sales of 200 torts spot and I.2ft0 tons |
futures, and electrolytic spot, ?102, and
futures, ?106.
BUFFALO, HOCHESTER A PITTSBURGH
RAILWAY COMPANY SERIES "<"?
4'.?. KQU1PMENT TRUST BONDS
1)1 E 1031.
SINKING 11 ND NOTIi K
- it.ici . - hereby slven, as pruvid
1 . of the \ .; ???? lenl sei uring : ..??
above bonds thai scaled offers wil !.<? re
: up tu tei (10) o'clock A. '?'. on the
?st daj "i November, 1920, bj the under
?igned a ' ?'- ofiiee, 140 Broadway. New
York City, for I he su le (o It .. Trustee,
?u :i price not exceeding #ar and accrued
? .".. lent of i he abo ?
scribed bonds tu exhaust tin su of !':?!.
Thousand ($50,000) Dollars. Offers should
b le i and end.I "< iffe s for the
; Buffalo, Ro< hes i ? & Pittsburgh
Ra '? ??? ay Companj Seri-.-c 'C Eq u pn ? it
Bond ? to the Sin ..-..; Fun : and ad
dr-ssi-d th. TRUST DE.' A It T M J M .
GUARANTY TRUST (Ktl'AM OF
new Mini?,
By CHARLES li SABI??, President.
New York, i ictober 3, : 'SO.
BANK STATEMENTS
GARFUNKEL & TAUSTER
Prl> aie bankers -.? lusiness ,
on ' he j:h d -mbei, : 52i
HKSOl Kl I.S I
, Sto k mil I I I) vision :.' , ?.
Public sec iritl ?? . ?IT.O-tO. 1J
Loans un : di ?count* ired b> other
ol it?rai. .1,303.00
Loan ? ..- ? ? u ., . .: a ?cd :. ?:
-?v ured ? illaw. 13 230 77 ,
v iudI receivable 3.139.20
mera fi?.- i ii-hai ge moi ????
oi li ... ..'...' .? ? 067 ? ?
m . Irada . t?23.74
I Duo fr m fi relgi wilts and
banker; $11,163.24
I V :?? ? ?? . ? ? .
! ??? ; liai kern no ided In
i ?? ?? . Ii?? iti Uli 3,641.13
: G ?04 9
Deposits vi ;i express a' i steamship
1 companies . 500.00
' si-,.., ?. S3.S3
Othi '? ' urre ic-j nj iiorized ??? the lawa of
th? l nil I oej. Z 000.00
Foreign i urn iicy . 743.97
i .. . : " i - .
1 Furniture ..
Tola! . . JS4.230 69
LIABILITIES
t'orn n e I ipi'.al .... $
-.936. b'J
'.'?'. i I
[)l ,..,,,? ; . ..' ? -, . - '-y. .
Deposits ? ?
iv it In In pre
rntatli ? pa look! I'1 9S8 04
1 Due ?team . .
tickets sold . 3.3S9 " J
Kite ' total leposits. 03.746.76
n hei ... Ill ??? viz.:
< a . " . li ... . 1-527.11
rota . . $S4.230.69
DH IDEM) NOTICES
PACIFIC POUI.lt A LIGHT COMPANY,]
PORTLAND, OKI...OV
PREFERRED STOCK DIVIDEND NO. '1.
The regular iiuarterly dividend of on?
and three-quarters per cent. (1*4 <\> on
the Preferred Stool of the Pacific Power *
Light i ' ?: pa 05 ha ? b' ? :. declared
',..-..? ber IS i . holdi rs of ri-cord
.a tin . ? - ? of bu.? n is I ictober 22, 1
?BOfttlK I NEV1NS. Treasurer.
PORTLAND (.A*> & COKE COMPANY,
IMHtn.AM?. OREGON.
PREFERRED STO<"K DIVIDEND NO. 43.
The ; i-trula ? . ? ' ??: I (li\ ?del I
nnd threi : rters per cent, i ! \
b.i .1? :., ? ? .i ??., i he Prefer? ! Sto
Portland Gas ,\ Coke Con pany, payabie
b r '. 1920, t.i stockholders of record
al t:;- close of business October 22, 1920.
UEORGE F. NEVINS. Treasurer.
Rio Grande Stockholders
Move to Prevent Sale
The stockholders' protective commit?
tee of the Denver & Rio Grande Rail?
road announced yesterday its intention
of taking immediate action to prevent,
the sale of the company's property,
which has been fixed for November 20.
With this purpose in view the follow?
ing telegram was sent to Federal Judge
Sanborn at his home in St. 1'aul, Minn.:
"Stockholders committee of Denver
& Rio Grande have been diligently in?
vestigating matter, with purpose of in?
stituting proceedings to protect stock?
holders' interest. Are in consultation
with Attorney Genera! and interstate
Commerce Commission. Will prepare
Vl>\ i;HII>IAIIA I
The New 6CC
French Loan
York ?has been
publi ??.',? sub!
?
? i . . ?
i
The said oan ? I
'
Ii ? The bonds ? 111 b su?d
v - ?
?t be paid
lars, at I lie ofil< ial ? .? ? - ? ? . ?
the .; th ubs
Subs :ript Ions \\ .'1 a .- i 1
French bonds of 1915. 19
to one-half ?
to. The semi-annual coupol a pay,
the 16th oi
eacl -, - b
?
present .. ? . future
At t he p ? -.ute i
:. , '. ?? ' .. , ' . ?
?if-nis only about J
be pled alui
hange i I have come 1
rate.
\ -',:-?:?. < - ' ?
>t to n o f a n i I ?? *
of the Ba
nat ural const ouei ?? wi11 i ?
near fut 'ir-' ; he \ alui of the
gr?a tl ?nerea se, and w thout
gorati 1 op1
in\ estor ol d dlars In A
II
? i] i
As the value of th
rate, the interest '"
'..?:., hen th res "
?i
? a : tageou* ? ne , . 9
that one - ight ?< ?
fact that, limned
tie? had ceased, i
K i ii a wonderl u: rourage * I
th< most .[??-?? tjwlng t> 'h?
? ? i gen ?? hard v. orking
thrift of her inhabit)
more prosperous
W ith an un para Fled i
ways, of
i he Non hern r< glon i. II '
Lei .. ? ? - ml b) sie
s' ro: ed by th? Gi it i
tarj iiecesslt . are beii g restored
dal ? ?..?'???a sing their
d ??? ast ated lands are agj
n and are contInu ? ' , '?
by means of model
Not ? . ?
is a* the sal e time
?hi Is utilizing her wat i
t he Pyrenees, \ .
ergy whi :h will replace her
shortage. She ha -
mines, namely, hej . -
raine, which complet' her ?
Houn es of the basin ? Br ?; ;
Is n ??? ?'.?? of the riches .
iron. Prance is a
cultural production b} meani l ?
potash wl l ?
iroi : A Isai e. the deposits ' i ?
oi ?? a par ' uf hei ??, oi
Tile vastly extended and \ - : ' ?I
possessions of Prai ? ' C .',,-'.
\ fr .?. Ind ) i 'hina. Mad <.:?? n
iscd .ii I exploit *
-,.?:.?? . I su] pi her ?
raw n iterlala In Ul I '
;??-?'. *
,<n,i making her progr? ?> ?
... ;,,,;.-_, I . ? .f [ . .
?
subscrib ?: be ] ?-..?!'
? ar not ha\ ? ., i? tt? .- ?'
and energetic 1 ram n. so full of i '
Klf<! | ?
.ii ll.lira? of the ?ar. displayi
powers of resistance, undaunted courug?.
??:.,?.-. patrl tls
Tii^ subscript Ion? w 1 b< r<
out an) charges what?oe\ r from t < ' : ?T
20 to November 80 al the offices ?
Frencb Consulate General East < 'n
Str?-et. New Ve? C.t? t' - ? desired iUb
? ptions ma) b? mailed. 1 ?
should b< made to the order of thi ?
Consulate i ii ?era I.
practicable a.?kiii? for postponement of
date of sale of property."
7-Cent Warfare in Philadelphia
PHILADELPHIA, Oct. 19 After ?
controversy that has raired for month!
'he Public Service (' mmussicn at
ilarrisburj* to-day announced an order
would be mnoe recommending tai I
Philadelphia Kap: i Transit Company
charge a 7-cent fare, with four ticket?
for a ouartcr, tree transfer? and 8?
c( rit eNchan^e tickets to remain a? at
present. The streetcar company con?
trols the entire city traiuit system.