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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.