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A FOUR per cent, bond at fifty is the equivalent of an eight per cent, bond at par, payable at 200%. The investor receives 8% on his money and doubles his prin? cipal at maturity. WE have confidence in Toledo, St. Louis & Western 4% Gold Bonds, due 1950, and selling today at about 55. W# ?r? rtcow-.erding f/?;., gecur. <ry <o certain classes of investors. preven & ?on. Founded 1797 Seasoned Investments 30 Pine Street, New York Our Location and You The Garfield National Bank is essentially a neighbor ? ition. It per : ig to impair its to r< i der its neigh I i ustomera the full? est asure of banking service and accommodation. We art Headquarters for our ( 'lients. NATIONAL BANK FIFTH AVENUE wheke23r^ Street crcsszs broadway ?< ught, Sold & Quoted Company Statement on Request. C. W. Pope & Co. 25 Broad Street, New York City. Telephone Broad 7110 We Recommend the Investment of surplus funds at this time in High Grade Railroad & PubHc Utility BONDS Inquiries Invited Investment Department E.WWaqner&Co SSTABUSME? f 9 I 8 8 7 Members Sen York Stock Exchange ? New Sueet New York Harris, Forbes & Co *lne Street, Carrier WUIIaa? NEW YORK LIBERTY BONDS AI mlnatlons bouffi t f r cash. !' si i he clostns we par: JjO.53 for a $50?:5V.?/? Hud,.-!? Coupons ?M.SI for u $50? ?a 1 '4?/o 1$.. ? .I. No Coupons ?;.!' fur ii $311?:t<! I1 ,' Bond. JM.oo for u $5i>?it li i'i*? Bond, No Coupons WM tor i $50?5th4%% Bond, 6 Coupons FURDY & CO., ?*l John S174-?5-6-7. S4 IMne ?t., ?. Y. We Finance B!"tr!c r.iivor and light enti-rprlses Wth recorda of established earning? Electric Bond & Share Co. IPald-Vp Capita! and fl-irplus ?24,000.000) 71 Broadway, .New VorU. OARR?MAN NATIONAL BANK fifth Avenue & Forty-fourth St, New York B?!yo| Houn from 8 A. M. to 8 P. M. Stf* 0epo,it Vaults 8 A. M. to Midnigks t?e indi Papous I'nion railway COM PAN v ""MANAPOUs, IMUANA, OCTOBER -, 11,1 !>*0 linndq uunteil for Slnkina Fund. ,*??' ! i nion Railway fom L.i UtC Indianapolis, Indiana, will racelve rj?''-a prononal? for ihn ?alo of thirty f*??MM lollara of H? First g2?*an .,i the Fld?t EPI?tt?t?Company, In the CHy of Phlla VfPto*. l'a., on or prior to the first da) of H???b?r, 1920. Bonda offered at th< low H?rJce. " 'i -ling par and accrued ih.wl- wl11 '?? accepted ami raid for. ?J?yd ?? ? ?: ilffi rent holdara bo of ?'?? at ,h.. aanii price. th< number of t?u i tfcl<*n. fruiii each ?hall be on a pro ??J oa?l?. un i; arly as practicable, In pro E?S? lu ??IS whole number of bund? *^I*<1* 'Ci. DANIJOi-S, Beorotary. Farmers' Heus for Credit Present Serious Problem Bunker Discusses Difficulties of Financing Crop Movement, but Hesilates to Suggest a Panacea for Many Ills Complained Of by Small Producers By H. M. Robinson President of the First National Bank, of L?s Angeles A discussion of commodity financing is particularly pertinent during the present period of credit shortage throughout the country. There are many evidences of .growing dissatisfaction on the part of the producers of many commodities who claim that they are beintf discriminated against by bankers or those in control of credit facilities, and there is constant, agitation by such producers for an extension of the principle of cooperative marketing to remedy, or at least to relieve, the situation. There is no question that the proper apportionment of funds in re? sponse to the clamorous demands for the use of the credit facilities of the community presents a serious problem to the conscientious banker. Abuses have crept into our existing practices, and at some points the situation is critical. Broadly speaking:, advances to thei grain farmers arc made by the local ! banks, by local grain buyers on guar-! anteed minimums, and by represent? atives of lino elevators and milling ' concerns. Again speaking broadly, the parral lois for cotton are ?ho advances made by the local storekeeper and banks and by the so-called cotton broker on a guarantee, of credits for the grower, as well as similar advances made by representatives of large cotton mer? chants and sometimes representatives of mills. Weakness in Cotton From the banker's standpoint, ad? vances for the movement of the grain, are, generally speaking, much better secured, so far as the bulk of the total movement is concerned, than in the case of the cotton, although the actual financing machinery used for the dif? ferent segments of the movement of both commodities to final manufacture or disposition ?ire identical in prin? ciple. The weakness in the cotton movement lies in the lack of warehouse facilities, irregularity of warehouse receipts and irregularity in (he description of the grado, quality and weight of the cot? ton, as compared, in the case of grain, with the extent of warehouse facilities and the regularity, definiteness and se? curity of the order bills of lading and the various warehouse receipts. The grain or cotton merchant who fails to hedge is speculating, and where the banker's customer?the dealer? in either of these commodities, reg? ularly ami systematically hedges his transactions, the banker has a ri^ht to, and does, feel greater safety in any advances he may make. Hedging itself is a simple operation. Suffice it to say that, each buyer in turn?local grain merchant, local ele? vator, line elevator, terminal dealer? as he makes a purchase of actual grain, sells a future for a like amount, and when a sale of the cash grain is made, buys a future to match or close out the future sale made at the time of pur? chase. Reserve System a Factor Prior to the advent of the Federal Reserve system, cotton loans were made, as a rule, in the form of ordi? nary notes, and these again were used lateral or re-discounted by the local banks with Eastern correspondents. In? sufficient effort has been made to place cotton and its storage on a basis of credit in a form that would be readily marketable on its own merit, although the Federal Reserve Bank system, by encouraging the use of trade and bank? ers' acceptances and of uniform ware? house receipts, has aided in creating an open discount market for cotton ac ceptances which affords substantial en couragement for investment of capita and bonded warehouse enterprises. With the pressure of the credit strain, with the difficulties of a price deflation definitely started and gather ing momentum on an uncharted course toward an unknown and unseen desti? nation, with collective bargaining in the form of cooperative marketing showing an increasing growth, com? modity financing at this juncture is difficult. The difficulties of financing even le? gitimate holdings of such commodities as grain and cotton, for the purpose of conducting a movement in an active and orderly way, are becoming increas? ingly greater and more complex, and bankers must use their best thought to see that each producing industry re? ceives a fair share of the available credit and bears its fair share of the burden and pressure when a credit shortage exists. Cotton's Share In determining the share to which the cotton industry is entitled, soma regard should be given to the impor? tance of the product, in the gross of oui exports, and to the fact of the limited ability of our former cus? tomers abroad to purchase. In the present emergency, requiring the ra? tioning of credits, a measuTe of finan? cial support proportionate to cotton's contribution to the credit resources of the country, and with proper considera? tion for the delays in moving export? able surplus because of the low ebb ai European credit, should be given. Assuming that price deflation can be accelerated or retarded by artificial means, is it not the duty of the banker tu see that the reduction in the price of cotton should not be at a rate gteater than in other commodities? And now, where do these many transactions fit into the final costs? Herbert Hoover and many economists take tiie position that all costs be? tween the producer's price at his local I oint, and the wholesaler's price, are actual charges against the farmer, and that all costs of financing the move? ment of commodities up to the whole sale market are charged against him. Tin tlie other land, all costs and charges added to the wholesale price stand against the consumer, i Farmer as Business Man Here lies the difficulty. The posi? tion generally taken is that the farmer : so peor a business man that he is in duty bound to market his producf r.i the time of the harvest, and that as a result, from that time until final consumption financing should be car ried on for the benefit of the middle? men and manufacturers, the whole? salers ami retailers. As a result, the complaint is made that the cost of financing and marketing up to the point of wholesale as charged again, t the farmer, is inordinately, or at least, im rrepelly high The farmer is beginning to feel that he is entitled, if he so desires, to have his ciop carried beyond the harvest, period. It is difficult for the small producer to understand that the banker most naturally prefers to deal with some one who has control of large units in the movement of a given commodity than with the farmer himself, Question of the Middleman The cost of financing commodities beyond the harvest time in the form of small units to the producer himself! would make the final cost very much i higher than the present cost of the I middleman's large unit, accumulated by him from a multitude of small units that is to say, either we must continue the present practico of financing the middleman instead of the producer after the time of the harvest, or the banks must set up suitable machinery for handling the multiplicity of small units and make an initial charge against the producer on somewhat the same basis as the present buyer; or tho producer must set up machinery for accumulating tho original small units into large ones and provide for their handling by people experienced in business, financial and transporta? tion operations generally. This latter method, already tried, is taking on a new impetus. There is no essential difference be? tween the attitude of labor in demand? ing that, it be permitted to bargain col? lectively with the employer, and the demand by organizations of producers for cooperative marketing. Believe Methods Unfair Grain and cotton producers have felt for years that the existing method, whereby purchasers locally make indi? vidual bargains for the crop, often worked to the disadvantage of the pro? ducer and, as a result, in many sections of the Middle West and in various communities cooperatively run eleva? tors have been established to which the producer delivers his grain, though not much has yet been done in this direc? tion by the cotton growers. The discussion is rife among both the grain men in the .Middle West and the cotton growers in the .Southwest for tho expansion of the cooperativo elevator and warehouse program with cooperative marketing organizations on a big scale. Here and there producers of farm products are undertaking in various ways, under various titles and with divers high sounding plans to set up new or to amplify existing cooperative marketing machinery. They are now apparently even seriously discussing plans which contemplate within their general outlines the establishment of banks and carrying on of such financial operations as have never yet been at? tempted by any like organization, ex? cept, possibly, the Nonpartisan League. Bankers Must Meet Problem This brings to the bankers the need for determining whether they shall maintain an attitude of aloofness from, and resistance to, such movements and their resulting organizations, or wheth? er, on the other hand, it is advisable for banks to participate in, and, within limits, promote, cooperative organiza? tions to the end that bankers may at least point out the dangers and ab? surdities of som<? of the plans now under way, and also to the end that the producer may have the full benefit of a fair portion of the whole credit avail? able; this fair pot lion of credit allo? cated to any one group, however, must not exceed the contribution which that group makes to the total production of the nation. Tendency, lo Fse Power Irrespective of any evidence, state ment or argument given for the balance of the people of the country and other groups of producers necessary to the country's welfare, there exist certain evidences of a tendency to use tho great economic power of these proposed cooperative organizations to the dis? advantage of other groups of producers and consumers. This selfish trend may i:i' !"? conscious or intentional, yet it exists and must be faced. At the same time, the fact must be recognized that something is needed to protect the pro? ducer in his legitimate functions. This, then, is simply a statement of the situation, because, in the solving of a problem a frank statement of the case is a primary necessity. In sketching roughly the machinery and Its operation, so far as it. relates to the financing of the commodities discussed, and in giving the rough picture of the complexities and diffi' inities as well as the trend of move? ments related to the financing, there is no intention of offering any genera! specific or general panacea. It is obvious that there is no general Specific, but rather that individual bankers, or bankers acting in small groups in relatively small areas, must determine these questions as they arise for themselves. It is equally obvious that the attitude of the bankers gen? erally must and will be modified to meet the changing conditions. Weekly Curb Market .13:) 60 138 7 ' J',1 &w.ior, i... in:, .... o B fi 11 84 U 84' 4 7 4r, 4M, 4 : Industrials High. I. " ?Ae( na Expl.. l ! l !" i' 0 ?Acme C tal. . 2% 40ft *AI ;? d Pa k.. 9V4 i' o ?Alum Mf:_- .. :\< : 80 *<lo rf. M--? - 25 ?A m liras*. ...189 IS 300 ? V-!; Candy.. . ti 60 'Am Cigar 105 ?Am Chi.'lo pf, 1 5 ?Am llarclw 100 ?Am W Paper soo ?Armour Lea 4 00 ?do pf. 1890 Autom F H. .. : 00 ?A.lrlon 13 ?fe 1 25 ?.lo pf 4.', ?Babcock CB Borden . 7" i'.,, pf. 300 ?Bi averboard.. 500 ?RlGyn C R R. i ?Br-Am Chem :? i ?Brli ? n ::'" i 32V? 200 ?BrlBCoe Mot.. 1(1 i- ' ?'<,-..\ Tel. <-.. 12*4 i?Car Ii <i P,? 4 ..." ?Charcoal ! . " '?, ! ' i IhildH i',.. 8" : " .lo pf. S?i ?a Carbo- Hydro.. 1 S ,i,. pr. 4vi . Chic ?S'lpple... 9*4 10 ?Cllnchf Coal... .'i? Vj ?Con S II . .. f. ?a ?i !onl Mi tors.. 7V4 1C00 ?Crudn Chem.. 1 '? 60 ?1 luPont l'uw ":"j 80 ?do pf. 7" V4 C7t.ii ?Empire T &S :,, ". 400 ?Fan ell Cea!.. 23 75 ?Fire: tone T. . 104 300 ?Gardner Mot, 22 ? 00 ?Garland R s. 4 "? 30500 ?Gen Asphalt. ?0V4 700 ?do pf. 93 800 ?Goldwvn Tic. 8 30 ?Grassclll Ch..l35 ". I ?Harea Mot . . 714 .'. 00 * 11?re 1 'a ?"-i' . " i ' i in Here Powdei . I : 212 ?Ind Packing . 4 'i . i ?Inl Products. 18 700 ''i : Con Rub ? 11 241000 ?Kaj Co Gas. 1 7i ??*!., U: eh l'r Si 400 ?L :..;-?'. I.i:f . V V& - ?!.!!,!,.' Mr.Wv!, 12 '* 100 Unta Loco ... 7' 1*1 ,lncoln MC A ;t:? 1 Too ?Locomob n. . ? 400 ?Max-Chai A.. f.o BOO ?do B. is v m ?Mercer Mot.. 10 1400 ?Mtmaon Fur,. 1 :( 0 ?Nati Leather 10 i'. ,. , s'or a r fk r. t ", ;.?Packard Mot. 14VI 400 ?!?:. if." l'i't M. IS - m. ?r?nn c&c pf 7i % 2175 ?Phil In Win . \ 151 , ?Philip Morrli s >a 2800 Pe? fi i tionT&R ! 'a 80 ?Procter & ?'? 114 100 ?Pi oi I.? Mot. 89 B8Q0 ?.';.o.,'' Co. ? ? - V4 H ' ?do pf. S% 300 ?Hi o Motora .. 33Va 400 ?RJRey a h ?i 4:; 2000 ?Roy de F T H 6 's H o ?Roy Hak p..U7 : 7 0 ?do pf. 8?H lo ?Scovllle Mfg..3C0 : 100 ?Sie.?iir Mft? ..i;,o : 700 ?Singer Ltd... 3 H S-ioo Submarine Bi. 14Vj *.'00 ?Swift Inter... SO 26400 ?Sweets, of A.. 2 H ??T?o ?Stanwood Hob 3 1J5O0 ?Tenn R L&P, 2 ?i 2100 ?do pf. 7 ; 400 ?Tob Prod Ex. 13 88800 Un Profit Bh.. 2 V4 i ?Un Carblda. . >> i \ . ?.in rlpht?. . i % 8000 ?l'a R Candy. 11 300 ?Un Gaa i K . 1 % 400 ?do 2>1 pf. .. 4 >t J100 ?U fl Hlfh s T SO % ? ?i ? S LbI & H 1?* Si 0 1' fl ^!'i!' r?r- '?'? is ! oo 11 8 Btaamahlp l "** 1 oo ?Warren Bros. 27 (A . 100 Wayne Coal... i% (00 *\Vm Davloa.. 34?4 100 ?Willy? Corp. . 15 100 ?do 1st pf. ? ?0 SOU ?do 3d P?. ?? 47V? ? 1! -4- 1 S?ll ?29 150 +18 I'? Net Sali a. lll?li. Low. Last ch'ge. 6 0 ? V. ber ?- IT.. 12 11 12 -- 4 lOi. ?Ward Baking 00 58 CO ?-" 150 ?do pf. 99 93 99 + C Standard Oil Subsidiaries 2580 Anglo-Am Oil. 21V4 20% 214 + '--j lo nuokeye r l... 90 90 90 ? 4 30 So Pcnn Oil...270 207 207 -+- 0 1983 S O of Ind....765 72.> 702 +67 4K S O of N Y...H77 375 :t76 + 1 Z0 Vacuum Oil. ..348 34K ?MS ? 2 Other Oil Stocks 52000 ?Allied Oil.... 21 10 20 ?- 1 300 ?Ark Nat Can. 10'4 10 10 ? V4 100 ?Alt Gulf "il.. 70% 79% 79%? i,4 2600 Bigheart PAR 84 84 84 ? 4 17900 ?Boone CHI.... 2 1', 1%? 4 27500 ?Bost-W Uli .. 1 4 4J? ,?? : .." ?Host -Mex Oil 1% 1 1 '? 4 45000 ?Carib Synd... 184 16H 17*4+ 4 2500 ?Cities s HT m 344 .'tu 34*4+ 4 in ?do 7'-; b. ... 300 300 300 - 200 ?Cosden & Co. 7 a, 7-% 7-% - ! 1800 ?Columbia Hm. 7 u 0 64 ? "i 11500 ?Gushing Pet.. ?i 'i % ?otro ?i lenny OH. 14 1 % 14+ 4 2000 ?I lomlnion OU 10% 10 lu + 4 500 ?DuqueBne tul 34 3 Va 34 ?? | ? *E!k Basin I". 9V4 8% 9 4 ? % 7535 Engineers Pet ! .',, i ,?? i ,?? 5100 'Eami raldal ?AG 4 % 4 - 7' 00 ?Federal Oil ,. 274 24 2'4? 4 :. ?Fensland i Hl. 15V? 144 164+ 4 1400 ?Glenrock I ?II. 2 l 7, 1 4? 4 2600 ?Guffey G OU. 33 .12 32V4? 4 200 ?(il .'..-..Il OU.. 9 9 9 ? 4 6 100 ?Hudson t 'it... % -fV '.-- 4 BOO ?Imperial *>il.. 16 16 16 4700 ?Inter Pet ..'?? IC ' 4 15 4 15*4? 4 2000 Lone Star Uns h ? A 21.?Livingston P. 4 ti % 3%? 14 12200 ?Mnraealbo O. 22V? 1 * % 224+ 34 15000 ?Marland OU.. 4 3*4 3% - 310Mex Panuco O 12 11 12 - 4300 ?Merritt O C.. 14% 14 14 %-l- % 3200 ?Midwest Ref.159 148 165 + 6 2800 ?Mld iv ?????X O. 8 7 7?1 1900 Nor Am OU.. . :'? 4 24 3 - - % 50 . u?ar O & G n 3 4 :, :? 3 4? 4 200 ? Paragon Ref. 28 . 27 ;.j 2* '? ? ??, t : ." ?Pennok Oil.. 6 \ 6 4 04? V? 3800 ?Pro ! & Rof . .. 4 '' 4 ''?'- - % 1500 ?Ryan Con w I IS 17 17 ? ?4 730 ' ?Salt cu Con. 29 26% 20 ? 1 '?. 100*Sapulpa Ref. 6% ,r. % 6% 1800 Savoy OU .... 10 94 10 + V? i 5000 ?Settled Pr C. ? V4 2 4 2%+ 4 1S500 ?Slmms Pel .. 11 Va 104 HV4+ 4 560 ?Hincl O?5 pf 86 80 86 -4- 1 1200Skelly Oil .... 9% 9% 9%?- Vi 500 Sponcer Pet C 13% 12% 18%+ 4 45700 ?Texon O ft I. % ? *4 9100 ?Un Texas P.. ,"? ?'* 4 - 5100 ?Victoria Oil.. 14 1 1:* ~~~ 1800 ?Vulcan Oil . . 1 4 1 5600V\'helan Oil .. %* *? ** - 20 ? ?Wo,..il,inn O. 3 2% 2% ? 4 32500 ?White Oil .. 26 13% 254 ; 1 % . *W Btati s . > . 4 4 4 Mining Stocks I.' i0 AiasUa-B C M 4 4 H 800 ?Alv M A M. 14 4 11 14 4? 4 I Shoo .'.i laonn (J C % '? % "_ B800 ?Ai Ixona Silv. 4 4 4 "i.e.i ?Am Mines... 1 '? 1 - ?4100 ?tAtlantu ... 14 I 1 4 r 4 17800 ?tBelcher Dlv 6 4 4V4 + 4 22600 ?fBelcher Kit 7 6 7+1 15500 Big Ledge C. 4 iV 4 ?? ; t : 00 ?i Houth . 5 4 4 6 -:- 1 T'.i.ioo tl'.ost & Mont 42 39 42 + 2 18100 ?tCaledonla M is 16 is -,- 2 8800 ?Candelaria S A 4 4? Vi 22500 ?tCaahboy ... 74 B 6?1 6368 Con Ya Silv. 0 4 4% H 4-r- 1% 18100 tCorte* Silv.. 66 01 f.4 -f- 1 8500 Cresson C Q, 14 i 14 - 2800 Darwin Silv.. 3 V4 2% 24? 4 34600 tPlvlda Bxt,. 3! 30 31V4 + 14 7300 ?l Salvador., i 4 4? 4 II ?too Emma SU ver. ? 3 " 4? 4 96000 ?tEurpka C M 37 25 37 +12 17000 ?Eureka Holly 14 14 1 ,\ + A 900 ?Forty-nine M 4 4 % - 48000 ?tGold Zone D 38V? 35 37+1 18800 ?tGoldftald c. 10 s 4 ?4-r 4 26700 ?tGoldneld D. 6 4 & - 0700 ?tiiuMfirlil M. % 4 4? 4 751 0 threat Hrml .2 1 2 4- i II8J0 Hecla Mln... .'. 44 4%? ', 600 Howe Bd wl, 3% :; 4 :i 4 . 340 ?Hon Am Syn 1*4 14 14 ?; % 4180? ?tllnrmill Mln 30 20 27 ? 3 8500?tlron Hloss.. 4 4 4 - 17600 ?tJIm Bullur. IT IZ 1~. - I93oufJunibo Kxt.. ?4 t ,4.^14 Sales High Low. Last, chj Of.Ou * rKewa uns . . :.' 2 - 162. Hinox Hiviile 6 ? .'? - 1000 Herr Hake.4 3 4 -: : - h 160 '' ?tLone Star. .7 (i 7 - - 1 1 4700 ?tMarsh Mng. It It 11 ? 2 3200 ?Mother L now 5 4 5% 6% 2200 ?Mont Silv Kg 1 4 1 Vs 1 4 + 500 ?Mur M & M. T,", 73 75 ? 1 . ?N Arcad Cop 4 4 3 4 4 - 164 ?N .1 /inc.... 17:: 100 100 ? 5 500 ?ilu rta. 104 9% 10 ? 6700 Nlpissing M... 9 8 % 9 ? 6800 Ophir Sllv M . 1 % % h 3500 Prince i Jon . . A 4 4?? 34550 Ray Vde Cop. ! U 1 ft 1% | 4000 ?Rex Consol .6 0 6 - 28700 Roi er Gr M, . A 4 A - v : oo ?tSllv Kg luv 171. ?tSilvi r Pick. . . v ! oi 0 Senei a i !op . .100 99 100 t. 0 Stand Sllv Ld, A i"i :. rOO ?tSu.si- Mng 4 4 3 164 " ?tSuthi rld Hiv 14 1 3200 ?Tallap .usa S. .'?- u ? . ?Ton ? Ri Iml .", ! 20 ?'l'on.. ! ilvi 0 i_ 4. ni 1% ? n ? Tonopah Km . 1 ? ; I 4 : ' m 30 ?Tono Mng. . ? "? .? 1 nlted Basl n . 4 2.'.."". ?tC S Cent M. 9 . ? 1000 l'nlti '1 .Tune. . 1 % 1 % l % 8501 ?t"\ Ictory Div. 8 4 7 8 1 2100 W ISnd Cons . 1 ,\ 13 100 tWh - ' 1; -i M . 8 4 104 00 i White C Ext. 2 ; 1000 Wilbrl Coi per 4 4 48 .' ?Vu!. Gold A!. 1 V ' + 1 4 s ;. 1 1 ft? Bonds 2 -i- 1 44-1. 1 % ? Ral' B (?00 omltte 1 1 High. How Las! ,'l ???? ?100 ? Ulied )';,, i, ..s 60 65 65 1 i: ; '.Mo T A- T '22 "? 14 ?14% '.', ' .','' ":" '?"?:4 ???? 934 92% 934 :- 4 , ? ' ''?? rida I -: . 89 RS% v . ?24 135 ?Ai niom '7s ii.v ' ,,;:4 1,7a? -? ? 49 ?Ang-Am 7s wl.1004 100 Li" ?i-i ?1 , 335 ?Beth .-1 7s ':' ifi 4 ?.,? 1/ .,,;..' 49 ?Boom O ?? '21 75 42 52 . j ,.:, . '? ',*s. 61 49 51 - . 4 ?.. ? "Ci-Si. 6s '? . '? ! 89 % ?10% . |; :: * ?Christi inia Ss.lOO 4 99 004 1 ,' ':"! ?'? ?: 7s .. i.100 -, 100V4 1004-1 % ?? .,'"?" ? v- 101 : ?. : 104 - ? : - ?? I. ' : ' , S9% 89% - !.. 1?9 ?En ... ?? F Gs'24 84 4 B 1% 84 ? % *do 0? 1926. . 95% 96 ' ' ',_ ' *: encl 5?. 05% 50 1 : 4 : 7\ 17 ?<i 1 Irieh 7s w!. 91 90 Va '' ? ?- 4 " *?'? ?f wed 6a B5% 81 % B5%? 1 4 *<_?<"?;? l'runk 7?...101 V? 101 lut 4-? !'r'*1 il R Trana 7? 76 704 734 - 34 '? ' ; "' C 7s 93 92?4j 93 - - 4 ? b Gr 8S '-4 4 ;M !i4 4 47 ?NY.N'H&H 4.*. 824 B2 ,-2 ? >., 025 *.'..., ? ?y gs ...101 % 101 101 4 ?- ?A 29 ?i ?!. ., , ? 0 1921 Pu Vi OT.% 97 4 - 4 ' ' 12. 95% 94 4 94%? % t; ; ?do 1S2 i : i 4 ' 16V? .. 1 r-, ; - * i" 10.4. 954 044 ?44? 4 ? ' Mo 1925... '"? -. '.-4 , fi ,% 4- 4 '?'uiA Pe( 7-. 94 4 94 U4 ? 4 6 *Russ Gov 5 4h. 23 2 4 25 ?" v ??'? ?s Uov Sf . 97% 97 4 97 4 ft H.. 97% 97 V4 674? 4 12.! ?S. iboardAL 6s 01 59% 69%? 4! ?16 ?Sears-R 7s 1-y. 994 !':' le. 4-; *4U ?,!,, 7M 2-yr.. 99% 98 98% -? ? ? lo 7.-I . -?? r, . 98 4 '.?-. v- s ' air 7 4a 93 91 % 91 % : " 'n.hjh.';, ;? ?(,-l 4 -, ??,) - So W Tel T Vas . 94% 94% 94 4 96 Texaa Co 7s n.. 99 98% 98% . 1% 31 ?Un Tank L 7* 101 100 101 + 1 40 ?West Klee 7s . 99 9! \ 99 ? 4 301 ?West Va 6s. .. 81 4 81% 914 ? Va 180 Zurich 8s.1 un 4 MO 100% ? German Internal Itonds ,, , Net mit.), Open. Low, !.r,<t ch'ge 197 B, rlin 4s. 14 1 ! ! . ' . - 14 6 Bremen 4s. 16 16 16 ?3 5" ' 4%s. 164 15% 16%- % ign? 4n. 16 16% 15%? % :,.-. 4h. 17 17 17 - ! '., i- sen is. 15 ! ? 15 ? % '0 German Kl 14? 17 17 17 - :;* Gn Bat Un ?a... 17% 13 17%+ 2% ? '? Hamburg 4s . 16 16% 15'- 4 ??':'! , '?" 44?. I? 15% 16%+ 4 OO Itlpalg 5s. 17 17 17 500 Munich 5s . 17% 17% 174 - 3 Nuremberg 4s.. 15% *5% 154? 6% ?L'nllsua. ?Sella canta per ?a ara. this entire issue has been sold, this advertisement appears as a matter of record only* $25,000,000 Kingdom of Denmark Twenty-Five Year 8% Sinking Fund External Gold Bonds Dated October 15, 1920 Due October 15, 1945 Interest payable April IS and October 15. Coupon bonds in denominations of $1,000 and $500. registerable as to principal only. Principal, premium and interest will be payable as well in time ol war as in time of peace, irrespective of the nationality of the holder. Principal, premium and I interest will be payable, without deduction for any Danish taxes, present or future, in Xew York City, in United States gold coin of present standard of weight and fineness, at THE NATIONAL CITY BANK OF NEW YORK, Fiscal Agent for this Loan 'THE Government of Denmark will pay, as a Sinking Fund, to The ?*? National City Bank of New York, the Fiscal Agent for the loan, sums sufficient to retire $1,250,000 principal amount of bonds annually from the sixth year up to and including the twenty-fifth year. Bonds are redeem? able, on any interest date, as a whole on or after October 15, 1925, or in part through the operation of the Sinking Fund on or after October 15, 1926, at 110 if called for redemption on or before October 15, 1935, and at 107^2 if called for redemption thereafter. The moneys in the Sinking Fund shall be used to purchase bends in the market, if obtainable, up to and including the redemption prices set forth above. Price 100 and interest Rouil- offered . subscription if, as, and when issued and received by us, subjeel I i all and approval of counsel. Delivery id temporary form is expected on or abo,ut N< The National City Company Main Office?National City Bank Building Uptown Office?Fifth Ave. and 43rd St. The above Information \;nr- been obtained, partly by cable, from official statements and stal - ? ? guarantee we believe it to be correct. All statistics relating to foreign money are expressed it United St.?:,'? g.iiil dollar at par of exchange. 1MIE BROOKMIRE ECONOMIC SERVICE already has helped thousands, of in vestors. New conditions brought new needs and Brookmire responded with A New System of Barometric Charts Barometer Chart No. 1 covers industrial stocks and commodity prices. Barometer Chart No. 2 covers bonds and railroad stocks. These new charts cover the field of funda? mentals in a much broader way than is possible with other charts. If you hold securities or intend buying, our service plus these new charts will be of im? mense value. Write us today for sample charts and bulle? tins which wo will send free to enable you to .iudge of the service we are equipped to render. Ask for Pamphlet T-ll. THE BROOKMIRE ECONOMIC SERVICE INCORPORATED I'ine Street New York Ui-436 Citizens National Bank Building Jos Angeles, Cal. V 7 i Consolidated Cigar Corporation PROSPEROUS and growing organiza? tion which during the first six months of 1920, after all charges, reported its pre? ferred dividends for the period earned nearly 6 times over, and its common dividends for the period earned more than twice over. Preferred Stock selling to yield about 81.?'. . Common Stock selling to yield about 11%. Send for Circular C-l. We have a market in fractions of Common shares of this Corporation Tucker, Anthony & Co. Members ?Slew York and Boston Stock F.xchanges 60 Broadway Bowling Green 4340 Cotton Growing in Chosen Under the impulse of favorable con- j ditions in the cotton spinning industry the growing of cotton in Cho-sen has become very profitable, says the Japan Chronicle. "The 1917 crop of 84,000,000 pounds was increased to 102,025,000 rounds in 1918, and a further increase is expected for the current year. It' has been the policy of the government 1 general of Cro-sen to increase the acre? age by 612,600 acres, but there is some j lioubt as to its immediate accomplis!!-: ment, as the farmers of that section ? continue to rely to a great extent upon soya beans as the chief crop. The Toyo Takushoku Kaisha has been dis? tributing superior seeds, fertilizers and funds in an effort to promote cot t m crowing in the peninsula. DIVIDEND NOTICES EIS?MANN MA'.NKTO CORPORATION, DIVIDEND Nn 5 New ' .- O '-.lier 13. ]9;o a regular quarterly dividend, of 517", per 6hare nn the Preferred I'apita! Stock of this Company hat t>een <teelar#d, payahtH ?sovember 1, 15"?. to stockholder? of record at the- clos? of bualnesa October 20. 1920. F. S. JEROME, Treasurer. ATLANTIC MUTUAL INSURANCE COMPANY Atlantic Building, t? and fit Wall ritroMt, New York, October 6, 1W0. Special Notice tu Hold en of C^trtifloalx!) of Profit,?. Ths rema?iiriK outstanding certificates ot profits of the i-nib of 1919 will b>) iriieumed and paid to the holder? thereof or to ?hair legal representa ti vea on und aftor Mondar. November 1, lif?O. from wiii?h data all interest thereon will c.eaae: the ??rtitlcatea to b? produced at the tima of payment and canceled. A dirideod of intere?t of n4e percent (being at tli>> rate of tux i?ir perceut per annum) on the said outstanding certificates Of protlu of the isanu of iba ?ear lUl?, will be paid to the holders thereof, or to their legal repr?sentatifs on and after Monday, NoTemb?r 1, 19?). CbecUs for the ?aid dividend of intercut will not be mailed in accordance with mailing order? vo ?uose who ba^e tiled sacb orders with the Com? pany, bnt will ix- dultvered to the holders of the naiil certificate.-? of profit* apon thiiir surrender. The 6rarWi?r boolr*, with rekpoet to the lame of i'jus certificaU.*, will be eloeed on ?p.d after October 11, IWO. By order of th? Uoard of Trait?*?. ?. STANTON ?LO?D JONKS. 8eor*te,rj. Guaranty Company of New York, acting as Subscription Agent for the French Government) will receive subscriptions for Republic of France 6% National Loan of 1920 Payable in Francs, free of all French taxes A circular giving detailed information will be sent on request Subscriptions entered in the United States will be payable in hill, in dollars, at the time of subscription. Each day the price in dollars will be based upon the prevailing rate of ex? change of the previous day, as hxed by the French Finance Commission. Price for October 25 $64.75 per K000 Franc l.ond Subscriptions received by Guaranty Company of New York 140 Broadway Fifth Ave. & 44th St. Madi?onAve.&?chSt. 268 Grtnd St. 1 1. Stone & Webster I.Vt OurORATEL? 147 Msik Straal 120 Broadway 3? So. Dearfcor? 3l BOST?M NEW YORK CHICAGO EXAMINATIONS AND STUDIES of industrial and Public Service Propertu REPORTS en Valuation and Operating Efficiency DIVIDEND NOTICES HKAIU'M. t'OMPANV | General Urtier, it.-.tiiiiu Trrminul Philadelphia, i tciober : l, The Board uf Direct im bai from tlm rit-i earnlngH a auarti ?| ' wo i"?!? i-e til. i ?Sit ) - " Stock o? the ? .... 11. 1 ? il riicord at th i ? I.kH will b i .'?? : I ' -? I era who havi filed .'Idend order? with the Treasurer. JAY V. HAKE, Hern ir AMKUHAN HANK NOT? COMPANY. A dt\ Id end o? ? '. pi r shai ? _' ition 3tocl< has been leclared payable N'ovembi r 15th, 1920, to hoi 1er? of i at the i-lu."c of busings? November ist The transfer books will not be . i?, d OEO. If- DA.NrOUTIl, Secretary. New TorU, October 20ih. 1?I0. ' I To the Holden o! American Light & Traction Company Ffce Year 6% Gold Note? . ? ?un M Ml! n .-. i \ \MK!tM \N I l?.l!T * r?ACTION (i> Ml kind? nt otllre Uelp li.ir.l ?,,1! t , Pra(aa?<9Tial Bmpioyment Af?nut? a?? i?rt:?ej In TU? Trlbuae.?AJvt,