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?*" II City and County of San Francisco 4V2% Gold Bonds Ilu*> .lnl>, 10'7-i'J lncl. Legal Investments for Saving* Banks and Trust Funds in New York, Mas? sachusetts, Connecticut, California and other States. Eligible as security for Postal Savings Deposits. Price* on application Send for ?Circular AK-34? The National City Company Main 0(tl(7?: National City Har.W null?i!ng tptowu OP.'.i-o: I-'Kib Av*. ? 4Sr? 8? ?I_r ft COFFEE AND RUBBER The World's supply of these essentials is largely furnished by Brazil ? largest country in South America ? stable govern? ment and vast potential re i sources. DUDIIC O! ??J?S. &.?>!*. 5 ' Sierl'.nn Funding Bonds Price $550 per ?200 bond Ask for Folder TH 9t Iloiiister, While & {jo, 'yd Cedar St., Cor. Trinity Pi. ' .?'. lITh V.t -? '?!-, iul< Inhia ?W.I. ??i in mi i i i ?? ??????? <wJ cochrane Harper & Co. Ill Broadway GO State St. NEW YORK BOSTON Invincible Oil Corporation it . n on rcquesl WEEKLY LETTEN Olrtnc currant aewi and deTelepoMnt of INDEPENDENT & STANDARD OILS -- Province of Ontario, Canada 5% and 6% Bonds Maturing 1923 to 1927 Prices to Yield 7%% to 7% Particulars of aboie and other Municipal Bonds Yielding Up to 8% Upon request for Circular So. 2-Ii "W?BDELI,, 89 Liberty Street New York Ground Floor, Singer Building A Hydro-Electric Bond Yielding 8r< APPALACHI A N POWER COMPANY 5'- First Mort? gage Sinking Fund Gold Bonds ?ire quoted around 70 on ?in a?l vancing market. An Investment in this hi?_;h grade security means 8^'c annual returns for 21 year??and safety Ask f . ? irculai AT T-6 ! H.M.Byllesby?Cb. .r?f? ?i 111 Bi oadvs a\ New 'S 01 k Chko^o - Providence - l-.-ion B?ankers Trust Co. Del., Lack. & West. Coal Lehigh Fewer Securities 6s $V?cCLURE, JOK?S& REED Uember* 3 ? . . ?jp? hange lit Broadway I" <po s.<.'l IWtor Trade and Finance Developments of the Week and Their Bearing on the Outlook A week of frustration in the stock market has just passed. Speculative adventures were repressed by a tern- . porary stringency in the call money market, and the six days of fluctuating quotations added little to the nature o? tilings financial. Op?rations for the rise were ineffective. On the other hand, downward movements were checked by speculative cross currents, and many of the changes were merely otTsets to others. Fifty stocks, accoril ing to The Tribune averages, closed at 79.90 last week, compared with 80.72 the previous Saturday^ Railroad and industrial stocks contributed to the de? cline. Twenty-five bonds similarly fell from 79.07 to 78.75 in a week. The Stock Exchange remains far re- | moved from the average" man. Flue-i tuations now represent mainly tho judgment of profe: - lional operations. The so-called public is cautious ami hesitant, and a variety of causes con? tinue to restrict the speculative activi? ties of miscellaneous outsiders who be? come interested by the spectacle of ris- ! ing quotations. In the absence of positive develop ment of a character that would sway security prices, a largo group of the Wall Street bulls constructed the? theory that the market would rise sharply last week in anticipation of the election results. The event disproved their contention. Various interprata tions of the failure of the much heralded rally to come have been of? fered. The stock market, however, does not adjust itself to developments in the world of affairs in a mechanical man? ner. It reflects opinions regarding events when traders first formulate them, not according to arbitrary divis? ions on the calendar. There was little change in the political situation last week, and speculators found no specu? lative capital in a contingency which ?vas already generally conceded. On the other hand, the mere fact that so many operators expected a rise might ave caused ?me, if the market had not been beset by other counteracting factors, such as tight credit and fresh ?eports measuring the extent to which many industries have receded since the flood of prosperity. Although the public appetite for in? vestment issues still appears to be avid, the great outpouring of new of . ferings has temporarily created an ; element of irregularity to the bond market, which was seensitive, too, to I the temporarily excessive credit strain. Moreover, the rise since early in the ; summer in many of the speculative bonds gave many the incentive to sell to establish profits. In spite of tem? porary checks, the investment market : is likely to continue on the up grade for a relatively long period. Soon the spur of reinvcstable funds will act as a stimulus. The publication of the September re? ports of earnings of the railroads, the first to reveal the effects of increased rates on Ce welfare of ihe carriers, '.("it the situation confused, instead of clarified. Increases in gross earnings, compared with the previous month umj ?he same period in 1919, were genera!, but in respect to net income many roads reported a shrinkage in compati son with figures of a year ago. Ii must be recognized that the precise ? fi'ect of the n?\v scale on earnings is ti ! tentative, as the Interstate Com? m?re? Commission itself has granted. Moreover, until possibly November, re? turns will not supply the data for drawing conclusions, because ?f the delay in fixing intrastate rates. Then, too, expenditures for maintenance and equipment, which are still growing larget rather than diminishing, inter fere with a comparison with a year ago, when the roads were still under Federal operation and little was being spent on the physical upbuilding. The reports of September earnings were cbviously disappointing to the undis nating group that assumed that nothing was left for the roads but .he registration of profits, but to students of the transportation problem they carried few elements of surprise or of disappointment. A multiplicity of factors are respon? sible for the temporary tightness in the call money market. Stock Exchange borrowers liad to pay between ?J and 10 per cent ail week to cover their needs. I: was perhaps an unexpected development in speculative circles, this run-up in money rates, in view of al! the talk recently of an easier money position, yet the bankers perceived nothing out of the usual to explain the hardening tendency. To a large extent the government itself has been responsible for the stringency. The Treasury has made exceetlingly heavj demands on the New York banks lately. Withdrawals on government account 1 ave exceeded $150,000,000. These funds flow back into the banks in quick order, but in the shifting process it is converted from a government to a pri? vate deposit, against which the legal percentage of reserves must be main? tained. Asitle from the Treasury with tawals the commercial and agricub tural demands for credit are still ex? tremely heavy, so that it is no wonder that Wall Street is being kept on short money rations, Bankers who have predicted easier money have qualified their declarations by saying that no great decline in money rates could be looked for before next year, if then, emphasizing, nowever, that the position of the*banks is much more comfortable than ii was three months ago. Hanks ;n the interior of the coun? try are the lenders of a large share of the total amount of money loaned out on call in this market. When the total of such loans approximated $1,100,000,000 a few months ago, an authority estimated that interior insti? tutions wore lending at hast $650,000, C00 of this through their New Void, corresponden*""*- Kow the aggregate is \ smaller, bot ?he proportions aro prob- | ably nearly the same. The figures arc ; interesting in view of the chargea that a group of Now York banks is respon? sible for high call money rates. . Uncertainty st?l prevails in the for- , eign exchange mnrki t. The only con sistent aspect of the mnrki t seems to be the strengt h of t he A incriean doli: in ?most of the world's markets. The dollar is at a premium almost every where excepting in Japan. In South America the dollar is 2.5 p??r rent and more above par. The premium in Europe is even greater in some cases, , In the caso of Japan the movement of gold to the island empire from the United States is interesting. Ship? ments this month have approximated ?513,500,$00; since July 1 they have ag? gregated nearly $40,000,000. it is a case of private Japanese drawfcig down their American balances and making a profit in the exchange operation. The conversations respecting new foreign government loans in this mar? ket has so far not had much of an ( fifect on the exchanges. To judge from the news practically every re? public in South America would like to borrow here. City Bank Sees No Real Reason For'TPessimism Now Country Not Goinp Into a Long Period of Deprcs sion, Institution Holds; No Credit Contraction For the first time in the history of the United States, observes the Na? tional City Bank in its November let? ter on economic conditions, a period of expansion has been checked and rices have turned decisively down 3 1 without a banking panic. Here- | 'ore the turn lias been always ac- - panied and the downward pace ae- '? :;tI'd by a collapse of bank credit. F/his time instead of the situation ;ng aggravated by the ef orts of housands of. banks to reduce their :? i : and increase the ca -i- r? en - ; the situation, it is .asserted, will be supported by an adi quate ; - - system. "Business houses who an i tit i tied to credit," declares the bank, "will con? nue to receive it. V'aluat ions will necessarily have to undergo revision, but the whole financial situation is al? together different from that which has existed at any other time of business reaction. The business community is protected from the shock, ajarm and sttcss which result ?rix,?\ n general i contraction of credit. Not only have there been none up to this time, but there will b<- none; liquidation will w if natural course as shaped by i condit ons in i he markets." Emph,,.sis is made by the bank that thc pre enl tend? ncy towarcT lowei prices is a world wide movement. The agrien ral tricts, i: is stated, have been much disturbed by the price de-" clines, and the idea pn ,'ails thai ome ? body is to blame for the situation. "The general movement of commodi? ties," the bank say.;, "refutes the idea of man ?pu'atior Th? o rid is too bi? . to be readily managed, and yet so small that what happens to any part of it may affect evey other part. "It was inevitable that this slump would com?? whenever rising prices reached t he top and : he pub. ie bi ca sat isfied that the fut ure course of prices would be downward rather thai upward. It came prematurely in 1919, because the influences favorable to a spurt of privai cxpi nd tures at that, lime were too strong to bo held in check. It i? better that the clu ? k should com-' now than a year later. Although tin reactionary swing has gone lier than m peopii ed it. to, thece is no reason for e: treme ? ssimism about ::. ! ndoubtedly some j prices have gone too low already, ft is unreasonable to su; pose tl I p < x are going back at thi: time I - pre war levels, anil where they do it is safe to say that the things are too cheap and can be bought to advantage. "There a re good n a ona for confi dently believing that this countrj is not going into a long period of d? - pression. Such experiences in tin pas ulv ays have follow -. ?I ion?' peri ; - o internal de-\ ? lopmenf. incl iding exf i 7 ivi const ruct ion work, such a i rail toad building, town building, etc. Our periods of prospei ity and credit i pansion have been of this cl aracter, and it has usually happen? -1 that the movement has overrun the needs of the country at the time and a period of growth was required afterward to bring thf country up to its new facili? ties. This was the cai < in 1873 ai 1 S93, t he two most imj ortanl ei : ?es ?? our recent history, In the per od fol lowing 1893 reco\ erj ? ? i ?? ivcd by the i-oi;t;-03ersy over thi mon y qu< i 1 tion." Occasion is taken oy tho bank to n - ply to the iharges made in manj itiai - ,-J.. that I he Pi >? ral R? lerve sysi em lias been ci itract lit farcing liquidad? n. Tl e most c sive answi r to this chai ge, i1 is pointed , out, and to all the ? urrent ci it c sms of reci ? ' banking policy n | : ! of the infla) ts, i fun by th< figures mi de'public by the Com] of '' ? Currency on Oct? ber 15. shows that on June 30, 1920, the t I i of loans and ?i scounts of all nat ional and state banks, trunt companies, sav ings banl s and reporting pi ite ba was $30,891,(593.000, an : m rea: e of " . S05.73 1,000 ovi i J un . 1919. i7 se figures ai i off? n d for ?'? ?? com i-I* rat ion of the pei hav been talking about 1 :o.cl cri dit or who hold that credit . bave been granted more ?? ' course the former are wit hou for t hei ?? i i been no i faction, and as for the latt .. tin I argument arc heavily agai ist t m." Equipment Bonds (Qu ?t? l . n In -o? . ? ' . ila) Nam?. Rate. Mal . B ' -'; D . Ohio. . -1 -j 00 7 33 til !steel_ : ? o 1.25 6.75 uns; .t- Alb... i '-3 ; rio-' : : : -? s.? Buffalo, H & P 43,-j i 21 ; 7.50 f.?c !o .S ' ?"'. -'33 7.59 (.*.,? Inn Nat. 7 Canadl .11 N 1 . s 's 3 ? 6 : -7 ' 7 - - i-i ! .1 -. (i 7 20 6 T: Ches & Ohio. . 4Vi : I ?n .; ; ,v ?3. ; . ;. ; -. ; ? ? 7 00 C St t, & N O 5 ; ? ? 21 , ? ? ..-,???; >:-??? 4H-S 1920-'?7 ' ? ? T ? ? Frise 1 CYn .. I : - 3 111 iYritr.il . 4V4-5 !.., .7 ; So. 3 ? Lou ?1 ,?.- Ni sh. .3 M. :. Central 6 1321- ! 7.25 6.75 ?O . 3 J il .-. P .v SSM IVi -5 1920-'26 7.25 6.75 do . 8 ' do . 7 6.7! N V C Lines ?; ', : ? ? N Y Cen K K Y . 1-321 3 ,? do.?7 i 7. 6.50 , N ? C & St L t T .,; 7 .j ; ... ?io . .3 1.50 6.75 ' N V N ! 1 ,v : 1 4 ' m . - .-, .. g ? 7 3 .Wirf ?i- W t.. ?I Vi : !4 7.1? 6.51 Nor l'a-1 ft. . ' i 7. ?0 6.50 I'm- V: Exp .7 1925-'35 3 ? ? ? : . Pitts .v I !. . 6.< Kfiutinsr i - . ; . ??? . 3 ? Suuthern : . . >' ' . 3 - ;????. ::.--. ; ?.-. Virginian Ry.. i ??.??i j V. .?..*?a . u :: . 1 lu.ll . . i Transactions Last Week in Listed Stocks Summary of Stock Exchange Dealings (Copyright, 1920, NV-.v York Tribune Inc.) Stocks , , Week Year January 1 to '?;l,c Lait wock. ' before. :?r.o. 1020. '""}? I ,nn Railroad slocks ... . 5~0.100 801,500 2,065,400 31,706200 C8.471.900 ,28,101.300 Other stocks ...... 2.258,100 1,518,400 0,098 500 144,801,20 ' ?10.3CO 809,9 All stocks. 2.S.)-; 200 2,319,000 ?0,151000 179,5 7,4 ) i 200 1 J,1CO,500 B?ni?s ?' ?";??'??> ,tod1n'?? Last week. Week before. Year ?bo. 1020. 13 J' f. S. fovernmen! bond?. $41.211,000 $46,467.000 $56,733,000 $2,419,048,000 $2,127,546,000 Railroad bond? . 12,128.000 12.005,003 6 840.000 352,316,000 305,116,000 Other bonds . 15,422,000 1 ?1.052.000 15.?4.000 312,941,000 319,467,000 All bonds . 68,771,000 77,524,000 78.800,COO 3.084.905,000 2,752.129,0^0 ir Record of Stock and Bond Averages (Copyright, 1920, New York Tribune Inc.) Stocks Rung* thus Range foil Last week Year uKo far 1920 Year 1919 Hirh. I.o?v. Mil?!). Low. Hieb. low. Weh. 20 Railroad? . 72.10 71.10 69.75 68.70 73.25 58.60 78 80 30 Industrials . 86.30 34.97 118.60 115.13 110.30 8t>53 119.33 50 Stock?. . 80.58 79.42 98.76 97.48 92.05 74.46 90.54 Ronds 10 Railroad.? . 76.97 76.41 77.76 76.76 76.97 66 73 82.80 10 Industrial.? . 84.16 83.76 92.96 92.81 91.45 82.92 95.70 5 Itilitiej? . 73.54 73.22 78.67 77.?10 74.53 67.64 8/.75 25 liond.? . 79.16 78.75 83.95 33.36 81.71 73.94 87.91 ?'i>rh Iow DiT- . r, i. r ?? Close, chge, 1920. Date. 1920. Date. in $. Bales. H ir h. Low. "???? ei' ?15 Mor 31 25 Fcb 11? Adams Expr?s.? ... . 400 35?/a 34'/a ;';?'.,. _ 46% Mar 29 25 Aug 6? Advance Bumely 200 < /a ? ; ,,_ 72 Jan 12 57% Aun 18 6 do pf . 500 ' __ ? 88% Jan 5 38!/a Oct 28 6 Ajax Rubber . 1100 ? ' '.'.?' ".,_ 2'., Mar 24 1 Ang 9? Alaska Hold Mine?.. 4100 1 ,? /S '? 3 Mar 31 1'/4 Oct 1 '? Alaska Juneau .... 1000 2 1/4 ''"*__ /4 120 Jan 3 103 July 31 7 All Amer Cable. .. 100 103 103 i_ 77!, Oct 30 771 2 Oct 30 6 Alliance Realty .... 100 77 ... <_.z j? 62% Sept 17 56 Get 8- Allied Ch & Dye .. 4600 59% 58 59/44 A 92 Ort'25 8934 Sept 13 ? do pf . 200 ? ^ '- ? , 2, . 537a Jan 3 28 Aug 9 1 Allis Chalmcr* .... 1200 33% 32 *?/*__/*. 92 Jan 3 70? B Au? 17 7 do pf . 000 76 2 7b '? 05 Jan 30 74% Oct 28 8 Amer Affri Chem. . . 4400 82 '<? -l '? - 2,-_ 96! a Jan 16 84 Oct 28 6 do pf . 1?? Bl ** ._, 48', Apr 1 39 Fcb 13 4 Amor Hank Note... 100 48j/a ^2 !?j ' 2?7 45% Jan 23 40 Aus 16 3 do pf . 100 ?/a ?/a J?t < ;? 10334 Apr 16 70% Aus 20 8 Amor Beet Sugar., 1800 75/a <J-/Z '* _ 6 " 93 Jan 5 75 Oct 28 6 do pf . 100 75 76 "> 1283., Jan 2 685? Oct 110 Am Bosch Magneto 2100 // a '4 " ? 60 July 26 49 Oct 29 4 Am Brake Sh & Fdy 100 49 49 49 3/4 | 01% Jan 3 305a Aug 9- Amer Can' . 5300 34, 32% 33'/8+ % 101 Jan 2 85>" Oct 6 7 do pf . 400 87% 87 87 - % 147% Apr 9 1241 g Fcb 25 12 Amer Car & Fdy.. . 5000 135', 32 8 34 z-r a 116% Jan 5 1053/4 July 7 7 do ?f . 300 110 110 110 ? 543^ Jan 3 22% Oct 1- Amer Cotton Oil... ,2000 27% 24% 27%+ |% 86 Mar 26 61 Aun 26 6 dopf . 100 60 ?, 69' 2 69%+ 5% 15', Jan 14 9 Oct 2 .80 Amor Drug Syn. 2300 9^a 9 ?/4 175 Mar 31 95 Fcb 6 ? Amer Express .... 700 138/4 130% ?? ? 7 30% Jan 2 9% Oct 11- Am Hide & Leather 600 10% 9% 10/2+ Ja 122 Jan 3 56'. 4 Oct 27 7 dopf . 11200 60 56' 4 58,? 53-, Mar 19 37 Aug 10 4 Amer fee . 1200 42% 40 -2' 8 - 1 a 68 Jnn 2 53 Fcb 13 6 dopf . 700 39 58 58 ? % 110'.2 Jan 5 64'o Aug 5 6 Amer Inter Corp. 12100 74% 70'/4 ,2'4? 1 2 14% Jan 22 9' \ Aug 7 1 Am-l.a Fra Fire Eng 400 10 10 10 ? % OO"" Apr 7 61% Aug 6 3 Amer Lin-?eed . 1200 70'4 65% 67| ?? 2' , 99% Jan 27 SO Aug 3 7 do pf . 900 85% 84% 851 , - 1 109% Apr 8 82 Fcb 13 6 Amer Locomotive 7500 97 94 95^ ? 1 , 107 May 27 95 ? a May 27 7 do pf . 200 101% 100'., 101%4 1% 177J, June 15 11% Apr 15? Amer Safety Razor, 4500 15% 12% ]l ??;? '% 30% Jan 5 16% Fcb 13 ? Amer Ship & Com. 3570 18% 17% 17% - 72 ~ Jan 3 52% Aug 9 4 Amer Smelting .... 7800 60: :; 57| a 60% ?? 1% I'.'--;'4 .?an 13 88 Aug 9 7 do pf . /00 91 90% 91 ? % 83 Mar 30 10% Aug 23 6 ??<> pf A. 200 78 77 77 ? 1 115% Jun 5 86 I cb 13 12 Amer Snuff . 4C0 105% 105% 105% ?- % 50 Mar 22 33% Aog 9 3 Amer Htcel Fdy.... 43C0 33 ?6% 37%? % 93!/2 Jan 10 85% Oct 26 7 do pf . 200 85% 84% 84% 142% Apr 15 99 Oct 1 7 Amer Sugar . 2500 107 102'4 106 118% Jan 20 102 May 20 7 do pf . 100 105' 4 105% 1C5'4? % 10634 Mar 22 74' 4 Aug 10 10 Amer-Sumatra Tob.. 3900 80 81%. 86?2 105 Apr 12 80 Aug 18 7 do pf . 100 85 S5 85?2 100% Mar 18 92'a May 22 8 Amer Tel & Tel- 62C0 100% 99% 100 ? ' 4 : 283 .Ian 5 104% Aug 9 12 Amer Tobacco ... . ?S50 132% 122 126'4? 6% 9/3; Jan 7 85% May 20 6 do pf . 200 01 9C% 0! %| i 210 June 20 102 Aug 9 12 do B . 4100 130% 122 12-1 ?6', 05 (Vpr 30 89' , Aug 10 7 Amer Whole Corp pf 200 00 90 ^0 % '. , . Jan 2 68% Ocl 20 7 Amer Woolen 13500 72 63% ~;C \,? % , 105% Jan 29 01 :4 Aug 2 7 do pf . 100 94% 93'% 93%? 7a .1 . Jon 3 38 Apr 30 ? Amer Writ Taper pf 31600 50*4 45% 46%? 2 . : .,' Jan 10 10 Oct 20 ? Amer Zinc & Lead . 1600 11% 10 10 ? 1's 59% Jan 9 42 Oct 20 6 do pf . 500 43 40 40 ?3 66% Apr 6 40% Aug 9 4 Anaconda. 15900 51 50 50: , ? % ! 04 " Sept 22 20 " May 20 ? Ann Arbor pf. 400 30% 30'4 30:, ! , 6% Apr 15 2 Aug 9? Assets Realization... 800 4'4 3'/4 3'4? % 67% Jan 3 23 Oct 1 4 Asso Dry Ooods_ 550 29 27 29 ? 2% I 75 Jan 23 55 May 24 6 do 1st pf. 100 59% 59'% 5 ;% % ? 125 Jan 3 85% Aug 13 6 Associated Oil . ?00 109 101 100 ? 33., \ 50 Oct 15 76 Feb 11 6 Atch Top & San He 13100 88% *86% 8S%? 3? ! 82 Jan 3 72 May 20 5 do pf . 4300 77% 76% 76%? % 1 12% Oct 6 5 Apr 21 ? At] llirm &, Atl... 600 9% 91 4 0: 2? % %04% Oct 5 82% Juncia 7 Atlantic Coast Line 600 98 95 96% V , ' 20% Aug 12 17 Ocl 26 ? Atlantic fruit . 2100 18 17 17 ? 1% 17C ;. Jun 7 123% Aug 20 10 Atl Gulf & W I S S. 2100 148 138 142%? 3% ? 75 Jan 7 60 Aug 14 5 do pf . 200 66 66 66 - 1570 'Mar 15 1100 Oct 4 20 Atlantic Rfg Co. ,. . . 181183 1100 1185 ?? 24 May 2/ 14% Oct 8? Austin Nichols .... 100 I-1'.! 14% 14% 143% Apr 0 107; Aug 9 7 li;:!d??in I.oco . 93200 115% HO , 112%? 1% 102% Jon 5 95% Aug 30 7 do pf . 200 98% 98' . 98'? 49% Oct 15 27% Feb 13? Balto ?t Ohio.26400 47% 43 ] 44%? 2% 54 Oct 15 40' n June ?8 4 do pf . 2200 53% 53% 53%? % 7'i Jan 6 30'4 Oct 29? Barnet Leather .. . 400 35 30 4 ?5 ?15 93 Jan 5 80 Oct 26 7 do pf. . 100 SO 80 30 - 154% June 19 114 Mar 0 8 Iinrrett Co . 1900 133% 128% 131 ? 1' ? 111% Jan 6 100% Sept 7 7 do pf . 200 104% 104% 1C4% 130 Oct 20 120 Oct 30 8 do cif.? . 400 130 120 120 ? 1 l% Jan 2 % Aug 20 ? ?atopilos Mining ... 100 % % % - l/8 .. \pr ') 4% Oct 23 ? Bethlehem Motor:' . 1100 4% 4% 4%? % 06% May 8 65 Aug 9 5 Bethlehem Steel ... 900 69 66% 66%-i 1U 102% Jan 3 67'2 Oct 1 5 do Class II_^. . 397C0 72 6734 69%? 1% 114 Jan 5 103 Ocl 1 8 rio 8% pf. 1100 105 104">4 104% "5 Jnn 10 5 Oct 27 ? Booth Fisheries .... 5400 6% 3 6 ? % 91 ; Apr 1 83 Oct 4 3 Brooklyn Edison ... 100 94% 94% 94% ? 1 Mar 15 9% Aug 27 ? Brooklyn Rap Tran. 2100 14 12: 4 13%? % 13% Mar 15 5% Sept 14 ? do clfa . 4000 8% 7' ' 8%? '. 65 Oct 23 48 Sept 24 ? Bkooklyn union Gas 300 63% 62' 02 ' 118'.; May 4 58 Oe*t 20 7 Brown Shoe . 300 60 ' 58 58 -2'.; Jan 12 85 Oct 13 7 do pf . 200 37% 87% 87%_ 8% Mar 26 -7% Aug 26 ? Brunswick. 100 6% C.'? 6%_ 129 Apr 7 84 Aug 9 10 Burns Uros . 300 98 " 96% 9:3 1 % 11% Jnn 9 6' 4 May 20 ? Butte Cop & Zinc. . . 1700 7 6% 7 + % Jan 12 15% Oct 20 ? llu'.ie ?. Sup Cop... 1500 16% 15% 15%? % 27'4 Jan 5 10 Sept 23 ? Butterick . 1200 '. ! 13 !, _ ii/? 21 ; Jan 5 10% Aug 3? Coddo Oil . 820,7 20% I8 a 13%_ 2 35% J.<n 23 60 Ocl I5 6 Calif Rocking . 500 64 ? .' 64 1% 16 ..'an .; 22% Aus 9 ? Calif Petrol . 500 27' . 26 ' 26 _ 1 "'% Jaii 0 65 Fcb 10 7 do pf . 700 69% 68% 69%+ % 69 Mar 20 52 Aug 6 4 Calumet A Arizona. 400 54 I i 1 124 Jan 3 110 May 20 10 Canadian Pacific ... 33200 126'? 127% 12! ;4_ ' 19% Juno 18 0 Oct 1 ? Cose Plow . 500 9% 9?/, 93?_ ?. 101 Jan 2+ 80% Ocl 1 7 do pf . I00 85 ? 85 ' 85 104% Jan 5 38% Ocl 26 ? Central Leather .... 31600 ?: 1; . -y ?. -:? .-..- a. . Jan 5 08 Ocl 26 7 do pf . 2900 92% 83 89'"? 41? 1 J^n 3 33% Aug 10 4 Cerro do Pasco. 2500 . ; ?.-.i.? ?8%-r ?>a? 7 40 May 20 4 Certointeed Corp... 300 50 ' 50 ' or '-- -:', 164% Mar 20 74 Ocl 1 10 Chandler Motors ... 31C0 05 ' ? 81 83 Oct 2 47 Fcb 13 4 Chcso & Ohio. 7000 67 ' 65 66%? ii 17 Ocl 7 6 Feb 16? Chicogo & Alton... 207 ;.:' , ?-y . ? 15 Sept 27 4 Feb 17? Chic i E Illinois... 500 17 ? 4 10 ? 10%? 2!/ 17% Sept.23 4% Jan 10? do pf . 1000 12% 11 11 ?11/ Ocl 4 7 Feb Ii? Chic (.reat Western, 4400 12 1C1 , 11.54? >' 333-? Ocl 4 19% May 20 2 do pf . 3070 29% 2C% 23'"'-- ' '?'? b Oct 15 30% Feb 6? Chic Mil & St Paul 24200 42'', 40 " 41%_ ,'< Oct 5 45<4 Feb 13? do' pf . ?230? *62% 60 61%? v'. Mar 12 07 June 14 5 Chic & Northwest.. 3100 82 ,-,;. , 81 ~_3 :.? ., Jan 13 98 July 1 7 do ?if . 900 111 109% TO' . ' , Apr 8 74% Aug 10 8 Chic Pneumatic Tool 700 78% 76 ' 76 "_ 2" ?11% Fcb 2S 23% Pel. 13 ? Chic K I & Pac... 14100 38 " 35 .. ?7 _ . 71% {)ci ?' 54 Fel> 116 do ? p c pf. 1700 70 ?9 ' ?o > >?-'?: Ocl 4 64% I-Vb 13 7 do 7 p c pf. 1500 32 80 S' '?'?-- 1 72% Ocl 4 58 June 20 5 Chic St P M & O.. 100 68 .- 68| . (.0 *? |i 21% Jan 3 1253 Aug 9 ? Chile Coppery. 5600 14% |3i/2 I3%? ' , 44% Jan 3 24 Oct 15 l% Chino Con Copper.. 4600 2?i * 24% 26 - -1 62 Sept 28 42 Fcb 6 ? C C C & St Louis.. 500 57' ' '_ 106 Jan 2 02 Oct 23 8 Cluett Peabody .... 2C0 62 % 62 ' 62 ? 3 ? 4 J"" 3 25% Ocl 26 ? Coca Cola . 38600 30 4 25% 27 ?45 J:'.n 9 50 May 10 5 Col (las & Electric. . 4000 60' . *58' \ -*r.O ? 1 6% Oct 21 20 Fcb 11 ? Colorado & South... 500 35 ? 33 ' 3a ? 2' <"'; 2 Jon 5. 18 ?>et 1 1 Columbia Oraph ... 12300 20% 13J4 19 '_; . : ; Jan 14 77% Oct 8 7 do pf 56 Jan 6 40 Oct 16 4 Comp lab Record.. SO Aug 27 55 . Feb '.0 7 Consol Cigars . 3100 .-. I , Aug 25 76% Jan 2 7 do pf . J00 81 81 .'?lar 22 73% July 28 7 Consolidated lias ... 72? 89 ., 85 2 's Jan 5 7% Ocl 29 2 Can Inter Callahan. 4800 ? 1 Apr 26 2:% Oct 29 3 Consol Textile . I . Aug 9 73 Oct 1 7 Cuntir.nial Can . 100 I .; 14 .? Apr 16 9% Oct 29 1 Continental Candy c Jan 2 63 Aug 6 5 Continental Insur .. 67% 673 . Apr 13 76% Fcb 13 4 Corn Products . ... li? jan 9 100 Aug 11 7 do pf . ' ' a Apr 29 30 May 24 2% Cosden & Co. 3600 . Z Apr 7 115% May 24 8 Crucible Steel . 279 3 13 1 100 Jan 7 9u Oct 28 7 do pf . 800 . 'H May 16 36% Aug 10 7 Cubo-Amer Sugar .. 4600 41 37! i ?O-'a Apr 14 3,?Fi Aug 23 ? Cuba Cane Sugar. .. 1300 ?. ?% Jan 21 71% Oct 13 7 do pf . 1300 7 Sept 25 72 Aug 16 ? ,?J>a' id-on Chem .... 100 103 Ocl 2 83% June ?9 9 Delaware ? Hudson 2( 5 I02| .. Sept 15 165 Fcb 10 10 Del Lock & West 600 242 240 9 .Jan 3 2 Ocl 1 ? Den & Rio Grande.. '? 2 16% Peb 24 21.'a Oct 1 ? de. pf. ... 6800 4 3 '3 Apr 16 0: 4 May*19 1 Dome Mines . 1700 11% 11' 102% Jan 13 52 Saut 21 7 Durham Hosiery pf.. 100 05 '.;2 0 Oct 13 10 Eastman Kodak ... 1 534| Jan 2 18 May 24 ? Elk Horn Coal. 200 22% 217 147 Jan 6 60 Sept 28 5 Endicott-Johnson .. 2300 64% 62| ? 3 Jan 2 62 Aug 6 7 do pf . 1200 94 92 Sept 20 9% Feb 13? Erie . 15S00 18% 17 . Oct 4 17% Mj.y 19? do 1st pf. 5400 28% 26 . '. Sept 20 12% r?b 9? do 2d of. 1000 70', 18 95 Jan 5 67' ? Fcb 11 8 Famous Players ... 500 68 i;<"' '?'% Apr TO 83 ~ Ma? 20 8 do pf . 3 7 %', 32 1 Mar 30 10 Jan 2 ? Fed Min & Smelt... 100 I0 10 ? I Ma? 14 26% Jan 2 7 do pf . 200 31% 31' -3 Jan 3 19% >>>! 4 3 Fisk Rubber Tire... 5900 21% 19 36%, Jsn 5 20 May 19? Freeport Texas ... 900 21% 21' 19% J ,n 5 3% Ocl 26 ? Gaston Williams ... 8100 6 3: r:1 j July 23 49 Ju:u- 9 2 Gen Amer Tank... 200 65% 65 1C2 " Mar 11 146 Oct 14 8 Gen Chemical . 850 152% 147' 100 Jan 16 82?f Oct 15 6 do pf . 300 90 35 s Jan 3 58's Feb 11 6 (.en ? ?gar . 770 62 61 Jan 2 104 May 20 8 Gen Electric . J?S:.10 ' Mar 26 16% Sept 30 : Gen Motors.1)1600 'S' a 1C: 893/4 Jan i 71 Oct 29 6 do ; .' . 6C 72% B5 4, Jan 6 6-% Ocl 8 5 do 60/0 deb 1600 67% 66 93 Mar 20 76 Sept 30 7 do 7 ' deb. . 1270 ;8 77 85% Jan 5 ^8 S.-pt 27 6 Goodrlch, B F, 84C0 37', -3 ; Jan 3 81 Oct 217 do pf . ? Jan 5 28 Oct 27 ? Gronby Mining \\f . Jan 5 14 Oct 4 ? ?.ray & D.ivi: . 200 1 ? ? 90% Oct 2 65:4 June 12 7 Gt Northern* ?f... 13600 87 , 84 Date. Mar 19 Jan 3 Aug 17 Oct 2 Ort '1 .Inn 8 Sept 28 Jan 19 July 8 Apr 19 Sept 20 Apr 9 Sept 10 Oct 8 Apr 6 Sept 10 Apr 7 Oct 22 Oct 22 Apr 14 Apr 15 Apr 13 Jan 24 Jan 3 Jan 5 Apr 7 Jan 19 Jan 7 Fcb 5 Mar 18 Jan 3 July 15 Jan 27 July 9 Jan 9 Jan 10 Jan 5 Oct 4 Oct 4 J a n 6 Jan 5 Sept 27 Apr G Apr 9 Apr 7 Jan 5 July 2 Jan 5 Oct 29 Oct 4 Oct 20 Jan 6 Oct 7 Jan 10 Jan 8 Apr 29 Apr 12 Low 1920. 30 23 16 7 25' j 40 14% 70' , 50 20% 75 13 25 80% 6' ;, 16 42% 3 8% 13' 2 69 105'i, 103'.?. 17% 68 "'a 37 72 15% 80 62' 4 70 28 36'-g 5'i Jan ! Jan 2 Jan 5 Jan 7 Mar 22 Mar 25 Apr 14 Jan 8 Oct 22 J a n 5 Jan 8 Apr 8 Jan 5 Jan 5 Jan 6 Jan 10 Jan -J Apr 19 Jan 12 21 Jan .1 an Jan Jan Jan Oct Oct Fcb 1 Feh Feh 19 Feb 28 Oct 4 Mar 25 Jan 7 Jan 6 Jan . 5 Mar 19 July 9 Oct 25 June 28 Oct 27 Jan 3 Jan Jan Jan A p r .1 a n Jan A p r .1 a n Oct J a n Of Jan C < ct 20 ,-t 21 Cot Jan 15 3 ,?% Dbr. Date, in $. Aug 14 4 fit North Ore snbs. Ah? 6 .50 Croenc Cananea (op Sales. High. Lo* 1300 1300 80 50 ! 4 79' 2 46 22 12% 93 60 35 S'a 16 1334 39% 130 99 129% 18's 11 % 35% 125 54 60 58 15 871/4 86 38' 4 1958 16' 2 2' .-> 2' 2 6' 2 7 69-3 s 95] ; 148 93 V; 18' 10': 37' ? 9 63 89'; 3' 23' 59 95 27' 32 44 59 83 90 105 103' 30' . ?0 5'/< 50 90 7-' ? 1C0! ? 10'7 31 SO 64'3 Oct 1 2 Jan 24 ? Auk 13 ? Oct 28 ? Oct 25 1' Oct 27 7 Aue 9 4 Oct 30 ? July 2 ? Fcb 13 1 Oil 27 3 Fob 13 7 Aug 6 Oct 8 Oct 23 4 Aug 4 ? July. 29 ? Fob 13 -- Feb 11 5 Oct 23 7 Auit 13 7 Oct 15 ? Oct 28 6 Sept 1 ? Mar 4 . 7 May 20 ? June 10 6 May 20 ? Fob? 16 6 Oct 8 ? Mar 1 ? Aug 10 ? Kept 29 ? Sept 29 ? Oct 28 2 May 3 ? May 19 4 Oct 28 8 Oct 30 4 Oct 28 ? Oct 27 6 Oct 25 ? Aug 6 2 Sopt 24 Oct 4 Mar 11 Oct 6 Oct 23 Oct 4 Jan 5 Apr 17 June 10 Mar 9 Sept 20 Apr 16 Oct 15 5 29 .,.111 Jan Jan Jan net Apr 14 Apr 14 Jan 6 Ort 8 Apr 8 Oci 23 Sept 29 Feb 19 Fob 27 Oct t .Ina 10 July 2 J a n 3 Jan 8 Jan 8 Jan 7 S ut 23 Jan 23. Jan 7 Oct 4 Jan 9 Apr 12 ! <-b 2 Mar 19 Apr 19 Jan 3 Apr 12 Feb 1. J a n 5 Oct 7 Oct 19 Oct 16 Apr 17 Jan 3 I '. b 2 ' 8' 2 .'an 8 93% July 7 124% Jan 3 106% Jan 26 55 !i Jan 2 123% May 10 17% Apr 12 33% Oct 4 48 4 Oct 2 40 Sept 27 49% Oct 22 25' 4 June 18 3 ;% Apr 5 Jan 13 Oci ; Oct 4 Apr 14 Mar 11 Oct 30 J an 17 Jan 23 Jan 5 Feh 11 ? Oct 1 2 Ma; Au June 21 7 July 30 12 Aug 2^ 2 Sept 1 ? Oct 23 ? Aug 1 ! 12 Aug 9 7 A tig 9 6 Oct 29 ?l Aug 11 ? Oct 9 10 Oct 29 7 July 2 7 Oct 29 1 Oct 22 2 Oct 15 ? I,oos?B-Wiles Biscuit Lor illard, Pierre Louisville & Nash. Mackay Cos . do pf . MallUon & Co. Cuantttnamo Sugar. . Gulf "i ibile & North flu pi . i.ulf Stale St-kl_ Habirshow Flee .... liar' man (orp Iln.sli.ell & Barker. . Hcndce Mfg . Houston Oil . . 10100 111 Hupp Motors 3 Hydraulic Stoel . . 7 Illinois (entrai .60 InJiahoma Refg . 2 Indian Refg 4 Inspiration Copper Li^erborough Con. do pf . 7000 Inter Agriculture . . . 400 do pf . 7C0 inter Harvester ... 2100 1C do pf . 1C00 103 Inter Mcr Marine.. 5600 19 do pf . 75CO Inter Motors . 700 do 1st pf. 100 Inter Nickel . 7200 do pf . 100 Inter l'aper . 475C0 do pf s!pd. 300 Invincible Oil . 25900 Iron Products . 1100 Island Oil . 25900 Jewel Tea do pf . Jone?! Uros Tea Kiinsin City South do pf . 1900 Kayser, J Kelly-Springfield do rts . do pf . Kelsey Wheel Kennecott Copper Oct 8 1.20 Keystone Tire Sept 1 7 Kresge, S S, pf. . . Oct 1 6 Lackawanna Steel Aug 7 ? I.aclede Cas . Feb 13 ? Lake Erie & West. do pf . 1200 Lee Rubber Tire_ 1200 24 3' 2 Lehigh Valley . 4300 13 12 Liggett & Myers.... 400 do "f . 600 102 ; 102' do P, . 100 1-A2 '.42 Loews Co, Inc. 12100 20? Loft Candy . 2200 ".' 16-30 140% 137' 2 1393 ? 5' 1 11C? 107 .33 Oct Oct Oct Oct Oct 14 ? 14 ? 13 ? 13 ? 9 ? >ct 1 8 wet 29 7 Aug 9 12 Aug 20 8 Aug 6 2 Aus Oct Feb 13 ? Feb 13 7 June 23 7 May 22 ? May 24 ? Feb 11 ? Feb 11 ? Oct 29 ? May 19 3 May 3 7 Oct 1 4 Sept 18 Feb 13 ? Oct 25 ? Feb I3 7 Oct 27 7 Aug 5 7 July 13 7 Sept 13 ? Oct 23 7 Oct 28 ? Aug 13 6 A?ug 13 7 Aug 9 6 May 21 7 Fob 13 ? Aug 10 .1 Jane 13 1' 6C0 65' 100 53 100 15 Manati Sugar . 1000 90 500 35 3400 64 ? - 200 19% 200 13 13 1400 3% .: . 300 3 3' ? 600 8'/2 7% 200 8 8 300 3 -. 100 3% ' | 800 74 7.3 i 3C0 96 , ' . do pf . . . Manhattan Kiev . . Manhattan Shirt . Martin Parry . , . Maxwell Motor . . do ctfa . do 1st pf. do 1st pf ctfa. . . do 2d pf. do 2?l pf ctfs. . . May Pept Stores. do pf . Mexican Petrol do pf . Miami Consol Cop 90 86 85 __ 3 ? 8 ? 3%? .130500 194' a 1 100 800 5 1.60 Middle States Oil... 25200 1 4 Midvale Steel . ^ Minn ?t St L new. . Minn St P & S S M do pf . Mo F, ans & Texas . 41OO 100 100 2900 900 7700 6000 19 Missouri Pacific do pf . ? Montgomery Ward 3 Montana Power . . 7 do pf . 4 Mullins Body . 100 27'2 3' 2 Nat Acme . 400 ? Nat Aniline Chem.. 3500 59% d?> ctfs . 100 59 7 do pf . 91 7 do pf c'fs. 7 National Biscuit ... 400 107 7 do pf . 1 ? Nat Cloak & Suit. . do pf . Nat Con & Cable. . . Nat Fnamel & Stpg do pf . National Lead . do rf . Na. KK of Mex 2d pf 1r Nevada Con Copper. 2100 New Or Tex & Mer 6800 34 80 6' 90 Aug Feb Feb Mav 10 York 23| 2 16 10 85 48 66% 38 1.0' j 17' - 3% 8 107 80 10 ?3 45% 22 9 11 (1 9 ? 11 24 79 51% 84 12' o 84 96 1C8% 66 36 34 72% 92 4 25 69' a 13% 15% 23! 2 11 6 10 105% 105 ' 7Ya 45 '?-. 23% Ai?g Feb Fcb Feb .lain May June 12 Sept 27 Oct R* Oct 18 Aug 6 ?let 28 May 20 8 Aug 6 6 Aug 9 ? Aug 19 3 Oci 29 ? May 20 5 Jan 13 ? Feb 13 6 Fcb 13 6 Sept 9 4 May 24 3 Oct 28 ? Aug 9 ? June 7 ? Au>: 20 ? ?\ng 5 5 Jntu- 3 ? \?.-.g '0 3 Aug 9 ? Sept 30 ? Aug 21 3 Aug 6 ? Aug 12 8 Fob 13 5 Aug 20 6 Ma> 24 7 Feb 11 ? Aug 2 1 Feb 13 8 May 22 7 May 24 8 Aug 15 8 Aug 9 4 May 20 8 May 23 7 Aug 9 1 Fob 11 4 Mar 9 2 Mar 9 2 Oct 1 ? Aug 10 ? Oct 29 7 Oct 28 8 Feb 26 ? Sept 29 6 Auk 19 7 Sept 15 ? Aug 9 Oct 11 Feb 13 ? Jan 14 ? Feb 1 I ? May 24 ? Ne 5 New York (entrai.. N Y Chi & St I_ 5 da 2d pf. 2% New York Dock. . . . -- N Y N II & H. 1 N Y Ont ?c West ? Norfolk Southern . . 7 Norf.'lk & Western. 5 North American . . . 7 Northern Pacific . . . 5 N??\a Scotia Steel. . .50 Nunnally . 1 x Ohio Body . .40 OlUn Prod & Ref. . . 2 Orpheum Circuit . . 8 Otis Elevator . 6 do pf . Otis St<sel . Owens Bottling Mac Pacific Hovel Corp. . Pacific (.'a- Sz Elec.. Pacific Tel & Tel Pan-Amor Petrol do I! . Airbrake 26600 1000 300 400 14000 2100 000 3400 1000 17200 1000 300 200 3 3<1 I 2610 1300 200 106 7-ij " : <"''", 97 82 ' ; r 68 25 3 ?? ' 1 24 13 ' 1 5 '.: 58' 90 ..... - 105 34 BC ! 93' ' ? ? 943; 58 67 3" : - - 19 : ? ? 90' i ? 34 : - 99' ? 61 ? ? 89! 2 41 13% 26% 400 131 ? I ? I 300 214000 5800 Parish A- Bingham '. 4< 0 Penn Railroad . 2C3"0 Penn Seaboard Stool 5000 People's Cas .t Coke 15800 Peo Per & Fa-stern. 'an uette . . rior pf. do rf . Philadelphia Co 500 9200 200 400 38603? ? -? 9 ? I i 45 ? 27' 2 63 50 86 40 17' 2 3 ' ?-?' ? ! 22 - 37 25 I 62 - - Phillips Petrol . 5 Pierce Arrow . do pf . Pierce Oil . do pf. Pittsburgh Coal .... do pf . Pittsburgh Steel pf 8900 ??? - 0 66 3 100 5500 200 200 90' , 15 : 69' 4 3 ?; ! ? .Pitts W Va. 18600 30C0 ?:- ? Pond Crook Coal . . Pressed Steel Car . do pf . Pullman Co . Punta Alegre Sugar Pure Oil . Rway Steel Spring do pf, . Ray Con Copper . Reading . do 1st pf. 5103! do 2d pf. 2300 36 15'/ 98 568 00 400 1100 203 ' 7200 291 1 ? 5100 Oct 1 1 Oct 27 ? Oct 5 ? July 2 ? July 1 ? Oct IS 8 Oct 25 7 Oct 20 ? Oct 27 ? -Vug 12 Auij Reii, ?fc Co. Remington Typewr. . do 1st pf. do 2d pf. Repic?le Stool . Repul? Iron & Steel. ri.7> pf . ? Repub Motor Truck. 5 20 Royal Hutch . 78200 1 St Joseph Lead. 500 S? L & San Fran... 23500 do pf . 200 St I. Ac Southwest.. 12003 do pf . 7000 Santa Cecilia Sugar. 300 Savage Arms . 1800 Sa- on Motors . 1100 Seaboard Air Line. . 1300 >f?> pf . 1600 1 Sears Roebuck . 12830 112 do pf . 200 105 Sont** Copper . 349CC 10? Shattuck Aril Cop . 300 7 74 Shell Tran & Tr?. . 5303 2C0 100 10? 4500 112%*1 ! 3C00 69% 66 9900 39 - 2800 ? V , 97% 56 59 10'2 51 83 85 82% 79' j 94 31% 79'4 14 -, 31% 42-4 106 '?? ? 47 ; 85 14 2f 4-i 3 46' 9 ? Sinclair Consol Continued troia {tagj tlxtctn 40-? 00 51 % 52% 9 : 107' 105 17 49 31 ?- - 1 _ 2 - ; 68 ? 1 39 ? '4 ? ; ? 14 ; - 53?3 4 -2% 8= ? 85 ? e , 79 ? 2 ... 1 94 -r? 7V 4? 8 . 1? ? 4. _ 0 ? - I" 43 ? I 9%? ? 1C5 ? 19' i ? 7%? JO 4 - 42' 4: K?DDER, PcABODY&Cl 115 Devonshire S?. 18 Br?rii BOSTON NEW Y^? Government Bonds Invsstment Securities Foreign Exchange Letters of Credit Correspondents ol Baring Brothers & Go,, Hi LGHCCii 30 Years in Export Banking INTIMATE KNOWLEDGE ? of the needs and habits j of the people, acquired by j years of experience and actual residence in the ' countries themselves, is es- | sential when transacting business abroad. 23 Branches in South America One Brunch in Mexico 8 Otiicea in Eutopn Anclo-South A/AERjgW ^AN?C, LIMITED Netv York Agency, 49 Broadway nipt From federal income taxes State of Maryland Coupon 4% Bonds Due January 1, 1928 S 1 I A Legal Investment for i Savings Banks and Trust ? Funds in the States of New York, Massachusetts and ; Connecticut. Price upon application i .-tool?. Kvoiinnirs 33 Pine St. New York S Union Arcade E'dz. PiUibnrgk Goodyear Tire & Rubber Co. M. & PFD. '? ? 0 partment EW.VkKiner&Co. establish to r_J ift*7 hange 53 ;./ :; ;? SEW YORK J.K.Rii ? >,Jr.&Co.Buy&Sel! ?i Atlas P< rt Cement Corn. American Cig;:r Com. y Am. Lithographic Corn. & Pfd Arriver. Typefounders 6s Commonwealth Pr., Ry. & Lt Eqaitable Trust Stock ?t Guaranty Trust Stock ?Kiroy Lumber Com. & Pfd. M 3-.-Andrews & ForlKs Com. N. V. ?taue Rys. O'?ara Coal Co. 1st Ss Serv. Corp. (NT. J.) 7s S i '-"ig Weber Piano Pfd. ? J.K.Eice5Jr.&Co. Phonei 4000 to 1010 John. 36 Wall St.,N.Y. LIBERTY BONDS" \ ns bought for ca?h. closing we pay: <l!, v- fi , K.inrl. 31 r?np?nf II -, .7 i?:,I 114", li,iii.l, NoCuupon* ? ,| l< ,', lloml. - -..,,- ;i ?-?i? Idi 4 ' i". r.on.l. N.,< oopon? $48.1*1 for a $50?5th 4=54% Bond, 6 tuu|W?? PURDY & CO. T?-l. tnhir. :;?~1--,-?; ? -,j pin. St.. X. T. 'iBs'isds for investment IL Harris, Forbes & Co ; : Pine ? ?root, Corner WI1U NEW YORK