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We offer Standard Oil Co. of California 10-Yr. 7% Debentures and Standard Oil Co. of New York 7 % Serial D&bcnturcs Both to Yield 7% Ask for Circular R-8 HobertC. Mayer & Cd. Investment cnk?rs Equitable Bldg. New York TaL Rector ?T?o Railroad Bonds The low prices of high grade railroad bonds should not be over? looked by the investor seeking unusual profit combined with a wide margin of safety. We specialize in rail? road bond;; and shall be pleased to recommend a list for your particular investment needs. Inquiries Invited BOND DEPARTMENT \Mntt &W\)ittlv Established 1878. Members S civ York S'-ock Exchange 52 Broadway. Tel. Broad 6323 E CENTRAL Quoted in the market lower than in 1913 or even 1907. Has this road gene backward or for? ward? An interesting analysis with a map ? other features in: M for * MARKET copy, B-77 OPINION R. H. MacMASTERS & CO. Members Consolidated Stock Exch. of N.Y. 82-84 Broad St. New York P ?<??/?road 8380. Etotire First Floor CHICAGO MILWAUKIK >"EW HAVEN GRAIN Provisions Fa* Um tor.aflt of tho? '.nverssted la eon -.-.'!'. Uei w? r-.i'.r.-.a-a % complets ?-'-o Mrr-.ct. our o"Ic?e belnc furnithed wlUi ?"r.lreto B -"Li-i of Triti? ?.r.d New Twk ?tv; . ? !*t i.?.',i? quc-.?tkm? InXorm? Uoa or ?"??'.Is'-lca xi; t* h?4 apon request HUGHES &DIER STOCK???BOND??OR A1N j C^Jlcwo IM. of Tf??<* S?*w Tor? i?ejr.?wiK Pradu?-? ? : .?.,.-e ytu.L. 10 d (.PUtacrarji. ?wc* ?*xc.".i.'. ?c* 42 New St, New York Telephon? Broad 5140 509 F.ftk At?. T?L Vaaderbilt S533 67 W. 125tk St. Tel. Harlem 5651 I'r.i.adiiiihi* Pittakurgh Cinv4land We Specialize in P?gglyWiggly J Stores A chain of high grade i grocery stores doing a l business of approxi- l mately $30,000,000 per \ annum. N B?MBERGER, LQE8&GQ. 25 Broad St New York Bonds for Investment Harris, Forbes & C? iPIn* Str??t, C?rn?r Wlllfema NEW YORK j HARRIMA* NATIONAL BANK Fifth Avenue & Forty-fourth St. N?w York Baak'aj Hoori froai 8 A. M. to 8 f. M. '??ft btpoiit Vadtt % A. M to Mi<to?ckt Sene/ .for our L/*< of Safe 7% 5*Curiti*M Glidden, Davidge & Co. Wore??,? .?.>?? Tor* (H?ol< Jr. KShftRg ? 2ft ?ro?<? ?t, New f^rl?._ i ?BBBB5 BBSS. !.SSSSS.? 5.?"?"?"? ?f Copper Companies ! Omit Dividends as Pri?es Show Drop Lack of Demand for Their Commodity Causes Slump in Business of Inspira? tion and Greene Cananea Existing conditions in the copper in? dustry, as a result of which the price ? of the metal has dropped to below 14 ; cents a pound, cue to a lack of buying , order*;, was .reflected yesterday in the parsing of their quarterly dividends by the Inspiration Consolidated and . Greene Cananea Copper ;ompanies. Three months ago Inspiration declared ' a Quarterly dividend of $1 a share, and : Greene Cananea 50 cents a share. ? Inspiration directors explained tnat the ir action was due to a desire to conserve cash resources during the present trying situation. Th.* follow? ing was given as a susnniary of the eo3r,pany's financial position, 033 De? cember 31, partly estimated; "The net income fr?jni the beginning ; of operations to December 31, 1919, ' .-.mounted to S4?,726,075. The surplus ; December 31, 1919, was $9,879*25?. The profits for the year 1920 are estimated , at $1,938,843, after making allowances for all expenses, including Feder;;! ? income tax a:id loss on Liberty bonds sold, "During 1920 the company ?declared .thiee dividends, at the average rate of $1,17 ? share, amounting to $4,136, ! 884, lea\4ng a surplus at December 31, 1920 (December estimated 1 of $7,681, 218 The company has in copper on : hand, upon the bas'i of the contract price for that which has been sold but not delivered, and cost for the balance, $10.21?), 72.'i, agaii h il owes for advances on metal $2,212.848. The company has 310 other indebtedness except for current operating expenses." ' Profits of the Greene Cananea Cop? per Company for 1920 were estimated at $842,449, with dividend;- paid during the year of $500,000. The company has in copper on hand, upon the basis of the contract price for that which has been sold but not delivered, and cost for the balance, a total of $7,340, 305 against which it owes for advances on metal, $1,812,848. New York Metal Market On the New York Metal Exchange tin was eaiy, with Class A quoted at 32.50 @35c/ Class B, 30.50c asked; Straits shipments. 32.50@35c. Copper weak; spot, December asid January, 13.75c asked. Lead weak; New York, spot, 4.60c asked; East St. Louis, spot, 4.S0c asked. #foic easy; New York, spot, 6c; , East St. Louis, ?spot, 5 75c asked. London m?tal prices follow: Lead, 'spot, ?21 10s; futures, ?22 15s.- Zinc, spot, ?22 10s; futures, ?24 12s 6d. Tin, standard, spot, ?198; futures, ?205; sales, 100 tons spot and 500 tons fu? tures. Copper, standard, spot, ?72 5s; futures, ?73; sales, 100 tons spot and - 1,400 tons futures; electroiytsc, *spot, ?82; futures, ?S4. There were sales on the New York Metal Exchange of 50 tons January de? livery Class A Straits tin at 32.75c. Bondholders Asked to Take New Notes as Settlement BOSTON, Dec. 23.?Holders of bonds of the Boston & Lowell Railroad Cor ! poration and the Connecticut River Railroad Company, subsidiaries of the Boston & Maine Railroad, which ma? ture. January 1 next, were asked by President James H. Hustis to-day to ac | cept in settlement ten-ysar gold mort? gage bonds. The maturing obligations bear inter? est at 3Ya per cent; the bonds offered ; in settlement eajry 7 per cent interest, payable semi-annually. Pending the outcome of court proceedings and ne? gotiations looking to collection by the ; Boston & Maine of certain moneys due from the government, the letter to bondholders says, cash is not at pres? ent available to pay the maturing ? bonds. Stocks Ex Dividend ; Date. Company. Per cent. Dec. SI?All America Cables, Ine. 3 \ Dec. 2 4?Allls-Chal Mfg Co pf. 3-\ Dec. 30-^Am Steel Foundries. ;* Dec. 31?assoc Oil Co. 3'-, Dec. 33?Atch, Top & S !?' By Co pf.. 2% Deo, 27?Atlantic Coast Line R R Co.. : . Dec. 30?Atlantic, Gulf &-W I S S Linn 5 Dec, 27?-Chase Nat Hank ?ft Chase See Corp, bkrs T C, rets.S-3 3"><*e. 24?Computing Tub Roc Co. 3 Deo, 27?Cons ins Co. - ? I >?-,,-. 31 -I ?? ? roit Edison Co. 2 l ?? -. 31 -Fifth Ave Bank of N Y First N'ai Bank?10 ex and. . 10 i '???.-. 24?Gen ? ligar Co, In?*, deb pf Temp . 3 -\ Dec. 31?Gold & Stock Tel Co. IVi Dec. 31 ? Internal Agrieult Corp pi... 3 '??? Dec. 24?Int Harvester Co. i =* I ?--,-. 34? do stock. 2 Dec. 24?Island Creek Coal Co. 3 u, Dec. 24? do pf. l'-j Dec 24?K C. Ft S & M Ry St Tr Ctfs 4 p c pf. 3 Pee. S3?Monon Val Trac Co pf. ?H Dec. 31?Nat Biscuit Co. 1'-4 Dec. 24?Nat City Bank.1 ex and 4 Dec. 31?Niagara Falls Power Co pf.. 1% Dec. 33 ? Northern Central Rv Co.... ? Dec. 33?Northwestern Tel Co. 1'?;. Dec. 31 ? Pacific Tel <fc Tel Co pf. 1'-. Dee. 24?Pond Crk Coal Co..V? ex and \i Dec. 31?Sim-lair Con Oil Corp temp stock . 2 '?X-- 31?-1 a Industrial Alcohol Co pf 1% Dec. 27?Virginia Iron, Coal & Coke.. 3 Dec. ; 1? ??o Ry & Power Co pf stock 6 p v. 3 U Dec 27?AVilson & Co. Inc pf...._ l?i Pennsylvania Gives Order for 200,000 Tons of Steel Rails Business Divided Among U. S. Steel and inde? pendents; Deliveries Are Planned for Next Spring The Pennsylvania Railroad an? nounced yesterday the placing of an order for 200,000 tons of steel railr, divided among the United States Steel Corporation and independents. The Illinois Steel Company and the Car? negie Steel Company, Steel Corn ra? tion subsidiaries, were awarded 50,000 tons" each, while 45,000 tons went to the Bethlehem Steel Corporation, 45, 000 tons to the Midvale Steel and Ord? nance Company and 10,000 tons to the Lackawanna Steel Company. Awarding of the order followed al? most immediately upon the deduction in the price of open hearth rail3 to the level of ".he Steel Corporation? namely, $47 a ton. Previously the in? dependents had been quoting $57 a ton anil $59 a ton for Bessemer rails. Deliveries, it is understood, will be gin some time in .the spring. This is one of the largest orders ever place?! by the Pennsylvania, and will be used principally for renewals. Last year there was used for renewals 106,000 tons. The new rails will make up part of the deficiency that accumulated dur? ing* the period of Federal control. New contracts for structural steel recently awarded included 25,000 tons to the Iledden Iron Construction Com? pany, to be used for the B?tmore Ho? tel at Providence, II. I.; 750 tons for the new Curb Exchange Building in Church and Greenwich streets, 1,900 tons to be fabricated for the new Hart fa:.; Trust Company Building and 1,700 tons to be used in the construction of ?i new power house for the Standard Oil Company of New Jersey. Fajardo Su<zar Earns , $94.73 Share for Year The Fajardo Sugar Company reports a surplus, after charges, but before Federal taxes, %r the year ended July 31 of $5,456,913, equivalent to $94.73 a shnre earned cc the $5,760,100 out? standing common stock, compared with $471,033, or $14.11 a share, earned on the $3,337,200 outstanding common stock the preceding year. Net income for the. year amounted to $5,790,860, compared with $859,902 for the previous year. Surplus after cash dividends Bhowed $4,104,848, ?gains* $137,258 iast year. , i Transcontinental Oil Closes Colombia Deal I The final closing of the deal by : which the Transcontinental .Oil Com? pany takes over control of tha stockof the Laotin America Petroleum Corpora? tion, w*hich is capitalized at $25,000,000 ; and owns some 600,000 acres of oil 1 lands in Colombia, was made in New ! York yesterday, through R. W. Edgett. . vice-president, and E. B. Dishman, sec \ retary, representing the Latin America Petroleum Corporation. \ Th-e new officers elected by the Latin ; America Petroleum Corporation are J. C. Trees, president; A." B. Dalley jr., ; first vice-president; F. B. Parriott, sec? ond vice-president; T. R. Crowell, sec? retary and treasurer, and M. L. Bene dum, chairman of the board. Tobacco Pool Dissolves, Cut Price Shows Advance OWENSBORO, Ky., Dec. 23. ?The organization of tobacco growers of the j Green River tobacco district formed , here recently to work for higher to ' bacco prices, has disbanded following a report of its executive committee ; of failure sufficiently to arouse the interest of farmers in a contemplated tobacco pooling arrangement. Meantime prices on the market here '? have reached an average of $11 a hundred, compared with a $4 the open? ing day a month ago. In this period only 2,000,000 pounds of tobacco have : been sold, bringing an average of $7.01 a hundred pounds." About 6.000,000 pounds had been sold at this date !u% year for a $19 average. Dividends Extra American Shipbuilding Co.? An extra '? ml of Z-: per cent ;i nharc has b.-jn ?'.-a lare ! in addition tu the regular iiuCr terly dividends of 1J? per cent on common and l?J per cent on preferred, all payable February ! t ? stockholders of record Janu ? : I . 15. K?fftilnr Declarations 1 [ i ' ? ? ?-. Per- 1'av Etat? : il 77 .! Arlington Mills . $2 Q Jan. i Am. Sun t: !o. -:_ ' O * ?? ? 31 .a 24 W. ??? aiaa & a >Ti? l'a Ci Jan. 1 D Dwight P. Robin? son Co., lit. pfd. 1 ", ""'<, Q Jan. 1 Dec. 28 do 2d pfd.l'.-j?o ?-J Jan. 1 Dec. 28 I Elmlra Water I.t R R. Co, lit pf. 1 \ "c Q Deo. 31 Dec. 16 do 2d pf. l '. ' * '?' Dec. 31 I ?e a 16 Firesfe Tl. Co.,*pf.l Va?'o Q Jan. 15 Jan. I 1 Dawton Mills Corp. 2?5'<j ?v Jan. : 7 Dec. "I Mass. Gaa Co.$1 77. g Feb. 1 Jan. 15 Mortgage Bond Co. 1%7<, Q Dec. 31 Dec. 24 Mutual Gaa I-t Co. 7 "V S-A Jan. 10 Dec. 20 Norfolk &W. Ry., pf.1% Q Feb. 19 Jan 31 Regal Shoe Co., vf \ "; "<, Q Jan. 3 Dec 21 Bank of U. S.2?,3% Q Oec 31 1 c. 28 Spic? r Mfg. (';?., pf. :"? Q Jan. 1 Dec. 20 - Phosp. Co.;? ? Q 1.? 30 do ,-x.f.\'z'"<? Dec. 70 Vir ? 'a- o. ? !m. Co. ; ' ? | do pfd. - "o Q Ar.c'a'-? m Oil ( .'?? . ! Ltd., Intel im . . . 3sh The Day's Bond Market I7. S. Government Transactions do 1st 4 ?is, 33 4 7. . do 3-1 -t -, s. : ij . . do 3d 4 -;s. 1923 - . do 4:?: 1 -, h. I : ?S. V . - - -. I % s, ' ? _ do 3?is, 1333. Sales ,$1.731.onn 14,000 . 43 1. "3.1 . 3.557.000 : ( 92,0 ??? : c.ooo . . _ : 000 : ? I 15,000. 70*4 6,000. 70% 4.000.S30?. 70 yield 2*( l0 . 7()ii ? ni Am T & T cv 6s : - - 00. 93 _ 9,000. 92% - ,, ? : 000. 93 3.000. 3 2 S fi'sfi 333.000. 92% Quotations Liberty 3-.s - 4s. R 3.7 : ? 4 !, i 8... . 85.0 :- -:l -!-,s. 91.0 do ?d -> -, i. . . . 84. ?4 3f . .81 do 4th 4'is . . 84.? VI : :??- 4%s. ... 3 3 0 3% s. S4.3 High. Low. 89.94 c' " 2 83.52 84.R0 94.00 . . -, - - ??; 3 ? * 94. 6 Last. 83 70 84.90 94.00 84.04 86 56 B 4.44 34 "'i 3 4.3 0 5.36 : ? I ?3.04 Net chg*-. -? - .-4 +.40 - .26 -? .36 ?.04 - OS 2.000. do i 1 5s 1.01 -. ,0i3 I. : ? I,Oui). - ? . : mo, .. do 4 v., s 13,000... (1 col 4s 20.1 Bid and Asked Quotations Lrbertv bonds. Yesterday. Wednesday, ' ' -?, '.3 13 . -':-,". 89 90 89.72 g SO.84 1st 4s, 1947. . . 84.3 i * ' - 54, -.- 85 00 2d 4s, 1941 - - ??84.00 * - 9 83 60 1st 4'?a, 3.- i : ? ?3-e 35.00 64.40? 84 50 2d 4 Us, 1942.. i 98 S?? S4 ? ?3.1 ? ; 3d 4V?s, 1928... 8C.50?i ?C.56 56.30? 86.38 4th 4 Us. 193S. R4.50 - 13 3 84.04 S 8 1.08 Vic 4 ', - 192 ? ? -, 1.92 ?? 1 -3 ?/ 94.9(3 3 . . 192 ? 1 * ' .- 94.92 3 1 33 V y 1.96 : Armour ? le 11.000. 5,000. - 9 3 7 5 H 7-', 7 5 Vi 7?; 7 3 % 7 3. :-? 2s 1- g. 1 ] . 100 : : ? 103 : ' Si 3s leg, : a-. c o u? 3 946.... l - 4: r? g, 1925 .1 4 4 s coup, 3 925 ?-,- : ??' 3s Pan :? 1986. . .1 50 .s Pan r, 1931 . . ' ?101 2s Par. - . 1938 . . 1 00 3s Pan r. 19jfi. ..100 @103 s Pan res "... 3s Pan coup. ? ?j 0 l'hil 4s, 1934 .... ? : '-. ; ...'-:? I -? 1936 .... 80 ! ? ." ...#'?' : ?< : ; i @ : c i '?:? 3 3 92 - 3 00 : 30 i ?S 101 @ 1 ?3 1 TIOl 39 -,, go ? ? 1 '1 3? 3 0 5 3 Y 90 03 <a> - ,000,. 'Y. ? ? . 73 V. : ? 00 . . . . 73 v? Atch T & S F g en 4s 1(1 000., 72% ? 000. 7 3V . .- : 30f. 73 ?1 000. 73 4, . 7 2 'i . 7 3 : 3 . 7 3, '?-. ' . 73 H l.e . 7 , '? do : - . . . . 4s, 1960 do 4? (Interest to be Added?) 5,0 0 0 ... . 4. ? I ? ' . . . - do Kta iped 69 -- . ....-;. ?' Zurich. ? .:??"*. 6s : : 3 : :?-.. " . . of ? i nada ?o m tes, 1921.. . Y Asked. D 2 vi 1921 -? Hu I - nal ' A, ? '?'*... 7 1 ? ? : . ?. ? ? ; : 7 S ' " ? ? . : . : Y. IX 15-yi ? - 1934 75* City ? '? ; enhagi n 2S"-yr 5%s, '44 - U ; 8s, 1 ....'? 1'-? nch, Paris e ty 1921.... 91 Gov of . ? ind ? ?-. 194 0. . .103 Japai - - -. - ; ? r In, 1925 75 dO 4-?S ?? . .33. 7:3 cl? 4s st( r in. '. 3?ei. BE fl ? 3 ....-? . . ? -. - U K Ci Bi? ? i : .-::-.?..-.; 97 : -. . .. 3i -. ?. so do 29-yr Mexlai oxt? '45 ? ' ' . . . 3 :? K ?-3 C ?.ly ..-:.. bonds 80 (Sales) 3 '? % I ? I 1 * \ 76 : o 91% le 1 % ; : io . A11 C do '- ? . Atl & . . 67 ?n i - 74% 70-. 7 3 - A !. 3 s A . 85 Atl Fruil Co 7s tem B t cv <"*r A * 000. 59 ? 4,000. 55 Bait & Ohio ?"s . . s? - . > ; do rf ! 3 - ? 15,0 i%s I 62% ' ? ' 2 -, ' ; I 3 ij r.2% 63 U '''' i City of Christ : ?. 9 3 i'Yiif.' ?>' Copenhagen '/is 3.Of 0. 73, . 7 2 : - un g I i- M : ta .s 96 94 94 U 63 '?? '? ? :, ?I s A 3 3.3 ...... Cl- ' : .. ' ;? ? ? d? - - '* 6 % SI 7S 78 781/5 I. .i .. , 97% 4% City of ' . C11 y o f Zui - - ' . : ' ! -. , :-l 1 ? ' 0. - ?p 1m r-: ?? v.t 1 ',3 3 dO 3 ? "? ' A 1 Ml I 1... . . ? ? ?>? : < ' ? '? '?? ' t 90 90% >? -;3 Railway, ? ? ' : . 3 -, Au, f)\\wr Corporation? * d 4s 54,1 'i. 5,000 . : 0i 0. 10? . . . . 1,0 3. 1.000. 4 000. do pi ?? 3 , . . 7,000.s30f 5,000 .. . do P I. El & YV V 4? i. ?j 0 Bait .i- ? ? Sw "3 '-is - 3. 72 S Bait S ? ? T & C 4k ? ? 0 . 51% Bell T of Pa 7s J P M rets .Iftl ; ? ? 3.l'ii u 00.101 % Beth Steel ist 5s . 87 i,< ' . 86fc f!-. If? -s 1 '. . 77 5.000 ... 76%] ? Bkl ? Rap Tran . 41 ' 7 000 - - 4 1 V do ? If? of dep stpd : ;.;. ? 81 , Bl '? .-. ru Cas 6s 1 M) . 74 U . . . 7 4 U Calif Can & ij i" Canad? : - ? ' :?' ? oo - .82 ., ri?o . . 81 >A Cari .".,.- * y i * ? lly ? f . gold ?u? 7.1 ?nterin n .3on ? 1 DO . . 98 . i.joo .... '.?:? u Cenl <?' tin if. 'is 8.000 . . 84 .f.Vnt I-;-- ?td -l.-i . 71 - 70% ('-13 r - . hoi I I- -1 66 J ? hi - ? O ev 5? . - 7 7 I-, I < 00 . ', . , 6.000 . ... 77 V? 64.0'J' ,,??', , noo .... ', '*, : i.3-33 . 71 .-. vou ,30. 10,000. 79 do g ti i %S 1.000. 71% 2.000. 72 4.000_'.. 771 ?. 2.000. 71 Vi 7,000. 71% do cv 4%s r. ooo. 70 Chic A Alt 3%s 2,000. 85 1.000. 7. - % 7.000. 35 C B <<;- Q-Ill 4s 6,0 00. 75 2,000. 77% do Neb 4s 1.000. ._ 87% do gnl 4s 10,000. 7: lo.ooo. 7314 h.ooo. 7 1 ' j 1.000. 7. ', do lolnt 4a 10,000. 9 ? % 6,000. 95 00 . :?.' '? . &? Erie 1st 1.000 . . . do ifir 5a . ? . : 1.000 . 10.000 _ do ctl of depo 5.000.. ,. 36 Detr ! ., Rvs 4%s 2,0 10. 60 E T Y & G con 5s , . 84 lien 4s Eric lien Is 51000. 66 Lorlll?rd Co 7s 7.000.104 do 5s 1.000. 77', 10,000. 77 ^ 2 000.76% Manhattan Ry 4^ 17,000. ; : do tux exempt 3.000. 51 3,000. 50% Mid va!?- Steel ?s 10,000. 72V4 3D \ 15, 7 1 "..0. 7... 2,000. 72V . . . 39Vi Mil I. S \V 6a ? 2,000. 99% -rie3,J?7, Minn & St L en 4? - ? ? ;;* '"? 3.000. 4 0 do 6 000. if 3 4 Vi ries R 7- 000. . M K & > ?kla 6s 6 9 '" ??" ] 000. 64 M K ,?7- 'I 1st 4 s 16,000. 53 9,000. 40 M & St P cv ! Series B ",000. ; '. a 63 % 15,0 10. ; 000. dO L'1,1 l'-23 6,0 Oil. 4 eon. 2 ... - d v ? - a' rija 1 3 '"";' .",? . 000.54 6.000 . .. ?8 vi ,?,, 2,1 4h " .V.- . ,000. SO H . 3S% Mob & ? ? new 6s .59 1 10. 0 6 ' -, Gen Elec .l.-b !*s 'Mont Power 5s ... 98 Vi 1,000. 80% do d? b 5s 7,000. SO Vi ; ....85% 2,000. - .: do , : s ",000. 81 o;. \ 1.000. s : % Grpat Nor 414a .Mont Tram Cs 5,000 ... 7? \ i '? ,!;. 6< l:? Gr T -uni- Ry of ' an 1-000. 64% p l -.. inter recta ^ior ?*??'? Essex 3 S s .... 99 H '~~. 6 6 '-? . 7. 'i t?. i"a 0 0 0. 69 Mo Pac is 1926 . - ? '. ' f, a .*. 2,000. S : , . ?.',,' do gen 4s Ho- ,, Val 4% s" " ,-IJ''?. ISf* 4a' 00 . ..68% 0.00O... Hud .?. M ri g 6a 74% -, 1" \ ; 7 . 1.... . 6 0 ' ? ? ? 1 . 60S 10,001. 60% * National Tube 5s 12.000.S 1 % Xe* : ; 00. (??j 1 fg 4 '?s do gn! Is serle ? ; '!'< r is 000. ? a ;;i<*r. nti ;.. 00.1. )00. 1 do deb 4 h 1934 11 ?.. %s do Ind : ; ?.- Iowa 4 India ia St? el 5s C ,t N'wn gnl 4s ?0. 74% Chlcag 1 R; s Tas 6,01 . . 54 % 2,01 ??. 64% 1. I . -. 1.000. 54' 17.' 00. t. 1 4 C R I & P pn: !"? 10.000. ' 7 ;.. 5.00 0. 67 do rfg 4s J 10,001 ... . 63% 25,000. 63 ?.63 Vi 5.1 . ? .... ? Inter-M?H 4V?i ,? N Orl T .?i Mex 5s 7 000 . - ?? v y A.lr Brake 6s . -7 '?? 9.000. v ?> u, .V Y ? ? ? ? ; o! 7s J I" M intm ra .100% ? i ' h 6s . 87% . . S 7 V* ? . . 1 0,1 00. . . . ! 1.00?. . . . 10 0 . . .i.. : fg 4 Y? s 10.... 66 75 V S? % S7% S 7 S3% : 5 1 1% 15 ? ! - 65 ?? depos '?' 6.1 % ? 7 ; . C St T, f. N Orl 6b LOO?1. 87 Chic Un Stn 6%s ser C Interim ctfs 2,000.. ..103% 1.000. do LU S h 3% s ? 0 ?0. 58 - 10 0 . . . 5 S % \* Y ? ' ?- S I, d e b 4 s 7 00O..?--. ?' * x Y Connecting Rys 4 ??fl 5,000. 7 7, < l0. 7 7 ' ?, N Y Gas E L H & Power "s 4,000. 78 2,1100. 7 7 1.000. 76% 1% 1 2 % l " U 1 3 13% ?j.eoo. 75 20.OQO. ... Chic & '?'? est lnd 4s 1,000. ?'? t !. 10,000. 54% Chile ? lopper 7s a 000. 8<t% la 0 00. 89 . >? 00 . Va . 88 % 45 % 48% 48 V 49 N* Y N H .t H 6s " 4SH I .-000. S1* 4., I ?< . 68% 7.000. 68 igu do deb 4s 1958 4 s i? 0. 4 0 4R xx S Y Rys afij 5s ctfa a t ,,' of depoa b. ?*:? 4 8 ... 22,000 : - 00 90 : 10...... 6 1,000 do rfg 4s 8,000. . ..36% : ? 10. .... 1-6% 3.000. 16 4.000. 15 , do ctf of depoa 24,000. 15% 24,.D . 15% Y State Rys ce* r'> ^H 000 .... 46 *M ? -:"? V Y T.!-ill ?7s 7 000 . ? 3 Int . ? Mar 6s - 3 000. s 1 1.000. t '? 0 . ; aa.l. . 8 3 (00 . 1,000. ' i 1.000. . ..? , 1 000. ? ) ,000 . u: 1 C C C & St L rf 6s 3.000. 86% 1,. 66% do Kill 7,s ?0,000. 6 1% 25.000. 63% do 4' a T"?". Tl Col ?? Otli Av 5s - I 00 . 76 Vi Ft S .V- M 4s ' ' 10. H 1 \ (, . 1 ??s :. 000 . . 1)00. . 5 000 .. 1 OaO... 21 ' 0 0 0 ' Y W A Un -.: ? 72% ? 000, 4 '?: ? 7 0-% Con (las i?m 7a 1,500. 98% !,000 . . 98 % . . 99 i 1,.1. 99% ?'una. ?.'?ne Sugar cvt d? t. 7? 21 i,:,o 10 00, : ! ,000. 4". Ulli? . 1,000. I ,000, 2 000. '1,000. 4,000 Del A- Und 1,000 Pen A RU COI1 il L000, '.'..'.. < 2.00U....? 60% ) Ka d City Ter 4." 68 . r s y, . . ? ? Vi . ... 69 13 of SI 1. - " ! ; ?' ? ? ;% 7,000. : 1 N'orf .'7- W' cv 6 s i oon .101% tt>oo . . 1. : r? 000.10!% do con 4o .-. 000. 7 1 10.71 ?i do dlv 4s ? I 00 s30f. 7P N'or PaclHc 3s 24,000.t B3Vi : a.000. 63% ? 000 ,. 4 000 . 64 do :, ! I ? ' ?? l.oon Lako i a ? R.000 do Is 19 4.000 , 00. 1 1 . 70% ' * ] _.,ooo. via; ?7% <1 . I.'ih . ron 4% ... r Va i? ? ? 000. : . O..0. ?? ! 000. 10 000. . 10.1 N'or Hint Fr 5a ? ? . 88%| : - Or & Cal 1st , . . . 8 : 1 Lina .7 1 non 8 7 % 78% <i% 3.000. 76%| Or-W R R & N 4a , 7 000 . 69 U 8,000. 68% 1.000. 68 % ? 3.OS'.-j Pacific ''. & E 6s ? I 3/ 10. " . 5.000 . ... 73 ' Of. . 7 : % . 3( ). 72% ' Pacifie T T 5 : Penn 7s 19 0 1.000... . 7 * '. 78 : _ .103 2.000. . 1 02 % Southern Ry 5s ?3 7 U 66% do ?x ?on 4%s Xidn. is 1303 80 SOU 6.000. , : do Kill 4s 1 ? -. 8 4 % 18, 84 U Term St 1. 74 1- 5, ! : Assn 1. SO 'ft. 74 7 ?!? *-. 74 7! % 7 t 7 4 4 7*i-. rhlrd As rfg 4? 40% 40% I, n n 0.1_ 2.000. 73 1,000. 7-t : * ? - ?"1. 74 Peo Gas ,'.- Coke Chi :? . 61 Tere Marq 6s . 71 . 7S 74 % _-....? O J_ 74U Toront - 3 1 & B -In : 1 '-, 3 I Y Pitts ' ' ser!? a 00 & St I. 5s . 7*1 . 78% Union Pacific ?'.? . do i*v 1 - " . . ).s30f. 3 C r' : . -3 rfg 4s 99 7S 78% 78% 7 3 71 % ? i .''3!>.... .m_ N ^^^H 3,000. 53 ! 7 Reading ?nl 4s . i/n r ? , ?? 00. . . .73'. ? ctfs of d 1,1 . 7 5 % I 100. Repub lr & S in 1,000. R I Ark & Y 1 '-. Cni ted ::-- Inv 1 .- 3UO *l'i u . 0 ft 11 , St r. Ir Ml .-. St L l ': , 000.V 8% Y S Rubber tern : 300.... 3,i d 0 5 -- 7! 7 1 1-, ' f ? U do ? s series C 4 1 00. do idj 6s : 0 . 2 > 000 31,no ? 71 70% 3.'1 ft 1. fi ? 4.00C r s s- ei : ' ' 70% * I -. - - 1 21 . '? ' 00. -.-':. . 89 1.000.. . 58% ? .....89 . . 88% do ? etristere ! t?8 ' ' - I ?i, 5a ...76 i]oo? . 2 0O0 1 l.onn. ?1 V*a-Cnr ,6i l Vir*;--: '? "'* Va & -? S -?: 3 ? do r U-abash ' ? Wesi <: trie ?1 4s do ?r SI 3 7 . :- TV Ny & l> Igt 5s H West p.-, lie" 5s Wast. ?? 1 ; 1st' is . ?' ; ? : ? . . . 64 V - ... u P M & M 4 - - * 7 % ^^^^^^^^^^^Bm-s-, H ?Yh is Moff; < "ri dlv 2,000 . . .". ; . .c-*Ht? \ ir L adj Wesl .-'?? 4s 68?. ? *: . .'M do rfg 4s - . * W h ! B & !. 10 4 ' . i'-- T & T 3s 2 000. 47', ? 000 .... 80 Y '?'."ils- :. 1 1st 63 2.000 .... * , l)S so % | 80 * ?. -, ... 4 ? , S?* S? ?. - ' 73 VVIscn Ci tri 4s 73". 1 000 . (39 Arn ?ron looking for n position? I in? mem successful business people an er? of Tha . Try 1 S.1 tVantod "-I in Sun ! .- s l- 1 une - I '. words ?....- - Ad\ t. Investment Information Quettions of gtneml interest to in Vettor? trill be answered in this c?? umn, in which case only initials w\U be uted. Others will be answered by mail. Address all inquiries, inclo? ing a ?tamped, addressed envelope, t? Financial Editor, The Tribtme, Hi Nassau Street, New York City. Woman Desires To Be Careful Question?Do you consider th? fg prefem 1 stocka as a. good Inv si Crucible Steel. Virginia-Carolina Che] American Can, Atlantic, Gulf and v. .-: Indies and National Lead? Most all of theso are below rar and ?the- look like bargains, but I want to ha careful.?"Mrs. C. 11. Answer?National Lead preferred is entitled'to the best rating,of the stocks you name. It has a very long dividend record, although Virginia-Carolina Chemical is entitled to almost as good a rating, in our opinion. Crucible Steel preferred is safe, although it is not so seasoned as the other two. American Can also is not so seasoned. We prefer Crucible Steel to American Can preferred. Atlantic, Gulf and West Incfies is a fair investment, bul shipping business is an uncertain one, therefore we do not regard this stock as being as conservative as the others. You might also consider Pressed Steel Cur 7 per cent preferred and Corn. Products Refining 7 per cent preferred, yielding over 7 per cent. Burns Brothers and C. & O. Question?Mow about /turns Brothers a aa a busi. .- i ? ila ???-n aroun I 85 ? Do you isidet a' livldend safe ' Wh -. . ' [his 10 per cc at aa per la si ?t ? ,Vill you a nsv. er th?. same tlon ?.ing Bethlehem B and i ti? i ? - .-.- Ohio around i'i and 6 reap - -TV. a. J. Answer?The latest report of Burns Bros, was for the year ended March 31, 1920. Alter payment of preferred . %a ' : i there remained the < lenl ?.' 11.87 per cent for the c? stock. Afl er 10 per cent pai I common there remained a sur] lus ? I $146,009, the smallest in eight ;, irs. Unless this margin is increased appre? ciably we do not regard the of safety as any too srroat. Bet Steel earned the equivalent of $20 a share on both classes of common stocka for 1919. It was unofficially stated last summer that the first six months of L920 would show earnings at the an r ui 1 rate of between $25 and $30 a Chesapeake & Ohio is showing substantial increases since S?iptember '. when the roads began op?rai ns without any government con Based on earnings for the period Sep? tember 1 to 30, after allowing for esti? mated seasonal variation, net operat? ing .?.come for four months to Decem? ber 31, 1920, will araoifi which, added to the $9,258,944 compen? sation, will give a net opecatii come o*' $17,695,799 for :%? ;. - ir. Al? lowing for other income, charge^ etc., net will be equivalent to 14.44 per c< nt on the common stock. The Tribune cannot attempt to predict dividend pol? icies at this time. The situation is so uncertain that many corporations have earned their divid? : tl ? year have passed them, believi that 7i conservation of cash res n :? is advisable. Nervous About Frceport Texas Question?Over a year ago T bought out ibout $48 fifty shares of 1 re? ; i : I) ?.i-a n ; aid a gond li* Imi a I lia I made I he i iircl i ' id ? a -passed and - he si been de Un ng sil ce, To-dhy It is .. ? ' ' a- le tell me the com? one of thi largest sulphur produ h a- n . u-ns In Vi -i ? a, has oil lands and .^ n r : ti aa p.cial condition. I ha ve be? n 1 Ing for a react Ion a nd ??*: pectlng i d? -.a! whleh would pay i.ie Interest ? n mon --. Lui. tai froi . improving th'u Ing from bad to worse. I ? ;? : ? - ? . ... : the stock 11 '?'?-. - y? and Invest the proceed? of '1- ... ?? French or Belgian government bonds yf? '? I lng about S per cent, or do you a ! should hold th? stock and wa i f i th? ipportunll ??? of disj osing of it : ,'oral 1" the company so sound thai I v ild be then taking no risk of losing It . J' N ? * Answer?Froeport Texas never was an investment issue. The compai one of the i irgest sulphur i r? in the country, but ; he sulpl ress proved to be rather disappoint? ing and the company also entered upon the oil business to a rather lar -? . ?' '. t. The Tribune makes no to :. : n ' ?? i ng <pe ?-;';? -ti :k market has undei i ei r ount of liquida: n, ther .r is over or not we do n ! pretend to know. Quite natura loni ? ' you hold thi ; st ici >u are - ' ? ing. % you can aff? r ; ,-. ;- ,;.- be rewarded by h a er * p resent. If you pannot affor ! to take this position you si >uld your stock arid inves in s< We know ? f no present reasoi French and B? lgian bonds are n I safe. The foreign situation, as well as the di me ;tic situ?t ?en, is rerv pi? x. Both these ; v? rv menl s lave a ! - wnys pa : thei? obligations when due. Timid About Foreign Issues Q ues t ion?A f1.00 C * ai of I - be paid ft on Januar; : i ? 7 ;, .. ... - US| in what I in governmentAjrailr ads a. -, ? i ? I t hemsel ves. I ; wevi r, the ii ispect, altii ugh sal Is1 tor a- - ? may not continue forel I should much prefer to lnv? ? ?? 'l >mesi ?c Institut ha ?.?? your advice i . good seasoned py? ferred ??? ? nigh grade bonds -t? > :ld about 6 i to 6?,. | : ? eut. -J. M. W. Answer?You might consider I - * lowing securities which yield from f' per cent to 6% per cent. All good grade and enjoy active - ??. Milwaukee & St. Paul " - ' per cent 1989, price about ,:'': ? ; peake & Ohio general .1'-... per cent '. pri e ab ut '% ; American Tel Telegraph '< per cent 1946, pria- about 77; Standard Oil of New Jersey 7 -,?r cent preferred, price ??.bou"- 104, an : ' ? - ? States Steel 7 per cent pre? ferred, price about : 6%. Difference Between Anaconda Notes Qui ? ' .;. ? .vr. ? ?nfon itlon the A- .: Vi ericttn Oil 7%s 1 .* .. ,-; : I ?-? a ? I '??-., wl th ther bonds for the last 12 in f the Standard ? Als why ':.?;? ..-?????; . , ? ? .. two ? ;???? ..;' ' ? Anaconda i T Both mature the sa '. ? - ? :. ; ? ' - * '. ?. an ! : he *a ? ? '-.Vhl-H of iv si ?Id an intending T?A. 7: An? ver The Anglo-American Oil Co., Ltd., :- the lai gest distrib itor petr leum in the Vr, ited K :? is a former Standard Oil subsidiar i: has always bi ? n a large eai ?>-. '] .. stock, par value ?1. paid ; 1 I in : and $ 1.42*4 in 1919. We n a- | : note as a good inva?tment. con la i ' .-par 6 per cei 7 nol relu: n a -, early income as great a 7 per cent ::ot?-s. Many t ?? ? ?? prefer ?he 7 per cent coupon on thi ace ;? : However, the 6 per cent not -. ? . considerably more to matui We should prefer the 6 per cent m Holds Cosden at $!."> Qu ??-?? ' ' waul : be pleas to 1 ? . ? as*to Cosden ng ires ol mon a ige C about $45 i D Am wer -We wish we knew son ?? w i - of hi Ining our many friend - oil stock? at high price i, ' it ?a. do nou , Cosden is a rea! a ! c a. pany, but the petroleum business is so uncertain that we hazard no guess as to its future. Four full columns of in vestment questions and an ?tcers are published in The Tribttne every Suntlay. TO THE HOLDERS OF $25,000,000 4V2% Sinking Fund Gold Bonds due 1943 ' OF THF "Institution foe Encouragement of Irrijjation Works ?and Development of Agriculture, S. A." (Caja de Prestamos para^obras de Irrigaci?n y Fomento de la Agricultura, S. A.) Principal, Interest and Sinking Fund Unconditionally Guaranteed by the Mexican Government Default was made in the payment of the interest on the above Bonds due May 1st, 1914, and since May lit, 1919, default has also been made in the sinking fund payments provided for the redemption of these Bond?. ? The payment of Principal, Interest and Sinking Fund is uncondition; :''.- gu irantee [ by ei by the Mexican Govei nment. Since the above defaults occurred, we have t3*,ade re? peated efforts, 03i behalf of the owners of the Bonds, to have th- interest and sinkinj stalments paid, and to have th?*?Mexican Govern:; good its guarantee thereof, but without avail. General Alvaro Obregon, who has been elected Presi? dent of the United States of Me: . I who will assume office on December 1st, is wever, to have pub? licly declare?! that the new Mexican Government "will recognize all legal foreign d I?:-." an<4 that all its debts will be paid "as far as possi le There arc a number o f the Mexican Government, secured 3 other guarantees given by it, ?'-i; wnich default 1 lade, .is well as a larcre amount of ?.>!!.?.:' clai nst it, which will have t?> be re . ? l< : by th M ex?can ! v? rn ment. Wo therefore consider it ii tant that the holders of the above Bonds shoul? tit delay, foi the proper as3d effectual protection of their interests. To that C3id, we invite holders of tl ?-" ned Bcmcls to deposit the same, with all un] ? in? attached, with The New York Trust Company as Depositary, at its office, 26 Broad ?,tre?t, New \ ork, r w ?th its Agents, on or before December 31st, 1920, subject to the terms of a Bond? holders' Agreement, dated November 18th, 1920. Copies of this Agreement may be obtained from the Depositary, or at our office, 24-26 Pine Street. Temporary certificates of de] osit will fce issued by the Depositary, exchangeable for engraved bearer certificates. Application will be made for the listing of the engraved certificates on the New York Stock Exchange. We will make no charge to depositing Bondholders for ? our services under the Agre i ??? * New York, November 18th, 1020. SPEYER & CO. CADWALADER, VVICKERSHAM & TAFT, Counsel. Block, Maloney &, Co. Members of NEW YORK STOCK EXCHANGE NEW YORK OTTON EXCHANGE CHICAGO STOCK EXCHAKOI NEW YORK PRODUCE EXCHANGE CHICAGO IOA1D OF TRAD! il ?3 Stocks, Bonds, Cotton, Grain, Provisions \ 74 BROADWAY TELEPHONE NEW YORK RECTOR 9800 Stone & Webster IX? OKPOR \'I FD 147 Milk Street 120 Broadway 33 So. Dearborn St. BOSTON NEW YORK CHICAGO EXAMINATIONS AND STUDIES of industrial and Public Service Properties REPORTS on Valuation ar.d Operating Efficiency Bid and Asked Follow ?3 _: are I bid an isked quotations of stock -, on J estabushbdi@oe ; , .... 5 . Keq*>er5Cbnso3i<ialedSlo^cExdMafrrfW? 4l BliOy-VO ST., NEW VOUK \ . : Bid. Asfc?' S S & .-.: ? 3. -i . ., du ;?? . ?< M-S-WOL-FEt?CO. ! ] Bl?l. Asked. , ? ' ? IT.. SI (i ?S ira K-v pf.. ;<3, 100 -i MiJlmg W HO ? ? *.?.,. . -" lo pf . 6S 70 ?? . - " Gulf M ? ~ ' -..-?. -r pf .-1 K ? pf '.'3 97 S3 \ ?? .- , ? . ? -v I- ?Y. Tr ?00 300 -.-??;,??" U..K4 1W) Ifs. T 3n | - p Otts ' f 3? ' i C R T pf - S9 1 ' 0 .- .' ;-. ? ? ; ? 100 120 -.-.-.. ?T* C S of A.. 98 ?4 105 ilo pf . . ?? ??f 41 4e3t ;.-,-.- ? ''. '. 3-. ?-? * - v ' .-.' 91 M ula S x L 40 iD M, I ?'-'.?< ??f 50 -'-iVi Co pf. 75 78 ? 4 I I 1 ' * lie & A - ?- UW 13 , .-- - : ' . , va '-i pf a ! ra in pi ?u pf B-53% 54 I ; ^ Bank of France Statement ?.-,.-? ?j, The weekly Ftar?m<*nt " - i th? follow - ? S - ?. -i , .-, I ' ! ' '' ' * Franc?. :'- i ' , . Ir,?*. ?l??l.OO'i ISA .. a. S r- ' " e ? -? ; i ? - . [hC. 3.*>00.00'1 .. Dec. 61.835,000 - !*.. .- . '>"<?. ?3.855,00'? 11 ?; - ? j %? ? ? ? ? | . I '-?-. 20.881,000 K?l -- - - - I ? - - - ? ' - . Dec. {,177,000 du pf J do 2d pi . Inc. ?l.590.00i> Transactions in Lifted Stocks' i (Continued from preceding puce) HiKh. I.o?r. niv. ?>iet 1920. 1920. Bate. l?ale.-. Oprn. Hisrh. Low. Close, rhge. Bid. Aak. 92% 80'/a 7 Western X nion Td . 400 ?30 81 SO??f B1 - ?*? 81 82 55'/2 40 4 Westinirhousc Ml? .. 3600 ? . -13 ., 40 40?ii a8 40' 2 40% ?i : - Wheel & Lake Erie, 1900 ' ' _. 9 ?' ., 9 : % g-g 9 28 15 ? do pf . 400 16 " 17 15% i -., . 1 ?i?i^ 17 C9'/2 301/2 ** White Motors . 1900 30% 33 3C , 2.3 2 32 331 ', 25 14?a ? Whit? Oil . 2200 14 j 15 \, 14'? 15^ "s 15 15*? B2Vz 34-u 5 V,,lM?n Co . 600 37 33 37 38 4- 1 38 38'? 32 5'/8 ? Willys-Overland .... 7600 5'3 Gr>8 - '4 53? 51, 93 26 ? d?> pf . 1200 27 30 27 30 3?? 29 31 145 10ff? R Woolworth . 107%?- j ? 107 108 95'4 35,a & \\ ?rih Pump & M . 1600 33 40 38 40 2 ' 39 41 ?