Newspaper Page Text
BROWN BROTHERS & CO. Established 1818 Philadelphia NEW YORK Boston Investment Securities. We invite inquiries regarding the status of investments which clients hold or contemplate purchasing. Our pri? vate wire connections with Philadelphia, Boston, Balti? more and Chicago enable us to give prompt reports on listed and unlisted securities in those markets. A Century of Service BROWN, SHIPLEY fc? COMPANY Established 1810 Founders Court, Lothbury Office for Travelers LONDON. E. C. 123 Pail Mall, LONDON, S.W. W. A. Harriman & Co. INCORPORATED Investment Securities New York: 25 Broad Street Boston: 60 Federal Street Syracuse: Onondaga Bank Bldg. Directors FREDERIC* B. ABAJO HtNRY LOCKHART, Jr. HAROLD STANLEY Eugene G. Grace William C. Potter Eugene W. Stetson E. Roland Harriman Samuel F. Pryor Joseph R. Swan W. AverfllHarriman R. H. M. Robinson Joseph E. Uihlein Wilbur F. Holt Percy A. Rockefeller G. H. Walker Elton Hoyt, 2nd J. D. Sawyer MalcoimD-Whitman Officers W.Averell Harriman, Chm. of Board G. H. Walker, President J. D. Sawyer. Vice-President W. f. Sturcis, Vice-President Wilbur F. Holt, Secretarv and Treasurer The Canadian Pulp and Paper Industry A more detailed analysis of the Canadian pulp industry from the investor's viewpoint is contained in our pamphlet, which will be sent free upon request. CANADA today is the second largest pulp and paper producing country in the world. The production of wood pulp in the Dominion in 1918 amounted to 1,557,193 tons, as compared with 1,296,084 tons in 1916, and 934,700 tons in 1914. The manufacture of paper increased approximately 500 ^c from 1909 to 1919, amounting to 808,000 tons in 1919. In addition to paper manufactured, 736,609 ton? of wood pulp were made for ?ale. of which 463,429 torn were manufactured by chemical process ?uitable for high grade paper. The capital invested in Canadian mills in? creased nearly ?90% in the last 4 years, totaling today over $240.00O,?0OO, indicating the popularity of securities issued by manufacturers supplying thai growing demand for these products. Parkinson & Burr. Members of New York and Boston Stock Exchanges NEW HAVEN NEW YORK BOSTON ltt CHTBCH ST. 7 WALL ST. 63 STATE ST. Delaware & Hudson An eminently success? ful railroad, strategi? cally located and the owner of valuable coal properties. The remarkable divi? dend record of this com? pany, high earning power and enormous bo'jh valut of the shares analyzed and discussed m the current issue of our Market Letter, Cervu mafl'd fre?, ?api?? re<juett Ask for No. R-420 K?hubr. Bremer ??Ca STOCKS?BONDS MEMBERS ".?-.' JBATU - T? ?TOa EXCHAMU -r Vt 32 BROADWAY W j\> HA^tPTOS HOTEL TKL E;Oa;, 6'v.v *? - ALEANY. NY Chas. F. Noble Oil & Gas Co. On? of the ttroejeet ladepecxl ? ot Oil CompaniM. Boras over M*-pey?J U%. Sp+dtit shmisw m rstjmui The OU Industry" r?Whaivrf sBMMaaiT ta *? blanA ?I litnlari le all mi?Wii. Pr-o* ?ota r*<iu??t RjC.MeQARGEL&?cx 27 Pine Street, New York Offer Utility Company Bonds HhIm v, Stuart Ar {>>. l?rafl Syn? dicate for 8 Per i*t\\ Note? Th? MM4!? Weit Util i tic? (.umosmy, **rv\riif eleetric light mriti pownr to ? ????letien of mor? than 1,800,000 In *'U?n ?tat*?, dm ?old to }i*\**y, ?tourt ', c? end A. B, J,".vh & Co, ?484,600 twenty yur B per eent m ?jr?d jff/^ neU?, Mr??? B, It was *'? ?^jrie*^ </e?ter&jr. the Betel ?i* being offered by the ?3"-^i'?f.? at t>ft*4. ?o yi?M etxrut $>/? H/ ont. Bid and Asked Following are the closing bid and asked quotations of stocks listed on the i-'tock Kxchange in which there were no transactions yesterday: !? ? Ajked. ?14. Jutkei Ad? Uumeljr . UVi : ?Keok * T> M. ?1 10 A ':'? .-. N? V- 4i 44 (J > pf .20 41 43 Lacled ? Gas.. 35 89 Ala Bl Hug Pi 70 80 L E & We?;.. !'. ?4 Am: Il S & y , ! 44 do Jrf .. . 22 38 I a. ." pf.108 114 I. * M Tob 11 120 13,1 teed pf 78 8S L-W Biscuit.. 20 SO K . Ilo 85Vi 68H ?: > 2d pf . ?9 100 lo pf .. too Mack a* Co* : i% " Am Sin pf A 60 hi Mann] 8ug pf ? 63 (I . 90,4 "?'.' Beach V? 2V4 Jo pf Mich ? nitral W ? . . . T p| 7? -: MStPftSSM pf "aH 85 Ai -, Arbor : : . "?' r,c. cj ? pi 2? ^ "?-I- 93 94 .- l?ia . 60 - ? -.- ai Hi ; 875 ?75 Mu Bo Is pf 73?4 - A ?. ?c W I pt & Cl alt 97H 102W A ?r-, S C pf.. ''?-, 20 N Biscuit pi . I? 'i Ba , MX? pf 92 '- N A"l ?-' <? !'' R4H v-< Bar ? ? I ?a-? 20 - 3 N Bn A- St Pf " 92 --. pf jo , Nat Uad Pf .100H 102 Hkiyn Edison 81 bo mu: >m ut pf 8 H Ou 4 ? .- NTC&SIi J*tpf ? fi? Siifie i p? "7, .'.,.' ' ? . ? . South. 9?4 10 ?-..-?. (? 50 liufl li .v I- 80 ,r K!?T Pf ;- 85 ,,,, Df , " " s'-" Pi ??> 161 e ii 7 .., ! : ??? ? ?; ? * " ? ? :' i aclt I out . <>? i/eir?i i.- ? i .??,..;;..!'+ !;; tSS '22,. ? luiada T \ T .i. J '? pf 80 86 , , ,'^'' , * ..- do 1st pf ?0 v.; ? I p. pvll ..... ,. All pf ' -, ' / 1. Ill pi !? tut ''?a! pf. pf :,'!: pfM * " ii. '. rt ?ti 8pg pf i'.-o io2V4 (SX A HM, pf ? ' 'HHI !'?* pf 80 p ..' , .,. j ?. _ -.. ../ j. -, it'll. I ? ? .' pf . 5? ?1 ? -..; tv h in pf 4x '? -, : ; :,f ? ??? pf 70 ,2% .. *, & H r tf 28 f-otil Irwut ... ?4 ? ; Bl-H K A I pf 87 87% ? rea ? arpet f ?, K ..M : ?? ;,o ? ;? - .,- 75 i?n J>e?n < >. pf - i ? mu | Ml] ,. z .,? ,,? l>?trmt i/iv. do pf 70 ?<o '-'"" ? It. J*. ? i iper HtMl ;.,' '?"? ???'-. I ??? I. ?!.* Jpfl ?" I ?! A j- ;,,, T- 200 ? :?? I r II 'A' Oil 170 179 Durti If ?lern 27 29 XMtlAW otfs *? II -lo r* v ' ,?,, .,< , ?'.. i - Tw ?' Il T pf 88 ???? :?' 40 ?o t -,?| 'rypewrlt 122 I'O r-i? /. flu? 4, -, ,,.. ,,. loo no Ul*J 4-, T- ,; g ...f Am 1 10 1.10 DTP pf IS " ? dl pf i. ,/ l>atu 14 M i l>m? let i>r 41% 4414 Uah !"?- i ? nxprem K% ? 1 I It T:x -.-i I/f tj i A i pf ? f: ? f'apwi pi '? V? Car ' (?' ?1 '- ? ? ' (n| N'biul pr 70 ?'? Wilson Oo pf, 80 85 ' '4 W1 (Voirai 33 88 I K?j?*f v?.?,:v.^,t'i. ??ii ins KOT?JaV? pf ' ?- '" \v IV. 'I p' A ? '-, ?? K.:,f nix-f p' 'j 73 no pf B M HVt . Krla?/ <"..-, !'f '.0 \ftUn Shareholders1 Aid J*f7er?on M Levy, chairmen of th^ ?tockholdert* proteotlvo cimmittea of the Denver A R?o Grande Jlailroail. which ii trying ?.,, pr?venl the ?ale of thai prooerty to the \V??i4tern Pacific ? to ?atiufy ? fudgTnont of $88,000,001 , '-.an, nent ? notice t-? ?thareholdur? a?k ng ':,<-rn to contribute 20 '?-ntn ? ?hare I to eover coati an?! dinburaemanta of lltleation. 55,000 Shares Replogle Steel Stock Protected Head of Company and Asso? ciates lake Over Big Block of Distressed Hold? ings, as Pri?e Breaks Another "sore spot" was removed from the stock market yesterday upon completion of a deal by which J. Leon? ard Replogle and associates took up - from twelve different brokerage hou>es j between 55,000 and G0.000 shares of : Replogle Steel which were held on margin. Interests connected with Kuhn, Loch it Co. are understood to have , aided in financing the transaction. The .speculative holdings of Replogle Steel acquired by Mr. Replogle and his friends, it was said, were paid for in cash so that the fear of further dis ' crimination by the banks against loans on the stock had been removed. Among those who bought the stock outright were a number of holders in Johns . town, Pa., who obtained a considerable stock interest in the company at the time of its formation in October, 1919. Members of tho so-called inside group of the company said yesterday that in all itin recent violent breaks in the stock they had not disposed of a single share of their original holdings. The total number of shares outstanding is 250, ! G00, no par value. Owing to the fact that Replogle shares were so closely held, the stock showed surprising resistance to the wave of liquidation that has hit the security market tho last few months until last week, when a break of 34Vi> points took place. Most of this loss occurred on Thursday and Friday, when i it was reported that certain important banks began asking Stock Exchange brokers to take the stock from their loan accounts. This action forced the largest volume cf selling for many weeks, and on Fri? day, when few bidders were to be found, the price fell from 42 to 30 on a single sale of 100 shares. On both the last i two trading days of the week breaks j of more than a point between sales ! were not uncommon. Although reports were heard in brok-. erage circles before the close of yes? terday's market that the weak specu? lative account in. the stock had been taken care of, this did not stimulate any noticeable buying of the shares, which closed at 33%, a net loss of lr,4 points from Friday's last sale. The Replogle Steel Company was in? corporated under the laws of Delaware to take over the mines, ors fields and blast furnaces of the Wharton Steel Company at Wharton, N. J., and the Wharton & Northern Railroad, which leads from the company's mines to its plant. J. Leonard Replogle is chair? man of the board of directors, who also include T. Coleman du Pont, Harry Pavne Whitney, C. J. Schmidlapp, vice president of the Chase National Bank; Mortimer L. Schiff, of Kuhn, Loei> & ' Co., and Harry Sinclair, president of the . ?nclair Consolidated Oil Corpora? tion. Seeks New Bond issue Illinois Central Says Income Is Insufficient WASHINGTON, Dec. 27.?Asserting that a bond issue was necessary be? cause it had not received the full 6 per cent return provided for in the trans? portation act, 1he Illinois Centra! Ra'l road Company tiled to-day with the Interstate Commerce Commission ap? plications for permission to issue mort? gage bunds amounting to $6,953,000. The road would issue $3,2:5,000 worth of refunding mortgage bonds bearing interest at 1 per cent, to be sold or pledged as loans with banks to meet maturing obligations. With the Chicago, St. Louis & New Orleans Rail? road Company it would issue joint first refunding mortgage bonds ar.. untin^ to $7,708,000, to be pledged as security to meet notes coming due within the next few months. LT. S. to Lend B. & O. S3.200.000 To Buy Freight Equipment WASHINGTON, Dec. 27.?Approval was given by the Interstate Commerce Commission to-day for a loan of $5,200,000 to the National Railway Service Corporation for the account of the Baltimore <S- Ohio Railroad. The loan would enable the Baltimore <? Ohio t-i purchase !"rr:irh?/ tra;n equip meni ro = t;n<r $14,233,000, of which amount it would he required to fur nish about $.?,000.000. The National Railway Service Cor? poration is approved as an agency through which loa-.s to carriers for ; equipment will be made, under author- j ity granted the commiss:on by the transportation act. Equipment Bonds < Quo tod or. ineomi ;.tgc basis.) Nai ii Rate. Mat urlt> . B -, Ask. Rait i O.iio.. r j ' ? ? ? : 7 ..?> 7.00 Ft, .v, Sfel. ... 7 "i. ' 0 7.30 6.DO Bunion ?t- A 4 '- 19 21-'?.?) 7.25 6 50 Buffal i R & i* 4Va-5 ::>-!' 7.25 6.CO do . 6 1921 -'33 7.26 6.5? ; Canadian Nat, 7 1 Pn? 7.00 6.S5 1 Canadli-.n Nor r-.-5-6 1021 '2D S.25 7.25 Canadian Pac. 6 I921-'32 7.25 6.60 C C C ?- St C 5 1921 -'29 7.23 6.^2 do . ? 1 921 -'27 7.23 6.50 Ches A- <~>h!o. . 6>i l924-'35 >'? 35 6 40 C, It 1 & !'. . . 4>-,-5 l921-'27 7 5 1 6 75 Chi A N XV... 4H 191 '2.1 7.25 ? .'? C, St I. i- N O 5 1921 '24 7 25 6 .',0 DM & Hudson. ?S 1922 7 ?0 6.76 Erie . 4,<3-5 I92l-'27 R.50 : 00 Frlsrn Con.... 5 1921 22 7 77. 6.75 III t'entra. 4H-5 1021-'27 7.25 6.50 do . 7 1925-'35 11.95 6.40 Kan Cll ?- So . 5 ' 92 l-'24 7 50 6.75 T.oui.s .<:- Nash.. .'? l92l-'23 7.23 6.50; Mich Central.. 6 1921-'30 7.26 6.40' do . 5 1921-'30 7 25 ?.40 M K 1" & SS.M . A '---." I 21 ""'. 7 : 6..5C do. 7 I 921 -'30 7 . 6 60 N T C Unos, i-i 1921-'2i 7 P0 6.40 X Y Cent 11 It. 4 '-j 1921-':I2 7 L G.50 do . 7 1921 -'35 " ::, S ; -, N V C ,.-. SI I. 4H : 921 -'26 7.30 6 76 do . 5 1931 7.50 6.75 N Y. X II & H 4 14-5-6 192J-'2S It 5 0 7 25 & XV. I '. : . < 7.23 6.35 N. : 1'a.cilic ... 7 1921 -'30 7 25 H 35 !?;-.; . 7 1 925 ?? 6.93 ? 10 Pennsylvania.. . 4 I !-i 1921-'2:l 7.25 6.40 Pitts K- I. 1-: .. '? ? I921-'S5 7:, 6. 7 Roadine ' ??? ? 4 .- 1921-'2. : 6.50 Sean iard . 4 '/4-?-6 1921 -'27 7 7 > 7.00 Southern tac.. 4 V? 1921-'26 7.23 ?, 50 do . 7 1924-'35 I 95 6 35 Bouthern Ity . 4',-5 1921 "?8 7:.'. t *( ??? m Pin Itlc. 7 ! 924-'35 6 9 I ? 35 Union Ta rrl .7 <?$ 7.05 ? 90 l Irg nlan . 6 is: l-'30 7.35 6.62 Wabash . 5 1921 1 1.00 6 00 Irregular Trend In Quiet Trading On Outside Market Tobacco Products Export Is Active, With Point Loss for Day; (^oodyear Stocks Continue in Good Demand Closing prices gave an irregular trend to the movement of prices on the curb market yesterday. Trading was quiet most, of the day as a result of a reaction after an early show of demand. Tobacco Products Export moved somewhat erratically, being a point lower on the final sale at 7. The Good year Tire Company stocks were in slightly better demand and the com? mon moved up to 22, closing at 21. , The preferred was fairly steady, clos? ing at 47. Oils were irregular. International Petroleum easing off to 15% and Simms to 6%, while Maracaibo moved up to 17-, and Salt Creek to 9 4. Carib Syndicate was steady at '? Industrials Sales Open High Low :.!<? 700 * ^cme Con'. 1 1 7? 1 100 ? Anna E T< cfs. 9% 9% 9% 9 % 1S72 * Ulled P Inc . '?? '..- 5 \ 7, ?i 5% ! on ?Aluniln Mfg. . 16'? 16 '? IS ', 1 ?? '? 200 "A- Chicle ? 21 ?j 22 '?' '? 22 ; ) ?Am Hawaii SS 23 25 2; 25 . 0 ?Arm Leather.. R?. 86 SS S6 100 do pf. $;> ?o SO 80 200 *?r?Am Chem.. 3% 3'4 3V4 3 V4 900 *Br-Am T coup 1 2 ?^ 12 V? 12'-4 12;-? 100 ?do re?. 12,4 12% '-% 12% 100 *.T G Brill. 48 4S 4S 48 1000 ?Conley Tin P. 11% 1 1 % 1 I'i 11'-? 1150 ?Gardner Motor 14% H!a '. I Vi 14 Va l -7' "i.lyear Tir i. 20 22 20 . \ 210 ?do pf. 50 10 45 47 8000 rndian Pack . 3% 3% 2% 200 ?Inter ? 'ult i pf 5 \ i. \ 6 ?t 5 14 ; ? ?' ? font Rub 5 ?-, 5% 5 5 400 *K?-. G c of dep I ?? 1 '* I ?? 1 '.< ROO ?I.inc Mo ''! A. IS :. IK?, 17 18 200 ?Loi i-.obi in. ; : ' , I '.-a 1 '-. Ma swell ? H 9 \ :? \ !? :t I11! 900 ?Meteor Motors 194 20:t 1 L< :., 19% 250 ?Munson I-urn. 15% 154 15?? 15% 100 ?Nat Leather.. 74 74 ?4 74 : 300 No Arn ?' ?- P. 4 Va 4?, 4 'a 4 4 1000 ?Peerless Mot.. IS 18% 18 18% 1600 Perfection Tire. 1% 1-* 1% lA 8*0 ?Prof S ?' & P. 3 % % % "J 1O0 *d,i pf. 1 it 1't I'? 1% 1 n ?Radio Co w 1., 14 1-% 1% 1?, ; luOO ?do pf w i. . i -\ 1% l 4 i :, ? ?on ?Rolls Royce pf 40 40 40 40 200 ?Roy Fr TP Inc 3% .; % 3 Vi 3% 1000 ?Sweets Co Am 2 4 2 Vi 2% 2% 1500 ?Tob Prod Exp ? -, S% 7 ' 500 !':i Profil Shar. 1% 14 1% 1 ,4 1500 *U Rot St Can. 7?, 7% 7 7 Vi ? SOO U S Steamship, l ', 14 i i tj Standard Oils Pales. Open. High. Low. Last. ' 800 ?Anglo Am Oil 16% 16% 15% 16 Other Oils Sales. Open. ILsh. Low. Last. ! 30000 *f A ill . . 17 1.1 ' IS 16 100 ? \.rk Xat Gus. S X 7 7 '.j ' 1000 ?P.? . - Oil ' ?, | i? ]i? i i ; 4? ? ?Carlb Syi ". ? 7 \ s ?, ? ? ?? 'il S IJ T ?h 29 ?,, 29 i, 29 29 50 ?Corden &? Co, 5 5 6 6 ' : ?i nny Oil ... 1 l -, 1 20? i ?Klk Basin P. 7% 7% 7% 7 % ? ' i? Knglnei rs Pc t I V? ! 4 1 14 : -, : ' ? ? '? ral OH .. . : ?? 2 4 2 2 ' ? and Oll. 11 11 11 i ; '. i ?G nroi k Oil. 2% .. ', - : -, 1"" ! ?Granada Oll.. ' '-, i ?, ;, 1 200 ?Guff-Gil ?le 7.7 4 25% 25 Vi 2;>\ 8200 ?Hudson l ii .7, 4 ?? .' : ICOOO ?fHughes Pet. 10 10 10 10 900 ?Internat Pel . 16 : ?: 15% ] 5 ", (Continued on ncrxt ?ij?) The Day's Bond Market U. S. Government Transactions Sa'.?s Llbertv 34s, 1347. $788,000 do 1st 4s. 2 ''"0 do 2d 4s de is: 4 ?4S, 19 4 7 fi.000 334,009 do do do 4th Victory 4*. do 3%s, 2d 4 V??, 1942. 3.418.000 3d 4 4 s, 1928. 1,559,000 1938 . 3,952.000 3 4s. High. Low. - h 9 9 2 85.60 ? dt do 2 do ; do 4 Vlctorj do 5 -2d 4s 4 4 s. 54.14 R? i 84.10 h 5 20 -. 00 M10 87.14 vi 60 8 4.86 94.86 Last. 90.20 85.60 ?I'M 85.60 85.76 8 4.16 H 7 7 6 84.84 Net chge. 20 ? 6 ? : ? .06 - - 26 Bid and Asked Quotations Liberty bonds. Yesterday 3 4 s, 1st 90.10.'ii 86 on -,, M 00 vi 85.60? 84.11 :. 87. 10 '?!? 84 so ; i ?4.90 ./ 9 4 92 .1 ?0.20 .-7 00 86.00 ,- l 20 s 7 36 84.84 9 4.94 100 100 194 1947.. 2d 4 s. 1942 1 st 4 4 s, 19 4 7. 2 <l 4 4?. 1943, 3d 4 Vis, 1928. 4th 4 4s, 1938 V?t 4 4s, 1923 Vic 3 4 s. 1923 Pre-war ?.?sues: 2s reg, 19^0.100 2s coup, 1 9740 .... 100 3b reg, 1946. 8 9 3s coup, 1946_ 89 4s reg, 1925 .104 4s coup, 1925. ... ? 2s Pan c, 1936 2s Pan r, 1936 2s Pan c, 1938 2s Pun r, 1938 ?c l'un r?K . . 3s Pun coup . . Phi! 4s, 1934 . Phil 4s, 1935 . Phil 4s, 1988 . D C 5.s, 1965... . 95 eg, - (Interest to be Added; P.id City of R?rne. 90 i'ity of t'hristianla. 93 <_:?ty of Zurich. 94 Argentino interna! 55. 1945. Klngde-n of Belgium 6s, 1921... 99 Friday. 89.90? 90.1C 86 OOtg 86 00 8 4.? l@ 5 4.70 85.50? 86.00 8 4 G "fi M 60 8 7.1 S '.i 87.24 ? 04 S h 5.10 5 4 90 'a 9 4 .96 9 4 9 0 0 94.96 .100 . i u 0 .100 .100 @10t #'101 ? 9 2 91 '7 2 @ -- i 106 ?S 101 V : il ?? U ?U 101 104 : -'0 100 100 81 4 ?y 8 i \ ?p 80 ? do 7 4 s. 1 '-' 15 Dominion of Ca?ad? d . notes, 1921 ... . do 1 :< 2 6. 3101 ?101 & 92 0 92 '(I d? j 0 5 (3 101 ?101 ?101 00 #101 ? - il S 9 ? ? 90 814? 90 M%? 90 80 @ 90 95 @ ? : iy ?5% :? 5 4 19 29 >? -. ?'- % 87% 8 8 4 do 1931. 81% Chinese Gov, Hu Kug n> 6s, '61 38 Cuban external 5s, 1944. 754 do 6s, series A, 1949. 79 do H.S, 19 49. 60 Dominie an Republic 7s. 1958. . . City of Lyons 15-vr 6s, 1934. .. . 74 ? 'l'y of Marseilles 15 -, r 6s, 1934 74 Cltj of Bordeaux : G yr 6s, 1 934 74 City Copenhagen 26 yr 5%s, '44 714 French Gov 8s, 1st i.-.sui-. 99% French, Purls City 6s, 1921.... 91% Gov of SwHz.-rlt.ricl Sa, 1940....102% 102V4 Japanrsi? Gov 4 >.,,? st.-r !n, 1925 75 4 754 do 44s, 2d seri.'S, ?925. 75% do 4s sut In, 19.'ll. 65 do Tokio City 6s, 1962. 424 43 U K Ut lir & I 5-yr 64s, 1921. 974 97 do 3-yr 5 %s, 1922. 84 4 9 4 do 11) yr '??'???u, 1929. 86% 87 do 20-yr 5 4 s, 1937 . t>3 8,; Mexican external str 5s of'99, '45 38% 38 do gold 4h o? '04, 1954 . 28% 28 K of Italy 6-yr 6%% gold boneis 78 S5 (Saies) 14.000. 93 38%" ? S 4 61 4 '' a % 7', 63% 77% 7:i 100 9 2 4 66 Chinese P.y 6s ,000 89 City of lt'-rne 8s lerni reta 2.000. 94 Vi City of Copenhagen b 4 ? 5.000. 72 City of Lynns 6s 2 000. 75 4 : ,000 . . 75% . 000 ... 76 City of Marseille? tin 3,000 . . . 75 4 6 000 7S City of parla ?h 40,000 .... 914 6,000 .914 26,000 , 91 % 18,0 10 . Bl% I I, -,v City of Tokio 6a 3.000 42 4 71.00'?. . . 43 City of Zurli h 8s 2.1 ! ?? . 94% '? 000 . 94 Dom ?'?riiida 6 4? notl s 1929 :? 000 . ... 8? 1.000 , . . 8 8 4 1 j 000. . *" \ I.OOfl . . 8? 4 do t,M 1921 '. 000 .... 98% do f - ! B2? 000 .... as 1/4 do :.f, 11:1 2 oon . ?1 4 in ni h )t?p 8s J P M rctn 1 000.100 . 88% 9 000.100 : 000 100',4 neo loov?.1 Jap 1st sir 4.? ,000 .s30f. 1,000. 100 1,000.1004 of Switzerland ' ts 2.000.103 6,1100.I0:i4 5,00? 4 I 00 .103 1.000 . ..102 4 75% 76% 6 ()O0 4 4 H ? an 4;: 2.000. . 4.00H . 65% 1 3,000. 65 i'? HHglum ? f 7 4- J P M rets 1.000.96% I ,000. .. 954 1,000. t'5 4 24.on.1 . . . , 05 1,00 1 . , 96% do 6a 192 6 1 .Old . t.s',, 6,000 . . M 4 r-l> Of ' '-'I'.c 5? 1 904 000 .... 76 * do 6a 1914 2.000 ..79 do 4 % ? 2. 'J 0 0.6 0 4 K of Great Britain A I 5Ua 1921 18.000. . . . 97% 1 :- non . . ?.,; ?; ' 1 922 ! 000 ... 94 H 1.000 . . , 94 '* 14,000 . 84% .944 10,OJO 144 '? 4 4 ; - Oft? f, 000 in.nijo ?i I ? 94 Vi 87 16 4 86% *7 6.000 1.000, 1 ooo : 100 1 ' :-' -.r m .-i ?, o 6a 000. 83 | 8 5?, 83 y 3 4 83 83 Vi 38 4 38% 'ooo. j i. 4 I 'Ity 4 4s 1967 ... 90% ' '.i 1964 3 0 0 0. f f, t? II 1959 ? . ? . 81% 7,000 . 82 Railway. O?her (Corporations ^M_ ser A 3.000 . 14 Albany A- Susq 54.? ! O' I . g 9 4 A da rv, s Express 4n ; 5 Am Ag ' 'h .?oh ,'s I.OOO . 88 Am Su elting 5s 5 000. 714 !l.nr'0. 714 12.000 . . . 72 poo Am 1 do 1,000_ 76 3 0,00,1 7B| 751 4 ( -<V . . 76 2,000 10.000... 751 9.000, . - -, 1 1 o o 12,000. . dn r,i 49 1,000. . 1 0, "00 do c vt 4 s 76% I.0C irrr.' ir ,K 1,000. 7 2,000 - \ '-' -' S F fren 4 10,000 7 1.00 ;i 0 0 0. 7 7 :?: \ 7:; 4 74 1 o or 1 5.000 4.1 ata v.: pd i- ? 1 o ono I 000 ,., ! 1,000 . 6V do rvt 1 , ' i r. H7 do ovt Is i960 40 000 79 do r 10 \ rfg do Trsns S I. 11 000 A ti C I, 1st cor 1 o Loi f. 6 i< ' 6 : i ?'.- C A L Be : orre .ir, 84' ! 8 5 -, 7 h i..r,. ': i '. i 0 n Bait ?- 1 ihlo 6s 2.O00, . . . R7 1/ 2 000 1 - rj 7 000 1.000 -, - ?] 1 .ooo s ? S 7 \ . ? 7 t< 1.0 0 0 t 7 -, , ? 7 U l .?or 5 71 x 'I Us I, E & W V* 4 s ,0( 4 s dl do T 1. ?J 0 0. 6 I 4 : 000. 50 1,1 00 . . . B0W '?'?' > of Pa 7s J P -M rets 1 , 0 101 101 2,000.1014' Beth Steel 2.0": 2, OOO .000 rf* 1014 L 101 V4 5 a 7?% 77 4 77 do p 11 10.000 OOO^^^^^^? Brot klj 11 Rap T 7s 404 74% do n:.. 'f de 4! ^^_^^_B>o 111 - ? .? . . . 404 !" 00". . 40'? 70.000. . 104 j do ctfs "f deposit stai ; , : ? _?^_ 1,000. 36 Brool j -, r Gas . - '?""' ??? 74 4 an Nor !;.. ? r g ,,d i- b .1 Interim rets '?.ooi . . nails So Bs . ?.'% Ry tf ? r'0H_ ' '?< ntral !...,.;-,,. ?en Ph c i .; "11 ?I 0 8 4 ?4 do .. 4 .. 6 ri 'hea ,'. - ihl : ,001 ? 1 72'; - "s '? 10 7'' 4 79 4 72-. -' ??. Chic 2.000 ... * Ait n 1.000 do : t: . 00 c n ,<:? 1. 4.0(1 d" gen is di ; . .. 2 7 0,i, di ,ln| 1, braaka 4a ? ? 87% ,,-in ?' Vi ?? 3.1.000 _ 1,000, , 7 ' Lit Western 4a 4,000. . . it 1 4S i lU 1 in,, ? 000 3.0O0 .*, 0O" 4 oooa I rvt 4 4s ' I 6 ' 4 ' 1 a ? '??-! ? - ?, ?i roo r, it 1 ono . .- , ! - - ' ? 634 I 000 . . . 8.1% ?' t '--. 1 ii - .i, I 006 . 63% I 61 : .", OOO . la 1 nun 1 non 1 linn m .-?? at p ser M ? 000 do ? ? 1 ?a 16 S do 1 ? 4%V i "4 .non. 1 000 1.000. 3,000 .. on? 63 4 fi - T. 6 4 4 64 ?'4 '4 ? , -, : Ono 64 634 *34 ' : ' ?4 1 0,)" . 6? do t-fir ?4* 8.000 n7t* . M 1,000 58% 4 Oil ft ?e, 10.ono . - l uno?. :,<!, 8.ono ;.i 1 ; 2,00,0. o do gen la ser A , MOO . 64 4 do deb 4s 1934 ?0.68U 4 1,000. 68 :., 58%|G Trunk Ry of Can 3 ' 'S interim rets J-???. 99% 1 . 9 9 4' .. : """.100 j Havana. Bloc Bs .'. 64 4 1 ' ?O.. .... 64', I ?' 000 . 64-7. : ? 000. 65 Hud 4- M rfg 5s 10.000. 564 h'c ' N \V 7s temp n 10"'' do gen 5s ' 1.00ft ... ??74 dr 1.000. 864 1.000. 86V4 do gen 4s -.000 .... 77 do sen in Etai ? r... i 2.00-1 7 i, Chi :ag ? Railway ; -' 2.000. . r e y. 2 "on. -,(:? o 00.) ... ? < ?; '??000. 54 t? 4,000. ? 4 :,; 2.000 . . .- : ?, '?? 000 . . 5 4 V 6 000. ;,tu Chlr I'n Station 4 %i ser A 2.000. 76 C P. I ft p rfg 4s 6,000. t|i 6,000. ,-l u, 64.non. ^4 6.0on.fl30f. '. 64 5.000. 6 4 U, "0 onn. 64% 28 non ... nj 3.00ft. fe, 1 0 Oilft ,;4 2.000 ... C & West Ind 4s 1,000 ... 531 5,000 . . -,J Chile Ci pper 7a 7.000. D0 40.nn" . ,,0. 5.000. DO do s.<e I o.oon .... 6-' '? 3.000. ' c 7j ? % "? 6 4 86 V4 do 4a St Louis dl\ 7 . 0 l.l l.i. 6 7 Col ?- So 4 4s dc 1st 4s 1 4,000. Ccmj Tab-R 6? ...100 iiooo i ane Sugar deb is 5,000 -,, ' -t ?? IIJ.I ,ono. I ?,000 70 i? '"! & H 7s '? ,8V4 ? I'en ,<7 R ,; eon 4 or so ? - ;?! -i 3,000. . 1,000 . do inc Bs !,000. 57 56% :oi Illinois L'entrai 6,000.... i o 1,000. . do rfg 4S 1.000. . do 4.s 19 53 7 000., do Loulsvlli C74 e dlv , r:000. ??% ,!(' ' at L & n o \ ^.78V4 1.0 0 0. 79 100 8% '"??ola Steel 44? Indiana SteVl 5s ' " S \ .7 ' ' - 85V4 - ! ? 85% i H terboi-o-Alet 4 4? 16% 15 144 144 1,000 ? 0"j 2,00O _ 30-??0 . : ' 14* : i o o o ; ?' ??. 4 900. 9.00C 7 0 0 ? l?.OOi ?4 4 I I 4 do ctfs of deposit ? ? o,o. j 3 . . 12 14 : ?' . ... 12 Interboi-u it t r'f g "c. Moo. 4v ....48 9 . 4? 4 ?0oU 26.000. . 4i L00C 5.000 . . 25 - .. 7 12.,' ? - - uoo . 'U Mer Marn 3,000. . . VA 474 4 7 4 48 4 2.00 c '. 0 ! iw? ? r i 2,0 I "entrai ' 75 4 75 4 K '? Ft S ,t M 4s 7,0 10.. 62 15.000.62U Kansai City So 5s 3,000. 71 do 3s ?000. 6->Ti K?n City Term 4* 5,000. ci 14.000 . 6 ? 4 Lace. Steel f,a : y_ : 10 u Lake Shore 4s 1928 4,000. so '. 800 . 7 ej do 4s 19.', 1 .... 78 Lehlgh Valley 6s asaslaslaslaslasV. . . 'son i fg 4 0 Deti ? i;;, 5s 1 'Mft "in Deti ,. ,p ; ' * . I ????-, It : ? i 18,000 L'rle do con <4s . 1.000. 77 Liggett .<-. ,\1 7s 2.000.101 d o 5 a ',000 . 78 4 0 0 o . . 7 s \ Long Island rfg 4? '. 10 . . . 66 4 I Lorlllard ' ?o 7a 1.000.103% do 7s 7 000. 77 ' ? .73 L & Jeff Bridge 4s ,84% L A N ' ol 5s 1 03J ? 000 . . SI do unified 4s I 000. 71 4 0 ...78% 19.000. 78% Manhaltu i Ilj 4 ? 12.000.51 Mid vale .-iteel- 6s 2.000.7*% looo ... 7:4 00 . 7 3 I "On. 734 - I 00. 71 _ 5 00,., 7< 4 il?^i^i^i^i^Hl4 4 ! " 000 34% LOOO.?,., 4 onn .. .. S4 ?Minn A St L .-fg 5s 1 noo . . 544' 11.000 . 48 ,- la aer D W" '< * ' note? 5s 3.800 .... 3941 4.000. 34 : 1 1 ? , ??.. 53 r Hen 4,-e 00 . . -,, 1 000, . ...' so? ,;" B -, lien 4a : ? 00. . ?>?? 1 ? - 9 \ ?? '? -"s ser A ? 000 . s?% ... .144 '* 4s acr n 57,4 6 onn. ,1(t ti '? 000 ... 384 do Pa col 4s 10 ooft^ . ... 73 Gen IBIoctrfa deb 6a 7.O00 . *9 do cUb fia 2 OOO ?? do _ 2 7,000. 5( MO l'Hrlfto fen 4s 1.000. 6? ?1 on.i.Bl% 7,troo . 51 1 ; n o n 2 .,"00. 61% 1 "00. 51% 5 000 . 614 Mob! Ir) Ai ' Ihlo 4b ?l L *-. C div 1.000 . 704 Montreal Tram 5s 10,000. 65 Morris &? l-7.-.,i>x 45 10,000.67 N' Chai <?t St L 6s 1.000. 00 ?i Or? T & Mex 5s 1 .OOO. 52 New ? irl Term 4s l'i.ooo. 594 17,000. 58 % 1.000. 554 N T ' ent ral rol 7 3 J I' M Interim rets 2,000.1004 100' do , 1 r-b 6s ? ...87' 1.00O. it 3.000. 84 5,000. 84% 3,000. 84% 10.000. 8? do 4 4s 1921 4,000. 98% 6.OOO . 98 do 4s 1948 1,000. 89% do gen 4 4s 4,000. 75% 10,000 . 754 do con 4 4s 30.000. 88V4 10.04)0. ?S P?re Marquette 6a 5,000. 84% do 4s l.ooo. 66% Phllll ; ne Rway Is 1,000 ..'.. . 554 00 100 87 4 87 4 87% 1,000. 29,000 3.OO0 ..87 .... X7 I O 000 . S7 : ?" 0.... : 0 000.,., n 4s 1.000. . . . ?I.O00 39.000 .... c? rfg 3 4 s 5.00" 874 65 66 654 i 0 ft 0. 35% 18.000. . ... 36 Pitta ? C S St T. 4s ?er G "? n . n 0 4 Pub Ser of N" .1 5s ? - ] . 5 7 % Reading gen 4a 2.000 . . .76 ..764 20.000.. ? 774 1 1 - -' 75% Rio <; XV ?Ft 4s r; n n n. 61 R ? Ark & L 4 4? ,r,ft "4 73 41 F8 4 2.O00. ?54 do -ig 4 4? 1 ft.000. 10.000. '..OOO... , do L S 3%a 1 ,nno. 000 . do M ?' 3'-j s 1 000 .... X T Connecting Rys 4 4s 4 000. 75 4 N T C? E L H & P 6a ? 0 000 . 78 4 S Y N H & ri 6s 7 0 0 0. 5 S 4 ' " n ...584 7 "''O . 58 6.000 ... r ' :? 1 5.OO.n .74 N T Rwaya adj 5s : 0.000 ... 94 4,onn. 3 do ctfs of deposit - a '?o. 34 18.000. I do rfg 4s 5.00". 16 do i-tffc f deposit 2,000. 15% 6.000 .... lb N Y State- Rys con 44s ?i.ooo .... 464 ?t. 0 0". 4?J4 L' "il" . 464 464 h & P 1st fis 1000 99% |f S st 3 k- Grand I 6m 4,00?. ... . 64 S<. MrTMt iS 5i iron ... 64 6 000 .814 do 4s 2.00?., -89 Qi T t S V 4? ser A 1,000... 1,00? I..... . 594 .. 6 0 Vi do . b ?"r B 4,000 .1 - . 71% 000 .. ? ? 71 % 1.00(1. 71 g,0?0 . OOO ' do ad.1 6s .- - 100 . 2000 . do Inc 6a 1,000. . ; ' 0 r, : 4 22,000 ? 7: 5 9 4 4? ?i 46 4 41; L r7g N T 9 & V. I.OOO . . . 55 .V T Telephoi e 6a 7 000. 83 ! 5.000 ... v : 4 1,000. i4;-. do 1 4s 8,000.7 : 4,0"". 7.4 7.0"?' . . . 7 - 3.000 ? ... 73% 1,000. 724 1 7 "? . . . 75 6,000 . 724 27.000. 73 N T W * Un 4 4s 12,001, .12 . ,0?0 ... 31% .. 000 . -2 Niagara F P 6a 1.000 . 91 Norfolk A. W Poi-ah Coal & Coke 4s 4,000. T5 de ' vt 6a 3,000 .102% do ( un 4.1 22.000.7 4 S' L Sirn 1st 4? non. f.oon . ?i., >r, 4s do ' 00. 594 ermlnp.1 'S s non. 60 4 on St oon. 604 0 o 0 . .61 '?: ? ' s L 4 4 s ; non . 62 1 ooft. 61 Pt P M A. M con '? 5.O00 B 0 4 do 4s Montana ext 2 000 s " 4 Fan An & A P << 1 ' 000 574 Fea bim i-i A I. a '? 5s 1 non 32 ?.. 1 01 ?I 33 4 c? -???-.;?; . 50 4 do 41 do 3e 4. son do rfg 4? 3.000 ...39 ' - . . . 38 Se. Bell T 4?L- T is 2 000 ... 80 So Parit?- cvt 4b . . 7" 4 10,-,,-.-) . 724 ?3%| 23.600. 73% 7 4 4.000 . 734 1 n 0 0 0. 7 3 14 74%'j 18.000 ... 7 ' /S 0',li ,nnn ."09. 53% 1 000 ; ?1. 0 0 0. 95 i . ?00.64 ! ! Nor SI ates Pot-- ' b I.'1 "0 . 7 6 Ore &? Calif 1st 6a .,000 . . . . 86% ? 00 . "7 1 0 n .-1 ..88 \ 1 ..Ore Ry ft Nie- 4? ooo.734 10.000 . do rfg 4s 10.000 . ? noo.. : ' 1 . 1,000.. 11.000. . 1,000 . do col 4a .000 . - a 4 7" 4 73 4 774 7 3 . ?8 4 S.I09 . 68' San F Term 4> 1.000. 81 4 Ore Short Lin? 4s 2. ooo 000. . , 3.C00 - 77 4 Southern Ry Ore-W n It i- N 4m 4 000 , 1 1,000 .... 69 ; 1.000 . . . Pacific ?.'oaat 6a ' d4 4s 20,000. ?3 1.000. 6? 4 Paclflo O ?t E rs 8,000. 21.(?00. 78 4 2.000 . .... 78% ' ... 68 Penn 7s 1*30 Thlrel A-- rfg 4s 4.nos .103% 2.000. 43 1.000..104 ?.0O0. 424 J.???.108%: 6 0 ... 42 8.000. 104 7 0C ) 42 4 do 3s 1964 do ad' 6s 1,000.84\ 2.000 . . . 2 4 % l.ono. 86 ( 25.OO0 . 24 4 00 . -- 14 :Tol si 1. & W 4s 6.000. ?4 t 1.000. 43% 2.000. 844 Union Pacific fi? I.OO?. 844 ! 3.onn. ... ?)n 1 onn ?4 4 I ? 8,000 .994 2 onn . g4 '?? 1,000 . 98 4 15 000. . do 1st 4s 3 "00. . 98 73 4 . 7 i S 4 . 78 % B noo. 78 4 i.noo. 7?4 ! 4 (100. 78% IS.000 . 764 I do cvt 4s 2.OOO . 704 do rfg 4s 2,000.73% 4 000. 74 t'n Uds of S V 4a ctf? of deposit 2.000 ... :* I nltod Ry Inv 6? I Uta ?Haue J, 0 0 0 ? . 6 4 S U S Rubber temp 7 4? 197,0 ..954 . 95 do it 15 onn ... 72 1.000. 6.000. 1.000. 2,?00. 4 000. 72 4 .... 72% 724 Smelting 6a 6.000 U 8 Steei f 5s 87 4 89% 90 6 00 0 1.00,1. 1,000. 3,0 n n . r, 000 . 89? :? noo. 89% ' ln.'ooo. 9? 8 9 % ! noo. 89% 10.0O0.. vi 4 I 1 -. r : I) , R94 6 000 . 89% ? 4.9*0 . . . S9% do s f 6a reg 2 000. ... . 894 Uteh Power & 1. 5s :,.ono . 7 6 . ... 76% 6 000 . . 7? ! ".,,1 764 6.000.. .76 |W N ? t P lit II Va-Car Chemical 5? 1.0??...,.. I? 2.000 . ?M%!We?t Pacific i??. Vlrginl ,:: Ry 5s 1.000. 80% 6.000. RI 1.000. 80% ,80% Weatern l'aloa ?a F : i.oon. 71% Va Ry * Power 6a 4 000. 71% 2.000 . . . S3% do 44b Wahash 1st 5s 5 "00. 74% 2.000. 85 ,\\>at shore 4a 10.000. ... -44 12.000. ?? Westinghouse FTileii 7s do 4s legiatertie: 1.000. 91% ' 1.000. 66% 2.000. "4 ?*'Wheel * L E ?%* LPwO. 94% 4.000. 47 ? ooo.94 4 do con 4? ) 000. 94% 4.000.60% -c . TTi'son C? Irt-4hi 4 000 94 ... 7.000. ?;% 4.000 . . 944 ' 1,00?. . . . 82% 2,000. ?24 6.000. ?7%l - 6.000. 01 <Jo cvt 6s 6 P0O.?i s 1, 1 neo . , , 7? 94 4 1.000. . . . . if Weat Maryland 4s 4.000 ... ^?7? !> n0f) . I 4 Wls C h ft r>ul 4? 1 4.OO0 .4 . . 61 ( nnn . , IIU The Era of ?Decreasing ?Distances THE establishment of the first steam ferry to Brooklyn in 1814 by Robert Fulton, Robert Livingston and William Cutting, the two latter among the founders of the Bank of the Manhattan Company, was only another step in the constant process of knitting the people closer together, in which men associated with the Bank figured so prominently. Livingston, whose help and enthusiasm made possible Fulton's steamboat, Cutting, Nicholas Roosevelt, Col. John Stevens, who built the first locomotive and first championed railroads ?these men were indeed pioneer experimenters in the application of steam which foreshadowed the great era of transportation development. Today, as a result, the Bank is extending its 121 year old service of credits and counsel to business men in New York marketing goods, not only throughout the Americas but all over the world. Bank of the Manhattan Company ESTABLISHED 1799 40 Wall Street Capital S%ooo,ooo Surplus and Undivided Profits $16,146,4^.20 UPTOWN OFFICE:? }t Union Square, Sew York QUEENS BOROUGH OFFICES:-/??,?, Flushing, Lenghl. ndCity, F*rR?dt**sy. Kecitwoy Betch, Scande, Richmond Hill, Eimhurst, Corana, College Point, Woodhoven, Ridgcvood, Freih Pond BROOKLYN OFFICES:?St. John'i PUce *nd Cypre,, HiUi OFFICERS % PRESIDENT STEPHEN BAKHR. \ FIRST ITCE-PRESIDENT RAYMOND E. JONES IICE-PRESIDENTS JAMES McNEJX B. D. FORSTER HARRY T. HALL EDWIN S. LAFFBY P. A. ROWLEY D. H PIERSON FRANK L. HILTON V. W. SMITH JOHN STEWART BAKER CASHIER O. E. PAYNTER ASSISTANT CASHIERS W. P. MOORB I. S. GREGORY H. M. BUCKLIN W. A. RUSH GEO. S. DOWNING E. S. MACDONALD O. G. ALEXANDER DIRECTORS J. B. ALDRED STEPHEN BAKER B. H. BORDEN MICHAEL FRIEDSAM WALTER JENNINGS RAYMOND E. JONES G. HOWL AND LEAVITT HENRY K. McHARG GEORGE McNEIR ARTHUR G. MEYER JOHN C. MOORE CHARLES E. POTTS SAMUEL SLOAN WILLIAM SLOANS JAMES SPEYER CARL F. STURHAHN . .' VLS.KltSK.lt; Il il To Owners of Securities which bear January Coupons Have you thought about the collection of your January interest? Will it be collected promptly? Must you visit your safe deposit vault, clip ( coupons, make out ownership certificates, and attend to other details? How often do you do this during the year? How often do you suffer loss of interest on your income by neglecting to be prompt in its collection? What would happen if you were away? would things be left undone? We offer you a service that will relieve you of all this routine and prevent the loss of interest. It insures the prompt collection of your income and maturing principal, whether vou are at home or traveling. It combines these, and other service features, with safety. Our booklet?The Care of Securities?will be sent on request Guaranty Trust Company of New York 140 Broadway I Fifth Avenue Office : Fifth Avenue and 44th Street Madison Avenue Office: Madiion Avenue and 60th Street Gra.nd Street Office: 268 Grand Street Capital and Surplus - - - $50,000,000 Resources more than - - |8oo,ooo,?ooo