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LEGAL INVESTMENT fot Sovtno Ranke ?nd Traute?? I ta Mew fork, MasMchnsetts, Ooemectlcat und other states. $500,000 San Francisco 4l/2* Due J?ly U ?9?7 ? Prie? 08.30 and interest, Yielding 5.75% Ctretdar en request fer AX-SIS TheNatiraalGty Company Staat essest RsUensl City Bank ?ulM'si Vs-n Otto?. mrtJ? Ave. * 4M St CO?HRANE HARPER &CO. Ill Broadway CO S tat* St. NEW YORK BOSTON .Invincible Oil Corporation Latest circular en r?qu?j| WEEKLY LETTER gMnt current newt t*JS detelepneat at INDEPENDENT & STANDARD OILS ruraiehe? uso? request Province of Manitoba (Canada) Ten Year 6% Gold Bonds Principal and Interest pay? able In Gold In Winnipeg, To? ronto. Montreal, New York. These bonds are a direct primary obligation of the oldest of the Prairie Prov? inces of the Dominion, noted for producing the highest-grade wheat in the world. Winnipeg, capital of the province,with a population of over 200,000, is tlte chief distributing centre for this vast section. Price to Yield 7.40% Full Particulars Upon Requut fsr Circular B-11 -^ "WTADDELI* Ground Floor. Singer Building 89 Liberty Street New York . A Nation-wide Organization THE SCOPE and Service? of the Byllesby organiza? tion are concisely described In a new 16-page booklet which will {prove exception? ally interesting to investors. Byllesby electric and gaa companies serve 600 cities and towns with 2,200,000 population. Stnd for Booklet NYT-t tLMByllesby G Co. Incorpor?tad III Broadway New York Chicago ? Providence ? Bostart J. K. Rice, Jr. & Co. Buy & Sell Corn Exchange Bank "Righta" Home Insurance "Rights National Park Bank "Rights" Chase National Bank Stock Continental Fire Ins. Stock Equitable Trust Co. Stock Fidelity-Phenbc Ins. Stock Franklin Insurance Co. Stock Great Amer. Ins. Stock New York Trust Co. Stock J. IL Rice, Jr. & Co. Pbeines 4ese t* ?tie Jttu^ g( W(J1 Hu< N T PRICHITT ?- Co. Jfewbere X T. Stash Awkesft ?0 Broadway Naw York kids for Investment ??ris, Forles & Ct Guaranty Trust Co. Home Insurance Rights ,Borden Co. McCLUKE, JONES ARCED _*?**~s ??** tar* Staat, Smahataga US Bram?m^ rttmm0 $M| g^^ The Trend in Finance t _ Easier Money Conditions Will Enable Member Banks to Cut Debt to Reserve Institutions A CHANGE In manner of functioning of the Federal Reserve system seems near. The passing of the period of stringent credit will make it possible for the central banks to serve the purposes for which they were designed. It was originally intended that membeT banks should borrow from the Reserve banks only when seasonal recmire ments and special conditions demanded expansion. -Instead, the exigencies of Treasury financing and other facts related to the era of war and infla? tion kept member banks as permanent debtors of the Reserve system. This relationship rendered the profits of the regional banks extraordinarily i Innrs It is patent sow that as credit is re-*4 leased, as industry adjusts itself to a lower price level, member banks will reek to reduce their indebtedness, and, according to Governor W. P. G. Harding, the Reserve authorities will en? courage this process by keeping the dis? count rata of the Reserve banks slightly higher than prevailing open market I rates. i If no new inflation halts developments j which seem under way, the trend will ! be in the direction of a substantial shrinkage of the rediscounts, and hence the profits of the Federal Reserve banks. Unless new offsets appear, the regional banks will be faced with the problem of keeping their profits suffi? ciently large to meet their expenses, and will do this in a large measure by pur? chasing acceptances in the open market. If real deflation comes?in the sense of a substantial reduction of the aggregate ?redit in existence in this country?then lower earnings for the Reserve banks will inevitably result. This contingency is not viewed with alarm by Reserve officials, as it never was intended that the Reserve band's should earn Inrgt sums of money. They were created foi other purposes, and during the perioc of inflation huge profits were inescap able, The fact that credit released fron industry will be to some extent abollshec by liquidating member bank indebted ness at the Reserve bank will delay thi attainment of a period of easy money but credit conditions are likely to changi rapidly after business begins to releas? funds on a large scale. Last week bor rowings at the Federal Reserve Banl of New York were substantially reduced ; as rates on money for commercial an ! speculative needs declined. In spite of the dropping of the re newal rate on call loans to 6 per can for the first time since November 80 an the decline of rates in the outside mai ket to 4 per cent, industrial stocks r? vealed slight losses last week. The ei ?remely rapid recovery from the lo prices caused by the hysteria and nece? sitous selling of December was followe by a series of irregular markets. Sint the fountain and springs of strength c the market during the rebound were I a large extent repurchases by those wr sold stocks and bonds last month i establish losses for taxation purpos? and also short covering, it was to I expected that, when this character ? buying tended to exhaust itself, dullne in speculation would follow. The rally from the low marks December was not confined to securi prices. Commodity quotations at fci organized exchanges turned higher, at a moderate improvement took place the various wholesale markets, partie larly in cottons, silks, women's wool goods and shoes. A flood of buyers h poured into the city, and many of t purchases that should have been ma in the closing months of last year a now being made. The spurt thei fore represents in part the effects deferred buying and also seasonal cc ditions. Factors, emerging from a - riod of excessive slackness, report bristling activity last week. The < pression of real buying impulses led price increases, indicating that the 1 quotations prevailing' were under 1 level at which sellers would be willi to dispose of any large quantities goods. In the terms of the depress! of previous months, the present sitt tion seems like an impressive bot However, it.can be more accurately ? Bcribed aa a moderate recovery. - Money Is easier. Current devel menta in the money market indicatt piling up of surplus funds in banks almost all parts of the country. At Stock1 Exchange last week the rene rate on call loans was reduced from 7 to 6 per cent for the first time since November. Offerings at 6 per cent were liberal, but brokers and other bor? rowers in the call market found they could do better by going outside of the regular exchange money market chan? nels. It has not been surprising, then, that the outside market for call money should be even more active than that on the exchange during the last week, and some borrowers in the financial district obtained funds on call at 4 per cent, the lowest rate in more than a year. Conditions in the market for fixed date loans secured by Stock Exchange col? lateral also reflected greater ease, with some business being done in thirty days' to three months' loans at 6 to 7 per cent. The accumulation of banking funds in the interior made itself evident in the market for prime bankers' acceptances. Here last week the heaviest demand was reported in the history of the American discount market. Banks and institu? tions all over the country sent their orders here for bills for short term investment, and the supplyvwas so short that dealers reduced their selling rates one-half of 1 p?r cent in the courss of a week. To some extent the broadening demand for acceptances was dus to the reduction in the rates on call money at this center, the latter development mak? ing it less profitable for banks to em? ploy their surplus funds in this way. Improvement in the principal foreign exchanges has been well maintained Rates on London last week continued the recovery begun in December and rose well above $3.70, touching the high? est levels since early last summer. French francs, Belgian francs, Italian '.ire and the Scandinavian exchange? have all continued to share in the bet? terment. The pressure of foreign bills i has been much less since the first of the jjear, indicating a slackening of the for I ward movement of American goods to ? the other side. But the improvement in sterling ex<;hange is believed to be flue to more fundamental causes, and bankers who are conversant with British conditions insist that Great Britain getting her financial house rapidly in order. Much foreign government financ? ing in the American ? market is antici? pated this year. Some, authorities esti? mate that the total of such offerings will exceed that of 1920. A number of issues are believed to be close at hand, includ? ing a $25,000,000 Belgian government issue and a $100,000,000 French govern? ment operation. Equipment Bonds (Quoted tm Income percentage basis.) Nar.:??. Pate. Maturity. Bid. Ask Atl Coast Line C >? 1922-':'C 7.00 6.40 ?sit * Ohio.. 'V* 1921-'27 7 i0 7.?? Beth Steal-7 i921-'3s 7.?? (.9* Boston A A... 4',', 1921-'3*> 7.25 <i.i* Buffalo R ft P 4V4-1 1921-'33 7.21 6.U ???. ? 1921-33 7.25 (.14 Canadian Nat. 7 I'm 7 ?* SO Canadian Nor. 4V4-6-* 1921-'29 S.5? 7.2? Uanaaian ?'a?. ti 197'l-'32 7.if? S.o?? do ..... 4V4 1921-'2?? 7.00 C.50 C C C ft St L. 6 1921-'29 7.2C Bit do . ? 19il-'27 7.25 ?.;,?* Ches ft Ohio.. 6ft lfl24-'35 6.90 6.40 C, R I ft H... 4V?j-S 1921-'27 7.60 ? Chi A N W... 4'n 1921-'23 7.25 (.6* C. iM L ft N O 5 1 ?21 -'24 7 2S 6.5? Del ft Hudson 4*? 1922 7.16 6.7? Kris . 4>?-5 I?21-'27 1.50 7?* Frisco Con.... 6 11*21 -'23 7.7? 6.71 111 Central. 4%-? 1021-*27 7.25 6.6? ds. 7 1935-'35 6.95 (.41 Kan City So.. I lS21-*24 7.5? 6.7* Louis & Nash.. 6 1921-'23 7.25 C.50 Mich Central.. 9 1921-'30 7.25 6.40 do . * 1921-'3t 7.26 ?4* M S P ft SSM. 4V4-? 192l-'2?i 7.25 6.in d? . T 1921-'30 7.25 6.(0 NYC Lines. 4*4 1922-'2S 7.10 0.4?) N T Cent R R i\k 1922Vi2 7.25 8.60 do . 7 mi'-'? 7.25 6.46 N Y C ft St L 4*4 19?)- 3? 7.3d 6.7* do . 6 1921 7.00 6 30 N Y. N H ft H ?IVfc-S-? 1?21- 21 1.5? 7.26 Norfolk & Vf.. 4 Va l!>21-'24 7.2 5 6. Nor PaciOo .. 7 1921-30 7.25 6.40 Pao Fr Exp... 7 192f?-'35 6.95 6.40 ?Vnnsuvanla.. "-IVfc 192l-'23 7.25 6.4* Pitts ft L a... 6>4 1921-'3S 7.25 8.3: Readine Co .. 4 H 1921-'27 7.25 6.61 Seaboaid . 4V&-6-8 1921-'27 7.75 7.0? ?outhorn Vao.. 4 ft 1921-'"? 7.25 t.6? do . 7 1924-'35 6.95 6.4* Southern Ry. . 4*.4-6 1921-'26 7.25 Union Pacido. 7 1924-'35 6.95 Union Tank . . 7 1930 6.9? Vlrtrlnlan .... ? 1P21--30 7.30 6.5? Wabash . S 1921 11.00 5.00 Price Trend of llie New York Stock Market Septf Oci-r-Nov-r Dec +" Jan -r FebTMar T Apry May t Juntf-.JulyT Augr Septr-Oct-j Novr Dec-f Jan-"r FebTMarr APr il 1 III I 1 I'! 1 I Ml I I I U i I Ml I?I I'l Mil II III I II ill I 1 IM I I I III ! I ill I I ill I l I ill I I ill I ' I I I I I ih i i ill i l.i'l I I 1 Thf 9**ph ?how? the weekly fluctuations in the average prie o of twenty railroad stocks in one line and thirty industrial stocks 1? fthw ether since September 1? 19X91 Summary of Stock Exchange Dealings (Copyright, 1921, New York Tribuns Inc.) Stocks Railroad stocks Oiher stocks ., Last week . 1,297,800 3.410.400 Year szo 1.769,100 4,085.800 1?21 2. ?44.500 7,214,100 AH stocka .4,708,200 Week befare 1,462,700 3,404,800 4,867,500 Bonds Last week Week before Tear agro XL a. ?????'-rnment banda. $42,872.000 $56.213,000 $57,366,000 $105,316,000 Railroad bonds . 12,052,000 12.002.000 11,705.000 23,491,000 Other bond? . 18,794,000 16,689,000 17.852,000 All bonds . 73,718,000 84,904,000 86.923,000 Jsnoary 1 te dato 1920 191? 3,701.500 2.622,800 8.561.200 4,331,100 5,854,900 10,058,600 12,262.700 6,953,900 January 1 to date 1920 23.061,000 156,868,000 1919 $123,049,000 30,714,000 35.822,C0C 189,585,000 Hitch 1521. Date. 34/, Jan 14 19% Jan 6 52 40 39 i/a 1% 15/a B5!/a 93 /2 351/2 791/4 65/2 84 50 431/i 48 57?4 50 90 29/ 85 127/4 112 2234 64/2 8/4 131/2 11/2 53/* Low 1921. 26/a 16 45 32/2 30/? V? 1 44/2 88 29% 75/a 56 79/2 47 43/4 49/2 42 83/a 25 77/4 120 110 19% 6834 6% 443; 58% 49% m/8 66/a 87 86/4 104/2 20 71 10 12/4 39/a S>2 64/4 313^ 86 S 5/4 105% P3>/2 99% 120% 91/4 115% 90t/4 71% ?5% 3C% Q3 *7?. 33 38% 3/> 28% 51'4 ?1/2 97 P4% 79/2 7/a 86/2 9 76 44/2 1050 1<91>/2 1?'/a 13/4 64 941/i 18C 37% 54 80 55 1 4% 59% 61 >'a 93'/i 107 534 39 12 83/3 51 41 80/a 5/4 89 6 143/4 19 17/2 64/2 31 75 7/4 50 119'4 8/2 41 % 96 205 31/2 39 "2/a 62'/4 834 534 9 203/8 31 46% 71 110 70/4 28*-, 65 76 12% 23 Jan 10 Jan 12 Jan 10 Jan 14 Jan 6 Jan 14 Jan 15 Jan 11 Jan 11 Jan 6 Jan 7 Jan 5 Jan 11 Jan 14 Jan 8 Jan 11 Jan 15 Jan 11 Jan 14 Jan 10 Jan 10 Jan 7 Jan 10 Jan 11 Jan 12 120 Jan 8 8/4 Jan 11 Jan 10 Jan 13 Jan 12 Jan 7 Jan 4 Jan 6 Jan 14 Jan 12 Jan 14 Jan 14 Jan 7 Jan 11 Jan 10 Jan 15 Jan 11 Jan 4 Jan 7 Jan 11 Jan 12 Jan 7 J.in 14 Jan 12 Jan 11 Jan 11 .Tan 14 .Tan 11 Jan 11 Jan 11 Jan 7 Jan 14 Jan 11 Jan 13 Jan 13 Jan 12 Jan 12 Jan 6 Jsn 11 Jan 8 Data. Jan Jsn Jsn Jan Jan Jsn Jan Jsn Jan Jan 3 Jan 7 Jan 3 Jan 3 Jan 11 Dir. in $. 3 ? 3 ? 3 ? ? 4 4 4 4 ? 5 ? 5 ?? 3 7 Adams Express , Advance Kumely .. 1600 19% do pf . 800 52 Air Reduction . 1300 40 AJax Rubber . 6200 39/2 Alaska Gold Mines.. 2600 1% Alaska Juneao .... 1100 1/2 Net Sale*. Hlg-h. Low. Close. ch?e. 2000 34/2 24*1% 30'4 + 2/4 13% 18%? % 4934 51/a-f- 6/a 341/2 39/2+ 5'/2 34/2 35 ? 2/4 % 1 - '/, VA 1%~ ?A Allied Chen? ft Dye. 104500 65/2 47% 53 + 5 43/a Jan 11 Jan 14 8 Jan 13 10 Jan 3 4 Jan Jan Jan Jsn Jan Jsn Jan Jan Jan Jan 3 7 3 ? 7 7 3 12 6 7 3 ? 6 6 do pf . 3900 93/j Allis Chalmers _ 10600 35'/2 do pf . 800 79'/4 Amer A*rr Chemical 21C0 64 do pf . 600 84 Amer Bank Note... 100 47 do pf . 100 43/a Amer Beet Sarar.. 6300 48 Amer Bosch Magnet? 1291*0 57/4 Amer Brake S & F. 400 50 do pf . American Can 9274+ 3% 35/4-j- 1 78!-4+ 1% 59/g? 3% 84 - 47 *- 3 . 431/3+ 2/4* 431/4 45/2+ 1/7 <9/2 51%? 4% 48 50 + 23/4 90 90 4- 1/2 33 Va 77 59/, 84 47 43/ 43/4 42/a 57 38 /a 8% 49 86 81/a 100 17/s 66% 734 8% 35 75/4 63 30 85 8934 100 Jan 14 Jan 4 Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan 3 Jan 11 Jan 4 Jan 7 Jan 5 Jan 3 7 4 4 6 5 ? 3 1 4 ? 8 4 3 ? 3 ? 3 4 3 7 6 3 7 7 7 2C0 90 18500 29/4 ,26/a 273/?? % do pf . 1000 8534 83% 8534+ 2/4 Amer Car et, Fdry.. 6800 127/4 122 124%? % 400 112 112 112+2 3300 22% 20/4 21/2? % 100 64/2 623/3 62%+ 3% 5300 8/4 7% 7%? /g 2800 131 Vz 123 127 + 7 8300 11 8/2 8%? 2 do pf . 11400 53/4 431/4 45 ?3% American Ice . 200 44% 4**.5? 44^? 3/g do pf . 600 58% 5734 ?58% + 3% Amer Inter Corp... 73200 49% 44 46 + 2% Amer La Fra Fire E 1200 10 10 10 ? /8 American Linseed .. 3000 65/4 53/4 64 ? 34 do pf . 200 86 86 86?1 Amer Locomotiva . 10100 86/4 83 SV/Z? 1 do pf . 400 104/2 102 IO2/2+ /4 do pf . Amer Cotton Oil... do pf. .80 Amer Drus Synd... 8 American Express . ? Amer Hide & Leath Amer Malt A Grain 200 20 American Radiator. 900 71 Amer Safety Razor. 10800 9/a Amer Ship ft Com. 21600 12/4 20 20 + /2 68% 70/2+ 2 8/3 8/8? 1/4 1014 11 - 73% Jan 95% Jan Jan Jan Jan Jan Jan 114 87 110 90/a 59 94 .32 8/2 3I/4 33% 2'/a 25% 55% 45 94 8214 75/a 6/s 841/8 7/2 61i/2 38/a Jan Jan Jan 3 10 3 8 3 12 4 6 3 12 Jan 14 7 Jan 3 7 Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan 3 7 7 ? 7 ? 5 8 3 ? 3 ? 4 4 Amer Smeltint .... 13500 39/2 36% 37/a? i/a do pf . 1600 82 79/j 82 + 134 do pf A. 600 64/4 63 64'4 + ?A Amer Steel Foundry 4400 31/2 30% 30/a? /2 do pf . 300 83% 85 8534+ /4 American Suirar ... 8700 95/4 91i/a 923/4? \/A d? pf . 1100 105% IO334 104 + 1 Amer Sumatra Tob.. 6600 82 76/> 76%? 1/4 Amer Tel & Tel. .. 5800 99% 93% 09%+ % American Tobacco.. 6^*00 120% 115/8 116/-.+ 1/4 do pf . 6:0 91 Vu 89 9O/2+ 1/2 do B . 5500 115% 112/g 114/2+ % Amer Wholesale pf. 500 90i/4 9Ci/8 90/4 + I/4 American Woolen . 50200 71% do pf . 300 95*'.'. Amer Writ Paper pf 4*00 3?34 Amer Zinc & Lead. 1800 934 do pf . 7C0 33 Anaconda .21300 33% 65% 95/a 36 9 800 3/ 1400 2833 26'/, 26/s? 1% 800 58/4 5734 58 + 2/4 48 700 61/ 100 Jsn 14 1000 Jon 13 109 Jan 11 Jan 14 Jan 5 Jan 11 Jan 7 Jan 12 Tan .11 fan 11 Inn 3 Jan 10 Jan 7 Jan 11 Jan 11 Jan 11 Jan 12 Jan 7 Jan 14 Jan 8 Jan 7 Jnn 12 Jan 10 Jan 12 Jan 11 Jan 13 Jan 7 Jan 8 Jan 15 Jan 13 J.in. 11 Jan 11 Jan 7 Jnn 7 Jan 7 Jan 11 Jan 14 Jan 11 Jan 12 Jun 14 205 Jan 6 27 Jan 12 Jan 11 Jan 12 Jan 6 Jan 6 Jan 4 Jan- 13 Jan 12 Jan 12 Jan 11 Jan 11 Jan 11 Jan 12 Jan 7 Jan 11 Jan 6 Jan 6 17 10 61 84 99% 35 6034 70 33 1 2/8 63 54/a 93 9934 4% 39 10'/4 6% 61 40 80/a 4/2 811/4 4% 10% 14/2 1334 69/2 25 68 /a 51/4 41/2 115/a 6 35% 89 Jan 15 ? Jan 5 7 Jan 12 ? Jan 10 10 Jnn 4 5 Jan 4 ?0 Jan 5 7 Jan 10 ? Jan 3 ? Jan 6 7 Jan 3 7 Jan 14 7 Jan 3 ? Jan 14 4 Jan 6 7 Assets Realization Asso Dry Goods.. do 1st pf. do 2d pf. Associated Oil ... Atch Top & Ban Fs 8300 84% 81% do pf _:. 1850 71'2 79 Atlantic Blrm & Atl 1200 6% Allan'ic Con-it Line. 900 81 Atlantic Fruit . 500 8/4 At Gulf & W I S S. 123700 75/4 do pf . 4800 44 Atlantic Refining do pf . Atlas Tack . Austin Nichols . do pf . Balclw:n Locomo 69 + 2% 95/2 36?2 9 ? ?4 31/2 '33 + 234 37 37%+ 1/4 3 3 51+2 95/a 95/2 95/2? 1/2 83 ? % 79/4? 1/4 6/s 85% 8 ? </a 72%+ 5 42i/,-t- 3 6/s 85 7'/2 61'2 39% 3 1C50 1050 1050 +50 300 109'/2 1C9 IO9/2+ ?, 600 19/2 17 19 + 4/4 800 13/4 13 13 ?? 200 63 63 63?1 142580 941/4 87/, 9134+ 3/8 do pf. Baltimore & Ohio. 250 100 99% 100 27100 37% 3538 36'/2+ % do pf . 2100 54 Bnmet Leather pf. . 300 80 Jan 13 2/2 BamsrTa?I B Jan 10 ? Jan 4 -? Jan 3 5 Jan 5 5 Jan 11 7 Jan 3 8 Jan 3 ? Jnn 14 ? Jan 3 ? Jan 14 ? Jan 12 ? Jan 10 ? Jan 12 7 Jan 3 ? Jan 8 10 Bntop''ns Mininjr... BcM-Vicm Motors.. Bethlehem Steel .. do Ha-*!! B. do 7% pf. 200 35 6C0 1 1200 434 6*00 59% 815^0 ?'/a . 203 93'4 do S% pf. 1100 1?7 503/4 50%? 234 80 80 + 5 33 ? 1/ 1 + 1/ 3%? 1 57344- 2/4 59/4+ 2 ' 93'/4+ 1/4 IO7/2+ 5 33 1 3% 54/2 66/2 93 103 Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan 14 8 Jan 3 4 34% Jan 4 4 64 Jan 3 10 Jan 5 4 Jan 14 ? Jan 3 <? Jan Jan Jan Jan Jan Jan Jan Jsn Jon Jan Jan Jan 59/4 7% 8/4 19 23/2 43/. 65'/2 108/a 60 26/4 61 '/ 2 72 93/4 19% 3 ? 3 ? 4 ? 6 ? 6 6 5 ? 4 7 3 2 4 4 7 10 7 ? 3 ? 5 7 3 ? 6 ? 5 ? 5 ? 3 8 4% 39 11 6% 51 40 83 5/a 12 16/a Va Booth Fisheries _ 38W 5% do 1st pf. 100 39 Bklyn Rap Transit. 18W 11/2 do ctfs . 800 8 Bklyn Union Gas... 10? 51 Brown Shoo . 100 ?10 do pf . 20? 80'/2 Brunswick. 194W 5/4 Burn? Bras . 23?00 89 Butte Cop & Zinc... 29<W 5% Butte &. Sup Cop... 4910 13'/4 Butterick . ?8?0 19 Caildo Oil . 15100 17/2 Calif Packing . 5700 64/2 Calif Petrol . 9400 31 do pf . 400 73% Calif Zinc & "Lead.. 6900 7/3 Calumet & Arizona. 100 48 Canadian Pacific... 22100 U9>A 115'4 11738 + % Case Plow . 1300 8/2 7% 7%+ % Central Leather ... 2350 41% 38/4 38%? 1/8 do pf . .. ?O0 96 92 92 - Cent R R of N J.. 100 205 205 205 +18 6400 31/4 29/a 30/2+ /8 300 39 37 39 + 1% 25800 72/ 9800 100 300 4% + 39 ? U/a 7/2? 7 51+2 40+1 8O/2 8O/2+ /a 4/2 4/2? % 89+7 5/8? % 12%+ >/4 19 + 2% 14% 1534+ \ '60 61/2+ \ 28/2 29 - 72 72?2 6/s 6/2? \ 48 48?2 Cerro de Pasco. ... Certaintced Corp ... Chandler Motors ... Chesapeake A. Ohio. Chicago & Alton... Chic & East 111 pf. 62/4 734 5% 9 67/4 68/8? 1% 59% 61 ? /a 734 7?4? 1 5% 5%+ Vn 8% 8%? % 8 7 3 8 5 ? 5 8 5 7 3 ? 3 ? Chic Great Western 2100 do pf . 2200 20% 19% 1934? /8 Chic Mil & St Paul 12100 31 28% 29/4? /2 do pf . 18800 46% 44 45/4+ % Chic Sr. Northwest.. 6800 71 68/a 69/4? 1/4 do pf . 100 110 110 110 + 1 Chic Pneamatic Tool 1300 70'4 Chic R 1 & Pac... 21400 do 6 p c pf. 1100 do 7 p c pf. 1600 Chile Copper . 26100 Chino Con Copper.. 15900 68 68+5 28% 2634 2/*%+ % 64 62 63 + /j 73'4 73/z? 1 11/a II/4? /8 21 22 + i/a 75 1134 22'/; Transactions Last Week in Listed Stocks Record of Stock and Bond Averages (Copyright. 1??1, New Tork Tribune Ina) S s Stocks Rana** <T<vl \ Mams? ?*?*? Last week Tear as*? to ?Ist? year 1820 ?ich. Lew. Hijth. Lew. ?tl?h. Lew? Blah. Lew. 20 Kaflreeds. ??.60 09.93 S4.S9 S4.SS 88.8C 85.40 78.80 8180 30 Industrials. 76.S7 74.37* 108.13 101.23 75.S7 72.S0 110.S0 87.87 50 Stocks . 72.12 71.02 88.80 88.60 72.12 ?9.90 92.05 84.30 Bonds 10 Railroads . 75.91 75.0t 75.70 75.02 75.91 73.88 fSt7 68.73 10 Industrials . 83.21 82.70 91.38 90.88 83.21 82.08 81.48 81.30! 5 Utilities . 71.98 71.28 74.22 73.92 72.18 70.13 74.53 87.86 ?5 Bonds . 78.03 77.37 81.51 8125 78.03 78.31 81.71 73.94 j High Lew Dir. Ne? 1P21. Rata. 1921. Dato, in $. tUts*. Ht*4*?. Law. Cloaa. ehge. 46 Jan 11 45 Jan 11 ? CGC* 8t .Loute.. 600 46 48 45+6 60 ? Jan 15 57 Jan 10 6 Claett-P'eakeJy . 300 60 67 60 4- 1 86 Jsn 13 80 Jan 3 7 de pi . 200 86 86 86 4 ? 25 Jan 8 19% J?n 3? Coca-Col? . 7900 24% 23 24 ?? 30% Jan 11 27 'Jan 6 3 Col Fuel ft Iren. . 1100 30*/* 29 29 ? 1 60% Jan 7 66% Jan 3 5 Cel Gas ft Electric. 3300 60 68'/? 69%? % 29 Jan 13 27% Jan 8? Cel A Southern- 4700 29 28 28 + % 51 Jan 13 49 Jan 3 4 de 1st pf. 300 61 60 61+2 12% Jan 8 7% Jan 5 1 Columbia Graph ...267700 12% 9% 10%? 1% 67|/8 Jan 15 49 Jan 7 7 do pf . 200 57 67 67 + 5% 57'/4 Jan 10 53 Jan 4 7 Consol Cigare . 1600 67'/4 65 68 - 81 Jan 11 77% Jan 5 7 Consol Gas . 3200 81 79% 80%+ V* 21% Jan 6 19 Jan 13 3 Consol Textil. 6000 20% 19 20 ? 1'/, 66 Jan 3 59% Jan 6 7 Continental Can ... 2400 65 60 66 4- 5 98 Jan 6 95% Jan 11 7 do pf . 1000 96% 95'/4 95'/4? 2% 5 Jan 7 4 Jan 3 1 Continental Candy... 9200 4% 4 4 ? Va 72% Jan 11 64 Jan 7 4 Com Product? . 33900 72% 68 70%+ 1% 104 Jan 12 100 Jan 5 7 do pf . 600 104 102 104 + 2% 323/4 Jan 10 28% Jan 3 2% Cosden ft Co. 6400 32% 30% 31 ? </4 107% Jan 11 73 Jan 3 8 Crucible Steel ....193300 107% 85*4 *95%+10% 90 " Jan 13 83?/a Jan 3 7 do pf . 100 90 90 90+4 30 Jan 3 28 Jan 14 4 Cnba-Amer Bogar .. 7500 29'/2 23 28%? % 93% Jan 11 93%. Jan 11 7 do pf . 100 93% 93'/a 93%+ % 24% Jan 11 21'/2 Jan 6 ? Cuba Cane Sugar... 7500 24% 21% ?22%? 1(4 65!/4 Jan 3 61% Jan 5 7 do pf . 2200 65 62'/2 63%+ % 19% Jan 3 18% Jan 5 2.36 DeBeers Ce . 400 19 19 19 ? ?/, 31 Jan 4 29'/2 Jan 4 1 Davidson Chem .... 100 30% 30% S0%+ </s 102 Jan 12 9934 Jan 5 9 Del ft Hudson. 900 102 100 101%+ V/? 220 Jan 10 210 Jan 5 10 Del Lack & West... 300 220 211 211 + S'/? 1% Jan 7 % Jan 5 ? Den & Rio Grande. 3000 1% 1'/. 1*4+ Vt 3 Jan 6 1'/2 Jan 3? do pf . 4900 2% 2 2!4? Vt 12 Jan 7 1C!4 Jan 3 1 Dome Mines . 6300 12 10*4 11%+ *H 7 Jan 12 6% Jan 3 ? Dul So Sh ft At pf. 100 7 7 7 + % 28 Jan 14 27% Jan 13 2 Durham Hosiery ... 300 28 27% 28 + 1 18*4 Jan 7 17!4 Jan 3? Elk Horn Coal. 600 18!4 "18 18 ? V: 9 Jan 12 8!4 Jan 6? Emerson-Brant . 500 9 9 9 + "Ja 40 Jan 15 35 Jan 14 6 do pf . 400 40 35 40 - 62!4 Jan 11 52 Jan 7 8 Endicott-Johnsen ... 19700 62*4 57 68 + 1'/ 93!4 Jan 11 87 Jan 6 7 do pf . 600 93% 90 93 + 6*/; 14% Jen 12' 13% Jan 5? Erie. 8500 1434 13% 14% 21% Jan 12 193$ Jan 6? do 1st pf. 11000 21% 20'/2 21 - 15% Jan 14 14*4 Jan 14? do 2d pf. 3200 15% 14*4 13 + >/ 55 Jan 10 48 Jan 3 8 Fam Play-Lasky ... 19200 55 60?/2 54+2 82 Jan 10 76% Jan 3 8 do pf . 2700 82 80 80*4+ '/ 8% Jan 11 ? 8% Jan 11 ? Fed Min ft Smelt... 100 8% 8% 8%+ 1*J| S8% Jan 10 23 Jan 3 1 do pf . 300 28*4 27 27+1*^1 90 Jan 14 79 Jan 4 10 Fisher Body . 400 90 90 90 +10(/ 15% Jan 12 11*4 Jan 3? Fisk Rubber Tire... 17900 15% 13% 14% 19 Jan 10 13% Jan 5? Freeport-Texas . 4800 19 18 18 - 5% Jan 13 234 Jan 3? Gaston-Williams ... 28100 5% 3% 5 + Vi 53 Jan 12 52 Jan 10 2 Gen Amer Tank.... 200 53 62 53+3 59 Jan 11 40'/4 Jan 3? General Asphalt ...1309CO 59 53'/4 M3/*?2^ 10114 Jan 11 80 Jan 3 6 do pf . 2600 101*4 95 99 + ?/ 92 Jan 15 92 Jan 15 ? Gen Chemical pf... 400 92 92 92 + 8'/ 61% Jan 12 54 Jan 3 0 General Cigar . 1200 61% 59 60*4+ "f. 83'/8 Jan 13 80 Jan 3 7 do pf deb. 400 83*4 82% 83*4+ ?(/ 123*4 Jan 15 120% Jan 14 8 General Electric ... S4000 123(4 120'/2 123%+ 1**? 4% Jan 15 3% Jan 6? do rts . 35525 4% 3% 4%+ ?/ 16% Jan 11 14 Jan 3 1 General Motor? -400700 16'/4 14% 14%? V,' 70 Jan 3 68 Jan 6 6 do pf . 400 69*4 69% 69'/,+ 1'/ 70% Jan 13 64 Jan 4 6 do 6 P c deb. S100 70% 67 69 + 2'/ 81*4 Jan 13 69% Jan 7 7 do 7 p c deh. 8100 81% 76 80 + 2*> 44% Jan 11 35% Jan 3 6 Goedrich, B F.15100 44*4 38'/2 42 - 85 Jan 7 72 Jan 3 7 do pf . 800 79 78 78?7 23 Jan 7 20 Jan 5 ? Granby Mining .... 1300 23 22 22?1 13*4 Jan 11 9*4 Jan 6? Gray & Davis. 1500 13*4 12 12*4+ \ 78!4 Jan 14 74% Jan 5 7 Gt Northern pf.... 15100 78'/4 75% 76%+ ?/ 30 Jan 11 28% Jan 3 4 Gt North Ore sub. 4200 30 29!4 29%? ?/ 23% Jan 7 30 Jan 3 ? Greene Cananea Cop 400 23 20 20 ? 27/ 16% Jan 8 12% Jan 4 2 Guantaname Sugar. 300 16% 16'4 16'/4? '/ 9 Jan 3 8% Jan 10 ? Gulf Mo & Nor- 200, 8% 8*4 8*4? ?/ 24 Jan 13 21 Jan 7? do pf . 500 24 22 24+3 34?4 Jen 11 28'/2 Jan 3? Gulf State Steel..'. 1000 34% 32% 32'4? 1? 13% Jan 7 12 Jan 6 1% Hablrshaw Elee .... 100 123/4 123? 1234? ?/ 60% Jan 6 56 Jan 3 ? Hnskell ft Bar Car. 900 59% 57'/2 67*4? V, 70 Jan 14 70 Jan 14 7 Hartman Corp ,... 200 70 70 70 + ?} 20% Jan 8 15 Jan 3? Hendee Mfg . 1700 19'/2 17 17 ? 3*j 50!/2 Jan 13 50 Jan 4 ? Homestake Mng ... 800 50% 50 80 - 77% Jan 13 66 Jan 3? Houston Oil . 13900 77% 70 73+3 13% Jan 11 11 Jan 5 1 Hupp Motors . 12000 13% *12% *12% 20% Jan 7 19*4 Jan 6 3 Hydraulic Steel ... 300 2034 20 20 ? ?> 8934 Jan 11 87 Jan 3 7 Illinois Centra.! _ 800 8934 88*4 89*4+ *> 58% Jan 14 58 Jon 14 4 Il'inoU- Cent LL... 900 68% 58 58 - 7% Jan 7 6% Jan 7 .60 Indiahoma Rfg _ 600 6% 6% 6%? ?/ 15% Jan 12 13 Jan 11 2 Indian Rfg . 400 15% 15 15%+ 1'/ 36% Jan 11 31 Jan 3? Inspiration Cop _10600 36% 34 34%? V, 4% Jan 7 3% Jan 7? Intb Con Corp. 4500 4% 4 4(4? '/ 12% Jan 7 10(4 Jan 14? dopf . 1700 12 10% 11%? ',? 13% Jan 11 11% Jan 14? Inter Agriculture... 1700 I334 11% 12%? ? 57 Jan 7 52% Jan 3 5 do pf . 1200 56% 53 53 ? $\ 97 Jan 7 93% Jan 7 7 Int Harvester . 2700 96% 94(4 95 ? ? 106 Jan 10 103 Jan 3 7 do pf . 300 106 106 106 +1 17% Jan 11 12(4 Jan 3? Inter Mer Marine.. 27200 17(4 13</2 15 + 1?/ 63% Jan 11 50% Jan 5 8 do pf .42800 63% *53(4 ?54%+ 2", 38 Jan 7 33 Jan 3 ? Inter Motors . 4500 36% 34% 34%? 1", 75% Jan 13 72 Jan 7 7 do 1st pf. 1800 75% 75 75 ?? 63% Jan 15 57(4 Jan 3 7 do 2d pf. 400 63% 61*4 63%+ 3** 16% Jsn 7 13(4 Jan 3? Inter Nickel . 11400 I534 15 15 ? 3 60% Jan 13 43% Jan 3? Inter Paper .62000 60% 53 69%+ 3' 99 Jan 15 99 Jan 15 8 do pf . 100 99 99 09 - 73 Jan 15 7f Jan 6 6 do pf stpd. 200 73 71% 73 + 1** 25(/4 Jan 4 22% Jan 14? Invincible Oil. 130C0 24% 22(4 22(4?1 40 Jan 11 32% Jan 3 ? Iron Products Corp. 1700 40 37% 40+2 4% Jan 7 4 Jan 13 ? Island Oil . 36300 4% 4 4(4? ( 5% Jan 7 4 Jan 6 ? Jewel Tea. 2900 5% 4(4 4%? ( 14 Jan 7 8% Jan 4? do pf ., 600 14 12 14 - 16(4 Jan 12 14 Jon 10? Jones Bros Tea_ 2900 16% 15 15%+ \ 21 Jan 7 19 Jan 5 ? Kansas City Sooth. 8900 21 19% 20(4_ | 47% Jan 7 45% Jan 5 4 do pf . 800 47% 46% 46%_ V 79 Jan 10 70 Jan 14 8 Kayser, Julios . 200 79 : 70 70 ? ' 4934 Jan 11 40(4 Jan 3 4 Kelly-Springfield ... 19500 49% ?4234 ?46%+ ' 70% Jan 11 70% Jan 11 6 do pf . 100 70% 70(4 70%?2' 87% Jan 6 84% Jan 13 8 do 8 ? c pf_. 400 86% 84% 83 ?2 21 Jan 7 17% Jan 3 2 Kennrcott Copper . 17200 20% 19% 19%? 13% Jan 8 8% Jan 3 ? Keystone Tire .13100 12% 10(4 10%_ 1 ??30 Jan 10 130 Jan 10 6 Kreage, S S. 200 130 130 130 +5 58% Jan 11 62 Jan 3 6 Lackao/anns Stec! . 16800 68% 53% 66 + ' 14% Jan 12 12% Jan 14 ? "Lake Erie ft West. 1200 14% 12% 14 ?? 26 Jan 8 25% Jan 4 ? do pf . 100 2? 26 28 ?? 20% Jan 6 17% Jan 14 2 Lee Rubber ft Tiro. 1900 20 17% 17%? 1 56% Jan 5 64 Jan 6 3% Lehigh Valley .21700 55% 64 55 + 144 Jan 12 139 Jan 3 12 Liggett ft Myers... 100 144 144 144+4 103% Jan 14 97% Jan 3 7 do pf . 400 103% 103 103%+ 1 18% Jan 11 15 Jan 3 2 Loewa Co Ine. 9200 18% 16% *16%? 12% Jan 10 10% Jan 3 1 Loft Candy . 3100 12% 11% 12 ? 34 Jan 11 31 Jan 3 ? Loose-YViles Biscnit. 1600 34 31(4 32 ? 1 93% Jan 10 93% Jan 10 7 do 1st pf. 100 93% 93% 93%? 145 Jan 3 137% Jan 3 12 Lorillard. Pierre ... 1800 1427, 139% 140 ?2 103% Jan 11 100% Jan 3 7 Louisville & Nash.. 700 103% 102% 102%+ 57 Jan 6 67 Jan 6 4 Maikay Cos pf. 300 57 67 57 - 14% Jan 12 10 Jan 4? Mallinson ft Co.... 300 14% 13% 14%+ 50 Jan 11 45 Jan 3 7 do pf . 100 60 50 60 + 3 75% Jan 11 68 Jan 3 10 Manati Sugar . 600 75% 73 75+1 51% Jan 11 45% Jan 6 7 Manhat Elevated .. 2200 51% 48% 49%+ 1 25 Jan 15 1934 Jan 8 1% Manhattan Shirt ., 500 25 20 25+4 14% Jan 10 14% Jan 14 2 Martin Parry Corp. 400 14% 14% 14%? 19% Jan 14 15% Jan 11 ? Mariin Rockwell ... 70CO 19% 15% 17 + 15% Jan 11 15% Jan 11 ? Math .Alk Works... 200 15% 15% 15%? 7% Jan 11 2% Jan 3? Maxwell Motor .... 12300 7% 5% 5% + 3% Jan 7 2 Jan 4 ? do ctfs . 700 3% 2% 3%+ 1 12 Jan 12 8 Jan 7? do 1st pf. 500 12 9% 12+4 9% Jan 14 3% Jan 3 ? do 1st pf ctfs.... 900 9% 7% 9%+ 1 4 Jan 7 3% Jan 12? do 2d pf. 1200 4 3(4 4 - 4% Jan 13 3 Jan 7 ? do 2d pf ctfs_ 700 4% 3% 4+1 78 Jan 12 65% Jan 4 8 May Depart Stores. 3100 78 67% 76+7 167% Jan 13 150% Jan 5 12 Mexican Petroleum..238800 167% 151% 162+7 94 Jan 11 Q4 .Tan 11 S <tn nf 1<V? Q.l 04 Od. ? 4 19% 15% 1% 33% 13 73 93 58 2% 5% 20% 41% 19% 50% 28% 30 90 52 89 103% 109 32 68 5 64% 73% 105 7 4% 11% 65% 84% 74% 50 24 46 23% 19% 102% 65 88% 36% 12ft Jan 5 Jon 8 Jon 10 Jan 4 Jan 4 Jan 4 Jan 4 Jan 13 Jan 3 Jan 10 Jan 14 Jan 14 Jan 8 Jan 11 Jan 11 Jan 4 Jan 14 Jan 11 Jan 10 Jan '15 Jan 14 Jan 14 Jan 15 Jan 10 Jan 13 Jnn 11 Jan 11 Jan 15 Jan 10 Jan 6 Jan 11 Jan 12 Jan 14 Jan 4 Jan 4 Jan 4 Jan 12 Jan 3 Jan 4 Jan 11 Jon 10 Jan 7 is? 7 15% 12% % 31 11% 72 93 56 2% 4% 19 393/4 17 53 21 24 90 47% 87% 102 106 25% 55% 3 49% 69% 100% 7 4% 9% 60 ?8% 71 46 21% 44% 18% 18% 98 84% 81 31 10|4 Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jnn Jan Jan Jan Jaa 3 2 3 1.60 13 ? 5 2 15 ? 10 7 4 6 3 2 5 ? 4 ? 3 ? 5 ? 6 ? 3 3 3 4 15 3% 14 7 4 ? 4 7 4 7 6 7 5 ? 4 7 3 ? 5 6 3 6 8 7 15 ? B ? 3 ? 4 6 14 10 5 6 8 5 3 2% 11 5 5 ? 5 1 3 7 4 6 5 7 6 6 1ttJ :4lanr.i Cons Cop... Middle States Oil.. do rights . Midvalc Steel . Minn & St I. new. . Minn St PP & S S M do pf . do L L. Missouri Kan ft Tex do pf . Missouri Pacific ... do pf . Mont Ward . Montana Power ... Mulllns Body . Nat Acme ........ Nat Aniline Chem pf do etfa . do pf ctfs. Nat Biscuit . do pf . Nat Cloak ft Suit... do pf . Nat Con ft Cable.. Nat l.'nsm ft Stamp Nat Lead . do pf . Nat RK of Mes; 1 pf do 2d pf. Nevada Con Cop... New Or Tex ft Mes N Y Airbrake. N Y Central. N Y Chic ft St L.. N Y Dock. do pf . N Y N II ft H_ N Y Ont ft West.. Norfolk & West... North American ... Northern Pacific ... Nova Scotia Steel.. Nunnaliy. ?si ?m smss Alises? 3800 82700 48800 25800 3000 300 100 100 4700 1700 11800 14500 4600 300 3700 15600 600 400 100 900 100 2000 200 4100 1900 11C0 100 200 1600 6100 6700 1500 14300 900 800 200 38900 800 9400 100 42000 1900 200 19 15 1% 32% 13 73 93 58 2% 5% 20% 41% 19% 55% 28% 27 90 52 89 103% 109 32 68 5 54% 73% 105 7 4% 11 66!/? 84 % 74% 47% 23% 44% 23% 19 102% 55 80% 35% 10% % 2% 72 93 58 2% 434 25 24 90 52 89 18% 18% 12% 13 ? % %? % 31% ?32 + % 11% 111/2? 1 72 ? 1 93 - 58+2 2%? % ?*%? 14 19% 1934 39% 40 ? 1 18 19 ? % 56 56+3 25?2 24%? 134 90+2 62 + % 89 - 102% 103%+ 1 109 109 + 1 28% 32 + 4% 68 68+6 4% 4%? % 51% 63%.+ 2% 71 71%? % 105 105 + 4% 7 7 + I*/, ! 414 41/, 10% 10%? Vt 60 63+3 78% 83 + 3?/ 72% 73%+ % 47 47*4+ 1% 22% 22%? 1% 44% 44%? % 20% 22(4 ? 1% 18% 19 r Vt 99% 102%+ 1% 55 65 + ?82% 84%+ % 3*?% 34%+ 1% 10% 10%? % KIDDER, PEABODY & CO, IIS DmtsMrt SI BOSTON llfciijft NEW YOU ?-KB ?OYernment Bonds Investment Securities Foreign Exchange Letters of Credit Investment Circuler on Request Correspondents ot Baring Brothers & Co., Lti LONDON 30 Years in Export Banking TNTIMATE KNOWLEDGE *?' of the needs and habitt of the people, acquired by years of experience and actual residence in the countries themselves, is es? ?ential when transacting ' business abroad. 23 Branches In South Amerit? One Branch In Mexico 9 Offices in Europe Ano-o-South AMERjgW 'T?anicximitep New York Agency, 43 Broadway Municipal Bonds We own and offer sev? eral issues of municipal bonds which are free from all Federal and New York income Taxes. Ltit upon request Members New York and I'ittsbnrffc Stork Eichitnjie? 33 Pine St. New York Sugar Securities We have orders in Central Aguirre Central Sugar Fajardo Holly National Savannah Send for Markrt Review R-t Covertno Stocks. Cot'on, Buunr and Co.'.fee L?TiiBorn hk Specialists ?a &jg-?rS!0cJ& MEMBERS If. Y. Stock Ex. S. Y. PriKtuM 9% -V. V. Cotton Ex. Chic. Bd. of Ty* K. Y. Os.Ts* and Sujar Ex.. I?* London Prod. Cltmrin? Hmu?, U*. ! J.K.RIce.Jr.&Co.Buy&Sc!l Amer. Cyanamid Com. & PfA . American-Hawaiian S. S. Am. Lithographic Ccm. & Pfd. E. W. Bliss Common General Baking Com. & Pfd. Jas. Butler Com. & Pfd. N. Y. State Kys. Com.. Pf. & 4H? New Jersey Zinc ? Niles-Bement-Pond Com. Penna. Coal & Coke Singer Mfg. & Fractions Ward Baking Com. li Pfd. J.K.Riee.Jr.&Co. Phone? 4000 to 4010 John. J6 Wall St . N. T. We Finance HIi"ctrtc power and Hklit enterprise^ with recor.ls of established carnlne? Electric Bond & Share Co. ?Pald-Up Capital and Surplus ?2l.00l>,00f> 71 KroiKlvvio, N?-?v \?rk. H?RRIIWAN NATION.!!. BAW? Fifth Avenue & Forty-fourth St- j New York Banking Hours from 8 A. M. to 8 P. & Saft Depo.it Vaults 8 A. M.. to Mr*J=!J*S I