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New-York tribune. [volume] (New York [N.Y.]) 1866-1924, July 19, 1921, Image 13

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Shawinigan Water and
Power Company
First refunding mortgage 6% bonds
Due July 1, 1950
Price 9(% to yield about 6%%
Circular upon remuait
Brown Brothers & Co.
59 Wall Street
Philadelphia NEW YORK Boston
r
PERSONAL SERVICE
for
PERSONAL TRUSTS
A PERSONAL trusteeship is in its nature a highly
personal matter. Such a relationship calls for
tact, kxndlbresa, and insight on the one hand; for
alertness, financial skill and unremitting diligence en the
other.
The New York life Insurance and Trust Company off ers
the advantages of a corporation which is not too large
to give its clients personal attention, and which has
nearly a century of experience behind it as a guaranty
of competence.
Neto fork lltfe 3twam*ttf? att?i
EDWIN Q. MERRILL. President
52 WALL ST. NEW YORK
I
Are You Buying
Foreign
n^ HE usual settlement for merchandise bought in foreign coun?
tries under present conditions it
Payment Against Shipping Documents
Knauth. Nachod & Kuhne through its foreign correspondents
will arrange to open credits for such payments, which may be
made in U. S. Dollars or in foreign currencies.
Twenty-five hundred correspondents in Europe.
Representative correspondents throughout the world.
Can we be of service to you?
Members Ne.'? York Slock Exchange
EQUITABLE BUILDING NEW YORK
"SEVENTY YEARS IN SERVING THE PUBLIC"
Harry B. Thayer
says it isn't easy to
successfully succeed a success.
AND yet, as President of the American Telephone and
jt\ Telegraph Company, his plan enables him to carry on
Theodore N. VaxTs great work.
Thayer s plan is to find the right man to solve every problem
and then let him solve it, "My own work,'* he says, "is to
look ahead and see whatYgoing to happen and then prepare
to do the proper thing in time."
Busy executives who use the Importers and Traders National
Bank, frequently seek advice. Like Thayer, they want prac
tical advice on industrial and finan?rial problems "in time."
A ?uccessful Bank for successful men?this is our aim and
our accomplishment.
Capital, Surpltw and Undivided Profit*, $10,000,000
THE
IMPORTERS &L TRADERS
NATIONAL BANK
OF NEW YORK
247 Broadway ? Opposite Gty Hall
lacrease in Farm Loan
Umit Fought at Hearing
Banks Unable to Meet Demands
Because of Lack of Funds,
Declares Commission
WASHINGTON. July 18.-0pposi
q*? to permitting farm loan banks to
; *?>ance a maximum of 525,000 to far
?? was expressed to-day before the
; enate Banking Committee by Charles
? Lobdel], Farm Loan Commissioner.
:,|?n* of th<* rep-ional banks, ho said,
?? ' ?we to meet requests for loans of
; *** than $10,000, the present maxi
"ra> b^causo of shortage of funds.
Although the Farm Loan Boand has
* *>*Ia r.ecommended the increase pro
C,;111 a bi;? by Senator Kenyon.
k? l, fl"' of iowa- Mr. Lobdell ?aid
?tfcelhM *?8?t exceedingly? to see
I ?" ?mit enlarged at this time.
"?? ^ Corey, of Omaha, Neb., rep
?T:
resenting the American Farm Bureau
Federation, said farmers in tho
Middle West, with quarter and half
sections of land, are unable to obtain
I loans from local banks and have no
i credit with merchants.
Carl Vrooman. former Assistant
! Secretary of Agriculture, asserted the
, greatest need of farmers is a mar?
ket for products.
"Legislation cannot supply a mar
? ket," Senator Frelinghuysen, Republi
j can of New Jersey, commented,
i ~??-'
Ratify Capital Stoek Increase
At a special meeting of the stockhold
; ers of the United States Mortgage and
Trust Company tho increase in the
capital stock of the company from $2,
000,000 to $3,000,000 was ratified. Cer?
tificates of stock and scrip for frac?
tional shares representing the 50 per
cent Btock dividend declared by the ,
board of director? on June 2 will bo j
mailed on August 1 to stockholders of !
record of July 23.
Investment
Information
Questions of general interest to in?
vestors will bn answered in this col?
umn, in which case only im?tala will
be used. Others will be answered oy
moj'i. Address all inquiries, inclot
ing a stamped, addressed envelope, to
Financial Editor, The Tribuno, ida
Nassau Street, Nets York City,
Learn? His Lesson and Reforms
Qufi?tion?I _m an Interested reader of
your valuable column; in fact, it is on- ot
the features i enjoy most in Tho Tribune.
I, like n great many others, have h.i?l my
?tart In th;t Investment field by picking the
wrong socuritiee. 1 am BUM this sort of
story In very familiar lo you, so 1 Will not
cry over spilled milk. Suffice It to aay
thftt I have learner! my lesson and finally
have com? to tho conclusion that your nd
vlco Is beat, namely, that one should only
Invest one's saving-? tu sound securities I
should be very grateful to you If you
would g(|ve me a li?t of high grade bonds,
railroad and others, that are selling at a
big discount been use of low coupon rate.
i Safety and appreciation of principal Is my
i first ?aim, with yield a secondary con?
sideration. Also, at what ?1?-nominations
they may be purchased. My Idea is to in?
vest my KavinKs every time they amount
to $500 or ?800 In one of the bonds I have
described and then pht them away Tn
i this way my Interest will be compounded
more rapidly than If I bought a bond for
$1,000. Am I not right? Also please tell
me If International Paper preferred is
sound.?J. J. K.
Answer?The following bonds come
in $100 and $500 denominations and
meet your requirements: Norfolk _
Western Consolidated 4s, Southern Pa?
cific-San Francisco Terminal 4s; Colo?
rado & Southern 4_s, and the follow?
ing come in $500 denominations and
are good investments for your purpose:
Northern Pacific General 3s, Central
Pacific First 4a; Union Pacific Con?
vertible 4a. Paper preferred is specu?
lative, in our opinion.
Has Dividend Table Mixed Up
Question?-Being until lately a resident
of New York City, I have been ?nd still
em a reader of your paper, -which I find
I cannot dispense with. In a recent edi?
tion notice was given of an extra dividend
declared on American Steel Foundries com?
mon, of which I own a few shares. Also
in the edition published July 2 notice of
another extra dividend Is given. Will you
please be good enough to let me lenow
what each of these extra, dividends amounts
to7-*?-H. O. It., Norfolk, Va.
Answer?American Steel Foundries
common stock has not paid an extra
dividend this year. You must be con?
fusing the e.x dividend tnblo with divi?
dend declarations. The r<r;^ ex divi?
dend means without dividend, not ex?
tra dividend.
Buyer Must Stand the Loss
Question?I wish to give you a few de?
tail? of a stock transaction and have you
kindly advise me In e.onnection with saine.
In January, ISZO. 1 bought twenty-five
shares of stock and paid cash $500 and |
gavo note for $1,100, with stock as col- i
lateral. I bought from a stock brokerage !
company, some of whose officers were also j
officers of the National Bank, where my
loan was accommodated. Both Institu?
tions are In North Carolina, Every three
or six months tho bank has advised me
that my note account had been credited
with various amounts that corresponded
with the dividend declarations on my i
stock. However, the la3t dividend was
paid In script, and when I wrote the trans?
fer agents for my certif?cate, was told that
there was no stock In my name. 1 have
learned that wh n I made cash payment
of $500 In January, 1921, one of the officers
of tho brokerage company endorsed his
name to aomo stock thnt he held and sent
It over to the bank as collateral on my
note. This stock certlfloate 1 have tho
serial number of, but whether ?t is for
twenty-live shares or more I do not know,
or whether it just protected my note or
several. I have now called on the bank
to have this stock transferred lo my name.
I also claim that thi3 stock ehouid have
been issutd In my name at first, and that
the dividend checks should have been sent
to me direct. I aiso contend, and this is
Important, that as tho stock will neces?
sarily have to bo transferred to my name
now, that I should not have to pay mote
than the present market price, which Is
quite a good deal less than In January,
1920. As 1 see it, the brokerage company
did not execute my order, and now that I
have called upon them to deliver tho mock
they will have to make the purchase at
to-day's market. Please advise mo about
this, and if I am right about this advise
me what legal recourse I have to make
the broker refund mo the difference be?
tween the present, price and the price that
obtained when I made th? first cash pay?
ment. J. S. _.
Answer?The broker bought the !
stock for you at the 1920 prier, and !
now you vxpect him, you say, to de?
liver it to you at a lower price, a con- \
tention which is preposterous. If the
stock had gone up you would not have j
offered to pay the increased price, !
would you? According to your own
statement, the broker delivered the
stock to your bank and you owned it
from that moment. If you do not pay i
the 19-0 price for it then the bank will
sell it at the market and take, out the
$1,100 you owe and interest and give
you what is left.
Woman Has Problem in P. R. R.
Question?I hold thirty shares of Penn?
sylvania Railroad common stock at an
average cost of 51. At the unie this stock
was purchased Pennsylvania had a C per
cent dividend record, and by many was
reputed to be an excellent stock for a
woman Investor. Tho dividend is now on
a 4 per cent basis, and I urn undecided as
to the advisability of continuing to hold
this stock or sell it and purchase soma
high grade bonds. I would probably fol?
low the latter course If 1 could get some
high grade first mortgage 4 per cent bonds
maturing between llKiO and 1940 and sell?
ing to-day somewhere near the figure at
which Pennsylvania Railroad is quoted
On the other hand. If in your opinion th=i
present dividend on Pennsylvania is safe. I
would bo Inclined to hold my stock. "Will
you kindly advise me regarding a list of
bonds which aro likely to meet the above
requirements in case I should decide to
convert to bonds??Mrs. E. K.
Answer?This question of the sale of
Pennsylvania stock is one on which
there may be strong differences o? opin?
ion among the people who have made
the most careful and searching study of
the subject. Our own opinion is that
for a woman investor it would be bet?
ter to shift into a 4 per cent bond,
Belling at about what the Pennsylvania
stock is selling for. For instance,
Southern Pacific-Central Pacific col?
lateral 4s, 1939, at about 08, or New
York Dock first 4s, 1951, at about 70.
Lost by Sending Dollars to Ireland
Question?-I arrived In the United Statei
about ten years ago and from time to time
1 have been ?ending' money to Ireland for
deposit, which draws interest at a very
low rate. 1 intended after a few years
more to return and remain In Ireland. I
have changed my mind and will only visit
my parents and return to the United
Slates. What I would like to know is
this: Would It bo advisable to have tho
money (which amounts to about ?000) re?
main on deposit there until such time
when the exchange rate would Improve, or
would you advise drawing the ai?iount, and
If so what kind of security would ysu ad?
vise for Investment? Would United King?
dom of Great Britain and Ireland bunds '
purchased in Ireland be to a good advan?
tage, or would you advise investing tn |
these bonds??Mrs. R. K. W.
Answer?United Kingdom 5^8 per i
cent bonds, due 1929 (there is mora
than one issuo of United Kingdoms,
and while they are all secure, they |
have different maturity dates) are, in
our opinion, a good investment. We
do not know what the facilities for
buying these bonds in Ireland ore, but
you could have your funds transferred
to one of the New York trust com?
panies or banks andvhave them buy the
bonds for you. Interest and principal
on these bonds ?re payable in United
States gold, but they are convertible
at any time into British war loan 5s
on the basis of $4.30 to the pound
sterling, so if sterling goes above that
before 1929 you will have a partial
hedge on your present salo of sterling.
four full columns of in?
vestment questions ? and an?
swers are published in The
Tribune every Sunday.
War Corporation
To Finance Sale
Of Cotton Supply
_____________
Arrangements Complete for
Shipping 200,000 Bales;
Nearly 600,000 More Are
Considered, Says Meyer
The War Finance Corporation hai
Arranged to finance the exportation ol
220,000 bale? of cotton, and businesf
[under consideration involves the financ
j Ing of 25,000 to 50,000 bales in on<
| transaction, 200,000 bales in anethai
and 300,000 bales in still another, ac
| cording to Eugene Meyer jr., manugin?.
i director.
Mr. Meyer made public those figure
i yesterday in connection with a state
| ment that replies to a questionnair
: sent to representative bankers in vari
I o'us parts of the South indicated thn
: it would be desirable for financing i
| addition to that which is availabl
? through ordinary banking channels i
; the cotton states. The inquiry was con
i ducted by a special committee appointe
by President Harding, consisting c
I Secretaries Mellon and Hoover and M:
Meyer, who said that a number of spc
dealers and exporters of cotton con?u
in this conclusion,
"All these loans," Mr. Meyer adde?
"mature within the coming cotton yes
and are designed to aid in flnancin
! the orderly marketing of the crop wit]
I out encouraging holding for speculate
purposes. In addition, the Federal R
I serve Board is giving active conside
! ation to cotton financing and will ho
a conference (to-day) to consider i
policy under present condition?.
"If it becomes clenr that adoqua
financing will be forthcoming throuj
the War Finance Corporat'o
through Federal Reserve banks in tl
cotton districts and? in case of nee
by providing a fund from banking di
tricts outside of the Sonth, it shoul
in my opinion, result in such increas
confidence as to stimulate more norm
takings by retail and wholesale me
chants, as well aB by mills. Inqui
which I have personally made indicat
that retailers and wholesalers are op(
ating on the basis of the lowest pc
sible stocks. This has resulted, to
great extent, in forcing stocks of r?
materials, which normally are carri
by mills, wholesalers, jobbers and ?
tailers, back upon the original pi
ducers and the country banks that
their financing."
Regarding the recent reports tl
the War Finance Corporation, if t
thorized to do so, mav come to the i
of the - Hrosdn by advancing funds
Claims against the government, he ?aid j
that there has been some discussion of |
this subject.
"The Wnr Finance Corporation," said
Mr. Meyer, "made advances to the rail- |
roads during the administration of Hi
rector General McAdoo. an?l later under
the administration of Director General
Hi?es. The total amount advanced was
$205,000,000, all of which, with toe
exception of about $45,000,000, hau been
repaid. Some of the loans of tho cor?
poration were made to the railroads
for the purpose- of enabling them to
repay the advances made to them by
I Director General McAdoo. thereby put
j ting tho Railroad Administration in
funda."
Wall Street heard yesterday that as
an alternative to the plan for having
tho War Finance Corporation render
; aid to the carriers a securities corpora
! tion be formed for the purpose of issu
! ing debentures, which may be sold.
I This would put the government in cash
j to settle claims of the railroads with
j cut the necessity of an additional ap?
propriation from Congress. According
to the reported plan, the government
would turn over to the now corpora
; tion the railroad and other securities
' now held against advances to tho rail
1 roads by the Railroad Administration
! and by the Treasury Department, and
| would also turn over the funded obliga?
1 tions representing capital expenditures
! during Federal control.
-.
$5,000,000 Philadelphia
Bonds Are Sold Here
A banking syndicate consisting of
; the National City Company, Harris,
; Forbes & Co.. the Rankers Trust Com
; pany, Montgomery &. Co., and Graham,
' Parsons & Co., the successful bidders
| for a $5,000,000 issue of fi'/a per cent
bonds of the city of Philadelphia, an
'. nounced yesterday that the offering
i price to investors would be 105%, on
I a basis to yield 5.20 per cent. The
? syndicate paid 104.139 for the bonds,
?which run fifty years. The bonds are
: the first that tho city issued with a
: coupon rate higher than 5 per cent.
it was said that the demand for the
; bonds on the part of investors was
heavy, and that $1,000,000 had already
been sold in this city. The bankers
here have asked for another block of
$500,000,
Other bidders includeds
Central National Bank, $250,000 at
par; First Penny Savings Bank, $200,000
| at pair; Commonwealth Title and Trust,
; $100,000 at par; Charles Fearon & Co.,
! $100,000 at 101.2; Drcxel & Co., Brown
~< Bros. & Co. and Guaranty Trust Com
; pany of New York, jointly, $5,000,000*
, all or none, at 102.07S9 and accrued
interest; Biddle & Henry, Commercial
Trust Company. Elkins Morris & Co.,
Franklin Securities Company and Ed?
ward B. Smith & Co.. jointly, $5,000,000,
all or none, at 102.047.
Day's, Dealings in Bonds
The Market
The apathy which partially para?
lyzed the other financial markets, fur?
ther restricted the volume of trading
in bonds yesterday, and, although
prices, which rallied during the early
part of the month as a result of the
reinvestment demand, held up steadily.
Cuba Cane Sugar debentures, which
closed 1% points above Saturday's
final quotation, were in especial de?
mand.
Transactions
Sale?.
Liberty S'U 1947. $430,010
do 2(1 4s, 1942. S9.000
do 1st 4V4 3, 1947. 37,000
do 2d 4 Up, 1942. 760,000
do 3d 4'i?, 1938. 403,000
do 4th 4 Us, 1838. 703,000
etory 4%8, 1323. 2,290,000
do 3%s, 1923. 140,000
Quotations
Liberty 3%s. ..
do 2d 4s.
do 1st 4 %s.. . .
do 2d 4?a. ? .
do 3d 4 y s. . .
do 4th 4>/(9..
Victory 4 %s.. . .
do 394 s.
High.
86.58
86.88
87.34
8 7.06
91.14
87.18
98.34
98.32
Low.
86.48
8fi.S6
87.12
86.9 S
91.00
87.08
Last.
86.58
88.86
87.12
87.02
81.00
87.10
9.8.32
98.28
YI?Md.
4.37
4.98
B.1B
B. 27
6.75
6.43
6.67
4.46
Net
Chge.
+.10
?.04
?.13
+ .04
?.12
?.06
+ .04
?.04
Bid and Asked Quotations
Liberty. Yesterday.
3%3. 1947. [email protected]
1st 4s, 1947_ 87.02iS87.28
2d 4s, 1942. 8 6.86 r-; 86 98
2.1
i, 1947..
, 1943.,
s I -!',?. 1928...
lib 4*is, 19 38. .
S, 1923.
,3, 1923.
VI
87.12?87.2S
86.980.87.00
90.98 iff 91.00
S7.12W87.lfi
98,300 98.32
Ds.30:ii;98.32
Saturday.
86.46086.60
87.1 [email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
'.' 8.28? 98.28
[email protected]
?-war issues:
g, 1930.100'*@100% IOO14 (Si 100%
US, 1930. .. .100% ?100% 100 '4 @ 100%
?105 104'* (T? 105
if 106 104% 9\(~
@100% 100
@ 100% 100
?100% 100
@ ? 75
**?? 75
(S> 81 77
? 81 77
@ 81 77
<y> ? 93
1*25-104
?1? coup, 12-36_101
2s Pan c, 1930. . .100
2s Pan r, 1936. . .100
2s Pan r, 1938. . .100
3s Pan reg. 75
3s Pan coup. 75
Phil 4s, 1934_ 77
Phil 4a. 1935_77
Phil 4s, 1936_ 77
D Col 3s, 1365.. S3
@lfl0 H
01100-14
@100%
0) ?
# 81
@> 81
<8> 81
& ?
Foreign Govt. and Municipal Bonds
(interest to be added)
Bid. Asked.
City of Bergen 8s. rets......... 96 96%
do Be?no 8s. 98% 98%
do Christiania 8s. 97 98
do Zurich 8s. 98X4 99
Argentine Intern 5s, 1915. 67 63
BelKian 8s, rct3. 99% 100
Kingdom of Belgium 6s. 92% 93%
do 7^1, 1945.100% 100%
do Sweden 6s, 1939. 85 85 %
Canada, Dom of, notes, 1921_ 99% 100
do 1936 _. 91% 92
do 1923 . 91% 81 %
do 1931. 87% 88%
Danish 8s, A. 9!f 99%
do 8s, B. 98% 98%
Denmark 8 .100% 1(10%
Chinese Gvt Hu Kug By 5s, '61. 45
Norway 8s.,.102%
Cuba 13-tern Gs. 1944. 79%
do 6s, series A, 19-13...,. ?
do 4%s, 1949. ?
U. S. of Brazil 8s, 1941. 88
Republic of Chile 8s, rets. 96
Dominican Republic Bs, 1968... 80
French Gvt 7'^s, 1941, yr t. 95
City of Lyons 15-yr 6s, 1934.... 80%
do Marseilles 15-yr 6?. 1934.. 80%
do Bordeaux 15-yr 6s, 1934 80%
do Copenhagen 25-yr 6%s, '44 76
French Gvt 8s, 1st Issue. 99
French, Pails City fis, 19?1_ 991
Gvt of Switzerland 8s, '40 rets. 105% 105%
Japanese Gvt 4%s, sterl In, '25 84% ?
do 4%B, 2d ser, 1925. 84% ?5
do 4s, sterl In, 1931. 69% 69%
do Tokio City or, 1952. 57% 60
Tin King Gt B & I B-yr'SHs, '21 99*1 100
do 3-yr 5%s, 1922. 98% 98%
do 10-yr 6%s, 192?. 88% 80
do 20-yr 6%s, 1937. 85% 85%
Mexico Kxt sterl &s of "99, 1945 41%
do gold 4? of '04, 1954. 33
King of Italy 6-yr 6%a, gold b. 88%
San Paulo 8s, ot. 96
(Sales)
notes 1929
3 - 91%|
2 s7f.. 90%
6s 1926
%
103
80%
79
69%
98%
96%
80%
95%
80%
80%
Su%
76%
99%
100
45%
85%
U S-Pan Sa
reg
1 -TS
Chinese Ry Ss
1345
4 _ 46
City of Ber?
gen g? -tt-mp
rets 1951
2 - 9?%
City of Berne
8s 1945
1 - 98%
3 - 98 %
1 - 98%
4 ,... 9gU
City of Copen?
hagen 5%_
194 4
3 - 76%
6 .... 76%
13 - 76
of Mars
City
Us 1934
1 - 80
City of Paris
Sa 1931
4 .... 991!
4 -100
C .... -. ,,?
City of Zurich
IS
tf
2 .... 99
Danish ? .M h
f ??'Id 8s ser
A 1946
B
4 ..
3 ..
ser B
:
1
? 99%
. 99
? 99%
1946
. 99%
93
Dem Can 5 %s
91%
1931
1 -87%
French Rep 8s
1948
4 -$9%
4 - 89
10 _ 99%
1 _ 99
1 - 99%
5 - 99
2 - ?9%
1 - 99
7%3 1841
44 _ OS
G of Switzer?
land B f 8S
1940
1 s6f..lor,%
6 _103%
2 -105%
1 -105%
2 -105%
1 B00.106%
2 -106
Jap 1st ser
4 Vi? :92S
3 _ SB
1 - 84%
gii per 4%s
? .... 99%
3 _ 99%
3 _ 99%
? _ 99%
8 _ 9?%
1 _ 39%
S ? 7%s 1945
100%
1 _101
2 _100%
1 B00.100%
5 _100%
1 _100%
1 _100%
6s 1925
1 _ 93
1 .... S2%
K of Denmari?
8s 1945
.100%
..101
, .100%
.100%
.100%
.11 0%
. .100%
, .100%
..100%
K nf Italy
6?~,b ser A
1925
12 .... 8?1?
K of Norway
gs 1940
1 _102%
8 5 4 _109
s6f.. 84% 1 _1?I2%
?tig loan 4?! S ....102%
1931 1 2 ...-1?3
4 - 69% K of Sweden
38 - ?9%| 8s 193?
? - 69% 11 -8B
2 _ 69% 2 _ SS%
3 _ 69% ?Rep of Chile
K of Bel?- Ss. 8a 1941
1941 I 1 _9?%
I _96
7 - 38%
? _96
5 _ 96%
S of Sao Pa-do
s f Ss 1936
1 - 95 H
2 -95 Vi
1 - 95%
9 .... 95
U K of Gt B
?fi: I 5 V?s 19-21
6 .... 99UI
1922
9 .
2 .
1 .
92 '.
5? Vi
98%
as V?
98
98 V?
1 ..
1929
1937
10 .
saw i
89
88%
88*5
86 V?
86
?5%
86
registered
6 .... 85
U S of Mex E
1940
7 .... 45
4s 1954
1 s60f. 32%
U S o? Brazil
8s '1941
f> _ 97%
28 _ 97%
1 ,...98
5 _ 99
5 _ 98
1 3d.. 98%
0 _ 98
5 - 98 %
1 _ 98%
6 - 98
\* Y City 4%s
4s 1959
10 '.'.'.'.
83%
79%
79%
79%
Railway, Other Corporations
Am Ag Ch
7 V?s 1924 I 1 _ 72%
1 .... 96 I R & A div
1 - 90% 2d 4s 19X9
4 _ 96% 2 ... 63
1 - 96% Chi & Ait
2 -9UV? 3V!?s 1950
2 - 9 6 1 _ 3 4 %
Am Smelt ?s 2 .... 83%
1047 1 _ 33
i - 76%i 5 - 3;:v?
11 -76% 6 _ 33
76% rfg 3s 1919
T cv? 2 _ 44
?,., C Gt West 4s
-; 19 59
9 7 Vi , i n .v
1)7 !? 1 .... ?J?i
Xi.'? C Ind et l.ou
____?~?~?~?~"^
1 _ 97'a
col Sa 1946
Xi ???? S._| 1 .... 78...',
^^ C M & st P
1 _ 42
cv 4s ser IS
1955
1 .... 37%
cv 4s ser D
??
Am T &
6s 1936
5 _
6 _
1 _
8 _
6a 1941
1 ...
5s 1941
92
col 4s 192?)
2 -77%
1 .... 7S%
Armour Co
4 V?s 1039
A T & S
4s 1995
78
F gn|
gn 4 Vis 1989
1 _ 74%
rfg 4%s 201 ?
1 _ 60
cv 4%a 1832
gn 4a ser A
1989
1 - 65%
_____ 43
Erie & Jersey
6s 1955
1 - 76%
Gen Klee deb
6a 1940
4 -101%
3 -
2 _101%
d?. b 5s 195a
3 - 86 %
Gcodyear T ?ii
R fl ? Sa 1941
2 .... 99 %
5 - 99%
2 - 99 Vi
1 - 99%
1 - 9 U '' -i
Gr Trunk Ry
of Can s f 7a
1940
6 ....100%
2 . . . ? '
1 _100%
3 _100%
Gt Nor 7b ser
? A 193?
18
16 .... 75%
1 - 76%
H .... 75%
Ati c r, ist
con 4s 1952
3 .... 76%
10 - 76
I> & N 4a
1952
1 - 68%
At! Fruit Co
7s tem sf cv
1934
! 5 _ 28
? AM Rof db
I 6%s 1931
1 -100 V
3 -100%
I Bait & Oblo
6s 1929
1 - 88%
! rfg 6s 199 5
2 .... 70%
2 -70%
cv 4 Vis 193
74%
75
6 :,?s
? '.'.
1 , .
5 ..
1 .
1 ..
93 % ;
98% ;
98% '
9s%
08 \
98 %
53 1930
6.8%
?S ?j
68%
68%
gold 4s 1948
?
5 _
8 ....
3 ....
Pi 2%s
10 _
67%
67%
67%
67 V?
19 25
83%
0 _?4
1 - 83%
Pitts LE&W
Va 4s 1941
2 - 63%
99%
99%
99%
_ 90
3 V?s 1937
1 .... 64V.
C R I & P gn
4s 1988
4 .... 71
rfg 4s 1934
2 _ 68 %
1 .... 66%
Chl Un Sta,
6 V?s ser C in
ctfs 1963
1 _103%
1 -104
4 V?s ser A
1963
10 _ 80
C & W Ind
4s 1952
1 _ 59 %
2 _ 60
Chile Copper
7s 1923
5 _ 93%
6s 1932
71*
f2$ CCC ?Stli rf
S.f 3Vi3 J"? 8 .... 87%
B7fl'iLSfra coift'?o "us
'f 7.V.104 \934 ' 74
BiA_i_ rfff I Consol Out.'
192
ki 1912
3 - g 1 V?
Bklyn Ed gn
7s ser C 1930
1 _ 97%
2 - 07%
gn 7s ser D
1930
1 - 98%
Bklyn R T 7s
1921
2 -48
Bush Ter Bg
5s 1960
1 - 75
Can North Ry
sf gold lb 7s
1940
.101%
.101 Vi
C..
?OIU
_ 101%
3 -101%
1 -101%
1 -101%
5 _101%
2 ....101
6 V?s wh Is?
sued 19-1?;
2 - 96%
Il -96%
6 _ 98%
4 _ 96ft
1 _OS^
18 _ 9?%i
1 _ 9 6 %
'en I.eath
5s 1923
_,.101
4 _101%
7 _101
2 ... .108%
Cuba Can Sg
ov db-7a
1930
2? _60%
2 _ et %
I _ 61 %
26 _ 61%
1 _ 61 %
Cuba
1952
... 62
. .. 62%
...62
. .. Cl%
. . . 63
R R 5s
_____ 64%
Cuban Am ?g
col 8s ?an
2 .... 98
Del &r Hua 7s
193 0
3 _102 %,
Den & R G rf!
5s 1955
e60f.
Cr-n Pae
4s 1949
ci
S 9 % '
Btd j
n%\
42%
_ 43%
10 _ 43%
ctfa of dep
1 . ... 41%
Det Ed rig 5s
?4 1149
1 .... 79 V?
4 Via 1961
2 _ 79%
Hud & M rfg
5s 14*37
21 _ 65%
13 .... 66
1 _ 66%
inc 5s 1957
22 _ 40%
1 _ 40%
III Cent 6%a
1931
6 _ 89 V?
10 _ 88%
1 _ 89%
4s 1953
1 _ 68%
C St \j & N
0 jt 5a 1953
16 .... 78%
111 Steel i%a
1940
2 _ 8?
In.i Steel 6s
19 5 2
5 .... 89%
Int Mer Mar
6s 1341
a _78%
1 _ 78%
4 _ 78%
Intbo-Met
4UjS ctfs of
deposit 1956
to .. ? ? i5!"j
Intbo R T rtg
5s 1966
2 '.'.'.'. 65%
1 .... 55%
1 -.' . ? ? ? 55
8 .-?? 54%
\ ? :::?_$
1 _ 54%
3 . . ? ? 54%
Iowa Cent 4s
T1.... ?^
It C Ft S & M
*a l988 ,?,.
1 _ 63%
Kan City So
5a i960
2 .... 75%
1 _ 75
3s 1950
1 _ 56%
Kan City Tejf
4s 1960
2 _ 70%
Kelly Sp Tire
gold fts 193)
6 - 94%
10 _ 94%
Lack Steel 5s
1950
2 _ 70 %
3 .... 70%
1 _ 73
L? h'.Kb. Val 6 s
19 as
5 _ 96%
Liggett & M
7s 1944
}0 ....107
5s 1951
-J .... 86
Long '..-4 uni
C n PR et NJ - .'
is 19S7 ?ruouesn??. 1
1 _ 9-5 I es 1949
Cerro de l'as
if 8s ISS]
vi
Cl
s ?t- O cv
5s 1916
1 - SI
1 .... 8024
2 .... 89%
gn 4%J 1992
1 .... 73%
con Sa 1939
I _ ?0
cv 4%s 1930
: I?
Erie prtj_
4s 1996
5 _ 54%
1 - 53%
gn] Uen 4a
193?
1 -42%
3 _ 41 "v
3 - 41_
18
1
t Uy
5a
6 :> | i
_? ?9%
Midvale Steel
5s 193S
,?., 1 .... 76 .
tlSIMlnjj & St L !
343
1924
1 .
?
1 _ -40 _i
M K & T 68
nts 1936
10 _ 41%
1st 43 1990
6 - 60%
1 - 60'-i,
15 - 6 0 %
2 - 60%
2d 4s 1980
10 -26'4
1 .... 35%
14 _85
1 - 24%
81 - 34%
ctfs of dep
1 - 34 %
Mo Pac gnl 4s
197 5
1 _ 62%
Mob & O new
6a 1927
1 - 97%
Morris & Co
4%a 1929
15 - 7 4
12 .... 73
N O T & Mex
as 1935
2 - 56%
N Y Cent col
7s 1930
4 -101
1 -100%
7 _101
2 -100%
deb 6a 1936
1 .... 9014
B - 90%
14 - 90
1 - 90%
5 - 90
1 _ 90 <i
con 4s 1998
3 - 6 7 %
rig 3%s 1997
1 _ 65%
L S 3%s
1998
2 - 61%
N Y C & St L
deb 4k 1931
1 _ 71%
1st 4s 1937
1 .... V 9
N Y G 15 I, H
& P 5s 194?
1 - 84%
2 .... 8454 j
I> m 4s 194 9
1 _100%'
I 1 _100%
2 _100%
1 -100%
2 _100%
3 -100%
1 _1<J0%
1 -100%
B -100%
Or Short L 5a
1946
?1 ..-. 83%
Pao G & K ?s
1942
2 -78
5 - 77%
Pac T & T 6a
1937
r ,2 - S4
Packard M C
8? tern 1931
1 .... 90%
1 .... 9 5 V..
Penn 7s 19S?
6 ....103
1 600.103
1 ....102%
g!d b%s 193?
97%
6s 19?j8
1 _
4 _
en 4yjS
1 _
1 ....
Peo G &
Chl 5s 1
10
98
97%
98
97%
98
97%
8414
a Co
Phil
192
_, 6 - 37
Reading gn
4s 1997
1
1
3
RI Arl
4%B J
73%
?:' '*
13 "4
73?
31 t.
A
& L
134
. 66
.S F 4a
San Fr Ter
4s 1950
1 .... 70%
1 .... 70%
Southern By
6s 1994
3 _82%
4s 1956
3 _ 66%
2 .... 66 %
5s Memphis
dlv 1999
1 _ 80%
Stand OU Cal
7s 1931
4 B7f..l03%
1 _10:!%
2 ....103%
7 .?..103%
1 _103'i
Steel & Tube
7s 1951
B .... 92,.
Third Av adj
6s I960
5 -81?
5 .... S0%
10 ???? ?S%
?> ..30%
rfg '4s I960
1 .... 4 b bt
Tidewater Oll
6vis int ctfs
1 .... 9 5 %
4 ... 96
Toi & O C 1st
is 1935
g _ 82%
t'n Pacl?c 6s
1928
1 ... 99
1st 4s 1947
6 .??? 8??r
! B30f. 8OU
1 . 80%
?? ' .. 80%
n "*.. 80%
cv 4a 1827
1 _84
20 . ? ? ? *">.'?
1 .. 83%
r 83%
,-fS '4a 2008
10 . . . . 74 ??
1 0
67'
X Y N H & II
6s 1948
1 - 59%
6 .... 60
N Y O & \V
1st 4s 1992
4 .... 58 %
N Y State Ry8
con 4%s 1 962
2 .... 55%
N Y Teleph Os
1949
1 - 93%
1 _ 01 %
4%s 1939
5 -81 I
N Y W & Bn
4%s 1946
5 - 35% I
3 _ 3 5 % I
2 - 35 I
Niagara F P
6s 1932
1 - 92 %
Norf So 5s ser
A 1961
1 - 41
Norf & W con
4s 1996
15 - 76%
div 4s 1044
2 - 80
Nor Pacifie 6s
ser B 2047
3 - 99
4%s 204?
1 s30f. 75%
4s 1396
Il - 75%
Gt Nur .ioint
fi%3 1936
3 9 .... 98",
5 s6f.. 98%
10 _ 98%
1 - 98%!
3 1 - 98% I
2 - 98 %l
2 ? ... . 98IV!
12' .'..."?O*: Un Tank Car
?"?s sor H 73 W?,.,,.
lii0 7, S sTf::ioo^
1 '.'.'?'. 72>s!it's Realty &
adj 6s 1955 ! I 68 l?2*,,
9 .... 66V* 1 .... ??_*
2 :::: ??* l8930.... ???_
3 .... 66%l ' - """'
lnc 6s I960
1 .... 64
3 - 5 3 %
4 - B3 %
2 _ 5 3 ".T
3 .... 53%
StL Swn Ter
5a 1952
5 - 65%
7 .... 64%
San An & AP
4s 1943
1 - 62%
Seab A L con
6s 1345
8 - 47%
adj 5s 1949
S :::: l\l
<a.,tpd ||_0Lj^jip ?
rfg 4s 1959 G? 103'* %\
1 - 38% 1 - ?i M
Sinclair C OUI 1 ' ' ' ' <<o
cv 7%s 1926 } ' '[" 81 T(
1 .... 9114 ! _"_i' '-r>'?.n 5
1 _
1 _
1 _
16 _
1 _
6 _
1 _
2 _
1 _
,J
24
13
88 ?
98 V
So Bel! T&T
5s 1941
1 - 81
Sou Pac cv
1994
1 _ Rfi%
rfg 4s 19 Si
1 _ 7 4 %
3 - 75
2 _74%
1 - 74%
cv 4s 1929
???.,. 78%
Weat'?n *^3
1850 n%
?CT-ostinK Elcc
7? ""??a
Irrest Shore 4s
1 ?i".... 71%
18
'8% Wilson Co 1st
_ 78% 6? 1941
_ 78V. 6 _ 84
....78% 1 .... 83%
4s 1949 cv 6s 1928
_ 71 ' 4 _ 7 7 %
Nwn Bell Tel
7s 1941
8 _100%
1 _100%
1 _10 0",
2 -1 00 %
2 ... .100%
i -100%
Tho Tribun* prints each day the ma?
turity date? of all active ponds quoted
on the New York Stock Exchange* The
return, on a bond to the investor depends
upon three, factors: the rate of interest
the security bears, the market price
and the distance of the maturity date.
To figure the precise yield on a bond it
is necessary to use yield tablee, but the
approximate, yield can roughly be figured
out by the following formula: Divide
the closing quotation on a bond into
the rate of interest it pays, and the re?
sult will be the annual return. If the
bard is selliyig below par you must
alloi'} also for the, appreciation of the
principal. To do thin subtract the mar
ket quotation from par, or 100, end di?
vide the remainder by the number of
years the bond has to run before ma
/' r I ? ?' ".'?'?> if a '1 per cent
bond is selling at 90 and has tev. years
? Wt, the annual return will be 6.06
cent. The difference between par
\e market price will be 10 points,
subtracting S>0 from too. Dividing ten
points by ten years, the quotient will be
1. This figure vs to be added to 6J6,
which is the annual return, and the re
Bult, 7.66 per cent, will give you tha
approximate yield.
$5,000,000
City of Philadelphia
Fifty-Year Sl/2% Bonds
Dated July 16, 1921 ? Due July 16, 197
Without option of prior payment.
Principal and semi-annual interest (January 1 and July 1 ) payable at the
office of the fiscal agent of the City. Coupon bonds in the de?
nomination of $1,000, registerable as to principal only
or as to principal and interest in the denomination
of $ 100 and its multiples. Coupon and
registered bonds interchangeable.
Exempt from Pennsylvania State Tax and free from all
Federal Income Taxes
Legal investment for Savings Banks and Trust Funds in New
York, Pennsylvania, New Jersey, and all New England
'States. Eligible as security for Postal Savings Deposits.
Price 105y2 and interest, yielding about 5.20%
Harris, Forbes & Co. The National City Company
Bankers Trust Company Montgomery & Co., Inc.
Kissel, Kinnicutt & Co. Graham, Parsons & Co.
Estabrook & Co.
ti
WE DEAL IN
United States Treasury
Three Year 534% Notes
Due June 15, 1924
and
United States Treasury
Certificates
Ail Maturities
DISCOUNT HOUSE
OF
SALOMON BROS. 8c HUTZLER
MSMBERS NEW YORK STOCK EXCHANOS
27 PINE STREET
NEW YORK
Telephons-Bowlin? Green SOSO
PHILADELPHIA BOSTON
<
75,000,000 Guilders
Government of the Dutch East indies
7% Forty-Year Sinking Fund Bonds
To be Issued this week In Amsterdam. Holland. Interest payable March
and September. Redeemable at par by anr.ual drawings.
Sinking Fund cannot be increased until 1926
On account of the prevailing- rate of exchange on HoTiand
these Bonds can he subscribed for at a depreciation of 20%.
Dutch banknote circulation being covered to the extent of 55%
by gold the recovery of Dutch exchange appears assured.
When the exchange has recovered to normal, the profit to the
buyer should be about 25% and the yield on the investment
about 8^4%. The security being first-class, we highly recom?
mend these Bonds for investment
Price 100%
We invite subscriptions to this issue for transmission to
Holland on or before JULY 21, 1921. Payment to be
made or on before August 9, 1921, against our receipt.
Particulars on application.
BOISSEVAIN & CO.
52 Broadway New York
Bank of the
Manhattan Company
40 Wall Street, D^ew Tor^
1
CHARTERED C^V'T^Ol^ *79Q
^??sn
Capital, $5.000,000. Surplus and Undivided Profih, $I6,S28J47J5
STEPHEN BAKER, Prtudcat RAYMOND E. JOXES, fk* Vict-P miden
Uptown Ornct?>ji L'nioi S-fuorc. New Ysrk
Queens Boft?oaa Qr>\en~~J*m*tM, F!*tit*r, L"t A****
Ctyt Far R?kewav, kt*a**1*y Btock, Racko-wc) Park,
&*??-, Richmond Hiii, Elmiar*, Maspelk, Cerina, Callep
Paint, fTtadamvem, Ridgrwcad, Frt? Pond
Beooklyn Ornen ? & Jeo?'t *''*** a*? Cyprttt Hill?

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