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(S WrW$ \ rtr sk?vi * ??"?",' \ > ?t? ?-??"?'"? ? - Jersey City ,">V*2 ', Bonds !>?<? >'<?)>.'.. I, 1927-56, /-?ei". Fr*"" from all Federal Income T?v.? Legal ln\ ? *??- men : for Savings Banks In New Vori;. Xt>-.\ j< rsey, Ma ind o?!vr States. Elig? .le -is se curlty *...: Postal Sa*, ?hks Deposits. a4f prices yielding from 5.45% to 5.25%. i Ac ording to maturity) Circular on Request for AK-422 The National City Company Milu Ofl i N'stional Citj r u h Bu : ling ; pti wn Offl t ?:.!. 1 S & Madison Are. K Southern Railway A discussion of the status of this company is contaifted in our latest financial letter; also a survey of cur? rent market conditions and brief analyses of several issues having interesting speculative features. Copies to investors, on request. MgpONNEIX&Co 120 BROADWAY NEW YORK ?demours New York Stock Exchange Standard Gas & Eleciric Company, 20 Year Secured 7V2% Eonds Yield 8.10r Limited to the present issue of $3,500,000 Income from pledged collateral alone exceeds Five Times inter? est requirements of these Bonds. Monthly Sinking Fund retires $300,000 of the??.- Bonds annually until 1924; TICO,000 annually thereafter. $100, $500 and $1,000 Bonds for cash or on part payments. For full particulars Ask for Circular NYT-1S ?i.M.Byl?esby GCo. Incorporatrd III Broadway New York Cr.?ca?o - Providence - Boston Hoyd-Jones. Vivian & Co. investment Securities Members New York Stork Kxchanr? 15 William Si. Broad 3352 new York MUNICIPAL BONDS Yielding 5'/o to 8% "VSABDELI-. 89 Liberty Street New York I-^-j - We Offer Bankers and Investment Dealers Proven Power -jnd Light Securities Electni. Bond & Share Co. (Pald-Vp Capital .v Surplus $24,500,000) 71 Broadwuy, New York LOW PRICES SIGGEST SAFETY We give no specific advice, our bun Ine.ss beinj? the execution ot buylnc an.l selling op commission for 1!.?.**** who know what :';???. wish t.. .:.. alia for <?iN!i only; ho margin accounts. Odd lots a ; pe. lulty. WADSWORTH & WRIGHT Member? N. 1". Stoefc Exchange Eat. 1801 2 Wall .-.tu**?. New York Cha.se National Bank Amer. Eaxchange Nat'l Bank (?/cCLU-RE, JOZIES ^ REED U.<n..rx .Vet* York *-n<ir,< Kxe-mat-j? 115 Broadway Phone ''.'.,'1 Rector Banker? to Ai?. Portiiaal Country's Financiers Will Help Improve Exchange Situation LISBON, Portugal, Sept. 25.?A dele? gation of bankers, rep-resentint, fo two of the principal banks of Portmra!, has presented aii address to the Min? ister of Finance offering full co-opera tion to the fovernrnent for the im provement of the exch lation. Recently varie s Portuguese news papeni have been accusing the bankers of maneuvt-ri'iif in connection wirb th? ertchange rate. PARIS, 6-t-pt. 25. -The Belgrad? Chamber of Comrnerce has iiytructed all Serbian firms affiliated with il to hold up payments of sums owed abroad for post-war pu re lia.-?.-- "until the cause of the sudden rise of foreign exchange ha.-- disappeared." T chamber al?*> requested all firms to forward within three days a list < *? their debts abroad with exact data concerning thru grv?itqr y?r.< and also rejrarding ?the nature of currency in which the accounts are payable. The Trend in Financt ?Investors Seek to Perpetuate Benefits of Abnormally High .Money Kates; Factors Behind im? proved Speculative Sentiment ONG ago interpreters of events at the market place learned not to . seek true explanations in pure logic aluno. He who makes his calculations regarding things financial without allowing amply fur the human equation faces a future darkened by disappointment. Psy? chology is a real factor affectitng the ebb and flow of quotations. Developments tit the Stick Exchange^ in the last four weeks since the down? ward sweep which carried quotations precipitately to the lowest levels of I the year have illustrated these princi? ples. After a long period o? abstinence from .'-peculation many individuals have recently returned to brokerage offices : t,i place orders. There has been a moderate but significant increase in ? - public interest in the daily fluctua- j tiens. Why? Is it because fundamen? tal economic conditions have suddenly] turne.1 brighter, or lK'cause they have been attracted by the spectacle of ris? ing prices at the trading center? Prob? ably the hitter chiefly, although mo? tives are mixed and various. Tire favorable factors in ?lie business situation, such as the slight mending in general commerce in ninny indus? trial cities, the checking of general price declines in July and the credit easement, were discernible for many days before the upturn in security prices began. To the man who ra? tionalizes, these changing conditions furnish the excuse to acquire stocks. Hut in many instances the real cause for the purchase is mere rising quota? tions. With four weeks of ?a!n, folk are al? ready inquiring whether we are not at the foothills of an upward movement i which will last about two years. When ? questions take this form the guild of ? fortune tellers faces a flourishing ne- : ; riod. The student, however, realizes that movements do not run consistently in one direction over a long period. In the market of the near future unques? tionably there will be significant peri? ods of rallies and reactions. Each day! the market will present special prob- | lems which will require individual diagnosis. And yet. all the straws in; industry and finance indicate a definite1 passing away from the period of pan-' icky fears "and paralyzing doubts. Broadly spcakinp;, future changes should, be toward a new equilibrium nt better prices than those which prevailed at the moments of greatest depression and *nt lower quotations than the peaks of the boom period. The steady gains in bond prices rep? resent more than an improvement in . the market. They signalize the swift passing away of the abnormally, high money lates of the war and post-armis- I tice period. They represent a hurried effort on the part of investors to place their funds into relatively permanent issues that will perpetuate over a pe? riod of years extraordinary conditions which are already beginning to vanish. : Behind the quickening last week of the impulse to buy bonds at rising | prices, which has persisted since early ' July, were these factors: The reduction in rediscount rates by? the Federal Ko? serve Bank of New York to 5 per cent. a further piling up of reserves nt the central banks in this country, a reduc? tion .in the open market commercial , paper rate for the host, names to 5-V4 per cent, and the offering by skilled bankers of equipment trust certificates to the public on the lowest yield basis since the government took over the railroads. The outstanding* development in the investment market last week was the public offering by various banking groups of railroad equipment trust cer? tificates, purchased from the War Finance Corporation, on a yield basis of 5.7? to 5..S0 per cent. The best of the car trusts?(hat is to say, the obli? gations of the strongest credit roads - held by the government have been pur? chased by the bankers for resale to in? vestors. Most of these equipment trust certificates differ from the standard equipment trusts in that they were is? sued by fhe roads dollar for dollar against the equipment on which they are a first lien. In other words, there is no margin between the value of the equipment securing them and tin- face value of the securities. The sale of these securities by the government is important in that it will aid the Ad minist ?ation in its program for extend? ing financial relief to the railroads. The significant thing about the offering of the equipments to investors on less than a 0 per cent basis is that it measures the lowering of interest rates. One of our contemporaries in Phila? delphia recently sent its business editor on ;*. tour around the country to ob? serve trade conditions. The rrianaging editor of the publication subsequently inquired of various chambers of com? merce regarding "business benefits" of the itinerant journalist's visit. A new consciousness of the power of the press! . Equipment Bonds (Quoi.--I on lu. ?m Name. Rate. AH Coast Lin l?-iit ,'? i ihio. . r . i & A . . Buffalo R & 1' Can . lian Xat. Canadln . Nor. Canadian i'ac, pern ntaB? Maturity. 1922-'36 1922--27 l921-'30 inrri-'rr: 1921-'33 1 9 3.". 6 I921--30 b;i?l-0 nid. as '28 c c c .*.? St Ches & Ohio. . . O*-? i' R I & 1'. 4 1,4,-5 Chic <fe ."-," W... 4-V4 do . KMi r si i, & s o. f. ||. 1 & Hudson. 1 'a Brio ., W.-l do . 6 III Central. -i '-i dO . fi1/*. do . 7 K it n 19 21 -".',' 1.921-',13 6.25 6.60 6 3 5 ?921--24 6.50 6.0*1 5.90 6.80 r, so 6.70 6.50 6.00 5.95 5.90 5.90 5.90 6.00 5.70 1921-'27 1922-'28 1921-'27 I Pi ?:t?i it; Si 1...nia & Nash. do . M S P ?".- SS M do . do . Mich Ci at ral. . N Y ?" Lines. . N Y (' R R. . . . N Y Cent R 11. K Y C A* St !.. . do . N Y. X II /> H. Norfolk ,<-.- \V. . Nor Pat fie. . Pennsylvania. . Pitts * 1. Brii . Reading ? '... 4-4 il'? 1925--35 1921-'2 4 1921--23 1922-'36 5 1921--26 192G--35 1922-'30 192aJ-'3ft J922-': 8 1922-'35 i''" :.'-?"'.' 1921 -'26 1931 5-0 1". ' 1921-'24 19 2 2 -'30 '? 1922-'23 1921--36 ? -* 6.3o 6.30 6.35 6.50 6.25 6.25 6.35 6.no 6.35 -v6.30 6.50 6.50 6.75 5.90 5.90 : no 5.9 3 5.9 5.9 Seab 1 ni Soui horn 1' do . Southern R I m..n Pad Virginia R 1921--26 1921 'ri'. 6.40 6.35 6.30 7.50 6.no 6.3 0 6.50 5.9 6.9 5.7 p. ft 1 6.7 Summary of Stock Exchange Dealings (Copyright, 1921, New York Tribune Inc.) Last week. Railroad Mocks . 591,300 Other stocks . 2.460 200 A!l stocks . 3.051,500 Last week. V. S. government bonds.$48.890,000 Other bonds . 13,3-16,000 Railroad bonds . 20 871,000 All bonds . 83,107,000 VV^ek Year January 1 to date. before. ago. 1921. 1920. 1919. 496.200 ? 621,300 25.334,600 39.198.500 74.641.800 3.0C8.100 3,657,600 98,612,300 121,296,4C0 151,341,400 3,564,300 4,278,900 123.946,900*100,494,900 225,933,200 BONDS January 1 to date. Week before. Year ago. 1921. 1920. $46,531,000 $51,726,000 $1,382,801,000 $1,7-18,906.000 12,392,C00 12.735.000 377.114.000 401,837,000 20,879,000 15 242,000 496.338,000 514,1S8,C00 79,802,000 79/703,000 2.256,303,000 2,664,931,000 Record of Stock and Bond Averages (Copyright, 1921, New York Tribune Inc.) Last week. Hieh. Low. 20 Railroads . 65.85 63.95 30 Industrials .... 67.30 66.20 50 Stocks . 66.72 65.36 10 Railroads . 76.11 75.74 10 Industrials .... 83.10 82.85 5 Utilities . 76.30 75.50 25 Bonds . 78.94 78.66 STOCKS Year ago. High. Low. 69.30 69.10 89.30 8G.53 81.06 79.58 RONDS 74.68 74.12 83.88 83.41 69.90 69.40 77.40 76.80 Range Jan. 1 to date. High. Low. 65.85 57.40 \ 79.13 "60.80 73.38 61.02 76.23 84.53 73.70 78.94 71.01 80.45 70.13 75.25 Range ful! year 1920. High. Low. 73.80 ' E8.60 110.CO 67.67 92.96 64.30 76.97 91.45 74.56 81.71 66.73 81.30 67.44 73.94 ! Price Trend of the New York Stock Market The graph shows the weekly fluctuations in the average price of twenty railroad stocks in otic line arid thirty industrial stocks in the other since Septemher 1, 1919 ; Transactions Last Week m Listed Stocks High 1921. 18 19% 52 40 ? 39' 7 1% 134 55' ? 93% 39! 4 66% 8-1 54 51 65% 32', 88 133 114 29 23 % 8% 135 133$ 573/4 69', a 65 " 53Ja 11% r?2?. 2 92I/Z 931 4 1071/4 10 14 4434 03 72% II21/2 3I34 91 96 107% 88 91 . 54 ! 108% I 123% 1 94 I 12734 9% I 51 82% i 98 39% 10 43% 3'-2 35% 107% 87% 81 7% 89! 4 9 76 44% 2334 4% 941/4 IO21/4 423? 54 1 62'2 65 107I/-2 6 14% 10 421/a 5% 987a 6 1534 ?8 19% 7'2 65' 2 49% 53 1191.4 101/4 431-4 96 2C9 32?/j 86 ?651/1 9-4 20ft 31 405^ 71 110 70'-; 35 671/ Dale. S pi 6 Jon 7 J??n .Ian Jnn led Feb Jnn Jnn May Jon Jnn Fob leb May Jnn Jnn Sent 10 Fob 23 Jan 27 Jan 20 Jnn 11 May 9 May 18 May 18 May 2 Apr 29 May 6 Apr 22 Jan 31 Jnn 29 Sept 10 Feb 26 Jnn 7 Jnn 20 May 2 Jnn 20 June 6 May 24 9 14 25 6 7 ?8 19 2 29 20 Jan Mar Jan Jan Mar Feb Feb Mar 29 May 24 Jan 31 May 23 Sept 22 Sept 22 May 4 Jan 21 Jan 20 May 16 May 11 Jan 13 May 6 Mar 12 Auir 1 Sept 19 Jan 4 July 28 Jan 3 Jan 3 Jan 7 Apr 20 Jan 29 Jan Jan May Jan Jan May May Jan Mar 23 Jan 25 Jnn 25 May 20 Jan 11 Sept 23 Jan 7 May 2 Aug: 2 Apr 12 Jan 8 Sept 23 May 13 May 3 Jan Apr Jan Jan Mar Jan 11 25 9 11 10 6 6 19 Apr 30 May 18 May May Jan Jan Jan Jan Jan 63 1?'34 27 % s8 66 62 ?4? S6 3234 63 39/4 53% 12% 62'4 42'4 61 12 91% 21% 66 5 77% 1C5 44% 107 ?/2 91 26 67% 33'/2 44 104% 249 2134 4% 23'., Sept 14 May 10 Sipt 24 Jan 6 Feb 11 May 11 Jan 20 Mar 3 Jan 13 Sept 14 May 6 Jon 29 May 6 Apr 27 Jan 3 Fob 10 May 9 Jan 13 Jnn 9 May 17 Jnn 6 Jan 3 Jan 7 Sept 23 Jan 17 May Jan Jan Feb Feb Feb Low 1921. 20' a 11 35 30 V % 1 34 83 ?8'.:? 26' 2 51 46' 2 2534 29% 23% 7 6 34 115'4 10S 8% 15% 4'4 113 8 40% 42 57 21% 7% 17 39% 73! 2 08?% 3'/a 4% 29% 63% 63 95 18 78 58% 85% 371/4 7OI.4 48 95% 1 1 1 1. 2 86 110 8% 48 57 93 20?/2 6% 31% 1 24 921/2 76% 75% 2 77 2% 18 1534 10 2% 62% 95 303? 47 i/_ 39% 41% 93% 3 9% 6 33 2% 81 % 3% 10 % 14% 73-4 3% 53% 25 41% 101 4 22' a 57% 188 23 3934 46 6% 14 22 32 60% 95 47 22% 56' 2 ni?-. in $. 2 11 17 14 16 28 40 691; 15?/. May 26 Sept 23 May 16 Apr 21 Jan 5 May 6 Jan 19 Jan 15 May 2 May 9 C83 50 9 19? 32 60 36'/ 19 22 52 27' 49 28], 21'-. 1, 77' 123 343/ 1/ 59 96 22?/ 49 77 6? 17' 12 23 90 93 10'/ 2'. 16 ?5 52 11? Pate Jnn 3 ? S.'pl 2 ? Anr IB 3 June 21 4 Sept 2 --? Sept 22 ? Jnn 3 ?? Auir 15 4 June 23 7 Auir 24 4 Auir 29 ~ Auir 29 ? Jan 6 4 June 23 ? Auk 10 ? June 21 ? June 25 7 June "I 12 May. 23 7 Sept 20 ? June 23 ? Ann 11 ? Aue 25 8 Apr '14 ? Feb 2 -? Jnn 25 5 Jan 4 6 Auir 26 ? Auir 23 1 Auir 27 Aui: 22 7 June?0 6 June 20 7 Aue 30 ? Auir 10 ? Auir 25 ? Auk 26 7 Jan 11 6 Jan 3 12 Aue 24 3 Aue 20 7 Auj- 30 ? June 16 7 Auc 27 8 June 20 7 Au? 25 5 Jan 3 9 June 21 12 Au/r 27 6 Jan 3 12 Sept 13 C Sept 13 7 Feb 21 7 Feb 21 7 Augr 12 ? Sept I ? Auir 21 ? July 28 ? Jan 26 4 Sept 21 6 June 20 6 Jan 3 5 Sept 1 ? Apr 27 7 Sept 21 ? June 17 ? June 17 ? Auir 24 Sept 10 ? June 24 7 June 27 7 Mar 11 ? Mar 14 4 Auir 8 ? June 24 5 June 22 5 June 22 8 Aur- 20 ? Sept 20 ? June 7 ? Feb 14 ? Auir 24 ? Jan 8 10 Auar 24 ? June 20 ? Jen 4 ? Auir 22 ? Auir 25 ? July 28 6 Jan 5 ? Jan 4 2 June 20 10 June 14 ? Auir 24 ? Auir 26 ? Sept 12 8 Mar 10 ? Aug: 29 6 June 20 ? June 23 ? June 18 ? June 20 ? June 21 ? Apr 12 July 1 Auk 25 Mar 11 June 21 Mar 11 June 25 Apr Mar June 21 - J'c!> 3 5 June 25 ?? Feb 24 ? July 29 ? June 20 6 Jan 8 ? Jan 3 4 Auk 24 ? Aub 24 ? Jun??.21 4 June 24 ? Sept 17 ? Jan 5 7 Auz 26 ? Auir 16 7 Auir 26 ? June21 5 June 15 7 Ausr ZZ 2? Auir 15 4 June 27 7 July 11 ? Auk 23 ? Aug 17 -? Mar 23 4 Apr 14 9 Auir 23 5 Jan 3 1 June 24 ? June 24 ? July 18 ? Sept 25 ? Jon 7 5 Mar 12 ? Sale??. ILirb. Low, ClOK Adams Express. 400 ?51. Advntico Rumely... 100 13 do Pf. 100 37'/ Air Reduction. 100 36 Ajan Rubber . 163?O 2D? Alaska Gold Mines.. 1000 ', Alaska Juneau. 7200 1' Allied Ch & Dye... K800 47'/ do rf. "00 90 A His Chalmers. 4500 343 Amer \y.r Chom... 1900 3B?! do pf. 600 62?. Amer llaak Note . . . 600 51 Amer Heel Suirr.r. . . 1100 29' Amer Bosch Mm;... 1200 ?5 American Can . 4600 28| do pf. 13C0 80 Amer Car & Fdry. . . 2800 128 do pf. 1C0O 109 Amor Chirle . 200 9' Amer Col tun Oil_ 600 20 Amer Oruir Synd... 300 4! Amer Express . 400 116 Amer Hide & 1. 500 1 l do pf. -500 51! American Ice . 3C0 5'J do pf. 300 641 Amer lut Corp. 36500 33: Amer La-Fr Fire E. . 9C0 9 ? Amer Linseed . 2300 do pf. Amer Locomotive. . do pf. Amer Safety Razor. Amer Ship & Com. Amir Smeltinir. . . . do pf. do See pf A . . . . American Snuff . . . Amer Sleel Fdry. . do pf. American Suirar . . do p f. Amcr-iiumnt Tob.. do pf . Amer Tel & (rabie. Amer Tel & Tel. , . 2800 4% 37e 4%? % 1300 6% 6 6%? 3f 99C0 37% 35% 3634 (- ?/? 1300 72 70% 72 + 1?/f 100 66% 66 66 ? 2 300 IO234 10234 10234? 2/: 257CO-'108%!-106' B*107% 200 1C0 200 3% 13900 114^8 111% 113% + Arftcr Tobacco . r^figO 1? do pf . 330 CO 8?,' do I? . 1100 124% 121 Amer Wa#ter Wks pf 100 9% 9' do 7%"pf. 300 51 ? 43; Amer Woolen . 35600 75% 72' do pf .300 97% 97 Amer Writ Paper pf 100 24 24 Amer Zinc & Lead.. 600 8% 8 Anaconda . 11150 33% 36? Assets Realization.. 200 1% V Asso Dry Goods. 100 31 31 6 Asso Oil . 300 06% 92' 6 At Top & Santa Fe 7700 86% 85 5 do pf . 1700 81 80 - All Birm & At!_ 800 2 2 7 Atl Coast Line. 1200 83 ?6 - Atl Fruit . 200 2% 2' - Atl Gulf & W I S S 44700 28% 25' - do pf . 1600 22% 22 2% Atl Petroleum . 5900 15 11 - Auto Sales Corp. .. . 303 2% 2 7 Baldwin Loco .160800 90% 83: 7 do pf . 2300 93' 2 97' - Balto & Ohio. 16100 393-, 371 4 do pf . 700 51% 50 - Bntopilas Mining: ??? 300 % ' Bethlehem Steel _ 800 52 51' do Class IL''. 37400 56% 52 do 8% pf. Booth Fisheries .... Hklyn Kap Transit. do ctfs . Brown Shoe . Brunswick . Burns Bros . Butte Cop & Zinc. . . Bulle ? Sup Cop. . . Butterick . Caddo Oil . Callahan Zinc & L. . California Packing.. California Petroleum Calumet & Arizona.. Canadian Pacific... Caso Plow . 200 Central Leather. . . . 8900 do pf. 400 Cent of New Jersey. 750 Cerro de Pasco. 1000 Chandler Motors.... 12000 Chesapeake & Ohio.. 7700 Chic Gt Western... 300 do pf. 1000 Chic Mil & St Paul. 5500 do pf. 15700 Chic & Norlhw'n... 5000 do pf. 700 Chic Pneum Tool... 300 Chic, R I & Pac. . . 29 '00 do 6% pf. 2200 do 7% pf. 900 Ch, St P, M & O. . . 1C0 Chile Copper . 3900 Chino (ron Copper... 11C0 C, C, C & St Louis. 4C0 do pf. 100 Cluett Peab?dy. 100 Coca-Cola . 4900 Col Fuel & Iron. . . . 2103 Col Cas & Electric. 3000 Col & Southern. 200 da, 1st pf. 100 Col (?raphophonc. . . 123C0 do pf. 600 Com-Tab-Reroidinff.. 300 Consol Cicars . 100 Consol Disti ib . 3600 Consol Gas . 3 "03 Consol Textile . 26200 Continental Can .... 200 Continental Candy... 9C0 Corn Products . 33200 do pf .... > Cosdcn & Co. 39000 Crucible Steel . 50200 do pf . 100 Cuba Cane Sugar... 4100 do pf . 6500 Cuba-Amer Sucar . . 3200 Davidson Chemical.. 100 Del & Hudjon. 4700 Del Lack & West.. 5200 Dome Mines . 10400 . Dul So Shore & Atl 100 5%, 31/4 5 7 4 6 7 5 15 ? 30 ? 200 104' ; 263. S1 ? 1'/ 8 10Q7a 102% Elk Horn Coal.. Emerson Brant do pf . Endicott-John.son Erie . Ilic-h 1821. ;:;", 82?/a 90 29/?? 90 100 19% 20! , 5% 78% 117% 80 133''4 10% 72 70% ?-2 r 44!/? RR 25 79% 32/a 25/, 16% 1 l?/s? 26 4fS% 61% 77',i; 25% 01 85 16% 37% 5% 13 13% 57 IOO/2 110 171/4 6i% 42 76 17 73% 75 26 434 11% 34% 25% 237i, Dille. nv 9 12 i") J ;i 11 Apr Apr .1 in 27 2,'i Jnn 1 . Jim-27 M a 5* 5 Jan Jan May ?Jay 17 13 6 6 ?"-.?ay 6 May 11 Jan 1 I Apr Jan Jan Jan Jar Jan Jan Mar May Jnn I.HW 1021. 74% 21 8% 91/-, % 39'/; 77 BC'/3 00% 9% f.2 60 69 26% 621/-, 15 60 niv. 25 11 7 16 29 11 11 6 18 Vz 52 79 54% C2 90 22 % 17% 150 58% 57I/2 14% 29% 56% 162% 105/ 160 79% 95 /? 21/ 12% 42 164'/'; 118 70' 1;? 67 89': 58'/ 26 21*"> 7 18! 45' g 8% 21 19/2 lo/a 3% 9/4 93% 101% 167% 24 15% 33% 14% 73% 3 5% 23% 43% 55% 94% 25 121% 120 26% 79% 5% 65 31 108 . 6% 13% 77% 74%, 61' j 39 ? 23 '/o 21% 13% 104% 40% 35% 83% 39 11 4 6 30% 143 16 19% 60 41/a 79% 71% 7! 2 72 151/2 41 % 17 57% 23% 45 35% 31% 77% 42% 83 11% 78 64% ?8 (a 32 96 104 70% Hl/2 51% *""?% 90% 26% 15 -'T.*. 335,. <3 25% 38/ 3? ; 41 5/: 23 % 6 Va 7| A U' ; -;k * ? :". b May Sept May Apr May 13 May 6 May 6 Auk 2 Jan 7 May 18 Jan 25 J?! Jan Jan Fob Jan Jan Jan May Jan May 2 May ,17 Jon 20 Jan 24 Jan 7 Mar 17 Sept 23 Feb 19 May 6 Mar 30 Jim 19 May 2 May 9 May 11 May 11 May 2 May 3 Jan 11 May 17 Jan 12 Apr 3? Jan 5 Sept 19 Feb 6 Sept 21 May 5 May Mai Jan Jan Fob July Sept. 21 St-pt 16 June 1 Feb 14 Jnn 25 Sept 15 May 19 May 10 May 10 May 10 May 11 Jan 20 Jan 14 Apr 29 Jan 7 Jan 14 Apr 18 Apr 7 Jan 13 Apr 26 Apr 25 Jan 4 May 9 May 9 Jan 31 Jan 10 May 18 May 9 Jan 11 Augr 8 May 2 Sept 14' Jan 26 Jan 13 May 16 18% 7% 61 2 20 25 50% 69 13 49/a 40% 10! 2 85% 2 29% 1% 6 ?> 34 67% 99% 7% 33 27 65! j 11% 3 8 % 67 5/; 2'/t 4 3 10 31 23 6 141/2 18% 46/a 68 32/a 35 75 16 8/4 130 32 40 10 17% 47' ? 138/ 973.a 137 64 87/s 10 7?i 30 136 - Date, in Jiirif 21 ? Apr 11 -~ .)?.'?? 21 ? July 21 8 Au-Jt 30 4 Jpne ??8 10 June 29 7 Vuk 3 ? Au? 29 -- Aue 25 ? Au t? 25 5 Apr 25 Anir 25 Auk 24 June 10 A tiff 22 Am: 20 June 24 - June 23 Au-r 16 - June 14 June 24 Mar 11 ? Sept 21 Au-r 11 - June 14 June 23 June 29 Mar 28 June 21 Mar 4 Au? 25 June 21 Mar 12 June 29 Mar 12 Auk 30 ? Sept 21 Au*. 29 Kept 1 Aue 22 June 20 A un 14 Auk 25 ?ug 25 Auk 26 Sept 2 Ans 24 Au* 25 Aus 5 Sept 20 Jan 6 ?Jan 4 Jan 3 , I*"cb 3 Jan Mar fla?e- H'-eh. do lit pf. 2000 -9% do id Pf.?**?" 400 14 deb Fumoit'i Flayers ... ./EB?3 do pf . f'r9 Fed Min & Smelt pf 100 Fisher 'Judy . ^^ do pf . 1?0 Fi k Ru!>ber Tire. . . 27C0 Froeport-Texas . 2300 Gaston-Williams ... 200 ("en Asplmll . ...208800 do pf ?'en (' Kar pf Ceil F.lcctric . . . . . . . 21G""0 i'fn Motors . 4C00') do pf . 100 do 6% deb. 800 do 7% deb. 400 Coodr.ch I? F. 1300 do pf . 30? Granhy M'.nine .... 16rv-> (;t Northern pf. 8"?O0 (?t Norlh Ore Hubs. . 1100 Greene Cananea Cop. 300 Guantanamo Rucar.. 400 Gulf Mob & Nor. . . . 3C0 do pf. *?0 Gulf K'ates Steel. .. 2800 HaskcII & Bark Car. 13C0 Hartman Corp. 100 Ilrndee Mf(f . 100 Komestake Minim?.. 300 60-W ? Houston Oil . 2500 53% 1 Hupp Motors . 3000 11% 7 Illinois Centra!. 200 96/2 .60 India/iorna Refining-.. 2600 2% ? Inspiration Copper.. 3800 34% ? Int Con Corp. 10800 2% ? do pf. 3300 7% ? Int AgriculUrre. 400 7% ? do pf. 200 40% 5 Int Harvester. 8900 80% 7 do pf. 200 101% ? In? Mor Marine. 200 9% 6 do pf. 33C0 46% ? Int Motors . 1300 32% do 1st pf.. Infl Niekel . Int'l I'aper . . do pf stp"d. Invincible Oil 200 5500 17600 100 5400 Island Oil . 132C0 Jewell Tea . 20:0 5 4 1 8 7V 8 23 4 17 14 Feb 11 Feb 15 May 7 May 4 Feb 7 May 11 Feb 17 Jan 14 Sept 9 May 10 Jan 12 Sept 23 May 10 Feb 19 Sept 17 Sept 23 Feb 2 Mar 29 Mar 28 Jnn 7 May 9 Apr 29 May 4 Jan Jan Sept Jan Feb Jan Sept 8 ?ug 5 Apr 25 Jan 12 Jan 17 May 17 May 18 Jan 6 Jan Jan Augr May Mar Jan Jan M ay Jan Jan J;ui Jan May Jan J a 11 May May Sept 23 May 11 Jan 15 Ft'.) 5 Jun 15 Muy 1 ! 97 55% 10 46% 24 35% 13 12% 3 12 27 4/4 13 6 8 % 3 65% 95 84' ", 15% 10 22 9 63 3. 2/ 16 33/ 43 93 1451 1G2 105 15 46 5 26 673; 1C0 31, 9 46 64' 39 P05 11 11 7 3 19 10 24 19 29 11 6 5 12. a.'. -M ? \ 49 28 3-3 ?? 73! 2 101 ?%' s 60 ?3 37 J411 Auqr 3 July 30 May 9 Jan 14 Fel> 1 ? Jan 14 Apr 30 May 9 May 10 Jan 3 Jan 17 May 13 Mny 9 May 6 Ian 11 Feb 23 Jan 3 Jan 13 0% 13% 16 8/s 88% 32% 31% 61% 2O/2 7% 1% 3/2 16! 2 87 9/a 8/a 46% 27% ?8% 34% 7 ea 9% 32% 6% 33% 15% 34 26/a 16 37% 9% 30% 52 82% 24% -'S 80 54 89/c 25 21/s 67 19 11 c; 3.. 36!/*, 38/ 17% 18 41/ 8 42"; 10| 19', 2771 19' 9' Aut- 24 May 11 Mar "11 Mar 11 Jan 3 Jan 10 June 23 Jan 3 Mar 11 Jan 14 June 21 Jan 22 12 Jan 3 7 Apr 27 12 Auk 10 ? Aup 25 7 June 7 ? Aup 25 1 Aus 290? Feb 3 12 Apr 14 7 Jan 3 7 Jan 4 ? Jan 3 7 Augr 25 ? Aus 31 7 June 13 Augr 16 May 6 ? Auk 29 ? Auk 20 ? Aujf 24 ? Sept 21 2 June 10 ? June 25 ? July 15 ? May 23 ? Jan 4 8 Mar 18 7 Augr 25 12 Jan 3 2 July 20 June 22 .Mar 11 Aue 24 Augr 14 Augr 25 Mar 11 Mar ?1 Aus 21 June 15 Auk 25 Jnn 4 Au-r 25 Srpt 13 Sept 21 1 Sept 19 Ai.'jr 25 i July 28 Jan 20 ? July 28 Mar 31 June21 j June 21 June 20 Jan 23 June 18 Mar 11 Sept 19 June 21 Aue* 31 Aue 31 June 14 June 10 ? Aus 9 ? May 31 ? Augr 4 ? Autr 25 2 A uii 3 8 July 1 ? Augr 26 ? Jan 19 5 Mar 12 .1 A us* 25 6 Auk 17 6 'Augr 23 ? Auk 26 7 June 23 ? June 23 2 June 20 ? Jan 3 ? Mar.11 ? Mar 12 ? Augr 26 3 June 17 ? Apr 26 ? Au?; 26 ? Aus 23 ? Autr 22 ? Aug ?2 8 Ji*ly 16 Jan 8 June 21 Aui{ 25 July 5 Jan 5 Aug- 24 June 4 Aug 25 July ?8 June 14 Mar 12 June 20 June 24 Aue. 24 J.-ne 20 June 21 June 23 Aug 13 Sept 24 Au? 2G Mar 1 ! Junr- 24 J u n .* 2 3 June 24 JuneLi 4 Sept 23 do pf. Jones Rro.s Tea. Kan City Southern do pf . 3 Kayser J . 1 Kclly-Springrfield . . . Kclsey Wheel . 7 do pf . Kennfcolt Copper. . . Keystone Tire . 5 Kresse S S. Lacka-.vanna Steel.. Laclede Gas . - Lake Krie & West.. 2 Lee Rubber & Tire. 3/2 Lehich Valley . 6300 Lijig-eU & Myers... 4C0 do pf . do B _7. 11 Lima Locomotive ... 5i do pf . 2? Loew's Co Inc. 44? Loft Candy . 10 Loose-Wiles Biscuit Lorillard Pierre . Louisville at Nash Mackay Cos . Mailinson & Co. . do pf . Manati SuR-ar. . . . Manhattan Elev .. Manhattan Shirt.. 800 313^. 503 20 49C0 203. 500 513/ 400 73 24100 423, 500 53 330 90 6700 20! 2300 12!. 200 141 3200 43 300 49 100 10! 1100 26' 77 90 14% 978 300 32 100 147/ 700 110 100 70 % 1% ? Marland Oil . 1400 60O 4 1C0 15 1500 34 1C0 53< 400 15 300 6 2CO 9 100 1/ ? 100 5 900 82 100 101 143-100 115/ 2400 21'.; 1.20 Middle Slates Oil... 110CO 12'/ ? Midvak- Steel . 2400 263/ ? Minn & St Louis... V'M 10'r 7 M, St P & S St M. . 1100 71 ? Mo, Kan & Texas... 900 2' ? do pf. 1OC0 3 ? Missouri Pacific. 4500 20s ? do pf. 10300 41' Market St Rwaj*. . . . do pf. do prior pf. do 2d pf. Martin Parry Corp . . Marlin Rockwell.... Max Motor B. do ctfrs . do 1st pf ctfs. May Dcp't Stores... do pf. Mexican Petroleum.. Miami Con Copper. Montana Power. do pf. Montgomery Ward,. . Nat Biscuit . do pf. Nat Cloak & Suit. . . do pf. Nat Cond & Cable. . Nat Knara & Stamp. National Lead . ?io pf. N K R of Mex 2d pf. Nevada ("on Copper.. 3S03 New Or. Tex & Mex. 100 Now York Central... 8500 N Y, Chic & St L. . 10O . N Y Dock. 603 N Y, N II & Hart. . 180-00 N Y, Ont & West. . . 4630 Norfo'k Southern.... 600 Norf & Western.... 1803 North American.... 1 14 TO do pf. 11300 200 119 119 113 ? 2% 200 111% 111% 111'2-f- % ? 3! 100 102 7700 5% Northern Pacific. . Nova Scotia Steel. Ohio Body . Ok'.a Prod & Kef. Ontario Silver '. . .. 15830 300 200 3175 6C0 Orphoum Circuit. 2200 Otir, Elevator . 100 Otis Steel . 100 Pacific Devel Corp... 500 Pacific Gas & EIcc. . 2100 : Pacific Oil . 3<*00 Pan-Amer Petrol.... 54200 ?J? B . 960-0 Panhandle . 100 do pf. 50 Parr'sh & Binfrham. 1600 Pennsylvania R R. . 12500 Penn Seaboard Steel. 24C00 Peo f?as & Coke. . . . 3200 P?re Marquette. 2309 do pf. 2C0 Philadelphia ("o .... 2000 Phillips Petroleum.. 76C? Phillips-Jones . 200 Fierce-Arrow . 8500 do I'f. 280O Pierce Oil . 2500 ?la Pf. 1000 Coal. Apr Aue Jan Jnn Feb Sept Jan 24 8/a 5'J% 11% 4% 32 16! a 32! s 62% 67! ? 17% 42 8S 124' ? 1v5% 6 S 82 21 5 Pittsburgh 6 do pf. 800 Pitts & West Va. .. . 2300 ? Pressed S'.eel Car. . ? 9'JO 7 do pf. 100 4 Pul** Sir Cor of N J. 100 8 Pullman Co . 10500 ? ' Punta Aief-re Sugrar. 2300 2 Fure Oil . 27C"> 8 Kn-ay Steel Spring . 1300 3.41 Fand Miner) . 2700 ? Kay Con Copper... 2703 4 Beading- . 60500 2 do Irt pj. 1200 2 <!?* 2d pf. 1600 ? K-miniftc:*. Typewr . 200 ? Rcplogrle Sieel . ;0O ? RepuS Iron -?: Steel. 21400 ? Repub Motor Truck. 4400 5.20 Rojal Dutch . 23**00 1 f'.t Jo.,eph Lead.... 12C0 ? St L ?u San Fra.i . . 4600 ? do pf . 4rjo ? St Louis So'westcrn 3300 ? do pf . 1C00 ? San'a Cecil.a Sugar t00 ? Sa\a?.'e Anns . 400 "*! 22 ? Sason Moiois . 1C00 ' u? 22 ? Seaboard Air Line.. 8O0 do irf . 900 Sear.? Koebuck .... 13300 ?"-i-ni-ca Copper .... 13400 Shottutk Ariz Cop. 40O 74Sh<il Tr & Trans. . . 400 Sinclair Consol .... 2l9r_0 SIoss-ShelT 311 ?v Ir. 170j do pi" . 100 Pacific . . . 63200 P.way _ 12600 323 Mar 22 - ?11.; 23 - Mar 11 - Jan 3 - Aue 17 Auk 25 - June 29 - July 1 June 21 June 20 - Juns-21 - Sspt 2 June 24 June ', ? Jan 3 Kept 23 Sept 22 June S South rn Scuthet i do pf .... Standard Milling Stand Cil of Calif. Stand Oil o?' N J . do .if . 5200 107' g 1C67 Steel Tube & Fdy pi 4 00 66% 66 Stern !lr,..t 8% pf.. 121 82 82 Sie-v-Warner Speed. 300 2o^a 25'.. 11'.y> 147% 134 4' 4 ; Cr. 11:1 n .1 ?d on tecsnd nag; foilowln?) K?DDER, PE?BODY & \\ lotfW'S?. 115lh./!nviirj3t 45 East 42,*?lS?. 216 BerWtfgt NEWY?rK BOS?Oii i Oovaramsiit Bonis Investment Se;?irife Foreign Exchanga Lettars o? Credit investment Circular on Request Corresponde-;: ? B?RIKS BROTHERS & CO., Lft LONDON Remitting Money Abroad ?' \-A Y "\ ?? V^i Branches Affiliations ENGLAND ERAZIL FRANCE COLOMBIA APrV^TiuA ECUADOR ARGENTINA r.UATFMii i pF.RiT SAN SALVADOR URUGUAY VENEZUELA MEXICO NICARAGUA Correspondents in Belgium, Holland, Italy, Switzerland, Germany, etc. 7 clef:hone 11 .' ?nglo-Soutk American ' BANtC l ' IVr~.n New York Agency, 49 Broadway First Mortgage Convertible Sinking Fund .8% Bonds The obligation of an old es? tablished company, secured by a first and only mortgage en all its fixed assets, having an ap? praised value of two and one half times the amount of these bonds. Net earnings have averaged 3 ' , times preseat interest charges for last five year?. Convertible at any time into the common stock of the com? pany. Sinking Fund to retire two thirds oi these bonds by maturity. Price to yie?d over 8.25% Details upon reauc : . St., New York Philadelphia Pittsburgh Bcitim.re " as!vn-l, .: Vri.minytoa Burns Eros. Farreli Coal O? 1 ! ' ? ? - ? C< sel forth in : r ? Ask for !. I WilKam W. Cohen & Co. S -. V 'I robers- \ -, Vnrk ? ' ? .:? * t v. hung? Place, N< n JCork. Nati Ice & Coal Stacks J.E.RIce.Jr.&Co. t'Ui.fi'S ?...... LU 4H< till ?: Wail .t. .'??!? National Park Sank CLMTQ** GILBERT 2 Wa4k2frcet. N. Y. Tel. 4S? Red?? New Savings Accounts Keep New \ork City's Banks Busy N iw York ivings I ihown up well in pi ?gn h ? ?; ......... . . 7 .......... At ... ? Mutual Savin their que ta I r ? he -.. ? " W.7 ,?,.,. Gary Negotiates for l*urc!ia?e Of Bix Mexican Steel World MEXICO CI TV Elbert H? Gary, i h irman of t! ,; l^e United Stat - S eel i Prl?r to hi* d artun from Mexico City oR Thursday, en( Ted into negotiation! f?" the purchase of the Monterey 1 r>r-n and g Steel Foundry Company'? property, among the largrest in the repoblic, ?*" cording to "The Excelsior."