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Exempt from Federal, S t a t e, Municipal and local taxation. ?'rice 100 and Interest Yielding 5% Circu? ??' on request for A ??-;?5 The National City Company M ?. '" S'al 1 City Batik BullcltnK L'?towa i..:?. 42aa i-:. .v Madison At?. Reading We have a suggestion to make to the holders of Reading Stocks, both preferred and common, which may prove valuable in the light of the coming segregation of the coal properties. Inquiries, invited. The class of stock owned should be stated. 120 BROADWAY r;:;w york ttemoer? Sew York Stock Exchange Buy Bonds Now From the lowcsi bond prices and host yields since 1v mi, the turn appears to i omc and an upward trend ? hich economists . it for many ;.'? ars?ha - begun. Buy ?.oii^' Term Bonds Now for Cash, or on the Byllesby Ten-Payment Plan the basic tests of safety: Permanence? of Assets Stability and Assurance rf Earning Power ?. ... B ?nds are described in Circulai NYT-3. Their opportune purchase now by convi nient and safe easy payment ; is described in le? N ?T-5 on "Income Building." Il M. By??e shy o C o, Incorpor?la III Broadway New York Chit i,qr> - Providence - Boston -? \V* BARCELONA?* "' yyJ ^-' r" 1 -y -. - /? ... VALENCIA' ? s E M K t?. IN SPAIN Six of its own branches in ii porl i'.t Spanish cities en South Amer ican Bank, to offer excep al f a c i 1 i t i e s for the prompt and efficient hand? ling of import and export bu lii 3 with Spain. These branches arc located at: Madrid Vi?o Barcelona Bilbao Valencia Seville ( Ither branrhes in Paris Argentina Bradford Chile Manchester Peru Mexico Anglo-South American TlANK. LIMITED New York Agency, 49 Broadway \\**<\ Office, London ( loyd-Jones, Vivian & Co. InvtstTnent SecurtHe? M-rrihr-r, Sm Vorlt Ht*rk Exrhmnf? ?5 W.?iam Si. Broad 3352 New York National Bank of Commerce CLINTQM GILBERT 2 VV..H Stxwt, N. Y. T?l. 4243 R?el?i Bank Stocks IVrcCLURE, JONES/?-. RF.ED it,, ibera .?>?, y0,i. ;,.,rj. K*?h?m?* The Trend in Finance Check in Upward Movement in Stocks Reflects Some Hesitation, hut Undertone Continues Firm; the Changing investment Mart SINCE the stock market of last week represented little more than the prive and take of professional speculators, with prices tending slightly lower, one is led to inquire why the upward movement of security quotations has been checked. The decline in outside buying power expresses hesitancy apparently regarding the quickness of a re If, however, business ailments shout* i be cured more quickly than present signs indicate, there would be a new argument for an upward spurt in the market value of miscellaneous slocks. Moreover, in the halt at the market? place there is a reflection, too, of the questioning attitude as to whether the present trade improvement is much more than a seasonal spurt. Even if the upturn in commerce is basic and not a mere calendar better? ment, as would seem to be the case, the mending process is likely to be gradual ami not precipitate. Specu? lators, facing unprecedented condi? tion?, are inclined to proceed experi? mentally, with none, too great an as? surance regarding the worth of their own opinions as to the events of the immediate future. Regarding the long? er pull, there seems to be no real rea? son to doubt that the trend of securi? ties of strong, economically essential corporations will be toward higner prices. In the present transitional pe? riod it is well to remember that the country has not emerged from a con? ventional depression, but is completing the later p'nases of a great after-the war economic readjustment. Indices of betterment in copper, steel, petroleum and other basic com modities remind the balanced observer that the supplier of fundamental needs will be assured a living wage in the days that lie ahead. The debate as to whether Xcw York or London is the financial capital of the world continues. Last week New York ?;ot a new sense of its leadership, by absorbing $12,000,000 of twenty year bonds of the State of Queensland Australia. The appearance of the An? tipodes in this market in the role of t borrower was an event without prece dent. In the continued rise of ?nvestmen securities the Liberty and Victory is sues were conspicuously firm last week. They have been moving upward steadil; for months and have gained $1,250, 000,000 in market worth since the set back of la^t May. The upturn is es sentially a reflection of trie passing o abnormally high money rate?. Th. movement has been facilitated, too, b; purchases for government account, es pecially of the Victory 4%s. The creation and sale of new invest ment issues proceeded last week with out interruption and the offerings wer absorbed in a manne- that testified t the sustained and avid appetite of th bond-buying public. Of the week's nei operations the most striking and sip nificant were those of $12,000,000 eac of the Australian State of Queenslan and the Brazilian City of Rio de Ja nei '. Rio has come to this marke before. Queensland, however, mad its initial bow to the American invest ment public; in fact, it. was the il r f Australian offering that has ever bee made here. Before the war the Aus? tralian states always went to London because they could obtain better terms there. It is not improbable that now the ice has been broken other states of the English Antipodes may come j here for funds. Securities of the Brit- ? ish colonial possessions, such as have \ been offered here, have always enjoyed popularity with our investors. Cana? dian issues have been particularly at? tractive. Temporarily easier money conditions at this center have resulted in a flow '. of funds away from N'ew York to the! interior. The Fedeial Reserve Bank j of .\'e\v York in its statement last week i showed a loss of cold on operations; with the interior of $56,000,000, reflect? ing the outward flow. It is most prob? able that the comparatively low rates obtaining here for call loans have re? sulted in the withdrawal of consider? able amounts by interior banks which could use the funds to more advantage ' in their own localities. At the Stock Exchange last week call loans dropped to iVti per cent and brokers were able ? to obtain accommodations at 1 peri cent in the outside market. As the week closed the rates hardened to 5'i'; per cent, a development believed to ? have been due to the flow of funds, away from New York. Commercial \ money rates range from 5Vj to 6 per. cent. In the acceptance market the quotations for prime bankers' bills are at the lowest "level since money rates began to fall. - ??-. Day's New Issues Ames, Emerich & Co. and the Fed? eral Securities Corporation, of Chi? cago, announced yesterday the pur? chase of $1,053,000 first and refunding mortgage 7V? per cent gold bonds of, the Central Illinois Light Company, dated April 1, 1913, and due April 1, 10-1,?.. They are being offered at 98^, to vield 7.65 per cent. These bonds are i part of a total authorized issue of $15, 000,000, of which $4,410,000 bearing 5 per cent interest have already been ; issued. The Central Illinois I ight Company operates in Peor?a, 111. I". J. Lisman & Co., 61 Broadway, are ! offering ?100,000 City of Pelotas 5 per cent sinking fund loan bonds of 1911 100] at a price of $470 flat per ?200. These bonds are uncondtionally guar- , anteed by indorsement as to principal ' and interest by the State of Rio Grande do Sul. Brazil. They are a direct obligation of the i municipality, secured by a charge on the general revenues and. furthermore, by a specific hypothecation of the re- ! ceipts from the "house tax" and all I future revenues from the public works carried out with th.-." proceeds of this loan. Subscriptions for a new issue of Bel gian government (i per cent internal fifty-year loan bonds are now being re? ceived by A. Iselin & Co, They are a direct obligation t>f the Belgian gov? ernment, and are being offered at 99 per- cent. Summary of Slock Exchange Dealings ' i lopyright, 1921, N>w York Tribune Inc.) STOCKS Werk Year January 1 to date. Last week. before. ago. 1921. 1920. 1919. Railroad stock'i .. . 460.200 507,400 677,000 26.291,400 40,775.300 75 031,700 Other stocks .. .. 2.410.4C0 1,923,900 4,170.700 102,811,800 130.150,300 156.798,200 AH .stocks . 2,870,600 2,431,300 4,847,700 129,103,200 170,925,600 ?31,829,5C0 BONDS January 1 to date. Last week. Week before. Year ago. 1921. 1920. I . S. govenment bonds.$69,451.0C0 $69,714.000 $63,909,000 $1,525,190,000 $1,380.200,000 Other bonds . 12,185,000 13,951,000 12,151,000 402.818.COO 427,119,000 Railroad bond". . 17,942,000 19,092,000 15,558,000 532,253.000 547,827,000 Ail bonds . 99,578,000 102,757,000 91,618,000 2,460,261,000 2,355,146,000 Record of Stock and Bond Averages (Copyright, 1921, New York Tribune Inc.) STOCKS Range Jan. 1 lo Ranre full Last week. Year ago. date. year 1920. High. Low. High. Low. High. Low. High. Low. 20 Railroads . 65.20 64.70 73.05 72.10 65.85 67.40 73.80 58.60 30 Industr?ala . 68.17 6G.77 86.20 84.93 79.13 60.80 110.00 67.67 50 Stocks . 66.93 85.94 80.8* 79.86 73.38 61.02 92.96 64.30 BONDS 10 Railroad? . 75.08 75.43 76.59 76.35 76.23 71.01 76.97 66.73 10 Industrials .. 83.34 83.23 84.44 84.31 84.53 80.45 91.45 81.30 5 Utilities . 76.58 76.32 72.22 70.53 78.70 70.13 74.56 67.44 25 Bonds . 78.90 78.78 78.77 78.42 78.97 75.25 81.71 73.94 Price Trend of the New York Stock Market OMMMMI HD The graph hhtiwH ihr weekly fluctuations in tin* averugc prier! of twenty railroad nlockn in one luir and stocks in the other since September I, I'M1) r * Arfeuacfaif thirl) industrial Transactions Last Week in Listed Stoeks 21. Date, in 5. Sales. Hign. y Jan 3 ? Ailam.s Express. 2300 50^ 48 i Aug 15 3 Adv Rame!; pf. 100 36 ?6/g Sept 2? Ajax Rubber . 4009 24% 21% -a Sept 22 ? Alaska l.old Mines.. 800 % ! b ) Kb 15 7 All American Cab!,-.. 20 101 101 !?, Oct 6? Alaska Juneau . 8200 % % 1 Aug 15 4 Allied Ch & Dye... 5800 46% 45 June 23 7 do pf. 700 83' 3 83 ! 4 Aus 2 V 4 Al.'is Chalmers . 47C0 341-4 33% S'/a Auk 20 ? Amer Agr Chcm..., 1300 35% 34'/8 1 " Aug 29 -- do pf. -'03 03 61; j ?V., Jon 6 4 Amor Bank Note... 100 51 51 Vft Jan 11 3 do pf. 200 47% 473. 5% June 23 ? Amcr Bcel Sugar... 2400 2,% 26% i', Aue 10 ? Amer Bosch Mag.... 1200 37 333. 3|/a Jan 3 7 Amer Br S & F pf.. 100 B3'/2 8S(/ 3' , .1 urn-21 ? American Can . ... 2400 27 % 27'/( 5% June 25 7 do pf. 300 82 81'/i 51 .; June 27 12 Amer Cor & l-'dry... 800 123 128' ? 0 May 23 7 do pf. 3C0 110 110 7 Oct ? ? American (hiele.... 603 8>/z 7 :".'., Juno 23 ? Amer Col Ion Oil... . 700 19'., 18'. 5' ;. July 5 ? <lo pf. 1160 44% 43'. 4|/4 Aug 11 -- Amer Drug Svnci... 1700 5: 2 5 Ai'g 25 8 American Express.... 48C0 127 125 ?3 Apr 14 ? Amer Hide & l.ealh. 200 10'/8 lO'/J 0-,'a Fcb 2 ? do pf. 300 51 49 2 Jan 25 7 American lee . 1103 61 60 7 Jar, 4 6 do pf. 200 G6 65 !1'.; Aus 26 ? Amer Int Corp . 17500 24% 32 7% Aug 23 1 Amor La-F Fire E. . 4100 8% 8 \7 Aug 27 ? American Linseed.. 7C0 23 22'. 39% An?? 22 7 do pf. 100 4S: -, 47' 3'/2 June 20 6 Amcr Locomotive... 3400 91 *88? 6% Jon 6 4 Amcr ?tadia?or . 3C0 70 70 "i'.-. Auk 30 ? Amer Safely Razor. 7000 4% 4' 4'., Aug 19 ? Amer Ship .v.- Com.. 1200 6% 53 ?9% Auc 25 ? Ar.ier Smelting .... 84C0 39% 375 ?3! 4 Aug- 26 7 do pf . 400 7S1 4 75' i3 Jan 11 6 do pf A. 203 72' -, 70 I5 Jon 3 2 Amcr Snuff . 200 110 " 110 13 Aug 24 3 Amer Steel Fdy.. . 21400 25 243 )3!/4 Oct '1 ? Amcr Sugar . 43500 59% 531 -'-. Oct 5 7 do pf . ''509 ?5 73' j43.; Oct 6 ? Amcr-Sumat Tob ... 38703 41% 34= rC 4 June 23 7 ' e!o pf . 100 70'/a 70' 17 Oct 8 5 Amer Tri & Cable.. 45 47 * 47 -'5'.. Jan 3 9 Amer 'le! .?<- Tel.... 7000 101 107" 11' -, ,lune?l 12 Amcr Tobacco. 3300 125% 122" 36 Aug 27 6 do pf . 200 91i/2 91 10 Jan J 12 do I? . 1600 123l/2 121 4 Sept 13 ? Amer Wafer Works. (KO 6 5' 13 Kept 13 7 ilo 7% pf. 9C0 61', 57 e,> -, Sept 13 -- do pf . 1230 15% 13 9n' 3 Jan 14 7 Amer Wholesale pf. 200 92 92 57 Feii 21 7 Amcr Woolen . 15909 76% 74 93 Fcb 21 7 do pf . 100 96'/4 96! 6% ft.pl 1 ? Amcr /in-- & Lead. 500 10'2 9' 22',, Am,' 22 ? do pf . 100 30 30 31% Aug 25 ? Anaconda . 24500 41% 40 i July 28 ? Assets Realization .. 800 1(/4 1 2! Jan 25 4 Asso Drj Goods. 3100 33% 31 55 '.j Jan 6 6 do 1st pf. <>30 6S'/2 67 45 Jan 5 7 rio 2.1 pf. 200 57 56 9 1 Sept 27 6 Associated Oil .... 100 93 93 76' 1 June 20 6 Al l'op S Santa .'?'??. 6300 B7 86! 73 ... Jan 3 3 do pf . 500 f. !! , 81 2 " Sept 1 ? Atlantic Bir & All. 1000 23M 2 77 Apr 27 7 Atlantic Coast Line 300 8G 84 1 -4 (let 1 ? Atlantic Fruit . 1400 2% 1 1.3 June 17 ? All Gulf -& W I S S 49300 2 'a 26 15% June 17 ? do pf . 600 21% 20 10 Aug 24 ZVz Atlantic Petrol .... 4900 18% 16 103% July 19 7 do pf . 100 106 106 14 Oct 7? Atlas Tack . 200 14'/a 14 2' 2 Sepl 10? Auto Sale-; Corp.. 400 2% 2 62' 4 June 21 7 Baldwin Loco . 50500 88% 8E 95 .Tunc27 7 do pf . 300 97! s 97 30% Mar 11 ? Ealto & Ohio . 5300 39' 4 3? 47 Mar 14 4 Ho pf . 300 52 51 14% June20? Barn-dall B . 1300 22 U 1 ;, Aug 8? Baiopilas Mining ... 1100 % 39'/2 June 24 5 Bethlehem Slccl .... 300 54 5: 41'/2 June 22 5 do Class B. 19200 56% 5: I'iftvn Union Co - Brunswick . Burns Bros . Butte Cop f? Zinc Butte & Sup Copper Bultcriek . C.iddo Oil Call Zinc .".? Lead California Packing. . California Pel rolcum l-'a-- & Northw'n .. 4000 70'/4 69 do pf . 1763 10,3 100 Chic Pneum Tool. . 100 53 53 Chic, R I & Pae... . 34400 34% 3.3 '4 do 6% Pf. 000 68! i, 67' B do 7% pf. 600 83 79! a Chile Copper. 12300 12% I 1% Chino Con Copper., 9000 261 2 25'? Clove & Pill iburgh. 67 C2 * 62 Cluctl Pcabodj 3C0 40 39 Coi .' I ft',. . 4400 37 ,- 34% Col Fuel ,<? Iron . . . 300 25 24! 2 Col f?a- & Electric. . 19.00 61' 2 59% Col & Southern. . 200 37 36! 2 Col Grophophone 552C0 5' ? 3', do Pf. 51 ' 10% Consol Cigars. 300 27! 2 26 du pi. 1.. j ..j y-j Consol Distributors.. 1300 1 Con ol Cas . 4300 91 333a Consol Textile . 7500 18 16' 2 Continental Can ... 1000 43 4-3 Continental Candy.. 5530 % ' ., Corn Products . 10700 78% *75' 4 <!<> pf . 400 107 105' 2 Cosdcn ?"v Co. 34200 >2ZVe *26% Crucible Steel . . . . 1 I600 64' ? G2 do pf . 200 S3 8.3 Cuba Cane Sugar... 22400 6% 5% do pf . 207' 0 IG' .; 13' j Cuban-Amcr Sugar.. 60C0 12% 11 do pf . 2.0 70 70 Davidson Chemical., 000 40% 38'0 Del Lack & We,lern. 3300 1C8'/2*104 Date in $. Sale. Mich. Low. Close, rhge. Apr 14 9 Del & Hudson. 300 103% 101'/2 101?/2 (let 6 7 Deere Co pf. 100 70 70 70 ? 6% May 13 8 Detroit Edison .... 36 92 92 92 - Apr 28 7 Detroit United R R. 100 CO 60 60 ?12'.-; Jan 3 1 Dome Mines . 2100 19 1S1% 18%? Vt June 24 _ Dul So Shore & At. 40O 3 3 3 ? % Oct 7? do pf . 100 4 4 4?114 June 24? Elk Horn Coal. 200 IS1 8 18 " 18 ?? l/a July 18? Emerson Brant . 300 4 4 4 Sept 30 - do pf . 100 24% 24l/2 24' 2 Jan 7 5 Endicott-Johnson ... 4C00 65% 6373 64',? t4 Mar 12 - Erie. 2600 13% "' 8 13',,- ', June21 ? do 1st pf. 1500 20 18% 19'/4 V? Apr 14 ? do 2d pf. 200 13% 13% 13%+ % Julv 21 3 Kam Players-Lasky.. 33000 59'2 54 59% - 2 July 21 S d? pf. 1800 79'/3 79 79; , JunelS? Fed Min & Smelt... 200 7% 7'; i ? ?_ - '; AuK 30 4 do pf . 100 24% 23% 24%4 1% June 28 10 Fisher Body . 100 S5 8:. 8a + 1 June 29 7 do pf . 300 ?9% 98 99', ' Sept 15 8 1-i.sher Body of I) pf. 4O0 63 60 63 % AuK 3_ KLsk Rubber Tire... 2900 12', 10%, 11%? Ha Aiig 24 ? Freeport-T-i?, . 1700 14% 13% 14%' 1% Aug 29 ? Gaston Williams ... 11C0 % % % June 29 6 I.en Arr.er Tank_ 100 41% 41% 41%4 V? Aug 25 ? (.eneral Asphalt. 81100 55' 2 51'/2 54' 2 + % Aug 25 5 do pf . 4CO 89 88 88 - July 15 6 Genera! Cigar . 1700 60% -8% E9 + % Aug 25 8 General Klectric. 6300 126% 123% 125 - ' ? Aug 24 1 General Motors. 256C0 10% P% 10 ? % June 10 6 do pf . 100 64' z 64'. 64'..? 1', Aug 22 6 do 6% deb. 3C0 63 63 63 ? 2' ?* Aug 20 7 do 7% deb. 3C0 73'4 72 72 ? 2'2 June 24? (.oodrieh, B F. 1500 32 31 31%? 1% June 23 7 do pf . 500 76 75 75 ? ' 4 Aug 16 ? Granby Mining. 600 21% 20 21 'a Jan 6? Cray & Davi.s. 200 13% 12 12 ? 1% June 14 7 Ct Northern pf. 7600 75% 73% 74i 4? % June 24 4 (it North Ore sub. . . 1000 28'2 27% 27% ? % Oet 3 ? Green Bay & West... 100 60 60 60 Mar 11 ? (.reeiie Cananea Cop. 700 24% 22'4 22%? 134 Oct 6 1 Guantanamo Sugar.. 700 7% ' 7 7 ? % Oet 4 ? Gulf Mob & Nor pf. 100 19% 19% 19'4? % June 23? Gulf States Steel... 200 39 37'2 38 ? 1% June 29 4 Haskell & Bar Car.. 1700 60'4 58 58 ? % Mar 4 3 Homcstak.- Mining.. 400 6C% 56 ?6 ? 1'4 Aug 25 ? Houston Oil . 18200 64 5fi 63% 5% June 21 1 Hupp Motors. 1400 11!2 11 11%; % Aug 23 ? Hydraulic Steel .... 100 7% 7% 7%? % Mar I2 1 Illinois Central. 2300 97 95% 96 "? 2 June 29 .60 Indiahoma Refining. 91C0 3% 278 .."' -, g June 13 ? Indian Refining. 400 7% 7% 7% % Mar I2 ? Inspiration Copper.. 6403 36' 3 35! B 35' s? % Aug 30 ? Int Con Corp. 5O0O 2 1% 1%? % Sept 30 ? do pf . 1000 b'8 5% 6%+ % Aug 29 ? Inter Agrieulture . . . 800 8 7% 8 ! 4 Sept 1? do pf . 500 39% 37% 373?? 2> 2 Auk 22 5 Inter Harvester .... 16100 79% 76 77 - June 20 7 dopf . 500 102% 101% 101% + % Aug 14 ? Inler Mer Marine... 1400 11 10'8 10% Aug 25 6 do pf ...".. 3000 48% 45% 47%? % Oct 7 ? Inler Motors . 1800 30% 26 26%? 3' ? Aug 26 7 do 1st pf. 600 69 67% 67%? % Aug G 7 do 2d pf. 100 57% 57% 57%? % Sept 2? Inter Nickel . 80"0 143g 13% 14%? % Jan 3 6 do pf . 1200 76 75 75?5 Aug 24 ? Inler Paper . 6000 49% 47% 48%? 1% Aug 25 6 do pf slpd. 200 69% *68% *68% - 1% Auc 5 ? Invincible Oil . 30200 12% 10% 12 1 -4 Sept 25 ? Island Oil . 77700 3% 2 3+1 Jan 6? Jewell Tea . 3500 11 10% 10% Jan 4? do pf . 1300 42% 41% 42 ? 2% Jan 3? Jones Bros Tea. . . 3200 25'/2 2!% 24%. 3% Fob 3 ? hansui City Southern 3700 26% 25% 26 1% .Ian 5 4 do pf . 900 51% 50% 61%+ % Oct 6? Kansas &- Gulf. 17800 7% 4% 7% -' ? Aug 24 4 Kelly-Springfield ... 16200 44% 41% 42 ? 1% May 31 6 do pf . 100 70 70 70 ? % May 11 ? Kclsey Wheel . 1400 67% 56 56 ? 1% Mar 11 ? Kennccott Copper ... 10400 22% 20% 21 %? % Jan 3 ? Keystone Tire . 6700 11% 9% 9%? 1 Jan 10 5 Krcsge S S. 3000 170 157 159 + 1% June 23 ? Lackawanna Steel... 2700 42 40% 41%? % Mar 11 ? Lake Lrie & West. 100 11 11 11 % Jan 14 2 Lee Rubber & Tire. . 11600 29% 26% 2"%- 2% June21 3% Lehigh Valley . 44800 59% 54% 56%? 2% 1 Jan 22 12 Liggett A Myers... 2C0 156 151 151 ? 6 j Jan 3 ? ,;? ,;f . 209 101% 107% 101%? % Aujr 10 7 Lima Locomotive ... H"0 78 78 78 - June 7? Loew'n Go ine. 4CC0 13% 13% 13% i Aug 25 1 Loft Candy . 1100 9% ol , 9%? ' Aug 26 ? Loo e-Wih-s Biscuit. 100 32% 32% 32%? % Feb 3 12 Lorillard Pierre . ... 1200 149 143 114 ?3% Apr 14 7 Louis & Nashville.. 400 110 103 108 ? 1% 5 Jan 3 7 Macltay Cos . 200 70 69 69?1 June 7 4 do pf . 101 55%, 55% 55% Jan 4? Mallinson ? Co.... 1C0 17 17 17 ? 1 Oet 5? Manati Suirar . 2400 26 21 21%? 4% ; Aug 31 7 Manhattan Kiev .... 1500 42 39% 42 ? 1 May 6? Market SI Rway... 400 4% 4 4%-| % Aug 20 ? do prior pi. 500 ?4 ., 33% 33%- % ; Aug 24 ? do 2rl pf. 20O 6 5% 6 ? ' 4 j Aue IG? Marland Oil . 23C0 22 18% 21% 5 g Sept 21 2 Mirlin i'arrv Corp.. 1C0 1-1 14 14 - June 25 ? Maxwell Motor 0. 100 8% 8% 8%? % ; Jan 4 8 May Pcpt Stores. .. 2700 85% 83 85 2 Aug 25 12 Mexican Petrol ? Jan 3 2 Miami Cons Copper. -700 ; July 20 1.20 Middle Slates Oil... 99500 June ?2? Midvale Steel . . 4300 ; 2 Oct 5? Minn & SI Louis... 7200 Aug 24 7 Minn St P & S S M. 100 I i Aug 14 ? Mo [vans & Texas... 9C0 2 Aug 25 ? do pf. 1600 Mar 11 ? Missouri Pacific ... 8100 ! , Mar 1 1 ? do rf . =32''i0 ' Aug 21 3 Montana Power . 40) ' June 15 7 do pf . 200 ! 1 Aug 25 ? Montgomery Ward... 450O ? June 24 ? National Aemo . 900 Aug 25 7 Nat Biscuit pf. 100 1 Sept 21 7 Nat CI .? Suit pf. .. 1C0 1 g Sept 19 ? N.-.t Cond fi Cable . 1300 Aug 25 6 Nat Knam & Stamp 9C0 4 Ju'y 28 6 National lead .. . 50O 2 July 28 ? N R R of Me-, 2d pf 1400 Mar 31 ? Nevada Con Copper. "500 June 21 6 New Or, Tex i Mes 4400 2 Aug 17 6 N V Airbrake... . . 100 8 June 21 5 New York Central.. 51900 June 20 5 N V. ("nie & St L.. . 700 8 Jan 28 2% New York Dock.... 1900 8 June 18 ? ' N Y, N II & Hart.. 92C0 Mar 11 2 N Y, <?nt & West... 5500 3 Sept 19 ? Norfolk Southern... 300 a June 21 7 Norf & Western... 1500 4 Aug 31 3 North American .... 10400 a Aug 31 3 do pf . 770) 4 June 14 7 Nothcrn Pacific. 9100 '2 June 10 ? Nova Scotia Steel. . 300 .-> Mur 8 2 Nunnally . 300 !-4 May 31 ? Ok!= Pro.1 & Rcf . . 19900 2 Aug 4? Ontario S'hrr. 100 '2 Aug 25 2 Orpheum Circuit . . 200 Aug 3 8 Otis Elevator . SX! Sept 29 ? Otis Steel . 6C0 2 Aug 25 2 Owens Botil Mach.. 40) a Aug 26 ? Pac Dcv Corp. 100 4 Jan 19 5 Pac Gas & Klectric. 1000 Aug 13? Pacific Mail . 100 2 Mar 12 1%. Pacific Oil . 29600 4 Jan 18? Pac Tel & Tel. 400 8 Aug 25 6 Pan-Amcr Petrol ... 405OD 'a Aug 17 G do B . 9350 'a June 23 ? Parrish & Bingham. .?CO % June 23 2 Pennsylvania R R.. . 14750 r8 June 20 ? Pcnn Seab Steel.... 7100 >-H Jan 3 ? Peo Gas & Coke. . 4500 !4 Mar 11 ? Perc Marquette.. 3200 Apr 29 5 do pr;or pi. 1C0 % Aug 26 3 Philadelphia Co... . 7C0 2 Apr 25 ? Phillips-Jones. 100 June 17 ? Phillips Petroleum.. 14200 .4 Aug 26 ? Picrce-Arrow . 14600 Oct 5 ? do pf . 9600 % Aug 22 ? Pierce Oil . 17700 1 >rmrr ! opper Truck Si-pl KlODER, PEABODY 8 C?. 18 Broad St. 115 Osvoas?ireSt 45Esst42n:.'Si 216 Bsrkslij St NEWY3.-U B?3TO-I Government Bonds fe^i^nt S?curit? Foreign Exchange Letters of Credit investment Circular on "Request Correspondents o? 6AR1KC BROTHERS &COM Ltd LONDON Yo'jr E si vestments ?pvUKlNG a period of grow *-' ing ? -n:ar.d for bonds, such as the present, it is not unusual for son:c issues to command prices which make others ap? pear exceptionally attractive by comparison. This situation often permits bondholders to exchange, with advantage, one investment for another. Our close touch with the bond market, combined with our facilities for analyzing relative values, rhould prove extremely helpful to investors desirous of ascertaining if any readjust? ment of their holdings can be advantageously made. We shall b? pleased to discuss this matter with you, either in person cr by correspondence. ?gun. 33 Pine St., New York Philadelphia Pittsburgh Baltimore Washington Wilmington MUNICIPAL BONDS 8? Liberty Street K"w York JM?.R?cesJr . " :? ViHSeJJ "?<? !.. nel ;l :'.-. -, ? ? \. ii. ?? Pfll. 10.M Int. & '? ? H .'? -. ?" ' :?, IUU letal ? 11 ' ? <? >"??? -. s'ul ionai ! i:-??: ?' Ins. 75 North Mvrr Im . i?Ofl l'j i. i:.- ?' i -il ;:? ' ? ? i'-rr I ". -'.ut. r Maim I ???; u "::d: 500 : ii h- I..T C;u-?lien I ruducis 10 t . v. Fire In.HUrnni-e 100 \\ inchcsti r to. lu V?d. J.K.Rieef?l\&COi . ! I . ; ? '? .' ? ? all St., N.I Soiids for \ r:"/3sfeent Harris, ?n^y- & Co Pint S?rest. Cor.isr Vtil'.?Bsn NEW YORK We Offer :ers and Investment Dealer! Proven Power and Light Securities Electric Bond & Share Co. i $24 "> i.OOO) ?; ! Hioadway, N<-w Yoi-'k Allied Packers ?Man .'.?'? in charge of I he re of Allied I .ft. rs an . been , ? ? ;."> ? ? ... ? .... than . k aud ? ? non ? tock. A'! ha." been promi tin has de term an and will t? ?;'? ? :? ? I stock, to consummate he plan eommil ers of '.- and stuck to dt-Dosit tl -'- peo city. Equipment l?onds !:.?.. BM. Art. A-: Coa ft' :.- ? , 6.25 8.?* Bait &- i >:.ft . . -. ??; 1922 <> ?? Bouton .-.- A . -: ?. ? : ? ? , - - . : ?? (y,: id 6.86 6.7* Cai " ' ? ft ?' 6 ?? do ... I '-i I < t.*i C c C i .- : ' ? ii" do - ? ' Ches v Oilia 924 S 6.2a S ??* ...? , j ? . . -. -, .:, M? do ? . Brie iVi-S - j dc - . - -, . . i j ? : 6.3 ? ?*? . ft ? ft ?. ft ..! ft M ['S . ??' 6 '-? ?? ? ! Ill do Mich Ont ral.. I l 9 N i ' ? ' -? ? ? i' C & St ?. 4 S J ;- ;? do .... 6 ???? -? - ?. . ' '? ; : . . ,.: v, < 24 6.24 * I* .. , ?.II ' 4 , Pit la A: I, El ? . ' ? '?? .- ., ? ft A * ; . - ?- I I S? i-i I ' ' ' '", Bouthi rn Itj < I9?I'26 ? I "> ?.. .1 ( 40 ???? N'? . \ orl? S?ato Bondi ?.,- d fo'tn, i "-;:? UU Tied. , .1 ? ? ; i . .- - - ??** li'way I 1944 I.TO ? ^ 4?? IS ?? Imp i -, -. ' 165 92H US *??! ?v'* ;',v' in ?- ' ? ' 4? ? ft . ?. ? .? ??- \ r>0'? * -^ Barff? Can Tfi 4:> : ?.> i" <.'; s> 4