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Federal L ana nan 5% Bonds Pue M\y 1, 1ML Optional May 1, 1331 Exempt from Federal, State, Municipal and local taxation. Price TOO and Interest Yielding 5% Circular on readiest for J.K-??S : The National City Company ? ?kfaln l -.: C ty Bank Bulldlnj I Uptown Office; ??---? St, & Madison Ate. r Woolworth A discussion of the status of this company is contained 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. 120 BROADWAY NEW YORK Uemiere Seie York Stock Exchange ? li Your Copy OfThe New Booklet "Income Building on The Byllesby Ten-Payment Plan" it read? for mailing it will show yon how easy it i? to build a ?ubstantial accumulation and a steady income through ?mall sum? regularly inve?tcd in tour.d securitie?. Thoroughly tested inveshnenti may be purchased on the Byllesby Ten Payment Plan yielding 7% to 9r'c. At 7 c'r s monthly investment of $10.00 safely grows to $3071.05 in 25 years. The method is shown in this booklet. As\ for booklet NYT-5, and a list of high grade securities on vhich tite plan is ivied. H.MByllesby G Co, Incorpora re ti 111 Broadway NrwYork Chicago - Providence - Btnton ?VviGO /?< VALEMCWJ '?2 { ? 40 ? ' ?? <o. ( ?stvnr.t /$ KX " ' - : '-j ,r- \ IN SPAIN Six of its own branches in important Spanish cities en? able the Anglo-South Aratr ican Rank, to ofTcr excep? tional facilities for the ?rornpt and efficient hand ng of import and export business with Spain, Tars': tranches are located at: Madrid Virjo Barcelona Bilbao Valencia Seville Other branches in Paris Argentina Bradford Chile Manchester Peru Mexico Anglo-South American "Bank, limited "Atnt York Apency, 49 Broadway ! Head Offico, ? I n rloyd-Jones, Vivian & Co. Investment SecurfMes Wrnjb?r? Sew York Steck Eiihtni? 15 William Si. Broad 3352 New York Columbia Trust Co. CLINTON GILBERT 2 Wxll Street, N. Y. Tel. 4848 Recto, Chase Nat!. Bank Rts. Guaranty Trust Co. ftilcCLURE JQNES&^EED Member* Nevo York l ? -??.i;,? M-<. ,a ? o laa..,. ?I K? i?ir united -tuft-? treaaur* ?Vote* and ' rrlihrnti'* of Indehtrdnemi The Trend in Finance Railroad Strike Order Partially Discounted in Ad? vance by Heaviness of Shares; Industrial Stocks Steady OBVIOUSLY, behind the hesitation in the stock market last week were rumblings of doubt regarding the immediate outlook for the' railroads. After the market closed on Saturday, the railroad brotherhood chiefs let it be known that the stage had been set for a strike on October fit). A tie-up of the arteries of the country at this time of fluctuating conditions incident to the after-the-war readjustment would involve such serious complications that no legitimate efforts to avert it l ought to be avoided. Both tho men and management have] been maneuvering for position, and there is no assurance that the strike order cannot be canceled. The heavi? ness of the rail shares last week, par? ticularly Friday afternoon and Satur? day morning, represented apprehension lest a crisis would be reached. Tho prospect of cutting freight rateg, which was discussed by executives at Chicago Friday, was associated with wage reduction.-?, and hence possibly n strike. When tho signs of actual deflation first appeared on the economic horizon, as early ns the fall of 1919, the prin? ciple had many supporters in theory Business men eeemed to recognize its value, but, humanly enough, each in? dividual was Inclined to recommend deflation for the other fellow instead of for himself. Spokesmen for virtually every industry perceived special rea? sons why his trade should be exempt from the general downward readjust? ment. But one by one the sweep of tho movement reached the outposts of tha business world, and the more favored industries at last were affected. Railroad rates have long remained out of line and railroad men realized the disparity. They have steadfastly argued that rates cannot be lowered until a further pruning down of wages has been accomplished. Now, at least, deflating railroad rates has attained a place in? practical discus? sions, and seems near accomplishment. Under the stress of necessity ever eo many folk aro learning how to do the hitherto impossible-to reduce costs. The process calls for genius in management and challenges the per? manence of tenure of the misfits in the world of give and take. Aside from the moderate weakness of the rails, there was another week of drifting In the stock market. The slen derness of the reaction of industrial stocks in the last fortnight means that the market has been able to retain the major portion of its gains since the slump of quotations to the most de? pressed levels of the year late In Au? gust. In a sense, then, the vacillations of recent days aro capabi?.of favorable interpretation. The hesitation at the new level of prices represents a dispo? sition on tho part of speculators to wait upon tho economic event for guid? ance. If a general tie-up of transpor tation should come, as threatened, it might disastrously check the mending tendencies in business and would halt efforts to reduce unemployment. The United States .Senate Is in the ; i ' ess of determining what is a liv? ing wage for a banker. It iast week r.dopted ft lesolution introduced bj Senator Overman to investigate the ray roll of the Federal Reserve Bank of New York. The action was precipi? tated by Irritation over the. repon that some of the officers of the regiona bank were receiving salaries ranging from $10,000 to $50,000. Senator Over man comes from North Carolina, where dollars go further than in New York He might, therefore, disagree with Nev York bank directors as to what Is ar adequate wage for a banker. The board of tho Federal Reserv? Pank in this city,however, has to mee the competition of member banks li attracting efficient personnel. What over a just wage might be, this mucl seems beyond dispute: the director: of the Federal Reserve Bank of Nev York would be profligate and inexeus ably wasteful if they limited thei salary inducements so radically us t attract only mediocre men to the insti tution. The initiative in banking mat ters at this center lies with the Re serve Bank to such an increasing de gree that it would be penny wise am pound foolish to the nth degree t restrict the personnel of the bank to individuals of the stature of clerks and routineers. On the other hand, pub? lic officials have a right to know whether tho Treasury is being deprived of funds through needlessly padded pay rolls in any ono of tho twelve regional banks. Speculative borrowers encountered a period of moderate stringency in the money market last week. The drain of funds to tho interior of the country to meet crop moving e.nd other require? ments and the heavy withdrawals by the Treasury from New York banks combined to tighten the situation ? f ficiently to force call loan rates to 6 per cent at the Stock Exchange. At the end of tho week the Treasury with? drew $117,000,000 from tho banks to retire an issue of certificates of indebt educ?a, and preparations by the banks to meet this demand constituted an im? portant factor in curtailing temporarily tiie supply of loanable funds, However, as the week closed the, situation eased and the disbursement of a larj-o volume of funds by tl?e government which it withdrew from the banks is likely to make for a more abundant money supply for the next few days at least.'Funda? mentally, there has been no important change in tho general credit situation, j Tho long trend of rates is downwnrd. ! Indicative of the greater easo of tho ? commercial credit market is the fact j that discount rates for primo bankers' ! acceptances have declined 1 per cent . during the last four months. The rate on June 15 for all maturities up to : ninety days stood at bV? per cent, j compared with 4V? per cent at present.. While the other European exchanges moved upward, the mark tumble! pre? cipitately. At the close of the week it was quoted at the lowest level in history. Tha hope that some tnngle de-! velopment would stop the declino of the mark into the pit of worthlessness is gradually disappearing. In a sense, Arthur Richman has dramatized the investment information column in his new play, "The Ambu ';?' v,hick the Theater Guild first pre ? last week. Although the play is pri? marily a story of the interference of circumstances with the ideals of a middle-class clerk, orte o? the main In ridents deals with tho rise and fall of Magnificus Oil. The central character; of the drama, against his, own judg? ment, exchanges Un ted States '?'?? ury notes for shares in the new pet re? ?r urn companies. To the get-rich [U assurances of the suave stock sale men he was adamant. But he yielded to tho sordid, unintelligent, grasping impulses of liis wife and daughter. Ibis familiar enough stage occurrence suggests why it is difficult to legi financial irregularities out of exi itenc Ordinarily the factors which help to turn would-be investors into v are inward and originate ?n their own foolhardinesa. Day7 s IS etc issues Eldredge & Co. are offering an issue of $230,000 City of Albany 5'/4 per cent registered improvement bonds, due serially October !, 1922, to 1941, inclusive, at prices to yiel i ?1.80 per cent. Tho bonds are i from the New York State income ? is well as from all Federal taxes, and are legal investment -livings banks and trust funds il York, Massachusetts and Conned SbibuRHwa domes to I rpr Idea Of World Trade Association TOKIO, Oct. 16 (By The Assoc it Press).?Formation of u commercial as ociation to develop world commi by diminishing competition as far as possible is one of the objects of tl visit to America of liaron Shibu president of the Tokio Chamber of Commerce. Great Britain, the United States and Japan would bo members oj Oio proposed associ?t.on, which al would contemplate reciprocity in i customs, it is declared by leading news? papers here. Price Trend of the New York Stock Market liie gruph show? tiio weekly fluctuation? in thjC average price o! (?nay railroad storks in one line and tliirty industrial ?tocks in ihr other since Scplemhcr I, 1919 Transactions Last Week in Listed Stocks Summary of Stock Exchange Dcalhi?:* t, 1921 \ ? - rk Ti .bun? Inc ) STOi KS Week Year Januarr 1 to dale. Lait week. befor?. airo. 1921. 1920. 1919. Railroad 'lock? . 571,900 ' 52,200 26.S39.400 40,631,200 75.402 Other stocka . 1 >,20i 2,410 i . 30 t04,271,900 131,8 All stocka . 2 7,10 2,070 101,000 130,811, DO 172,447,800 234,783,500 BOXU i January I to Ai:-. Lrntweek. Werk before. Ttar ?so. 1921. 1920. IT. S. rovcrnment bonrl 186,0 0 ? $41,913,000 $1,586.211,000 $1,413 608000 (i :;-, bonds .......... 1 ' ),154.000 414.505 . | - !' lilroad I onda. 17,94 12,671,000 6 " All bonda. 3 04,738,000 2,548,437,CCC 2,407,054.000 I Record of Stock and Bond Average?* (Copyright, 1921, New York Tribune Inc.) STOCKS Ran?? Jan. 1 t* Rang* f?li Lsust week. Year or?. data. yea? 1820. HUrn. Low, ??'.gh. Lew. Hlrh. Lew. Hlfh. Low. 2.1 KailroaJs . 64,r-0 62.65 73.25 72.00 65.85 87.40 73.80 68.60 Ind aiaU . 67.17 66.37 86.30 84.83 79.13 60.80 110.00 67.67 50 Stocka . 66.U $4.90 81.08 78.70 73.38 61.02 92.96 64.30 BONDS 10 Rail/opr!, . 76.94 75 76 78.T3 78.2? 76,23 71.01 76.97 66.73 IC [ndastrials . 83.43 SI 74 84.'8 83.98 B4.53 80.48 91.43 81.30 Utilities. 76.63 7* iZ 73.33 7?.OS 78.70 70.13 74.58 67.44 C Bonds . 79.: 78.30 79.01 78.79 79.01 75.25 61.71 73.94 1' Th Low Lie. Net Date. 1921. riitr. in $. fialr*. TTVh. Low. Clone, ri'se. ', Oct 4 26% .I.i-i 3 ? Adams Express . 500 47; 2 -17 47 ? 2 ., Jan 7 M Sept 2 ? Advance Homely ... 12C0 13 \2 4 12' 4? 1 40 Jan 12 3 June 21 * Air Reduction ..... 60? 30% 27 - 2 ' ? . (an : Sept 2 AJai Rubber . . . 6200 22% 19% 20 ?2% a Keb a V, Scpl 22 -- Alaska 'loht Mints.. 600 % ?, ? _.-- % 1?, f ?'? :> g ?' ; i)i-! 0 ? All ika luneau .. .. 115'X> % % %? % 55" . Jan 14 34 Vu? 13 4 Allied Chem & Dye. 2600 45', 15% j-f- '/a 93% Jan 26 ' : June 23 7 do pf . 4^0 P7% e3 83 ? 1 IS i May 2 ."? ; Aujr 24 4 Allia Chalmers .... 900 34 33% 33%? % Vlar ' ??.'/? ?Vus 23 7 do pf . 100 76' 3 76'/a 76%-j- 1% 65% I .,-, i ! '.' 29 . Aracr Affri Chem. . . 1900 35 S3 33 ?2 64 Jan ' 51 \u<r 29 ? dr. pf . 400 61% 60 60 ? P? Feb 28 46% Jnn 6 4 Amer Rank Note... 200 51 '., '? - % 1 Jon 11 '? do pf . 100 47% 47% 47%? '.4 01 ~ Feb 19 24% Oct 15 ?? Arn.-r Reel Snirar. . . 3500 26% 24% 25 ? 2 65'/2 May 2 29' i Aus I0 ? Amer Bosch Mn?r. . . 600 3D 33' ? 34 ? 1 i Jan 29 .a' . [une 21 ? Amer Can . 1900 273;, 26% 2G1 3? 1 ' s Fan 20 6% I ? ' do pf . 100 83% 82i/? c ?' -- 1 1 1 Sept 10 1151/4 J Amer Car & idy... I 3 128 ?, 12.*; -, 127%? 1 1 ' ;?'. , 23 108 ' . 23 7 do pf . 100 1 10(.i 11034 11Q3 ; ? % ; Jan 27 7 Ocl 6? Amer Chicle . 25C0 10! , 7% 10?-, . a.. Jan 20 15% Amer Cotton Oil... 500 10 18% 18% - % 6/ Apr 26 35i/2 .'?? . 5? do pf . 200 42a', 42 42 ? 1% f '., Jan 1! 41., Au? 11 ?? Amer liras Syn_ 500 51 4 4% '-%L l'a 135 May 0 110 Aus 25 8 Amer Fxpress . 300 120 125 125 -? 1'.% May 18 8 Apr 14 ~- Amer ?'i.lo & Leath. COO 10% 10 10 ? % 5.'.v May 18 40'/2 Feb 2? do pf. 300 51% 50 51 61 Oct 4 42 Jan 25 7 Amer Iro . 1400 60 ?3% 60 { Oct ?? 57 Jan ? 0 il>? pf . . . . 100 64 64 64 ? 1 : May ?, 21% Aufj 26 ? Amer Inter Corp.... 9500 33% 31% 01! /--- 2 '. i-.r 22 ' ? Lii-Fra Fire E 700 8% 8% 9% Va Jan 31 17 Au? 27 ? An.er Linseed .... 6200 25., 23 25 2% I 39% Auir 22 ' <'r? Pf . 570 49' 2 43 49%+- 2 Pia, Sept 10 . June20 6 Anu-r Locomotive... 2000 90/, 80 89%-f- % a, ... - . June20 7 dopf . 100 106'/3 106/a 1061/2+ % ; >% Feb 17 ' Vuir 20 ? Malt & Grain. ;C0 12% 12% '."' 2? ! 4 , Mar i ? Jan 6 4 Uner Radiator. I00 71 71 71 -- 1 -, , Amci Safety Razor . 2500 4 ', 4 4 ? a, ?1 Jan 20 \?3 19 ?\mei S'iip A- Com.. 1600 6 634 "'4 | 443-4 May a . ' Imer Smeltine .... 3600 38% Si 4 36%? 1% ! . i: -i ' ? ne a 7 do pf .. . 4C0 78 77 ? % 7.R Oct . '? Ian ' 6 do ? pf A. 1300 7S 74 78 a 4;.. ..'., ' , 1 m 1 ! American Snuff 1C0 I05 105 105 ? 5 ?'.i ' mi- 11 G do pf. 500 85 85 85 ! Jan 4 18 Aue '? ' Amer Stcoi Fdry_ 1400 24% 24% 24%? % 96 Jan 19 52 , Oct '; - Amer Susrar .. . 21500 56/4 62% 63! b? 2% 1.. Ian 27 73 Oct 14 do pf . 2700 73 73 74 ?- 1 ES Mar ? Amcr S-imotra ?ob.. 10700 37'., 7,6 36% ? ? 54 Fob a .. . 25 \rnfr rel & Cabio , 210 60; a 50/. 50% a % 103'b '?'?? ?' ' ' fan 3 9 Amer Tri & Tel.. 6500 108' ? 107% 108 Nii. 24 ' l% June21 12 Anu? l'obacco .. 1900 1253-4 124 124 - % 94' Jon 31 86 Aue 27 6 do pi . .00 92 92 92 % 12734 Mny 23 Ian 112 do li. '200 124% 123 123 - . Oct I4 t Sept 1 kmcr Water Works. I00 64 6 4 <>% . % I ' Oct 48 pf . 800 62 68'4 58%? 3% Oct 1 I3 ?- ?I.? pf. 800 161 3 '5 '5 82'.; May 4 57 Feb 21. ' American Woolen, . 69C0 75'/2 74 74'.a-- % 98 Jan 2! 9; Feb 21 7 do pf . ... 7,0-0 97? a 97 97 ?, 39'/a Jan 20 ... Vi Amer Writ Paper pf. 100 24 24 2.4 3 ? Od 11 . , Vmer ' ic & Lead pf 200 37% 33 33 a -, . ?-.,, .. : h . . . . 6000 40% 70' a '? ? Ann *,r'- .1- if 200 23' 3 2a 2 2"a 2a- 1 ;. ? h July ?- eta Realization.. 400 l'/4 1 '? ? !j Maj ? Jan 26 4 Asso Dry Goods.... 400 32' 4 32 72 - a a sept 2' ' ' - iicia .1 Oil .... 200 94 94 94 : : 87 1 ' ?;:,- .. ! .1 une 20 6 A.tch, lu.? & San V>. ?9C0 86'/a 8 ' ' . ? 1 . : . " ' . .1 in I 5 do pf. 800 81% a-',i 80% 'l'a Jan 4 2 tient ' AU, Birm S? AU. . 2X)? 234 2 ?a 2'4-- % B ily ' . ' Atlan Ci .;.-: Line !50 ?3 84| 2 84l .. 9 Jan 1^4 Ocl Atlanti '? ruit _ iCO 0 2 2 ', 7'; 1 .? ' une Vtl Gulf & W I S S. 15100 27% 28'4 26% ?' 1 fun lo3., June do pi ..... 2100 21 ?. 19% 2 ' ? 1 a ? . Atlantic P< rol . . ? la % 1125 May 12 S.a. June 25 20 Allan'!.- Refining, 12 860 860 B60 i-12 20 ' pr .' ? ? Oct Alia ? ['a Ic :j - ? ;. fan 14 a? Jnno13 -- Au lin Nichola ... ,9 9 ? 1 do pf ........., 62' 2 65 ?'? ?4.;; . lune 24 7 Baldwin Loco 45600 8; ? i'/a 86 4? 4 107.4 Jan ' lune ' do pf . 400 98 96i/a 98 - 1 4238 May ? " Bolto & Ohio 12100 . * 36' 4-? 2 Ian 1 ?lar 14 i do pf . . . 9C0 ? 1 51/a 61/2-j 27 May Juno a - Barnsdall A , ., I00 25 25 25 .! -.. 1H June! do 11 . . 600 2 , 12 25 4- 3 " 62! 2 May 6 3! Bi thlolicm ; rcl .... 700 51 51 61 ?- 2 May Juno 22 5 do Class fl 18100 ' . I " v 5 a ?j? 2' 9 . .; .Ian 1 1 B7 June I ! 7 do '% pi 90 a a , 90i/2 - -/ *Jan 19 9334 I? ?i- 2 8 do 8 pf. 0 " ' ' 8 88 ?? ' .: n 25 ' . ?? Bklyn Rap Transit. 300 " .. , 4 "'/2? ???. 10 Jaij 2 . , ?? .- do cil'- . . 700 ?? ; ?" .. 4/a? > ? 72/2 May 'i 51 Ian 12 Bklyn 1 nion i.a>... I a .. 68 5 i ,lan 11 2 , (Vug 24 ?- Brunswick. 200 3!'2 3'/2 3/3H J> Jan 8 10 Burm Bros . 16 JO 105 10l?>a 1031/a? a. 6 Jan 7 334 Aue 2'- ?-- Bulto Cop & Zinc... 1100 4% 4% 4%~ <r -, a..- IC ; June20 ?? liuito & -su!> I'opper 1800 15% 14% 14%-f- .. 28 An- 2 1 i ,- Jan 4 - Butterick . . 400 25 24 24 ? 1/ ' Vpr I2 ?? ? . Ca Ido Oil ... '600 a" , \Z 12% ?- ! ?. ? alifornia Pai king 1100 65!/2 65 65 ? '.; May I3 25 Jan California Petroleum 286O0 -' 4 40 40%? \/\ 79 May '' 68% Jan 4 Q do pf . 800 79 78 78%.: 2/ Ian Coll Zinc S Lead 2< rri I 7", 4 ?? ' , 53 May 3 41 ,.: Jan i 2 Calumet & Arizona 00 61 61 6! ? % 46 Oct 14 40 Jan 21 3 Canada Southern 11 5 40 4a 45 -. 5 119% .Ian 11 101 Jun Canadian Pacific . 17000 113% 110% 110%? 2% 1 :? n I . ?? Case J I pi. 200 75 75 70 ? 2 43/4 ' Jan 19 22% Aug 24 - ?entrai Leather .. 6500 23 2 2:% 27%? ^ Au 26? il'? pf . 2500 63 50 60%? 2/4 209 .1 : 12 B Central !?' II of \ J. 400 193 19?, 193 ? 7 i ; . Mar ' Cerro de Pasco 42' 1 30? , 29 4 2-,a(? / v' 1 Oct 7 >: Chandler Motors ,...13500 ?' '? i8% 40| ? VI II h.:??. Chesapeake & Ohio. 1400 55% 63% 53%? 21-. an 2C '??*?: Aug 20? Chic & A!a?n pf... 200 9% 9 , v>%? Vt 6% .. m 29 , Lpi 28 < hi : & Last III. ... ! 2 ? ?4 May 9 6 . June 2 Chic Gt Western.. 500 7% 7% 7%? % Juno 18 do pf. 800 16% 16% I6%? % 7a Jan a 22 Iune20- Chic, M & St Paul, 7700 25% 23; 4 23%? 24 , J ?- Iuno21 do pf.?700 40% 86/4 36/a? 3?4 71 Jun 11 60 ,. \pr l? 3 Chic ? Northw'n... 2700 69% 65% 65'/2? 2 110 Jan 11 ' July ; ' do pf . 000 101% 100 100 ?2 1 i Jan a . ?; ; Chic Pneum Too!.. 400 53 C2 53 ::5 Sept 14 : "?? Chic, It I & Pac_ 11100 33! a 31% 32 ? V/4 68 4 Sept 20 : . 2 June! do 6% pi : ) 0 67% 67 67 ? 7. E . . 26 68 . Mar do 7% pf . < ? 4 79 79 ? 4 Junci Chic, St P, M & O. 63 5 3 ? 34 80 June July do pf .. 00 76 70 76 ? 4 Feb ?' 9 Ai Chile Copper. 5700 ;2; 4 11% 11% 27 1 May 1 aha,., Con Copper.. 2600 20 24% 2434? 1l/{ 43 Jan : 32 June! ' C, C, C ?St SI Louis.. 1200 42 4 30 ; 42%? 2% i'a Ocl 14 60 Feb IS do pi ICO 671 4 67% 67%-}- V.\ 62 . ran 19 4 Junc25 ? Cluetl Peabody 400 . '? , 38%~ s? Fi Coca-Cola . 23O0 , 33! 4 ??'?> '?'?? 6 i J Col Fuel & Iron. , $00 24% 24 24%? ?'4 Htm v 2 i 621 i 61 80 12 :"s 66 79 C7>/a ?J'? 91 26 ?77a M -y ? .1 '. n S Feb 10 Jrn 13 Fei 13 Jan 9 V y ?7 I r. n 3 .hm ', Sept 10 :-? :>? , : Mar ,_ Jan M .'.-.n 17 ' b ? ", Fib 16 Feb 28 . !) 1 5 May 2 1 Sept .-" i ' -.v " Ort 10 May 12 Apr 21 Jan S .Ian 1,' J a n ; 0 May 6 Muy Jan May Krpt .Mu y May Jan 12 Apr 29 V r i T Jan 28 Jan 2/ net 15 Jnn 17 i m " May ?" Jan 21 M:iv 1 Jan "1 \pr : i i ?i . \ Jnn .-i lie . I May 3 i.e. 3 : v May ' ? t - May 13 '..'V May 6 Jan 7 Auk ? Jan 7 .Ian "." VI i y Jan Jan I eb Jan ,iue. .1 l'ii May Jan Vpr May May r ' Low " 21, 52 ; ' 4 21 65 7~' a 123/i :i 13'/a ' '., 6 ?'? 2? 90 93 8 ' U DO K ? 21 I ' 115a I6! 2 lift 448-a 74^4 21 95 8*4 89 109' 69 26S.J 1 i 25*, "IS' 4 7 6' 19 . 25 13 - 7 Mir. in $. H_ Jan 20 ? m . " Jan Mar 17 Oct Oct ' I May ii Ocl I0 May ? J ??: n 2 3 J une 8 May 9 May I 1 May :: May 2 Oct 4 Jan 1 i Jan 12 Jan ?> \:>r 30 Oct 3 Feb 6 May -. Mar ; Jan 10 Jan 3! July 0 -s, pt ' ; Feb ! I Jan 25 Kept 15 May 10 May 10 May 1 ; Oct "I Jan 4 Jon 20 Apr 18 Oct 14 Jan 1 i Oct 14 .'?? pr 26 A p r 2 5 Jan 4 May 9 May Jan 4 Jan 31 Jan 10 ". i y - . May 9 Jan Aug May 2 Jan -1 Sept 14 .1 ;in 26 Jan * 3 ; ?: I ' ? I I. ? May 11 : b 17 " Jan 14 S,-?,t 9 ? U Jnn 12 " May I0 Feb ' ? Oct 3 -<->t 3 I Fob 2 Mar 29 Jan 7 Jan May 9 ? 2I r i .i y -1 Jan 7 Inn 11 Oct 13. Oct 14 17 "? ;' 2 I 36 32' 17% 1 -' , 47'/a 97% 9 ' 10 13 3 27 41 4 12 8 6 < - 65^'a 95 84/2 Tu '?-'i 10 G! ? 63 Harel_ June 20 ? Jan 8 ? Aue 24 ? A uif 24 ? Oct 11 ? Apr 19 7 Sept 17 ? Jan 3 7 Aob 23 ?? Autr 16 7 June 21 3 June-13 7 Aiifr 23 2J/ Au* 13 4 June 27 7 Oct 3 ? Oct 3 ? Oct 14 ? Oct 14 Mar 23 Apr 14 An? 23 May 13 Oct 10 Jan 3 Jane. 24 ? Oct 7 ? Mar 13 2 June 24 ? Aue 4 3 Oct 14 ?? Jan 7 8 Jan 5 7 Mar 12 ? June 21 ? Apr 14 "? July 21 a July 21 8 Aur 30 4 Juno 29 7 Sept 13 8 Aug 3 ? Au* 24 ? Oct 13 ? Aus 25 ? July 13 a Aug 23 S Auk 24 1 June 10 8 Auk 20 7 June 24 ? Aus 18 ? June 14 7 June 24 4 Mar 11 ? Oct a i Aus; 1 ! ? Oct 4 ? June 23 ? June 29 4 June21 ? Mar 4 3 Aue 25 ? June 21 1 Aug 23 ? Mar 12 7 June 29 June 13 ? Mar 12 ? Aug SO ? Sept 30 ? Aus 29 ? Sept 1 ? Aug 22 3 June 20 7 Au? 14 ?i Aug 25 8 Oct 1 t ? Ocl 13 7 Oct 11 7 Sept 2 ? Jan 5 8 Aug 24 -- Aug 23 8 Aug 3 ? Net , Bale?. High. Low. Clou?, chge. I Col Gas ft Elertri?. 2600 6H4 Col & Southern.... 500 35'a Columba Graphe... S3SC0 3T'? do pf . 1500 15 Consol Cigar? . SCO 23 do pf . 100 68 Coru-ol Distributor?. 100 74 Consol i,as . 8300 90 Consol Textile . ?300 17H Continental Can .... 100 47 Corn Product? ._ 6100 78' a do pf. 600 107 i Cosden ft Co. t+400 33'/2 100^8 1066?-+ 29 32 + Crucible Steel .27000 644? ?58' ? *5S!e do pf . Cuba Cane Sugar... do pf. Cuban-Amer Sugar.. do pf . Davidson Chemical. , Del ft Hudson.. Del Lack ft West... Detroit Kdison . Detroit United R R.. - 2>a 300 Dome Mines . 1000 18^ Dul So Shore ft AU. 100 2? de pf. 800 4? Durham Hosiery _ 10O 29 Elk Horn Coal. 800 18 do pf _. 100 88 Emerson Brant pf. , 600 24' Endicott-Johnsen . . 2400 64' do pf . 2C0 100 Erie . 6800 13' de 1st pf. 8000 19! <lo 2d pf. 1300 13J Famous Player? _ 22200 695 do pf . 600 80 Fed Min ft Smelt pf 100 23 Fisher Body pf_ 200 100 Fish Body of Oble pf 4300 68 Flsk Rubber Tire... 1900 11? Freeport Texas .... 2800 14= Gaston William? ., . 3300 S Gen Asphalt . 42000 65! Gen Cigar . 600 59 Gen Electrlo ..._ ?900 1257? Gen Motor? . 14300 10 do pf ,. 100 641,4 do 7% pf. .,. 600 73 GoodHch B F. 700 32 Granhy Mtnln* ... 200 21'4 Great Northern pf.. 6600 74% Gt North Ore sub?. 1000 28"a Greene Cananea Coy 200 22',? Caantaniime Sugar.. 200 7 Gulf Molili0 ft Nor. 3300 6!.j do pf. 100 18'.? Golf State? Steel.,? 200 88'/a Haskell ft Bar Car.. 2000 68*4 tiende* Mfr . 200 17^? Homestak? Mining . 100 68 Houston Oil. 20000 Hupp Motor* . 1000 Hydraulic Steel .... 100 Illinois Central _ 600 eOlndlahoma Refe .... 6300 Indian Refining . . . 2800 Inspiration Copper. . 3900 Interb Con Corp... . 3400 do pf. 1400 Int Agriculture. 200 do pf. 300 Int nary este? . 2200 do pf . 300 lut Mer Marine,_ 300 10 do pf ., 2000 471. a Int Motor.? . 3100 27 do 1st pf. . 20O 65'*? do 2d pf. 400 64 4 Int Nickel. 3100 14'? do pf. 300 75 Int Paper . 8700 48'. 2 do pf stpd. 300 69 Invincible Oil . 81200 14'/s Sept 26 ? Island Oil ....._ 96fOO 3 2 Jan 8 . Jewell Tea . 700 10-?? J .in 4 ? do pf ............ 600 42 Jan 3 -- Jones Bros Tea., 1600 28 Feb 3?- Kan City South. 2600 267? Jan 3 4 do pf. 600 61 Ocl 6-? Kansas ft Gulf. 10800 7'.'a Ann 24 4 Kelly-Springfield_ 6500 44J,-3 June 7 a do 8% pf. 300 85 do pf. 200 7OV4 KeUey Wheel . 300 6&'/4 do pf. 200 80 K.ennecott Copper... 6700 22s/g Keystone Tire. 1400 11 Kresge, S 8. 1800 I597s Lackawanns Steel... 8000 41 ?/a Lake Erie ft Was*., 600 10'/a do pf . 200 19'? Lee Rubber ft Tiro. 2500 29'/? ??4 11U ?11[/a ?H9*-r- K " 4 _M_ 86 - 3H+ Vt 10', a 4- ? 100|. 2 101 y2 '-.; H J in J?n Feb Jan 14 Ocl 11 A p r . 6 Jan ?2 Jan '- ' May 17 \ti> 18 Oct H Jan 0 Jan 1! Aug 6 Jan 8 May 2 Mar 211 Jun 11 16 3: .. 43 1 ' '" H ? , I! 26 67?, 10 ""> : ; ;". , 16 I , 6.' 9 26'/a 8 May 3 1 6 May 11 ? Mar 11 7 Mar 11 ?? Jan 3 ?? Jan 10 3 June 2'i ? Mur 11 ? Aug 25 ? Jon 14 2 June 21 .Tun 3 7 Aug 25 7 Juno 7 ? Au? 23 1 Aug 28 ? Apr 14 7 Jan 4 ? Oct 3 ? Aug 31 7 June 13 1} May 6 ? Aug 20 ? Aug 24 ? Aug 16 ? Juno 10 ? Sept 21 2 Jnn 4 8 Mar 13 7 Aus- 23 12 Juno 17 B Jan 3 2 July 20 June 22 ? Oct 14 ? Aug 24 7 Autr 22 7 Aug 14 ? .'\ 1: 25 ?? Mar 1 1 ? Mar 11 ? Aug 21 3 Juno 15 7 Aug 23 ? June 24 ? Jan '? 7 Aug 25 7 Oct 11 7 3',i Lehigh Valley . 6100 66',4 ,'Pt 19 - Ii T July 23 Mar ?1 J u ne 21 ?'??'?<?. June 21 June 20 June 21 Sept ? : . Ligjett & Mrer? pf. 700 102 102 Lima LocomotiT? pf 100 96 93 Loew? Co Inc. ?200 13^ 13 Loft Candy . 400 9% 9 4 J^>ose-Wilen Biscuit.. 100 82^8 32?-, Louis ft NashTiUa.. 200 108 105 Mallinson & Co- 200 18 13 Manat? Sugar ..... 600 22'/a 22 Manhattan EleY _ 400 42 4H.'a Manhattan Shirt ... 100 25/g. 25/? Market St Rway- 220 4'4 4 do prior pf. 400 84 82v4 do 2d pf. 300 8 6"4 Marland Oil . 6600 25 217a Marlin Rockwell .. . 200 679 8?? Martin Parry C?r?. 600 14 14 May Dept Store?. ,, 400 85 83 do pf._ 200 102 102 Mexican Petrol _149600 8644 ?0V? do pf . 100 70 70 2 Miami Con? Copper. 2300 235, 22H 1.20 Middle State? OU... 80100 13Ta 13 ? Midvalo Steel .... 8600 24*4 23% ? Minn & St Lout?.... 8300 8-^ 64 7 Minn St. P ft S S M. 200 69'4 67 7 do pf . 100 86'> 88', a Mo Kans ft Texas. . , 400 1% 1'/a do pf. 100 2'/a 2!/a Ml-wourt Pacific .... 8000 20 18}? do pf . 8500 43/4- *?'''a Montana Power _ 300 64 63'/a do pf . 300 82'/a 92' 4 Mont Ward . SOOO 19'B 18'/? National Acme _ 300 14% 14/a National Biscuit.... 400 116'? 115 do pf . 300 111 110 Nat Cloak & Suit. . . 230 18 17 do pf . . /.. 200 48 4P1,4 Nat Con ft Cable... 200 1 1 Nat f.nara & Stamp. 1200 4i 40 National Lead . 200 76 75 u.? pf. 300 N It R of Mex 2d pf. 6'XI Nevada Con Copper. 8400 New Or, Tex &. Mex. S200 N Y Airbrake. 500 New York Central. . 8000 N Y, Cli & Si Loui?. 100 do 2d pf. 100 ^?'i'.v York Dock.... 2iX> N Y, N H S? Hart. . 2500 N Y, Ont * Western 1200 >. o.-foili Southern... 1300 Norfolk tk Western.. 2CKX.' North American...., 30000 do pf . 21O0 i? ??? 2 4 1C?"8-1 - - ' 'a ! . 60 34 20 ? 16 9/4 21 > C'a Jan? " '* 7 Juno 10 ? Mar 3 2 Aug -i -- u Aug ! H Aug 23 2 Ocl " ? Jan 19 5 .* ug 18 -- Mur 12 1 Ant 2 6 A u i 1 ? t> A lit; 23 ? .m.- . . 2 Jan 3 ? -. ' -.. Apr 29 5 Mar 12 -- Aue 1 i) 3 Api 26 ? June 17 ? Aug 26 -- Oct ri ? A u g 22 ? Northern Pacific_ 18800 Nova Scotia Steel.. . 300 Ni.ip.ally ._ 200 ok 1 > rod & lief. . . ?600 On.ario Silver . +00 Orpheuro Circuit.. . 1500 Otu Elevator. 200 Otis Sled . 700 on-rts Bottl M?ch.. 100 Pa.-itic Coast 2d pf. ?'OO Pai .he Gas ft Elec. . S40O Pacific Mail . BOO Pacific Oil . 69100 Pan-Amrr Petrol . . . 67700 do 11 . 10500 Panhandle . 200 ParrUh .fc P.ingham. 100 Pennsylvania R It.. 6-100 "inn Se.ibo.ard Steel 49C0 People'? (?as ft Cok? 22C0 Pero Marquette .... 180O do pi ior pf. 100 da pf . 600 Philadelphia Co _ 600 Phillips Jone? . 200 Phillips Petrol .... 21500 Pierce Arrow . 14C00 5 ? do pf . 46000 22 ? Pierre Oil . 33000 e ontinunl on ktcortd u$? tellowla?) 2'4 KlDDER, PEA80DY 8 C?. 18 Broad St. 115 Devonshire St 45 East 42nd St 216 Berksley Si' HEW YORK BOSTON ' Government Bonds Investment Securities Foreign Excba Letters of Ci Inveatment Circular on R* que et Correspondents o! BARING BROTHERS &C0.,Ltl LONDON Analyzing Your Railroad Bonds I^OR many years ?f have been prominently identi? fied with the railroad bond market, not only h.i dealers but also as underwriters. Con? sequently, we a a well equipped to analyze \ trinsic security value of rail? road bonds, and to determine at the same time their r< latrve attractiveness aa invesl.nta, based upon income return, present market position and outlook for appreciation. We shall he pleased to analyze for you any railroad bonds you may now holdt or to sub? mit for your consideration a number of issues I ch we recommend. Send for Bond Circular No. COI 33 Pino St., Now York Philadelphia Firtiburgt Baltimore Washington Wiimingta? 3 We Have Orders in j! Am.Gas&Elec.Corn. & Pfd. ? j ! N. Y. State Rwys. P?d, \\ Appalachian Pr. ???. I Union Ferry | Utah Pr. & Lt. Pfd. i. united Lt. & Rv. Pfd. I \ Stene9Prosser&?oty i B? William S?., V. V Hanover 7733 American Thread Pfd. American Brass Royal Canadian Oil Syn. J.K.Rice.Jr.?Co, rb?nt? ?CiOO lo 4?10 Joba, tt W? , ?t, u, X, MUNICIPAL BONDS Yielding V '? to "W&DDEL?* ?9 Liberty Street Now York Parkt^IJnion FOREIGN BANKING COKP0RA?IO| 56 Wall Street, New V I BRAMnr.-s AT ?hanpnal Yokohama T?kl? ftan Fronrlnca Keattlr Par's =P Bonds for In. Harris, Forbe tlnm (treat, Corneir Will!?.-? i Short Terrai ; Seouritj ? ?? (I -? ". - letl ? ' Contrai !.' 1 . - . - ? ? ? ? - ' ? K ! - Kan ' :: " -- ' i Tob ?8 . Pub Pvc . i . ? ? - . ? a ? Bell " " " * ? . * .< 1 :.<? v 'I 36.. , The Taza? Co 7?. 19 . ? - I'tah :.. V. tbloi B IQlec ron 7s, -. ? " Longer Tern* Becu Armour i ?ai Ail RaHnina; - ?- . * \ 1 or Pa ' uulf (HI :-. :i i i'.-- . S V I ? e S ? l . ? ? - '" ????<? I. -, I-.'. 'I.-- . ? J' Stan I Oil Call! > -j " i - > - . -, i. 193] . ' ? !, .? i H Rub . ?1 \ ;i, uum Oil 7? '? **5 W?atern in T?l l ' ? ? ii W??tlntTbouN? Ki 1? 1M1.10:V? lei ??'