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Charles M. Schwab
says: "Set a time limit for accomplishing tasks. Smct adherence to this homely principle yields amazing results." Procrastination (alias "Tomorrow," nlias "Next Week") is a cunning highwayman on the road to achievement. Furnve and watchful, he lurks always "just around the comer," Few are the travelers whom he has not, at some stage of the journey, held up and robbed. But constant vigilance can outwit even so sly a thief as he. Some men use a "time limit" to lash their intention fast to their action, and then travel with self-discipline as body-guard. They add the support of a good business bank in order that they may never be victimised by Pro? crastination through lack oi available funds. , THE IMPORTERS &. TRADERS NATIONAL BANK ? OF NEW YORK Capital. $t.500,000; Sur-p'-us, $7,000,000 Undivided Profits, $1,500,000 Total Resources i44.000. (WO ? /. <_ r. *t*. s., (?j ?""W.J Invest at fl%% (Guaranteed) While You Can Money is becoming cheaper. L. S Treasury Certificates are selling on a basis of 3y4%. The Federal Reserve Bank has reduced its discount rate to 4 !/_; % ? Victory notes have been selling above par. The in? terest, yield of high grade securities is gradually de? clining as prices rise. Guaranteed Mortgages are still yielding 5 Yl % ? Now is the time to buy before they too are affected by the tendency toward lower interest rates. The Guarantee of the Lawyers Mortgage Company, backed by its capital and surplus of $9,000,000; and its conservative business methods, assures you absolute safety, and at the present time, 5 '/i ',. interest. We offer you Guaranteed First Mortgages and Cer? tificates on improved New York City Real Estate worth at least 50r? more than the amount of the mortgage. Legal for Trustees. We shall be glad to give you complete information if you will call at any of our offices or write for Booklet B-130 'SAFETY LIMITS' This booklet explains why Lawyers Mortgage Co. Guaranteed First Mortgages and Certificates are the mo3t completely safeguarded mortgage investments in America. Lawyers Mosomge Co Capita] and Surplus $9.000.000 59 Liberty Street, New York 184 Montague Street, Brooklyn 4 Herriman Avenue, Jamaica A'o instance of loss in 28 years. We guarani?' there never shall be. Tvrrr riTyn ETERNAL S0N9S ?F EUROPE ??'?'lan? ?fti? for ? ''s? ein,, *? **okle J-Slt DUE to the existing level of foreign ex? change quotations, the Government, Munici Eal and Industria? ondsof European na? tions are today selling at prices that should re? sult in attracrive profits when conditions be? come normal. "Foreign Investment for Americans" is the title of a new booklet which discusses the more popular of the European bond issues and suggests how to take advantage of pre? vailing exchange rates thrcrj ?h the purchase of these securities. Wm. VL McKenna &. Co. 25 Broadway 25 West 43d St. NEW YORK Pater*oa la Piusburjih, Ten Popular Copper Stocks Among the 20 or more listed coppers are a num? ber of issues, popularly re? garded as the leaders in this group of securities, selling at a discount of *W% to 60% from their record high price levels. Statistical report, showing 10 listed stocks, selling at from $15 to $65 per share, together with record of earnings, dividends, book vaiues, the 1910-1921 highs and lows, mailed free on request Ask for R-675 ?-Sk^ERBREMER. ?SiOX STOCKS ?BONDS *- __- ?Atauv Office. - J? BROADWAY - N'FWYORK. rCUPHONfi - BRXJAO ? ?Si.CS International Petroleum Complete report on request Ask i or No. T-56 All active New York Curb Market Securities bought, sold, quoted INQUIRIES INVITED Rasmtjssen & Co. Member? N. Y. Curb Harket STOCKS - BONDS - GRAIN 111 Broadway New York Tel. Rector 4061 WHAT DO YOU GET out of the FINANCIAL PACE? We are distributing gratia to all who art Interested ir the financial pages of. thi papera u practi? cal and hi ound "?ok. it ?xplaina the Blffnlflcance to ihn Investor of bank clea i ga " ire?, a ad stee commodity indi? u eral Reserve ratios, and many financial factors. Copy free on request Ask for B. 17?. Mosher?M^llace Stocks - Bond.s - drain ?MEMBERS NCWYORK PnCtJCCB tNLllAMQ? t?NS?3UaWEO STOCK EXCHAMjE NEWYORK 33 Broadway i 30 E. 42*4 St. CHOMt. WHIftHAa 1?40 I PHOHCWOidlXBIU 10230 Famous Players An analysis well worth reading?other features in Ask for a MARKET Copv B-128 OPINION ft. H. MaoMASTERS & CO. Mtmbtr' C?r,?o'adalsd Snei Sx?karige 0/ A*. T. 82-84 Broad St. New York ?>uiH) BnadO.lSO. Snttrt Firtt Fits* Office? iu eight sine? - diroct wiraa $30,000,000 6 P. C. Bond Issue Sold Here by Denmark ?Lower Coupon Rale Due lo Recent Market Rise; INew Securities, Maturing in 1941, Offered at 9 i ?' ?_ ?-_. Tlif* Kingdom of lVnmni'k luis sold un Issue of $30,000,000 fcw-*nty-yenr 6 per cent bond? to the National City i Company of New York, which i*i offer rig tin- securities at 9*-""_. to yield 6V? ? ? - cent ( o mal ui ity, The reduction in tho coupon rate, ai compared witli previous issues, I :i result of th>* recent rise in bonds Practically all of the Importanl I ? floated here during the last two yi ira have carried coupon rates of 8 per .. and were offer.d in many ci to ?? . v,. ' than 8 per cent. Four Feen months ago Denmark floated a $26,000,000 tvrenty-five-year 8 per ? loan '.n the United State In obtaining the new D the bankers here were forced to meet the stiffest kind of competition Erom London bankers, who were eager Lo land thi' business, The new fis are callable at 105 at any timo aa a whole, but not in pun. ipons and bonds are tax exempt in Denmark and payable in New York dollars. Heavy subscriptions were re? el for the n-'\v issue yesterday on the announcemenl of the offering, and it is understood that the application! al ready recorded are in excess of I amo loan, ins I ? suc? cess of the offering. COPENHAGEN, Dec. 19. M of Finance Neergaard to-day in1 ed a bill in the lower chambi r de? signe I . o raise a 6 per cenl itate up to $30,000,000. Under the provi? sions of the bill bonds w m 1 bi sued at a minimum cent, re? ble after twentj years at 105. Canadian Par i fir Sells ?25.000.000 I P. C. Bonds Here Perpetu?is Offered Direct lo American Investors for First Time, Marking New Epoch in Financing Format announcement was made yes? terday of the sale by the Canadian Pacific Rf.ilway Company of *25,000,000 of its consolidated l per cen? indenture stock, pavai;'.*, principa; i : erest, in New York to the National Company of N ??*-- Yoi k and ranty Trust Company of New York. The deal was negotiated by the Na I ? J . Li !., of ("anada. Formal offering to investors w I ::-a de s Mort ';, . ?rs r tinted out. in < i tion with the transaction e prem ier of the nadian Pacific Ra w ? i ? United States, h. road ha to London to bi The transfer of the financing to market, therefore, marks a new ep in American finance and incre prestige of New York as a woi cial center rii a The financii g ( an Pa? cific has foilov. : whicl ture stock, "? lich is ci i i the Americai practice or c iar security a fn B* the nion Par - a icur t; is a first charge up:.-: the en tire undertakii . pi rati ' : ex pens es and ? ? liarges on ?.rities whit ad bei issued by the ''anadian Pac-i:'.- prioT to 1889. These underlying securii -;n respeci to only 1,642 the Canad an Pacific sy. . ? ??????p.* the total mileage of the company is close to 14,000 mile'*. Inclu the new issue the Canadian Pacific ha approximately $232 000,000 of the con? solidated debenture stock outsl To meet the requirements of the American investment market the new debentur*? stock will bear interest coupons. This is an innovation, since all of the debenture -stock heretofore placed in the London market has been in registered form. The preference stock has received dividends wit! interruption since its issuance in ' at the rate of 4 per cent a year. Canadian Pacific's n ings in ' 20 were $44,119,492, while --res were $10,775,408. In the first ? nths of the current year net earnings have increased $1,754,196, or 61* per cent ahead of last year Montreal Sees \eic Era In American Financing Special Dispatch to The Tribune MONTREAL, De.?. 19.?Newa of the completion of negotiations by the an Pacific Railway 'or the sale of $25,000,000 perpetual 4 per cents was received with great interest here. This is the first occasion upon which tfc ! road has made an issue of - securities on this continent. The offer? ing is regarded here as a times indicating to this side of the world's financing. The securities to be offered in the United States are regarded here as bc ;njr a particularly r.no issue and ?"an? adian? regret only that they will be un o participa!?, since it ha impossible to determine a Canadian price in view of the exchange situation at the moment. is for h issue were carried or. entirely in ? anada, the New York interests represented here by the Nationa I Company, Ltd.. of Canada, a Canadian organization affiliated to an extent [with the National City Company ef New York. The president and directors of the ? Canadian Pacir.c seem pleased with the result. The $26,000,000 issue will in : crease the outstanding perpetual 4 pe? cent consolidated debenture stock t< $232,000,000. ? Supreme Court Dismisses Suit Test ins 5c Favo Limi' WASHINGTON, Dec. 19,?The Louis ville, Kentucky Railway case was dis missed by the supreme court to-daj for want of jurisdiction. The court did so by refusing t? answer questions asked by the Circui Court of Appeals, although it had per mitted the case to be orally argued. The circuit court has the eu le pend ing before it on appeal taken by th? city of Louisville from the i'nite? District Court, for West Ken Tucky, granting the railway compan; a temporary injunction restraining th ?'rom enforcing a iive-eent fare ": ? circuit court sought to obtain fror the supreme court instruction?? o certain questions relating to the bind :ng effect of the contract with t under which the railway was grante its franchise, and in which it wa stipulated that the fare should be fiv cents. The railway company ciaime the confract fare was eonfiscatory, an is no*?' charging seven cents. Crot?n Iron Co. Receiver ?JOTRWICH, Conn., Dec. 19.-?P. Perc of New London, was a* ointod trustee of the b Groton Iron Works to-day. This is C. W. .Morse concern, and Mr. Morse interests have unsecured claims c more than a million dollars. The?j interests wanted president James ?""wat the temporary receiver, made truste >il Pri?es Lower I?? Quiet Trading On Curb Market S o in me of Transactions Is? Smaller and Quotations Move within Narrow I ami! as Trend Downward Prices worked lower on the curb market \. sterday, when oil shares were ofl ?red at. concessions. Volume of ictions was Bmaller and quota? tions were confined within a narrow i lard of Indian:* ?.old off to 90, Imperial of (imada fell back to 110, I while Cities Service hanker*--' shares, International and Anglo-American, lost. fract ions. Tobacco Products Export dropped Lo Magma Copper rose to 25 cents and Sweets gained a fraction. industrials i ipen. Ilisrh. Lo *?' I ??? ?' 1 "? 1 "?_ 1 h 1 % 730(1 ?Ac SU ''??? S3 I M ib i , 2Vi i "4 ' ?'<? ? ' i ?? king ' * 2>i 214 - '* ?? ?_ * '* 1 o p f . -. ' - .* - ' Al I 1 I- 1 *, 1 ?', 1 \ 1 *>| ? : 10 10 10 - " '? '? ??? Pob . pn l \ 12% 12"*; 12*4 .7 I IB % 120 i,. B. , , 32V? 32% 32*4 22% h , i :r Fruit fi 4 6% ? % 6% ?I nr : .iirht . 00 00 90 DO . i ?? ul . ! ? i pf. 107 107 : : ? ? . 2>? 2'-* Auti '-, " '? -'? i El - SO ' 75 ? ?? (";ii : 12 i-ero i% ?? "4 .> ?*?? S i . ; pf, 65 BT 6? 6G Mol 25% ' \ . . 12 Vi 12% 121? : : '. ... .??;.... 16% 16 :?'? *. \ : ? 'oal. 42*4 43Vs I 4 * ' 1? i ; 1% ? > l; ' , : ? s i : di pf 271. o 7 l? 2 7". ?? 71_ : ' 00 '> ? l'i 1 IV, 114 10 14 . I ! , * . .' 'ti . '?? . . ..,. - , ... 2 1. ? ? 214 - " ' 1 ? ' -, ,fl . ?> J h L? 6 '4 ' '> 21? io 1 ' : . - -, 2% lb 2i 20 20 ??.-?.-.. : -j I7? 31? *i I**4 ? ? '??> 7? 3 14 '?? 1* 21 21 21 2?00 Tobacco Pro 1 ' 4% I t 16 9 10 15 ?41 ! -, ? IS ? ' ! ' ' 1 i Vi J l'ayne Coa I I End Ch . rp : .: Standard Oils " '? -1 1? ,78 80 tl? 27S 277 277 9 Prairie 1 ! 225 2-3 mth r 7fl - ? 73' 53 r ?; . .... ,,,-... .,,, Ufl 8 Oil of .N . - 37E .: ? Vacuum Oil : ' . ' : 321 321 Independent Oils 60 11 ? a n 1 e d 1 : I'.'01 Fui 17 51 4 4 50 . ? % in tic Pi ? 4*4 i Oil ; . : . a O . . ? i ? i ... - ?* 22 ? 5 8 1? 31 1 204 . ?' '? ? '?' ? i 714 - : - :. 1 % ? . ? -, 1 -. 9 8 *-. to*-, ; .. . ? \ 1 : 1 2it? ?Keystoi R 50 SO ? 7 1 7U 1 Magma 1 I . % ' ' 1 ? - ' ' . - < ''B Imitan O. In . 15 : . - ? , ! !_, 1 1 _ ridian Pet, 15 16 16 : <-- ???-, -ii., 3% 6 36 Par IV? i '?- 14 '? Si 1 : ?o M ? _ ; 1 . ? ' ? 13 13 13 13 2 V? 21? 3 2 Vi trthwest 7 ; 26 26 26 ICOO Omar Oil 73 7s 7: 72 -, : 7 !? 17 ?*? 17 V? 17 V. 6% (Its' 6% 61*. go Vi s "h *od 13 "Si 13*4 13% 13% t.- - "? lli ? -, - '? 3800 Sk' 1 5 Va SV, :. Vi S Pel IV? 1 1 Vi ?So States - *?? ?.. ? ?-"..,.? . , j ... ;.. , , tag 12% 12 V. 1 - :., a O 71 SI 'S Hi ??*?, "4 ?*V* 3 idbun 70 70 70 *y 0 :s 27 30 Mining g00 A ' 5100 ?Big '?? df-i 28 29 26 29 . ... ... , ?g 29800 ?i' ? ? Moni : 92 88 90 lie ,1 n ... 6 'I fl 100 ?( -. & , ?m?! ' " 1C 16 1C . rizona. 4 1 4 4 ... 1 ft i H . ? * ; (."a ?*, i ; ' B2 Silver " v ' S5 ?7 . . 2<S 24i 2,^ 2*4 .? .1 I ? ? R 6 Vi S "4 8 -.. t. 114 Hi - ', 7 7 6 6 i 7000 *Eur 1 ?roesua 27 27 ;: : IS IS 7 ?O0 "Gold IS ... 3 I ? 3 Hold States 52 ;. 52 12 12 ? ?5 25 : 4 - 13 14 ...,;-?(?? 7\ 7 ?t Sou 11 !'-* -' ?? 6000 * i 25 25 27 fumbo Exi ' 2 ; 2 j .... .. J, - : 000 "K nox Divid? 7 7 ... Rose Mng 7;. _'. ?7 26 : . ? or s Star ... 1 I 1 1 10 li 10 25 '4 2314 2 7 " : no *v p. 31 ' 30 ?31 7 ...-.-.r. Vallar. l"i I *i 1% 1 ?4 , *?? herlodi 1% 5% 7 ?do old 7 : 78 7* ...'?? T 1 ?? 55 77 ii000 ?>; , ?- Ophii 4 ! ; :. Ill Horn i 4 4 4 900 New Dominion 214 2!4 2 ;* 2*4 3601 sing ' '???. 7 Vi 7 7 ?, ? ?Ohio Copper. 11 11 13 24 27 250U *Hei Cons ,. . . ? ? 7 7 vm P A G *k *i ?* l, er Lead 10 I I io ????,'?? Min., *f*u ci ss Min. . ! 11 I ! ?, :7"_ 1 ,r. 1,7 ? ? ..no Cash B 6 3 6 ? 5000 ?Ti i9 56 58 i .?? I T** I -'4 I -" 4 *4 E ?< S 4 "j? "?-i 2 H ,;^( HA run c'n Verde Exl 30 SO 55 Conl 50 CO M si End C.. 82 ?7 73 7'. &t? Bonds Sales (000 oml led) O en 7':*i' Low Las'..' I ? , . .62 54 V? 52 i'4 :- I _?? ,i . . ? . !.. 14 14 46 i . 103 m:'3-. 102?4 - Am l.t & Tr 8a ?- 96V4 ?(*V_ 1 Am Tel *(s 22. 100V? ?.:???.: 80 , ?? do 6s '24 . 100 - 1? Mr ].'"*- : " Vnaconda Cop 6s. '-7 97V? *7 97V4 ? . . 101?i 101?? 10J ?- I**1! '*, 10 Ang-Am O 7Via--10314 103 Vi 103!4 108*4 ! : Umour - Co 7s. 103V? 10314 102 ? 102 Vi 2 Ban--.r!all >s B ? 99 99 99 1 Beaverboar i 5? 7 ? 70 70 7" 100V? 100% s do 7-. ' 3 !'"'-:3 100Vi U)0 ;- 1"" '-i ? -, ? ? \ ". -j lOOVi r Paoiflo **s. .100V4 l"0*4 10":? 10?"4 ; , ..,,. Bte?*l Ss ? ?- ?(im, lOOVi ? -: 7 7 50 05 .i. b 81 4 ? 1-, 43 43 1 Cons Gas 7a (0 ?'- l'*"7, 100% 100% S do BalU? 7s. ...113 103 193 103 ia Textila k's 99% 3^4 99% - ? i Bxp Bs '24. t?t? 163 !"J*4 103 in." *., 1-14 H 193% 104% ' S Cuban 'r-; 7%s .103V? 103% 103% $30,000,000 Kingdom of Denmark Twenty-Year 6' External Gold Bonds DENMARK The credit of Denmark ranks high with the most important nations of the world. During the twenty years pre? ceding the war the Danish gov? ernment borrowed abroad at rates from 3% to 4%. The average yield of five gov? ernment issues listed in Copen? hagen was 5.23% on Decem? ber 2, 1921. The wealth of Denmark, as officially estimated before the war, was nine times the debt of March 31, 1921. The per capita debt is one of the lowest among European nations, being officially reported as amount? ing to but $88. Government owned property, largely reve? nue producing, is valued at $418,115,000, which is more than the total debt of Denmark. On November 26, ?921, the National Bank of Denmark had a ratio of gold cover to circu? lation of 53.789c> as compartid with 46.17% on July 31, 1914. THE ISSUE Dated January 2, 1922 Du? January 1, 1942 Interest payable January 1 and July 1 upon ? . denomina! ona of < DOS stu! J?OO. r?g;?strrf>b> ne to principal or.r: Principal, vreml-jm 3rui interest wti be payable In New Torh Cttjr in "'ritisd States Uoid coin of the prr-Kent standard of weight and Oneness at The Vatlonal Cltx Ba.nl?: of N-w York, the Pisca* A?e*>t of th? Loan, without <*? Suction for any Danish lues, uri-s'-nt or futur? Principal, pren luro and infereflt ?il! Se pajrahifl in rime of war ,..v wall as in time of pear.?.\ Irrespective ' ,l s ? of the ho BONDS CALLABLE ONLY AS A WHOLE AT 105 on any interest ?date prior to rr.aturity on sixty days' notice *.* indicating the approximate yield? on these bonds, should the Danish Government at any time exercise ?.ts option of redemption. Redemption at end of 5 years at 105, net yield 8.19% Redemption at end of ?0 years at 105, net yield 7.13 "v Redemption at end of 15 years at 105, net yield 6.79 "? These bonds ?re the direct -?b! i ?ration s of the Kingdom of Denmark, which agrees that if in the future it shall sei', offer for public sub scnption or in any rmnner dispose of any Bonds or contract any loan secured by any lien or pledge on or of am* revenues ?r assets of the State, the service of this Loan sha'! be secured equally and ratably with such subsequ??nt loan. We oiler these bonds if. as and when issued and received by us. subject to approz'al cf counse 94V2 and Interest, to Yield about 6! 2^c to Maturity Delivery in temporary form is cxpcct?sd on or about January 4, 1922. Complete Descriptive Circular will be sent on reouest The Nationa! City Company Main Office: National City Bank Building Uptown Office: National City Building. (42nd St. at Madison Ave.) Offices In more than 50 cides in 'he United Stales and Canada n rm; 1 n tag i,r??n nb-aint-i. partly by cable, from officiai statements and statistics. "WTaiie ?re do not g%is.ra.n'e? -?-? be correct. All statistics relating; to foreign money B.re expressed in terme of the Vnite-i states goid dollar at par of exchanat. - ilea (000 omitti 1). Op? ? HI-fr Uv, Last. ? ('ale?a .- O . Asphalt 8b i ?i Go -in- b Tire 7s. 9! '? ?? ?* ,?1 A : <;?: Trunk ? ? ? 10 ' 10 'V* 13 Vi 103 10**4 ' Hel na ? % 10 S % 103 % , 100 % 100 ? R T 7s - ? 76 ;?? , 71 ' j 72 ?? 2 Ken.:c tt C i 101 Vi 101 :? '"> S 101% a i.ib ?.. ? .? ? .. 33% 99 '. ?...-. 90',-? '" ui S 8? ? - . 98 ., 3S ?4 "" i ' *> ? ? ;us ' - ' ??'?'! 98 ?4 ?**'* ? ' . , -, H ta. G! a ,;? 67'a 68 133 i ?re fron s :,?... 97 % "7 % 9." ??. 9 ? . 99 i C 6s i% ? - "-. ? '? '? . a Blec 6b : ? \ 100*4 100 ?A 100% 1 Troe & G - Phi pa Pet 7 5.102 102 102 ... S4 98"i '.?8ai n Galr 7a . 37 -. r?7 % 97 67 3eai j-Ro?, ? ?2 ? -, d? " 19 -, ' '- ' ' Hi '' *?? - ?.-?-sheen 7s. . . 20 - ?-it Bell 7s ..101 101 100 . HI N Y 7h '26.104% 104% 104 a4 do 7s '27 '. 106 '? 06 !'"' do 7a 30 [07% 107Vs 107 111) 'i:;f .105' : ; 2 Sun ' 7a ?....??.. ? . ? do 7s 'SI 102 ' ".."'?'. ?Texas 7a l<?0 '-. I ?0 '? 10' ?'? Id ', ago 7a. 100 , ;??< : )4 10* 104 rod 7s .'?.??, ; 11 Un Oil P*o I Ss. . 97% fi ?., ' . ?: , Ry Hav . ?-..- . . : Vacuum Oil 7? LOS?*-? 107 I0t , ' \\ arner Sug 7a 18 -.- '?? ? 96 ? 5 Western Elect 78.103 % 104 103*4 '.??:: % 26 **i*Uaon Co 7%a. 96 ? IS ;t 96 '? 96 . : V* Inchester 7%a too too 89 "'-. I |< Foreign Bonds '3 Argentine 7a... 19% IB yfe fl9T* 1 Fren? h \ let 5a 62 62 62 62 27 Rio Grande 8b. ..100% 100% 100% 100% 3 Russian 5%s_ 12 12 12 '? Z is. H" ?4 35% 95 9 ? [oval Dutch Share Ruling Dividends Not Subject to Taxes in last Three Years In a circular to holders of "New York sharps" and "American shares" of the Royal Dutch Company, Avery V. Andrew?, chairman, of the Ameri? can subsidiaries, states that a ruling by the Commissioner ?if Internal Revenue is interpreted to mear dividends received on the "New York" and "Am-?iican shares" in 1918, 1919 and 1920 were not subject lo the United States norma! individual in? come tax. nor to corporation income and excess profits taxes in the hands of the holders of thi se shares. He further stated that it was proper for the individua! holders of these shares to deduct the amount of d vidends on the shares in making up their tax returns for the years men? tioned. Where such deduction was not made, a claim for refund or credit may be riled with the internal ig Bureau. The ruling, it was ! said, does not apply to dividends re ceived in 1921. Ajax Rubber Plans Offer Of 200,000 Shares of Stock Announcement was made yesterday that the Ajax Rubber Company, in connection with the issuance of $3, 000,000 ?fteen-year first mortgage 8 per cent bonds, will offer to stockhold? ers the right to subscribe to 200,000 shares of no par value capita! stock at $12.50 a share. The stock has been underwritten. F ?r the nine months ended Septem? ber 80, last, the company sustained a 1 iss after interest charges of $3,966, 4.??. This included inventory write downs, operating losses und r?serves. Net sales for the period were $8,037, 382, compared with $17,031,121 for the fuli year 1920. Use Care in Greek Shipments The American Manufacturers' Ex? port Association has been informed that it is advisable to ship to Sal?nica, Greece, only on the basis of cash aga documents in New York until 12 2 Years of Economic Development & the Bank of the Manhattan Company \ The McCormick Reaper EHE McCormick Reaper, on -*- which Cyrus IV. McCormick took out his first patent in l8jj} was perhaps the greatest single influence in the agricultural development of the West. Large scale farming of a sorr never dreamed o? in the East was made possible only by the Reaper and the other labor saving devices that followed in its trail. From the limits of the small community that New York was, when the Bank of the Manhattan Company was founded in 1799, the service of the Bank has followed American business through every stage of its development. Todav, its service is nation wide and its range of contacts covers business activities of almost every conceiv? able nature. Bank of the Manhattan Company yj % CiiARTERi'.D [799 * Vice-Prtsidtnt? James McNeil B. D. F?rster Harry T. Hau. Edwin S. Laf?sy P. A. Rowley D. H. PlERSON Frank L. Hilto** V. W. Smith ?ohn Stewart Baker 40 Wall Street, ?\uw York OFFICE %S STEPHEN BAKER RAYMOND E. JONES "Fres;?tr.; First Vtce-Frer.dent O. E. PAVNTER, Gukitr Vrrovnt Office?51 Untan Square, Ntvs York Brooklyn Q??ices???. John't Plac' and Cypr?ts Bills ??exx.Nt Borough OrncKs? Jaman*, Fiutning. L^ng Island Cryt Far Reckatvay, Racka-Jiay Park, Rackatvay Btaca, Seatide. R:e intend Hil!, Elmhurii, Matpeth, Carina, Caliere P??/, ftrt$d?aven) Rtdgcwmj, Fr$sk Pond Capital $5,000,000 Surplus and Undivided Profits. $17,520,682.29 A.'s 't Cashiers W. F. MOORB I. S. Gregory H. M. Bucklin W. A. Rush Grzo.S. Downing E. S. Macdonaud O. G. Alkxandm C. W. Cajpss Toronto Is Disturbed Fears Financial Resource? May Center in Montreal TORONTO, Ont., Dec. 13.?Fear that the proposed absorption of the Mer? chants' Bank by the Bank of Montreal may lead to undue centralization of the Dominion's financial resources in the City of Montreal were expressed in financia! circles here to-day. There also is soma auch feeling in the West, according to news dispatches. The depositors and the general pub ? < ??. ???'< protesting :\<nai*ns*i ii*? mer DIVIDEND NOTICES VI PISSING MINES < O.. -LTD. H-art Office, Toronto, ''an", 'a, Dec "? ? *? C i. The Board of Directors ha? to-day de? clared a quarterly dividend of THREE PER CENT and THREE "KP. C K.VT extra, payabl" January 20. 1922, to sharcholder* Ol record Dscembsr 31, 1921. Transfer books <*lo*te December 31, 1931, and raspan January *-8> 1332. P i" PEE1FEKR. Treasurer. i ger, however, as they are guaranteed full protection. Holders of Merchants' Bank shares will lose -?bout $45 per ?hare in the merger, or & total of about $5.000,000 on the basit of the relative valaea o? stock of the two'banks before the mer DIVIDE??? NOTICES IN DUNA PIPE UNE ro-WPA?TV 18 Brood WM*)-, >ft* York D.-cember ?th. 1S2? ' ? o? two dollars *>er shs.**? hss Btmn ?I'-.-.Ared on the ?'.?pi-.a! flock of this i-oi*:p.r.", pfcyab.e 5*et.ruar> :7th. 1??-.-**. to storkhoid-jr? n< rece ri fct lise ?-,ott o? tu?.? :;eB? J.u;u_ry _<tt>, l?... All comi-nunu-ations regar-iia? paymeiv. or chins.. ?! a.ldres? should be ?eru to the undersigned noi istsf thii. February tit.. i-2_. QSOESa CHWUH-yy. Secretary. ger was announced. Every two Mer? chants' Bank shares will be con-re"-*-"-"*-***! ?n^t> one Bank of Montreal s lier**.