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$100,000 Pennsylvania 4%% Coupon Bonds Due December I, 1951-36 7 ax Exempt in Pennsylvania Exempt from all Federal Income I axes Price to Yield 4.10% Rfmick, Hodges & Co. Member? New York Stork Fxrlt.tnf? 14 Wnil St. New York CnrrMponrients R. _. Day Co.. UosWm Flatbush Water 6s, 1931 Hudson Navigation 6s. 1938 Nassau County Water 5s, 1923 Ward Baking 6s, 1937 TOBEYaKTRVC j. Member? AV_ Yor\ S'.oclf Exchange ?; 25 Broad St. 208 So. La Salle S?. New York Chicafo Burlington, Cedar Rapids & Northern Ry. Consolidated 1st 5s Due April 1. 1934 Price to yield 5.45% I Prinre & IStntelg Established 187S [! Members _'en> Yo*k Sloclr Exchange 52 Broadway Tel. Broad 6323 !??_? Canadian Pacific i j t Railway Company 4% Coupon Consolidated Debenture Stock The Premier security of thi? great Company, which operates the largest transportation ? j system in the world. Price yielding about 5.13% <Xr_?lor upon requeit \ The National City Company .' Main Ofll_ National City Bank Building I Vp;?wa OB_ t:_l _ a Ma?_n At? k Missouri Kansas & Texas Oar December New? Letter contain? ?_ article of interest concerning du* company. Copt e? on rtque*: MlLLETT, Roe & hacen Mteitwr? Nur York M upk r_?ta_J"_ 62 WILLIAM STREET NEW YORK 1\ tv? York Trust Co, Ci a^e Nati? naS L?_irk ?VcCLUKE JONES _?_CC _??nb#r? hew York Stock Kxchano* ill Brou.wuy. _<??_!? 3321 IS??rtor investment \ information Qufttiops of general interest f? in? ventors will he answered m this col? umn, in which cafe only tmtuil? will be usrd. Other? will be answered by mail. Address all inquiries, in<\os inp n stamped, addressed envelope to Financial Editor. The Tribune, 154 Nassau Street, Sew York City. Yielding Over 7 Ver Ont Quest!' n Please gi'e mc your advice on th? following Investments I have .lust sold iny faim ?nil h?v< I 0 000 to Invest .ni.! must get 7 to 7 '? i mi- .-mi out Of the m nej to live on. How are the.se for me: ? .'?-i Bush IVrmlnal '. ulldlng preferred t. i>< i cent; ?6.OO0 Standard ???? and Electric b ii-i. s per cen? , $3.000 American Tole i-ii i. and relegraph common. ;) per cent. s i Union Pacific common 10 per cent. $5.090 Phi ulelphl? Company oommon, n -,'er cent J.- 000 Goodyoar l'ire and Rubber Companj 8 per cent ?? H. A B. Answer?If you must have 7Vfc per cent the list of investments that you < have picked out is good. We would ad? vise you, however, to try to get along with a less yield than thir. and to diversify your investment by ndding to your list Diamond Match 7V?s, due 1936, recently selling at a price to yield about 7 per cent; Union Tank Car equipment trust 7s, due 10,",0. recently selling .'it a price to yield about G'-i ? rcer etnt: Rio Grande Western first 4s, due 1989, recently selling at a price to : yield about 0'- per cent, and Norfolk , Southern first 5s, due 1911, recently ; selling at a price to yield 7% per cent, j We Do Not Give Tips Question?3 an .- dally reader of The Tribune and quite Interested In your flnan :.. colu ? is Will you kindly let me know ! what the prospects are for l'en- Marquette Railroad, which Is selling around* 21^47 Also Cerro de Pasco Copper, selling at ?:B? j i>n Saturday I ha I :i tif to buy one or both of these - .. I : ..n Immi Hute ad vance. Ary Infoi atlon you may give mt will i>e greatly appreciated by me.?H. R. Answer?We do not give tips or ad? vise on speculation, and that is what, apparently, you are looking for. Pero ! Marquette, is showing a larga increasa i in earning, and it was recently esti? mated that it would earn nearly 40 per cent on th? preferred stock for this year. A Speculative Rlak Question?Again I would Ilk? to have your valued advice. I have six Chicago, Milwaukee & St. Paul 111? bonds, 4 vis, 19X2, Do you advise keeping them to j maturity or should 1 t>eli them and invest in something saier" I tlo not want to speculate or take very much chance of i losing by keeping these bonds. Will you ! kindly tell me also what you think of the i t .j:u ectlcut Light ami Power gold bonds nd S per cent stock? Are tfiey a good investment'.?C. W. S. Answer -If you do not want to run tiny speculative risk we would advise you to sell your Chicago, Milwaukee & ; St. Paul 4Vi per cent bonds and buy in- | -tend New York Telephone 6 per cent londs due 1941. We think that Con-1 necticut Light and Power Company 7 ' per cent bond?, due 1951, are a good j investment, but that the 8 per cent . tock is somewhat speculative. Steel and Tube 7a Questloi Will you kindly give me rour ; Qii ? as to the standing of Steel sad . panj ol America general ??. due . hen .< ?? i li it.; '--. est da.t< -m, if vou ' > nsider I ~ good Investment and \f th'.s is a. first mortgage bond ? Also please. advise me if you <;?: ? lend ?s a safe ! Investment N?w York Telephone 4s, 1941 ; : if secured by a mortgage and it the bonds are reu':y for delivery; a'.eo the interest ! ? ates, if a coupon bond? Also klndlj j late If the brokers advertising in The Tribune you consider safe to deal with In \ The buying and sel ii nir *.: securities. 1'lesse j give me your opinion as to the safety of I ;i" ntral Steel firbt sinking fund bonds, lie, | I T.'ii. and what is it, and If a mortgage : ...upon bond, and wh'in are the Interest daten mil if a r.ubsldlary of the Unlta? i States t?teel Corporation? ? D. B. C. Answer?Steel and Tube Company of America, Series C, 7 per cent bonds, i due 1951, are secured by a general mortgage on the entire property of the company, junior to $9,679,000 prior '?ens. Interest is payable January and ?luly. We consider the bonds a good investment, but not in the seme g:ade! with the best of railroad tirst mort-i gage bond? or such bonds as the United ?States Steel sinking fund 5s among i e, industrials. Your New York Tele- j ?phone 6 per cent bonds, due 1941. are: | a high grado investment, In our opin? ion. They are secured by a mortgage covering all the real estate and tele? phone plants of the company in New York, subject to S'.iO,543,000 prior liens. The amount outstanding of these 6 per cent bonds is $50,000.000. The teie ; phone business is a particularly stable ; one and the Bell Telephone companies particularly well managed, in our opin : ion. The Tribune advertising de? partment accepts advertising only from bankers and brokers which it considers I reliable. Central Steel 8s are a good i Investment, in our opinion, not, how- ; 1 ever, in the class of such high grade ; bond? at New STork Telephone 0?. The j bonds are secured by a first mortgage '? : and come in both coupon and regis ; tered form. The company is not. a sub-: sidiary of the United States Steel On a Geographical Basis Question?1 desire to distribute my tn . ids among government securities on geographical basis. My reasons for adopting tii!? method uro as follows: il) The safety of : be a\ -rage government se-! curlty Is i-qusl to the safety of an Indus- I trial; (2) government securities are mar? ketable; (3) the average yield is iilghei I realize the risk lui. ? ? ced In foreign se- ' curlties. Their saf tj d fends upon the ? stability of their government. At present; I possess iIit- folie winy: Liberties, govern ? nient certificates, state gov. rnment bonds, i ; Ity i'.'. S.) bonds. South American, I Trench, ("anadian. Uslnj? the method of ? distribution suggested In the first para- I 1 :iaph, will you be kind enough to outline ? | in your column a list of bonds for a ' >:.,000 Investment??Jj. H, Answer?Your idea is original and, to our mind, hot without merit, and we aro g!ad to suggest five $1,000 bonds on the basis you name. We suggest State of Queensland 7s, 1941; Kingdom o.' Belgium .s, : . ; United . Brazil 8s, 1941; Republic of Cuba 5s, 1931, and Dominion of Canada 5s, 1931. As you say you realize the risk in? volved in foreign securities, we suggest that .-?part from this, the investment we have submitted contains sonn- at? tractive features. Por example, Bel? gian TVjS are callable by lot at 115, $2,000,000 par value being drawn an? nually for redemption. The Cuban government 6s, 1931, are also callable by lot, at par, $500,000 being so drawn (annually. As there are omy $?,0d?,000 Ol' til is::-, i l '. : i hail of having vour bend so drawn are relatively high. Not Investment? Question?Would you please alve me a little advice? i heve an opportunity to buy some p.- Georgia i-'ruit Company stock and al?o Dayton Sewing Machine and Bicycle stock, being sold by H. W. Dublske ? ompany. Would you consider these stocks 1 a good InvestmentT?F, T. M. Answer We do not cons der that any of these stocks arc entitled to an investment rating. We apply the term investment tmlj to te stock of such corporations as have demonstrated ovei .i Ion;: period of years that their earning power is Wd\ secured in ^joi times and bad. Even such stocka as fall within t; is cia-;? are not the proper sort of investment, as a gen ai rule for !>f pie with a 1 ttb oney, and them we recommend well-secured bonds. tour full columns of in* ?estment questions and an- ?. ers are published in The V Tribune every Sunday j Investment Securities Our Investment Department will give impartial advice us to how your investment needs can beat be met We execute orders for the pur ItHse and sale of all securities listed on the New York Stock lixchaneo, of which we arc mem? bers. ; Adaptability in the selection of i Investments is most important. j Let us study your investment | needs. Knauth.N_chod & Kuhne Equitable Building New York We specialize in Public Utility Stocks August?, Aiken Ry. _ El. Com _ Pf. Central States Elec. Com _ Prd. Commonwealth Ry. Lt. _ Pr. C. _ Pf. Empire Gat _ Fuel pfd. Federal Lt _ Trac Coa. _ Pf_ General Gai _ Elec. Com _ P_L Miuiiiippi River Pr. Cam. & Pfd. Nertkern Ontario Pr._l_.C_ Pfd. Nortkera State* Pawer Warrants Tri-City Railway _ L.<-kt Pfd. Weiten State* Gas & D. Com _ Pfd. PYNCHON & CO. Uembere Hexe York Stock Exchange 111 Broadway New York Telephone Redor 970 LONDON I.IV ERPOOI? PARIS PRIVATE WIRES to principal cili?s of United States and Canadm STOCKS BONDS COTTON GRAIN Unlisted Securities Foreign Exchange Foreign Government, Municipal and Industrial Securities Private Wires to Principal Cities Josephthal & Ca Humbert ?Yew Torfe Stock Exchanye 120 Broadway, New York Cable Address Telephon? JOH_ITAI__? KKCTOK 8_?0 J.K.Hice,Jr.&to. Will Sell ?O Int. Citar Machine 100 l.eliigh Valley Coal Sale? UK" Met nil Corp. common .M) iler.U & Co. pfd r>0 National Fuel (ins 50 N. V. .Mutual Gai Light 100 N. Y. State Bye. com _ pfd ,">() 1'ueKle ( toast 2nd pld 200 Penn. Coal _ Coke SO Fhelps Podge Cory. 200 I'yrene Mfg 100 lt. ?I. Keynolda com "A" 10 H?>Mi.l Ca__lin_ Oil ??y*. 500 Kinger ?fg., I4_ 20 Solar ?terming to? Virginian __llwa_ i ?? Hin Va. i'uip .v Paper 5? Wettchast-r Inanrano? J.K.kice.jr.&Co. Phones 40?0 to 401? John. .76 Wall St., N.T. 100 Shares Siock or Less $1,000 Bonds or Smailer Margin Accounts Invited Investments on Partial Payment Plan John Muir 3 (ja, __m__ A'*?? Y?ri ?foc* _*c_ _W 61 Broadway New Ye*. ?*. S'w'? Penn Pipe Line CumfcciTd Pipe Line Bought, Sold and Quoted ? C. C. Kerr Jfc Co. 2 Rector St., N. Y. Pitonc 6780 Rector /?7j^_r;, *,___ __:_v_;_ .?7ti/<-^^7zvx^ ' Province of (. tehee r,*, March, 19*4."? Province of Ontario 0?, April, 1025 Ohy of Toronto .">k, .lune, 1924 City of Calgary Cs, December, 1S5I FK.DEtllC H.HATCK fi CO. 74 Bway NY52_____!?___I3?_.B_ Or<-_o ?.'_.r C_H_CT__9 o vl .?.?-v eOJTON-CHICA&O-PHlLA-MONTRE*. P .TSau*_H I Merrill, Investment Lynch Suggestions & LO. ?fa? *-*?. I 120 Broadway. N. Y. j Members Ncu< York Stock Exchar.ee I Bonds for Investment Harris, Forbes & Go riiM Street, Corner William NEW YORK Michael Friedsam President of B. Altman ?Sa. Co. says: "Concentrate on finding, jour fotfl? then concentrate on reaching it." U. S. Grant do^Hcdly hammering out victory alone his predetermined line of attack?James J. Hill rallying every resource to put through his "road of steel" from Mississippi to Pacific?these were men who set their goal and attained it by intense, unceasing concentration Today hack o(our great commercial successes stand men ofthat saine stump?sturdy-minded men who say, "This thing I will do," and then drive steadfastly on to achieve? ment. Sixty-six years ago, the Importers and Traders National Bank concentrated on its goal?to achieve honor as a progressive commercial bank. Naturally enough it Is in? terested in cooperating with men and businesses who have set their goal?who are steadfastly marching toward accomplishment. THE IMPORTERS &. TRADERS NATIONAL BANK OF NEW YORK Capital, $1,500,0001 Surplus, $7,000,4*00 Undivided Profits, $1,500,000 Totml Rtsomrcet, ?44,000,00$ _______________?__?? OMrv. _.. faaf FORD AND FERTILIZER How much of a Santa Claus doc? Uncle Sam want to be? Will the Muscle Shoals proposition cost the people of the United States TWO HUNDRED MILLION DOLLARS or EIGHT HUNDRED MILLION DOLLARS BARRON'S The National Financial Weekly At Principal News-Stands Editorial Office: 44 Broad Street, New Yot_ Chic. go and Indiana Coal Railway Company First Mortgage Five Per Cent. Bonds, To Holder? of I ndrpotltcd Bondtt Tho undersltfneJ committee will accept NOT LATTER THAW ?____._.__ .".0, 1_!1. ?ddlt'.on-W rM'-afco and Indiana Coal Railway Flrwt Motiva?? Viro Tot Cent. Bonda (or deposit under the Bondholder? Pruteetlr? Agreement of July 20, 1(114, and participation In the iv.ir&nUation of the Chicago _ Kaatern Illinois Railroad Company. Coplea of the Plan of ?uch reorganisation, dated March 81, 1921, and a ?Fitem?nt of the term? of the participation of thla Committee therein are on file with tho Depo?ltary of the Committee. Bond? ?hould 1><> presented to Central Union Tru?t Company of tlerw York, Depositary of thin Committee, at lt? offPe. 80 Broadway, New York, N. T., NOT LATER THAN TILE CLOSE OF BUSINESS ON DECEMBER 3?, t_!l. Dated. New York. December IT, l?:i. BUL1JVAN _ CROMWKLU __(__. 4? Wall Street. New Y?r_, _. T. CHARIJSS ?. 87. .LOB, Heoretary, to Broadway, New York. N. T. ?AMES B. MABOH. .. HIOH C .R__T0_*, JACOB 8. 1 ARI.KS, EBB-IN 8. HINT. oboruk s. BTKvaawwar. Comx__t?e. C__TK_I. UNION TRUST COMB ANT, OF NEW TORK. HejKiaUary. 10 Broadwuy, Nsw York. N. T. Missouri, Kansas & Texas NEW ISSUES All denomination* and scrip. liartshome & Battelle Uetnbtis ?Vete TiorH Pteck Hvchanp* 25 Broad Street New Y?ris TELEPHONE BKOAD 77?? i _,.? .?... i? .immmii^m.'m.-me -m fi?i ill ill STANDARD New Booklet <?j will be "Independent g sent Oil * npon Companies" I request j CARL H.PFORZHEIMER & CQ Phone ?SSO-l-?-3-t Broad. IB Broad St.,N.T. SAVINGS BANKS 147th SEMI-ANNUAL DIVIDEND Union Square Savings Bank No. 20 UNION SQLAIIE A DIVIDEND has been declared for the ill months ending Dec. 31, 1921. on all deposits entitled thereto at the. rate of FOUR PER CENT per annum on lumi from S5 to S?,050, pay? able on and after Jan. 18th. Deposit? ii ad re J i.\. 13'IJU will draw interest from Jan. 1st. WILLIAM ii. ROCKWOOD President, r:. Ki.!?; i:.I( ' C, MILLS, Treasurer, H IIOCKWOOD BRINCKERHOFF, Sec'v Il li OARnxEH Cashier. Open 10 to S ; Mon. 10 to 1 ; Sat. 1? to 12 ACCOUNTS OP SOCIETIES ACCEPTED. new ycr;? mum bank N. W. Comer 1 Itli Strut and Rth Avenu? I> vldend Jan 1st 1 ?2, at '.he rate of I FOUR PER CENT. per unnum on .*. n -.i from Si to $5,0u0 rn!l'.;e.l tlieretu under the By laws DEPOSITS MAKI, os o.'; BEFORE JAN ? Hill WILL DRAW INTEREST FBOu , ).\N 1ST. Liberty Bonds accepted f rotn depositors for *afe keep.vif without charge. WILLIAM FELS S 1ER, '.'resident WALTER it BRINCKERHOFF, Sec'y CLARENCE I. BLAKEI.OCK, Treasurer. Open Mon lays from i I A M to 7 P M. Other .i-iys from i'- ?, M. to ?. P. M, Saturdays from 10 A M to 12 M ' Ilul'.dav? .-? .?? ted SAVINGS BANKS 282nd Conaeeutive Divides* The Bank of ?Sew York NalismeU Banking A*emeis*li*m A ?rwarterty ?ttrldesMi ei FIVE Per Cestf (S?| *n? aa extra divide??] m( THREE Per Ceat (S%) have been declared by the Botrtl ?f Directors, payable on and after Jan? uary j, 1922, to stockholder? of rec? ord of December 21, 192L > 9K EI/K C MXTZ, Jfc? CaaMs*. December U, ISO!. Seamen's Bank lor Savings THS TRUSTEE? HAVE O?D1BRSD 1 THAT AN INTEREST DrVTD?ND be paid to depositors entitled thereto for the six months enclin? Oso. list, 1921. On accounts not exceedlnf fir? thou? sand dollars at the raU of FOUR P3R CENT, per annum. Buyable on and after Monday, Jan. 16th. 1022. DANIEL BARNES!, President. WILLISTON II. BENEDICT, Secretary. New lork, Dec. Sth, 1911. ?NOTICE? Deposits to draw Interest from Jan. 1st or Apr. 1st or July 1st or Oct. 1st must be made on or before the last day nf the previous month. Union Dime Savings Bank 40th St. and 6th At?. An Interest Dividend (lSJt* o?n secutlve) has been declared at the "four per cent per annum., credited January let, IK 2 2, and payable on and after Thursday, January 19th. 18.1s. ?a all sums entitled thereto under Om by-laws from SS to 13,9*0. Money deposited on or ??fer* January 10th, 1922, draws Interest from January 1st, 1922. ALEX. V. W. KINNAN. Frewidemt. EDMUND P. LIVINGSTON, Treasurer FRANK V. HAZARD, Secretary. Dollar Savings Bank OF THE CITY OF I?EW YORK Third Avenue and I47tti at. Interest credited Jas. 1st, at the rat? ot Four Per Cent. perannum, on accounts from $4 t? So,000. Deposits made on orbefor? Jan. I ?tli draw interest from Jan. lit. BRIAN G. HUGHES, Presldemt. WILLIAM M. KERN, Controller HOW ELL T. MANSON, Treaanr? HARRY F. REGAL, Secretary "harlem savings bank 126TI1 ST. AND LEXINOTON AVS. The trustees have declared a semi-annual dividend at the late of 4% PER ANNUM en all deposits entitled thereto, according tn the by-laws, from J5 up to J6,0*#, payable .Tu and aft. r Monday, Jan. 18th, 1122. Mon - ? del 'sited on or before Jan. 10th, 1S22. will draw Interest fr m Jan. 1st, 1922. WILLIAM E. TROTTER. President. rilOMAa B, EBiiRT, Secretary. DIVIDEND NOTICES Garneld National Bank 5TH AVE. AND 28BD 8T. New York., D?c ti, 1111. The Board of Directors har? this day declared a quarterly dividend of %%, and an ex-; i dividend of 3*. upon the capital stock of this bank, payable free of City and Htate tax, on and after December 31, 1921. to stockholders of record at th? clos? of business December 27, 1921. A. W. SNOW, Casal?. For Your Daughter's Future A ? mis season, your p?mf for. yew chfldrai-** future have a new significance, It it espe cially fitting that you should plan ?for the happiness of your daughter, whose welfare k so largely in your hand?. What steps cas you take to safeguard her future, assure hef education, and provide for her protection? These are some suggestion? Aschooi and eoiSay* fam?s) To assure that your daughter wfll o* complete her educae?sn, regandk? of whet easy happen to you, you can establish a trust fin? as> he devoted to that object? An income and o?owaneo f_w__ Through a trust fund, you can astoreyov ?tBf_ ter of an income for a period of years, er far her life, that will always he a protection against financial want. insurance in trttsit Many men plan that life insurance shall replace their earning power after they are gone. By making your insurance payable to this Company as your trustee, and by making a trust arrangement, you can direct that all or a portion of the insurance be invested and managed for the benefit of your daughter. This can be done with policies now in force or taken out later. By means of trust funds you ces carry out many plans for family protection and pro* vision. We shall be pleased to send you book? lets on the subject of trusts and to explain how we can serve you. Guaranty Trust Company of New York ts___ 0___HI 14? Strmmetrwy F!. J? A __ t__ 44* . S_ M?M__a A ?WVS 0*_HM M__m_ At?, *_. 6oc_St. C___n? ?r*_rr <_*_?? **S <#.??? ae_Mt __?_______?' Potter & Company ______*__f New Tmri Strndk Esstkemep ?UVE NASSAU STRBSr Hew Yen 1 HE jmn of P?tttbr Brothers 6PCc______fr haotng been dissolved, the undersigned have this day formed* partnership under the name of Pu?ibjl ?? Qo_trawt /or the tr_-n?actton of d general bond investment and commission busmess? ____._i_L._Tlt. fforiiut a. w. ruLLBL Rmm RARC_-D PTTX C___AU> SAAPTOM B. PTMI P. LTKDON OOfX? We beg to ?rmoimce thtft: Mr. Bbrkard B. Baix___t f__s th_? day become associated with our firm. Mr. Adrian P. Drioos has this day become manager for our farm* with full Power of Attorney. Dicember 04,193s Potter & Company NOTICE IS HEREBY GIVEN THAT THE Annual Meeting of Stockholders of the Normao Corporation for the election of di? rector? and the transaction of any other business that may properly corn? before the meeting will be held at the office of the Corporation, ?0 Church ?t., New York I City,, ?a TUE8DA*. January 10. | V. \, CONKLIN, Secretary. I THE ANNUAL MEETING OF STOCK? HOLDERS OP THE HAMILTON PIRE INSURANCE COMPANY, will be held at tts office. 63 John Street, ' m Monday January 9th, l'sZ2. at 3 p. m., for t - election of Directors anil tile tran? saction of such other buslues? us may come before the meeting. ARTHUR LENSSEN. JR.. Secretary. INDCSTBIAJL BAKE OF NEW TOE* The annual meeting of ?tockJtoiasr* m th? Industrial Bank of N?w Y?rk. for th* election of directors and th? tmBsskCU*? of ?ttch other business a? shall ???? &?*?*? the meeting, will be held at tt? offlesa 323 Fourth Axronue. New T*rk City. M Tuesday. January X?, 1??S. at U ?!?*?** ?. m. *. a, c^eam